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明晟（MSCI）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是Cloudflare, Inc.的1.3倍（$822.5M vs $614.5M），明晟净利率更高（34.6% vs -2.0%，领先36.6%），Cloudflare, Inc.同比增速更快（33.6% vs 10.6%），明晟自由现金流更多（$488.7M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 10.0%）
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
MSCI vs NET — 直观对比
营收规模更大
MSCI
是对方的1.3倍
$614.5M
营收增速更快
NET
高出23.0%
10.6%
净利率更高
MSCI
高出36.6%
-2.0%
自由现金流更多
MSCI
多$383.5M
$105.2M
两年增速更快
NET
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $614.5M |
| 净利润 | $284.7M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 56.4% | -8.0% |
| 净利率 | 34.6% | -2.0% |
| 营收同比 | 10.6% | 33.6% |
| 净利润同比 | -6.8% | 6.0% |
| 每股收益（稀释后） | $3.81 | $-0.03 |
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MSCINET
| Q4 25 | $822.5M | $614.5M | ||
| Q3 25 | $793.4M | $562.0M | ||
| Q2 25 | $772.7M | $512.3M | ||
| Q1 25 | $745.8M | $479.1M | ||
| Q4 24 | $743.5M | $459.9M | ||
| Q3 24 | $724.7M | $430.1M | ||
| Q2 24 | $707.9M | $401.0M | ||
| Q1 24 | $680.0M | $378.6M |
净利润MSCINET
| Q4 25 | $284.7M | $-12.1M | ||
| Q3 25 | $325.4M | $-1.3M | ||
| Q2 25 | $303.6M | $-50.4M | ||
| Q1 25 | $288.6M | $-38.5M | ||
| Q4 24 | $305.5M | $-12.8M | ||
| Q3 24 | $280.9M | $-15.3M | ||
| Q2 24 | $266.8M | $-15.1M | ||
| Q1 24 | $256.0M | $-35.5M |
毛利率MSCINET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率MSCINET
| Q4 25 | 56.4% | -8.0% | ||
| Q3 25 | 56.4% | -6.7% | ||
| Q2 25 | 55.0% | -13.1% | ||
| Q1 25 | 50.6% | -11.1% | ||
| Q4 24 | 54.5% | -7.5% | ||
| Q3 24 | 55.4% | -7.2% | ||
| Q2 24 | 54.0% | -8.7% | ||
| Q1 24 | 49.9% | -14.4% |
净利率MSCINET
| Q4 25 | 34.6% | -2.0% | ||
| Q3 25 | 41.0% | -0.2% | ||
| Q2 25 | 39.3% | -9.8% | ||
| Q1 25 | 38.7% | -8.0% | ||
| Q4 24 | 41.1% | -2.8% | ||
| Q3 24 | 38.8% | -3.6% | ||
| Q2 24 | 37.7% | -3.8% | ||
| Q1 24 | 37.6% | -9.4% |
每股收益（稀释后）MSCINET
| Q4 25 | $3.81 | $-0.03 | ||
| Q3 25 | $4.25 | $0.00 | ||
| Q2 25 | $3.92 | $-0.15 | ||
| Q1 25 | $3.71 | $-0.11 | ||
| Q4 24 | $3.89 | $-0.05 | ||
| Q3 24 | $3.57 | $-0.04 | ||
| Q2 24 | $3.37 | $-0.04 | ||
| Q1 24 | $3.22 | $-0.10 |
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 | $515.3M | $943.5M |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $1.5B |
| 总资产 | $5.7B | $6.0B |
| 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MSCINET
| Q4 25 | $515.3M | $943.5M | ||
| Q3 25 | $400.1M | $1.1B | ||
| Q2 25 | $347.3M | $1.5B | ||
| Q1 25 | $360.7M | $204.5M | ||
| Q4 24 | $409.4M | $147.7M | ||
| Q3 24 | $501.0M | $182.9M | ||
| Q2 24 | $451.4M | $157.0M | ||
| Q1 24 | $519.3M | $254.4M |
总债务MSCINET
| Q4 25 | $6.2B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | — |
股东权益MSCINET
| Q4 25 | $-2.7B | $1.5B | ||
| Q3 25 | $-1.9B | $1.3B | ||
| Q2 25 | $-886.2M | $1.2B | ||
| Q1 25 | $-958.6M | $1.4B | ||
| Q4 24 | $-940.0M | $1.0B | ||
| Q3 24 | $-751.0M | $973.1M | ||
| Q2 24 | $-734.5M | $881.5M | ||
| Q1 24 | $-650.5M | $797.2M |
总资产MSCINET
| Q4 25 | $5.7B | $6.0B | ||
| Q3 25 | $5.4B | $5.8B | ||
| Q2 25 | $5.4B | $5.6B | ||
| Q1 25 | $5.3B | $3.7B | ||
| Q4 24 | $5.4B | $3.3B | ||
| Q3 24 | $5.4B | $3.1B | ||
| Q2 24 | $5.5B | $2.9B | ||
| Q1 24 | $5.5B | $2.8B |
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 | $501.1M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $105.2M |
| 自由现金流率自由现金流/营收 | 59.4% | 17.1% |
| 资本支出强度资本支出/营收 | 1.5% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.76× | — |
| 过去12个月自由现金流最近4个季度 | $1.5B | $287.5M |
8季度趋势，按日历期对齐
经营现金流MSCINET
| Q4 25 | $501.1M | $190.4M | ||
| Q3 25 | $449.4M | $167.1M | ||
| Q2 25 | $336.1M | $99.8M | ||
| Q1 25 | $301.7M | $145.8M | ||
| Q4 24 | $430.6M | $127.3M | ||
| Q3 24 | $421.6M | $104.7M | ||
| Q2 24 | $349.2M | $74.8M | ||
| Q1 24 | $300.1M | $73.6M |
自由现金流MSCINET
| Q4 25 | $488.7M | $105.2M | ||
| Q3 25 | $445.5M | $82.5M | ||
| Q2 25 | $324.7M | $39.9M | ||
| Q1 25 | $290.2M | $59.9M | ||
| Q4 24 | $416.4M | $54.2M | ||
| Q3 24 | $415.0M | $54.5M | ||
| Q2 24 | $340.6M | $45.2M | ||
| Q1 24 | $295.9M | $41.5M |
自由现金流率MSCINET
| Q4 25 | 59.4% | 17.1% | ||
| Q3 25 | 56.2% | 14.7% | ||
| Q2 25 | 42.0% | 7.8% | ||
| Q1 25 | 38.9% | 12.5% | ||
| Q4 24 | 56.0% | 11.8% | ||
| Q3 24 | 57.3% | 12.7% | ||
| Q2 24 | 48.1% | 11.3% | ||
| Q1 24 | 43.5% | 11.0% |
资本支出强度MSCINET
| Q4 25 | 1.5% | 13.9% | ||
| Q3 25 | 0.5% | 15.1% | ||
| Q2 25 | 1.5% | 11.7% | ||
| Q1 25 | 1.5% | 17.9% | ||
| Q4 24 | 1.9% | 15.9% | ||
| Q3 24 | 0.9% | 11.7% | ||
| Q2 24 | 1.2% | 7.4% | ||
| Q1 24 | 0.6% | 8.5% |
现金转化率MSCINET
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | — | ||
| Q1 24 | 1.17× | — |
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
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
