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晨星（MORN）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是晨星的1.9倍（$1.2B vs $641.1M），晨星净利率更高（18.0% vs 9.1%，领先8.8%），晨星同比增速更快（8.5% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $161.3M），过去两年晨星的营收复合增速更高（8.7% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
MORN vs RBA — 直观对比
营收规模更大
RBA
是对方的1.9倍
$641.1M
营收增速更快
MORN
高出3.1%
5.4%
净利率更高
MORN
高出8.8%
9.1%
自由现金流更多
RBA
多$25.2M
$161.3M
两年增速更快
MORN
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $641.1M | $1.2B |
| 净利润 | $115.1M | $109.7M |
| 毛利率 | 61.1% | — |
| 营业利润率 | 24.9% | 14.7% |
| 净利率 | 18.0% | 9.1% |
| 营收同比 | 8.5% | 5.4% |
| 净利润同比 | -1.5% | -7.4% |
| 每股收益（稀释后） | $2.79 | $0.53 |
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MORNRBA
| Q4 25 | $641.1M | $1.2B | ||
| Q3 25 | $617.4M | $1.1B | ||
| Q2 25 | $605.1M | $1.2B | ||
| Q1 25 | $581.9M | $1.1B | ||
| Q4 24 | $591.0M | $1.1B | ||
| Q3 24 | $569.4M | $981.8M | ||
| Q2 24 | $571.9M | $1.1B | ||
| Q1 24 | $542.8M | $1.1B |
净利润MORNRBA
| Q4 25 | $115.1M | $109.7M | ||
| Q3 25 | $91.6M | $95.5M | ||
| Q2 25 | $89.0M | $109.8M | ||
| Q1 25 | $78.5M | $113.4M | ||
| Q4 24 | $116.9M | $118.5M | ||
| Q3 24 | $119.7M | $76.1M | ||
| Q2 24 | $69.1M | $111.1M | ||
| Q1 24 | $64.2M | $107.4M |
毛利率MORNRBA
| Q4 25 | 61.1% | — | ||
| Q3 25 | 60.9% | — | ||
| Q2 25 | 61.9% | — | ||
| Q1 25 | 60.2% | — | ||
| Q4 24 | 60.7% | — | ||
| Q3 24 | 60.9% | — | ||
| Q2 24 | 61.1% | — | ||
| Q1 24 | 59.8% | — |
营业利润率MORNRBA
| Q4 25 | 24.9% | 14.7% | ||
| Q3 25 | 20.7% | 14.5% | ||
| Q2 25 | 20.7% | 15.9% | ||
| Q1 25 | 19.6% | 17.1% | ||
| Q4 24 | 28.5% | 18.1% | ||
| Q3 24 | 20.3% | 15.6% | ||
| Q2 24 | 19.0% | 18.4% | ||
| Q1 24 | 17.1% | 18.7% |
净利率MORNRBA
| Q4 25 | 18.0% | 9.1% | ||
| Q3 25 | 14.8% | 8.7% | ||
| Q2 25 | 14.7% | 9.3% | ||
| Q1 25 | 13.5% | 10.2% | ||
| Q4 24 | 19.8% | 10.4% | ||
| Q3 24 | 21.0% | 7.8% | ||
| Q2 24 | 12.1% | 10.1% | ||
| Q1 24 | 11.8% | 10.1% |
每股收益（稀释后）MORNRBA
| Q4 25 | $2.79 | $0.53 | ||
| Q3 25 | $2.17 | $0.43 | ||
| Q2 25 | $2.09 | $0.53 | ||
| Q1 25 | $1.82 | $0.55 | ||
| Q4 24 | $2.72 | $0.58 | ||
| Q3 24 | $2.77 | $0.36 | ||
| Q2 24 | $1.60 | $0.54 | ||
| Q1 24 | $1.49 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $1.2B | $5.6B |
| 总资产 | $3.6B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资MORNRBA
| Q4 25 | $528.7M | $531.5M | ||
| Q3 25 | $40.3M | $674.7M | ||
| Q2 25 | $38.1M | $710.2M | ||
| Q1 25 | $47.7M | $578.1M | ||
| Q4 24 | $551.0M | $533.9M | ||
| Q3 24 | $48.8M | $650.7M | ||
| Q2 24 | $48.0M | $599.5M | ||
| Q1 24 | $55.4M | $462.8M |
