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MSA Safety Inc（MSA）与ROYAL GOLD INC（RGLD）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ROYAL GOLD INC的1.4倍（$510.9M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs 17.0%，领先7.9%），ROYAL GOLD INC同比增速更快（85.3% vs 2.2%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
MSA vs RGLD — 直观对比
营收规模更大
MSA
是对方的1.4倍
$375.3M
营收增速更快
RGLD
高出83.0%
2.2%
净利率更高
RGLD
高出7.9%
17.0%
两年增速更快
RGLD
近两年复合增速
11.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $510.9M | $375.3M |
| 净利润 | $86.9M | $93.6M |
| 毛利率 | 46.9% | 64.6% |
| 营业利润率 | 22.3% | 56.2% |
| 净利率 | 17.0% | 24.9% |
| 营收同比 | 2.2% | 85.3% |
| 净利润同比 | -1.2% | -12.8% |
| 每股收益（稀释后） | $2.22 | $1.04 |
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MSARGLD
| Q4 25 | $510.9M | $375.3M | ||
| Q3 25 | $468.4M | $252.1M | ||
| Q2 25 | $474.1M | $209.6M | ||
| Q1 25 | $421.3M | $193.4M | ||
| Q4 24 | $499.7M | $202.6M | ||
| Q3 24 | $432.7M | $193.8M | ||
| Q2 24 | $462.5M | $174.1M | ||
| Q1 24 | $413.3M | $148.9M |
净利润MSARGLD
| Q4 25 | $86.9M | $93.6M | ||
| Q3 25 | $69.6M | $126.8M | ||
| Q2 25 | $62.8M | $132.3M | ||
| Q1 25 | $59.6M | $113.5M | ||
| Q4 24 | $87.9M | $107.4M | ||
| Q3 24 | $66.6M | $96.2M | ||
| Q2 24 | $72.2M | $81.2M | ||
| Q1 24 | $58.1M | $47.2M |
毛利率MSARGLD
| Q4 25 | 46.9% | 64.6% | ||
| Q3 25 | 46.5% | 73.6% | ||
| Q2 25 | 46.6% | 72.6% | ||
| Q1 25 | 45.9% | 69.4% | ||
| Q4 24 | 46.9% | 70.3% | ||
| Q3 24 | 47.9% | 66.6% | ||
| Q2 24 | 48.2% | 64.7% | ||
| Q1 24 | 47.3% | 58.4% |
营业利润率MSARGLD
| Q4 25 | 22.3% | 56.2% | ||
| Q3 25 | 20.1% | 64.4% | ||
| Q2 25 | 18.1% | 67.7% | ||
| Q1 25 | 18.5% | 63.6% | ||
| Q4 24 | 23.5% | 65.9% | ||
| Q3 24 | 21.1% | 61.3% | ||
| Q2 24 | 21.6% | 58.6% | ||
| Q1 24 | 19.4% | 50.7% |
净利率MSARGLD
| Q4 25 | 17.0% | 24.9% | ||
| Q3 25 | 14.9% | 50.3% | ||
| Q2 25 | 13.2% | 63.1% | ||
| Q1 25 | 14.1% | 58.7% | ||
| Q4 24 | 17.6% | 53.0% | ||
| Q3 24 | 15.4% | 49.7% | ||
| Q2 24 | 15.6% | 46.6% | ||
| Q1 24 | 14.1% | 31.7% |
每股收益（稀释后）MSARGLD
| Q4 25 | $2.22 | $1.04 | ||
| Q3 25 | $1.77 | $1.92 | ||
| Q2 25 | $1.59 | $2.01 | ||
| Q1 25 | $1.51 | $1.72 | ||
| Q4 24 | $2.22 | $1.63 | ||
| Q3 24 | $1.69 | $1.46 | ||
| Q2 24 | $1.83 | $1.23 | ||
| Q1 24 | $1.47 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $580.9M | — |
| 股东权益账面价值 | $1.4B | $7.2B |
| 总资产 | $2.6B | $9.5B |
| 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MSARGLD
