vs
晨星（MORN）与PTC Inc.（PTC）财务数据对比。点击上方公司名可切换其他公司
PTC Inc.的季度营收约是晨星的1.1倍（$685.8M vs $641.1M），PTC Inc.净利率更高（24.3% vs 18.0%，领先6.3%），PTC Inc.同比增速更快（21.4% vs 8.5%），PTC Inc.自由现金流更多（$267.4M vs $161.3M），过去两年晨星的营收复合增速更高（8.7% vs 6.6%）
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
MORN vs PTC — 直观对比
营收规模更大
PTC
是对方的1.1倍
$641.1M
营收增速更快
PTC
高出12.9%
8.5%
净利率更高
PTC
高出6.3%
18.0%
自由现金流更多
PTC
多$106.1M
$161.3M
两年增速更快
MORN
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $641.1M | $685.8M |
| 净利润 | $115.1M | $166.5M |
| 毛利率 | 61.1% | 82.8% |
| 营业利润率 | 24.9% | 32.2% |
| 净利率 | 18.0% | 24.3% |
| 营收同比 | 8.5% | 21.4% |
| 净利润同比 | -1.5% | 102.5% |
| 每股收益（稀释后） | $2.79 | $1.39 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MORNPTC
| Q4 25 | $641.1M | $685.8M | ||
| Q3 25 | $617.4M | $893.8M | ||
| Q2 25 | $605.1M | $643.9M | ||
| Q1 25 | $581.9M | $636.4M | ||
| Q4 24 | $591.0M | $565.1M | ||
| Q3 24 | $569.4M | $626.5M | ||
| Q2 24 | $571.9M | $518.6M | ||
| Q1 24 | $542.8M | $603.1M |
净利润MORNPTC
| Q4 25 | $115.1M | $166.5M | ||
| Q3 25 | $91.6M | $347.8M | ||
| Q2 25 | $89.0M | $141.3M | ||
| Q1 25 | $78.5M | $162.6M | ||
| Q4 24 | $116.9M | $82.2M | ||
| Q3 24 | $119.7M | $126.5M | ||
| Q2 24 | $69.1M | $69.0M | ||
| Q1 24 | $64.2M | $114.4M |
毛利率MORNPTC
| Q4 25 | 61.1% | 82.8% | ||
| Q3 25 | 60.9% | 86.9% | ||
| Q2 25 | 61.9% | 82.9% | ||
| Q1 25 | 60.2% | 83.3% | ||
| Q4 24 | 60.7% | 80.2% | ||
| Q3 24 | 60.9% | 82.0% | ||
| Q2 24 | 61.1% | 78.4% | ||
| Q1 24 | 59.8% | 81.8% |
营业利润率MORNPTC
| Q4 25 | 24.9% | 32.2% | ||
| Q3 25 | 20.7% | 48.5% | ||
| Q2 25 | 20.7% | 32.6% | ||
| Q1 25 | 19.6% | 35.1% | ||
| Q4 24 | 28.5% | 20.4% | ||
| Q3 24 | 20.3% | 31.0% | ||
| Q2 24 | 19.0% | 18.5% | ||
| Q1 24 | 17.1% | 29.8% |
净利率MORNPTC
| Q4 25 | 18.0% | 24.3% | ||
| Q3 25 | 14.8% | 38.9% | ||
| Q2 25 | 14.7% | 21.9% | ||
| Q1 25 | 13.5% | 25.6% | ||
| Q4 24 | 19.8% | 14.6% | ||
| Q3 24 | 21.0% | 20.2% | ||
| Q2 24 | 12.1% | 13.3% | ||
| Q1 24 | 11.8% | 19.0% |
每股收益（稀释后）MORNPTC
| Q4 25 | $2.79 | $1.39 | ||
| Q3 25 | $2.17 | $2.88 | ||
| Q2 25 | $2.09 | $1.17 | ||
| Q1 25 | $1.82 | $1.35 | ||
| Q4 24 | $2.72 | $0.68 | ||
| Q3 24 | $2.77 | $1.05 | ||
| Q2 24 | $1.60 | $0.57 | ||
| Q1 24 | $1.49 | $0.95 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $528.7M | $209.7M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $1.2B | $3.8B |
| 总资产 | $3.6B | $6.4B |
| 负债/权益比越低杠杆越低 | — | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资MORNPTC
| Q4 25 | $528.7M | $209.7M | ||
| Q3 25 | $40.3M | $184.4M | ||
| Q2 25 | $38.1M | $199.3M | ||
| Q1 25 | $47.7M | $235.2M | ||
| Q4 24 | $551.0M | $196.3M | ||
