vs
晨星（MORN）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
晨星的季度营收约是BOSTON BEER CO INC的1.7倍（$641.1M vs $385.7M），晨星净利率更高（18.0% vs -5.8%，领先23.8%），晨星同比增速更快（8.5% vs -4.1%），晨星自由现金流更多（$161.3M vs $22.1M），过去两年晨星的营收复合增速更高（8.7% vs -4.9%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
MORN vs SAM — 直观对比
营收规模更大
MORN
是对方的1.7倍
$385.7M
营收增速更快
MORN
高出12.6%
-4.1%
净利率更高
MORN
高出23.8%
-5.8%
自由现金流更多
MORN
多$139.2M
$22.1M
两年增速更快
MORN
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $641.1M | $385.7M |
| 净利润 | $115.1M | $-22.5M |
| 毛利率 | 61.1% | 43.5% |
| 营业利润率 | 24.9% | -8.6% |
| 净利率 | 18.0% | -5.8% |
| 营收同比 | 8.5% | -4.1% |
| 净利润同比 | -1.5% | 41.9% |
| 每股收益（稀释后） | $2.79 | $-1.97 |
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MORNSAM
| Q4 25 | $641.1M | $385.7M | ||
| Q3 25 | $617.4M | $537.5M | ||
| Q2 25 | $605.1M | $587.9M | ||
| Q1 25 | $581.9M | $453.9M | ||
| Q4 24 | $591.0M | $402.3M | ||
| Q3 24 | $569.4M | $605.5M | ||
| Q2 24 | $571.9M | $579.1M | ||
| Q1 24 | $542.8M | $426.1M |
净利润MORNSAM
| Q4 25 | $115.1M | $-22.5M | ||
| Q3 25 | $91.6M | $46.2M | ||
| Q2 25 | $89.0M | $60.4M | ||
| Q1 25 | $78.5M | $24.4M | ||
| Q4 24 | $116.9M | $-38.8M | ||
| Q3 24 | $119.7M | $33.5M | ||
| Q2 24 | $69.1M | $52.3M | ||
| Q1 24 | $64.2M | $12.6M |
毛利率MORNSAM
| Q4 25 | 61.1% | 43.5% | ||
| Q3 25 | 60.9% | 50.8% | ||
| Q2 25 | 61.9% | 49.8% | ||
| Q1 25 | 60.2% | 48.3% | ||
| Q4 24 | 60.7% | 39.9% | ||
| Q3 24 | 60.9% | 46.3% | ||
| Q2 24 | 61.1% | 46.0% | ||
| Q1 24 | 59.8% | 43.7% |
营业利润率MORNSAM
| Q4 25 | 24.9% | -8.6% | ||
| Q3 25 | 20.7% | 11.5% | ||
| Q2 25 | 20.7% | 14.0% | ||
| Q1 25 | 19.6% | 7.4% | ||
| Q4 24 | 28.5% | -13.9% | ||
| Q3 24 | 20.3% | 7.6% | ||
| Q2 24 | 19.0% | 12.2% | ||
| Q1 24 | 17.1% | 3.6% |
净利率MORNSAM
| Q4 25 | 18.0% | -5.8% | ||
| Q3 25 | 14.8% | 8.6% | ||
| Q2 25 | 14.7% | 10.3% | ||
| Q1 25 | 13.5% | 5.4% | ||
| Q4 24 | 19.8% | -9.6% | ||
| Q3 24 | 21.0% | 5.5% | ||
| Q2 24 | 12.1% | 9.0% | ||
| Q1 24 | 11.8% | 3.0% |
每股收益（稀释后）MORNSAM
| Q4 25 | $2.79 | $-1.97 | ||
| Q3 25 | $2.17 | $4.25 | ||
| Q2 25 | $2.09 | $5.45 | ||
| Q1 25 | $1.82 | $2.16 | ||
| Q4 24 | $2.72 | $-3.23 | ||
| Q3 24 | $2.77 | $2.86 | ||
| Q2 24 | $1.60 | $4.39 | ||
| Q1 24 | $1.49 | $1.04 |
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 | $223.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $846.3M |
| 总资产 | $3.6B | $1.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MORNSAM
| Q4 25 | $528.7M | $223.4M | ||
| Q3 25 | $40.3M | $250.5M | ||
| Q2 25 | $38.1M | $212.4M | ||
