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MSA Safety Inc（MSA）与PROCORE TECHNOLOGIES, INC.（PCOR）财务数据对比。点击上方公司名可切换其他公司
MSA Safety Inc的季度营收约是PROCORE TECHNOLOGIES, INC.的1.5倍（$510.9M vs $349.1M），MSA Safety Inc净利率更高（17.0% vs -10.8%，领先27.8%），PROCORE TECHNOLOGIES, INC.同比增速更快（15.6% vs 2.2%），PROCORE TECHNOLOGIES, INC.自由现金流更多（$109.2M vs $106.0M），过去两年PROCORE TECHNOLOGIES, INC.的营收复合增速更高（13.8% vs 11.2%）
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
Procore Technologies是2002年成立的美国建筑管理软件即服务（SaaS）企业，总部位于加利福尼亚州卡平特里亚。公司打造的全球平台可连接建筑行业从业者，支持搭建简化工作流，统一展现建筑项目信息，覆盖任务追踪、项目流程管理、日程排期等核心功能。
MSA vs PCOR — 直观对比
营收规模更大
MSA
是对方的1.5倍
$349.1M
营收增速更快
PCOR
高出13.3%
2.2%
净利率更高
MSA
高出27.8%
-10.8%
自由现金流更多
PCOR
多$3.2M
$106.0M
两年增速更快
PCOR
近两年复合增速
11.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $510.9M | $349.1M |
| 净利润 | $86.9M | $-37.6M |
| 毛利率 | 46.9% | 80.1% |
| 营业利润率 | 22.3% | -12.3% |
| 净利率 | 17.0% | -10.8% |
| 营收同比 | 2.2% | 15.6% |
| 净利润同比 | -1.2% | 39.6% |
| 每股收益（稀释后） | $2.22 | $-0.25 |
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MSAPCOR
| Q4 25 | $510.9M | $349.1M | ||
| Q3 25 | $468.4M | $338.9M | ||
| Q2 25 | $474.1M | $323.9M | ||
| Q1 25 | $421.3M | $310.6M | ||
| Q4 24 | $499.7M | $302.0M | ||
| Q3 24 | $432.7M | $295.9M | ||
| Q2 24 | $462.5M | $284.3M | ||
| Q1 24 | $413.3M | $269.4M |
净利润MSAPCOR
| Q4 25 | $86.9M | $-37.6M | ||
| Q3 25 | $69.6M | $-9.1M | ||
| Q2 25 | $62.8M | $-21.1M | ||
| Q1 25 | $59.6M | $-33.0M | ||
| Q4 24 | $87.9M | $-62.3M | ||
| Q3 24 | $66.6M | $-26.4M | ||
| Q2 24 | $72.2M | $-6.3M | ||
| Q1 24 | $58.1M | $-11.0M |
毛利率MSAPCOR
| Q4 25 | 46.9% | 80.1% | ||
| Q3 25 | 46.5% | 79.7% | ||
| Q2 25 | 46.6% | 79.1% | ||
| Q1 25 | 45.9% | 79.1% | ||
| Q4 24 | 46.9% | 81.2% | ||
| Q3 24 | 47.9% | 81.4% | ||
| Q2 24 | 48.2% | 83.1% | ||
| Q1 24 | 47.3% | 83.0% |
营业利润率MSAPCOR
| Q4 25 | 22.3% | -12.3% | ||
| Q3 25 | 20.1% | -4.4% | ||
| Q2 25 | 18.1% | -9.3% | ||
| Q1 25 | 18.5% | -11.7% | ||
| Q4 24 | 23.5% | -21.9% | ||
| Q3 24 | 21.1% | -12.3% | ||
| Q2 24 | 21.6% | -5.2% | ||
| Q1 24 | 19.4% | -7.0% |
净利率MSAPCOR
| Q4 25 | 17.0% | -10.8% | ||
| Q3 25 | 14.9% | -2.7% | ||
| Q2 25 | 13.2% | -6.5% | ||
| Q1 25 | 14.1% | -10.6% | ||
| Q4 24 | 17.6% | -20.6% | ||
| Q3 24 | 15.4% | -8.9% | ||
| Q2 24 | 15.6% | -2.2% | ||
| Q1 24 | 14.1% | -4.1% |
每股收益（稀释后）MSAPCOR
| Q4 25 | $2.22 | $-0.25 | ||
| Q3 25 | $1.77 | $-0.06 | ||
| Q2 25 | $1.59 | $-0.14 | ||
| Q1 25 | $1.51 | $-0.22 | ||
| Q4 24 | $2.22 | $-0.42 | ||
| Q3 24 | $1.69 | $-0.18 | ||
| Q2 24 | $1.83 | $-0.04 | ||
| Q1 24 | $1.47 | $-0.08 |
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 | $165.1M | $768.5M |