| Q3 24 | $48.8M | $265.8M | ||
| Q2 24 | $48.0M | $247.7M | ||
| Q1 24 | $55.4M | $249.0M |
总债务MORNPTC
| Q4 25 | — | $1.2B | ||
| Q3 25 | $848.9M | $1.2B | ||
| Q2 25 | $838.8M | $1.2B | ||
| Q1 25 | $803.7M | $1.4B | ||
| Q4 24 | $698.6M | $1.0B | ||
| Q3 24 | $864.7M | $1.2B | ||
| Q2 24 | $899.6M | $1.3B | ||
| Q1 24 | $917.3M | $1.5B |
股东权益MORNPTC
| Q4 25 | $1.2B | $3.8B | ||
| Q3 25 | $1.5B | $3.8B | ||
| Q2 25 | $1.6B | $3.5B | ||
| Q1 25 | $1.6B | $3.4B | ||
| Q4 24 | $1.6B | $3.2B | ||
| Q3 24 | $1.6B | $3.2B | ||
| Q2 24 | $1.4B | $3.0B | ||
| Q1 24 | $1.4B | $2.9B |
总资产MORNPTC
| Q4 25 | $3.6B | $6.4B | ||
| Q3 25 | $3.6B | $6.6B | ||
| Q2 25 | $3.6B | $6.2B | ||
| Q1 25 | $3.6B | $6.2B | ||
| Q4 24 | $3.5B | $6.1B | ||
| Q3 24 | $3.6B | $6.4B | ||
| Q2 24 | $3.4B | $6.1B | ||
| Q1 24 | $3.4B | $6.2B |
负债/权益比MORNPTC
| Q4 25 | — | 0.31× | ||
| Q3 25 | 0.56× | 0.31× | ||
| Q2 25 | 0.52× | 0.34× | ||
| Q1 25 | 0.50× | 0.40× | ||
| Q4 24 | 0.43× | 0.32× | ||
| Q3 24 | 0.55× | 0.38× | ||
| Q2 24 | 0.63× | 0.43× | ||
| Q1 24 | 0.66× | 0.51× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $204.0M | $269.7M |
| 自由现金流经营现金流 - 资本支出 | $161.3M | $267.4M |
| 自由现金流率自由现金流/营收 | 25.2% | 39.0% |
| 资本支出强度资本支出/营收 | 6.7% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.77× | 1.62× |
| 过去12个月自由现金流最近4个季度 | $442.6M | $888.4M |
8季度趋势，按日历期对齐
经营现金流MORNPTC
| Q4 25 | $204.0M | $269.7M | ||
| Q3 25 | $195.7M | $104.0M | ||
| Q2 25 | $99.0M | $243.9M | ||
| Q1 25 | $91.0M | $281.3M | ||
| Q4 24 | $153.4M | $238.4M | ||
| Q3 24 | $191.9M | $98.1M | ||
| Q2 24 | $152.7M | $213.8M | ||
| Q1 24 | $93.6M | $250.7M |
自由现金流MORNPTC
| Q4 25 | $161.3M | $267.4M | ||
| Q3 25 | $160.1M | $100.5M | ||
| Q2 25 | $62.4M | $242.0M | ||
| Q1 25 | $58.8M | $278.5M | ||
| Q4 24 | $112.8M | $235.7M | ||
| Q3 24 | $155.8M | $93.6M | ||
| Q2 24 | $120.8M | $212.2M | ||
| Q1 24 | $59.5M | $247.1M |
自由现金流率MORNPTC
| Q4 25 | 25.2% | 39.0% | ||
| Q3 25 | 25.9% | 11.2% | ||
| Q2 25 | 10.3% | 37.6% | ||
| Q1 25 | 10.1% | 43.8% | ||
| Q4 24 | 19.1% | 41.7% | ||
| Q3 24 | 27.4% | 14.9% | ||
| Q2 24 | 21.1% | 40.9% | ||
| Q1 24 | 11.0% | 41.0% |
资本支出强度MORNPTC
| Q4 25 | 6.7% | 0.3% | ||
| Q3 25 | 5.8% | 0.4% | ||
| Q2 25 | 6.0% | 0.3% | ||
| Q1 25 | 5.5% | 0.4% | ||
| Q4 24 | 6.9% | 0.5% | ||
| Q3 24 | 6.3% | 0.7% | ||
| Q2 24 | 5.6% | 0.3% | ||
| Q1 24 | 6.3% | 0.6% |
现金转化率MORNPTC
| Q4 25 | 1.77× | 1.62× | ||
| Q3 25 | 2.14× | 0.30× | ||
| Q2 25 | 1.11× | 1.73× | ||
| Q1 25 | 1.16× | 1.73× | ||
| Q4 24 | 1.31× | 2.90× | ||
| Q3 24 | 1.60× | 0.78× | ||
| Q2 24 | 2.21× | 3.10× | ||
| Q1 24 | 1.46× | 2.19× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