总债务MORNRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | $848.9M | $2.6B | ||
| Q2 25 | $838.8M | $2.6B | ||
| Q1 25 | $803.7M | $2.6B | ||
| Q4 24 | $698.6M | $2.6B | ||
| Q3 24 | $864.7M | $2.7B | ||
| Q2 24 | $899.6M | $2.8B | ||
| Q1 24 | $917.3M | $2.9B |
股东权益MORNRBA
| Q4 25 | $1.2B | $5.6B | ||
| Q3 25 | $1.5B | $5.5B | ||
| Q2 25 | $1.6B | $5.5B | ||
| Q1 25 | $1.6B | $5.3B | ||
| Q4 24 | $1.6B | $5.2B | ||
| Q3 24 | $1.6B | $5.2B | ||
| Q2 24 | $1.4B | $5.2B | ||
| Q1 24 | $1.4B | $5.1B |
总资产MORNRBA
| Q4 25 | $3.6B | $12.1B | ||
| Q3 25 | $3.6B | $12.2B | ||
| Q2 25 | $3.6B | $12.2B | ||
| Q1 25 | $3.6B | $11.9B | ||
| Q4 24 | $3.5B | $11.8B | ||
| Q3 24 | $3.6B | $11.9B | ||
| Q2 24 | $3.4B | $12.1B | ||
| Q1 24 | $3.4B | $12.0B |
负债/权益比MORNRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | 0.56× | 0.47× | ||
| Q2 25 | 0.52× | 0.47× | ||
| Q1 25 | 0.50× | 0.50× | ||
| Q4 24 | 0.43× | 0.50× | ||
| Q3 24 | 0.55× | 0.52× | ||
| Q2 24 | 0.63× | 0.55× | ||
| Q1 24 | 0.66× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $161.3M | $186.5M |
| 自由现金流率自由现金流/营收 | 25.2% | 15.5% |
| 资本支出强度资本支出/营收 | 6.7% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.77× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $442.6M | $719.2M |
8季度趋势，按日历期对齐
经营现金流MORNRBA
| Q4 25 | $204.0M | $255.2M | ||
| Q3 25 | $195.7M | $239.7M | ||
| Q2 25 | $99.0M | $326.5M | ||
| Q1 25 | $91.0M | $156.8M | ||
| Q4 24 | $153.4M | $184.5M | ||
| Q3 24 | $191.9M | $285.4M | ||
| Q2 24 | $152.7M | $337.3M | ||
| Q1 24 | $93.6M | $124.8M |
自由现金流MORNRBA
| Q4 25 | $161.3M | $186.5M | ||
| Q3 25 | $160.1M | $188.5M | ||
| Q2 25 | $62.4M | $241.7M | ||
| Q1 25 | $58.8M | $102.5M | ||
| Q4 24 | $112.8M | $127.9M | ||
| Q3 24 | $155.8M | $248.5M | ||
| Q2 24 | $120.8M | $308.6M | ||
| Q1 24 | $59.5M | $79.6M |
自由现金流率MORNRBA
| Q4 25 | 25.2% | 15.5% | ||
| Q3 25 | 25.9% | 17.3% | ||
| Q2 25 | 10.3% | 20.4% | ||
| Q1 25 | 10.1% | 9.2% | ||
| Q4 24 | 19.1% | 11.2% | ||
| Q3 24 | 27.4% | 25.3% | ||
| Q2 24 | 21.1% | 28.2% | ||
| Q1 24 | 11.0% | 7.5% |
资本支出强度MORNRBA
| Q4 25 | 6.7% | 5.7% | ||
| Q3 25 | 5.8% | 4.7% | ||
| Q2 25 | 6.0% | 7.2% | ||
| Q1 25 | 5.5% | 4.9% | ||
| Q4 24 | 6.9% | 5.0% | ||
| Q3 24 | 6.3% | 3.8% | ||
| Q2 24 | 5.6% | 2.6% | ||
| Q1 24 | 6.3% | 4.2% |
现金转化率MORNRBA
| Q4 25 | 1.77× | 2.33× | ||
| Q3 25 | 2.14× | 2.51× | ||
| Q2 25 | 1.11× | 2.97× | ||
| Q1 25 | 1.16× | 1.38× | ||
| Q4 24 | 1.31× | 1.56× | ||
| Q3 24 | 1.60× | 3.75× | ||
| Q2 24 | 2.21× | 3.04× | ||
| Q1 24 | 1.46× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