| 总债务越低越好 | $580.9M | — |
| 股东权益账面价值 | $1.4B | $1.3B |
| 总资产 | $2.6B | $2.2B |
| 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MSAPCOR
| Q4 25 | $165.1M | $768.5M | ||
| Q3 25 | $170.0M | $684.0M | ||
| Q2 25 | $147.0M | $620.9M | ||
| Q1 25 | $170.6M | $566.7M | ||
| Q4 24 | $164.6M | $775.4M | ||
| Q3 24 | $154.4M | $756.9M | ||
| Q2 24 | $146.8M | $735.4M | ||
| Q1 24 | $148.3M | $744.6M |
总债务MSAPCOR
| Q4 25 | $580.9M | — | ||
| Q3 25 | $628.6M | — | ||
| Q2 25 | $679.3M | — | ||
| Q1 25 | $502.1M | — | ||
| Q4 24 | $508.0M | — | ||
| Q3 24 | $554.7M | — | ||
| Q2 24 | $588.2M | — | ||
| Q1 24 | $596.2M | — |
股东权益MSAPCOR
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.0B | $1.3B | ||
| Q1 24 | $994.8M | $1.2B |
总资产MSAPCOR
| Q4 25 | $2.6B | $2.2B | ||
| Q3 25 | $2.6B | $2.1B | ||
| Q2 25 | $2.6B | $2.0B | ||
| Q1 25 | $2.2B | $1.9B | ||
| Q4 24 | $2.2B | $2.1B | ||
| Q3 24 | $2.2B | $2.0B | ||
| Q2 24 | $2.2B | $2.0B | ||
| Q1 24 | $2.2B | $1.9B |
负债/权益比MSAPCOR
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.60× | — |
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 | $122.4M | $114.9M |
| 自由现金流经营现金流 - 资本支出 | $106.0M | $109.2M |
| 自由现金流率自由现金流/营收 | 20.8% | 31.3% |
| 资本支出强度资本支出/营收 | 3.2% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.41× | — |
| 过去12个月自由现金流最近4个季度 | $295.4M | $282.2M |
8季度趋势，按日历期对齐
经营现金流MSAPCOR
| Q4 25 | $122.4M | $114.9M | ||
| Q3 25 | $112.5M | $88.5M | ||
| Q2 25 | $67.2M | $30.8M | ||
| Q1 25 | $61.8M | $66.0M | ||
| Q4 24 | $107.9M | $29.1M | ||
| Q3 24 | $84.3M | $39.3M | ||
| Q2 24 | $53.3M | $58.7M | ||
| Q1 24 | $50.9M | $69.1M |
自由现金流MSAPCOR
| Q4 25 | $106.0M | $109.2M | ||
| Q3 25 | $100.5M | $83.1M | ||
| Q2 25 | $37.9M | $27.9M | ||
| Q1 25 | $51.0M | $62.0M | ||
| Q4 24 | $93.5M | $17.4M | ||
| Q3 24 | $70.1M | $35.7M | ||
| Q2 24 | $39.0M | $56.8M | ||
| Q1 24 | $39.7M | $67.1M |
自由现金流率MSAPCOR
| Q4 25 | 20.8% | 31.3% | ||
| Q3 25 | 21.4% | 24.5% | ||
| Q2 25 | 8.0% | 8.6% | ||
| Q1 25 | 12.1% | 20.0% | ||
| Q4 24 | 18.7% | 5.8% | ||
| Q3 24 | 16.2% | 12.1% | ||
| Q2 24 | 8.4% | 20.0% | ||
| Q1 24 | 9.6% | 24.9% |
资本支出强度MSAPCOR
| Q4 25 | 3.2% | 1.6% | ||
| Q3 25 | 2.6% | 1.6% | ||
| Q2 25 | 6.2% | 0.9% | ||
| Q1 25 | 2.6% | 1.3% | ||
| Q4 24 | 2.9% | 3.9% | ||
| Q3 24 | 3.3% | 1.2% | ||
| Q2 24 | 3.1% | 0.7% | ||
| Q1 24 | 2.7% | 0.8% |
现金转化率MSAPCOR
| Q4 25 | 1.41× | — | ||
| Q3 25 | 1.62× | — | ||
| Q2 25 | 1.07× | — | ||
| Q1 25 | 1.04× | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 0.74× | — | ||
| Q1 24 | 0.88× | — |
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
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