| Q1 25 | $47.7M | $152.5M | ||
| Q4 24 | $551.0M | $211.8M | ||
| Q3 24 | $48.8M | $255.6M | ||
| Q2 24 | $48.0M | $219.3M | ||
| Q1 24 | $55.4M | $205.4M |
总债务MORNSAM
| Q4 25 | — | — | ||
| Q3 25 | $848.9M | — | ||
| Q2 25 | $838.8M | — | ||
| Q1 25 | $803.7M | — | ||
| Q4 24 | $698.6M | — | ||
| Q3 24 | $864.7M | — | ||
| Q2 24 | $899.6M | — | ||
| Q1 24 | $917.3M | — |
股东权益MORNSAM
| Q4 25 | $1.2B | $846.3M | ||
| Q3 25 | $1.5B | $911.0M | ||
| Q2 25 | $1.6B | $912.3M | ||
| Q1 25 | $1.6B | $897.0M | ||
| Q4 24 | $1.6B | $916.2M | ||
| Q3 24 | $1.6B | $1.0B | ||
| Q2 24 | $1.4B | $1.0B | ||
| Q1 24 | $1.4B | $1.0B |
总资产MORNSAM
| Q4 25 | $3.6B | $1.2B | ||
| Q3 25 | $3.6B | $1.2B | ||
| Q2 25 | $3.6B | $1.3B | ||
| Q1 25 | $3.6B | $1.2B | ||
| Q4 24 | $3.5B | $1.3B | ||
| Q3 24 | $3.6B | $1.4B | ||
| Q2 24 | $3.4B | $1.4B | ||
| Q1 24 | $3.4B | $1.4B |
负债/权益比MORNSAM
| Q4 25 | — | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 0.66× | — |
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 | $39.9M |
| 自由现金流经营现金流 - 资本支出 | $161.3M | $22.1M |
| 自由现金流率自由现金流/营收 | 25.2% | 5.7% |
| 资本支出强度资本支出/营收 | 6.7% | 4.6% |
| 现金转化率经营现金流/净利润 | 1.77× | — |
| 过去12个月自由现金流最近4个季度 | $442.6M | $215.6M |
8季度趋势，按日历期对齐
经营现金流MORNSAM
| Q4 25 | $204.0M | $39.9M | ||
| Q3 25 | $195.7M | $101.8M | ||
| Q2 25 | $99.0M | $126.5M | ||
| Q1 25 | $91.0M | $1.9M | ||
| Q4 24 | $153.4M | $41.9M | ||
| Q3 24 | $191.9M | $115.9M | ||
| Q2 24 | $152.7M | $96.0M | ||
| Q1 24 | $93.6M | $-4.9M |
自由现金流MORNSAM
| Q4 25 | $161.3M | $22.1M | ||
| Q3 25 | $160.1M | $89.2M | ||
| Q2 25 | $62.4M | $112.2M | ||
| Q1 25 | $58.8M | $-8.0M | ||
| Q4 24 | $112.8M | $18.4M | ||
| Q3 24 | $155.8M | $99.2M | ||
| Q2 24 | $120.8M | $75.6M | ||
| Q1 24 | $59.5M | $-20.6M |
自由现金流率MORNSAM
| Q4 25 | 25.2% | 5.7% | ||
| Q3 25 | 25.9% | 16.6% | ||
| Q2 25 | 10.3% | 19.1% | ||
| Q1 25 | 10.1% | -1.8% | ||
| Q4 24 | 19.1% | 4.6% | ||
| Q3 24 | 27.4% | 16.4% | ||
| Q2 24 | 21.1% | 13.1% | ||
| Q1 24 | 11.0% | -4.8% |
资本支出强度MORNSAM
| Q4 25 | 6.7% | 4.6% | ||
| Q3 25 | 5.8% | 2.3% | ||
| Q2 25 | 6.0% | 2.4% | ||
| Q1 25 | 5.5% | 2.2% | ||
| Q4 24 | 6.9% | 5.8% | ||
| Q3 24 | 6.3% | 2.8% | ||
| Q2 24 | 5.6% | 3.5% | ||
| Q1 24 | 6.3% | 3.7% |
现金转化率MORNSAM
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.14× | 2.21× | ||
| Q2 25 | 1.11× | 2.09× | ||
| Q1 25 | 1.16× | 0.08× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | 1.60× | 3.46× | ||
| Q2 24 | 2.21× | 1.83× | ||
| Q1 24 | 1.46× | -0.39× |
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% |
SAM
暂无分部数据