| Q4 25 | $165.1M | $233.7M | ||
| Q3 25 | $170.0M | $172.8M | ||
| Q2 25 | $147.0M | $248.2M | ||
| Q1 25 | $170.6M | $240.8M | ||
| Q4 24 | $164.6M | $195.5M | ||
| Q3 24 | $154.4M | $127.9M | ||
| Q2 24 | $146.8M | $74.2M | ||
| Q1 24 | $148.3M | $137.9M |
总债务MSARGLD
| Q4 25 | $580.9M | — | ||
| Q3 25 | $628.6M | — | ||
| Q2 25 | $679.3M | — | ||
| Q1 25 | $502.1M | — | ||
| Q4 24 | $508.0M | — | ||
| Q3 24 | $554.7M | $0 | ||
| Q2 24 | $588.2M | $50.0M | ||
| Q1 24 | $596.2M | — |
股东权益MSARGLD
| Q4 25 | $1.4B | $7.2B | ||
| Q3 25 | $1.3B | $3.4B | ||
| Q2 25 | $1.3B | $3.3B | ||
| Q1 25 | $1.2B | $3.2B | ||
| Q4 24 | $1.1B | $3.1B | ||
| Q3 24 | $1.1B | $3.0B | ||
| Q2 24 | $1.0B | $3.0B | ||
| Q1 24 | $994.8M | $2.9B |
总资产MSARGLD
| Q4 25 | $2.6B | $9.5B | ||
| Q3 25 | $2.6B | $4.5B | ||
| Q2 25 | $2.6B | $3.6B | ||
| Q1 25 | $2.2B | $3.5B | ||
| Q4 24 | $2.2B | $3.4B | ||
| Q3 24 | $2.2B | $3.3B | ||
| Q2 24 | $2.2B | $3.3B | ||
| Q1 24 | $2.2B | $3.3B |
负债/权益比MSARGLD
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.51× | 0.00× | ||
| Q2 24 | 0.57× | 0.02× | ||
| 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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $106.0M | — |
| 自由现金流率自由现金流/营收 | 20.8% | — |
| 资本支出强度资本支出/营收 | 3.2% | — |
| 现金转化率经营现金流/净利润 | 1.41× | 2.58× |
| 过去12个月自由现金流最近4个季度 | $295.4M | — |
8季度趋势，按日历期对齐
经营现金流MSARGLD
| Q4 25 | $122.4M | $241.7M | ||
| Q3 25 | $112.5M | $174.0M | ||
| Q2 25 | $67.2M | $152.8M | ||
| Q1 25 | $61.8M | $136.4M | ||
| Q4 24 | $107.9M | $141.1M | ||
| Q3 24 | $84.3M | $136.7M | ||
| Q2 24 | $53.3M | $113.5M | ||
| Q1 24 | $50.9M | $138.3M |
自由现金流MSARGLD
| Q4 25 | $106.0M | — | ||
| Q3 25 | $100.5M | — | ||
| Q2 25 | $37.9M | — | ||
| Q1 25 | $51.0M | — | ||
| Q4 24 | $93.5M | — | ||
| Q3 24 | $70.1M | — | ||
| Q2 24 | $39.0M | — | ||
| Q1 24 | $39.7M | — |
自由现金流率MSARGLD
| Q4 25 | 20.8% | — | ||
| Q3 25 | 21.4% | — | ||
| Q2 25 | 8.0% | — | ||
| Q1 25 | 12.1% | — | ||
| Q4 24 | 18.7% | — | ||
| Q3 24 | 16.2% | — | ||
| Q2 24 | 8.4% | — | ||
| Q1 24 | 9.6% | — |
资本支出强度MSARGLD
| Q4 25 | 3.2% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 2.7% | — |
现金转化率MSARGLD
| Q4 25 | 1.41× | 2.58× | ||
| Q3 25 | 1.62× | 1.37× | ||
| Q2 25 | 1.07× | 1.15× | ||
| Q1 25 | 1.04× | 1.20× | ||
| Q4 24 | 1.23× | 1.31× | ||
| Q3 24 | 1.27× | 1.42× | ||
| Q2 24 | 0.74× | 1.40× | ||
| Q1 24 | 0.88× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
