vs
明晟（MSCI）与先锋自然资源公司（PR）财务数据对比。点击上方公司名可切换其他公司
先锋自然资源公司的季度营收约是明晟的1.4倍（$1.2B vs $822.5M），明晟净利率更高（34.6% vs 29.0%，领先5.6%），明晟同比增速更快（10.6% vs -9.8%），过去两年明晟的营收复合增速更高（10.0% vs -3.0%）
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。
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
MSCI vs PR — 直观对比
营收规模更大
PR
是对方的1.4倍
$822.5M
营收增速更快
MSCI
高出20.4%
-9.8%
净利率更高
MSCI
高出5.6%
29.0%
两年增速更快
MSCI
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.2B |
| 净利润 | $284.7M | $339.5M |
| 毛利率 | — | — |
| 营业利润率 | 56.4% | 23.1% |
| 净利率 | 34.6% | 29.0% |
| 营收同比 | 10.6% | -9.8% |
| 净利润同比 | -6.8% | 56.7% |
| 每股收益（稀释后） | $3.81 | $0.48 |
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MSCIPR
| Q4 25 | $822.5M | $1.2B | ||
| Q3 25 | $793.4M | $1.3B | ||
| Q2 25 | $772.7M | $1.2B | ||
| Q1 25 | $745.8M | $1.4B | ||
| Q4 24 | $743.5M | $1.3B | ||
| Q3 24 | $724.7M | $1.2B | ||
| Q2 24 | $707.9M | $1.2B | ||
| Q1 24 | $680.0M | $1.2B |
净利润MSCIPR
| Q4 25 | $284.7M | $339.5M | ||
| Q3 25 | $325.4M | $59.2M | ||
| Q2 25 | $303.6M | $207.1M | ||
| Q1 25 | $288.6M | $329.3M | ||
| Q4 24 | $305.5M | $216.7M | ||
| Q3 24 | $280.9M | $386.4M | ||
| Q2 24 | $266.8M | $235.1M | ||
| Q1 24 | $256.0M | $146.6M |
营业利润率MSCIPR
| Q4 25 | 56.4% | 23.1% | ||
| Q3 25 | 56.4% | 29.6% | ||
| Q2 25 | 55.0% | 24.8% | ||
| Q1 25 | 50.6% | 36.6% | ||
| Q4 24 | 54.5% | 32.8% | ||
| Q3 24 | 55.4% | 32.5% | ||
| Q2 24 | 54.0% | 36.5% | ||
| Q1 24 | 49.9% | 37.7% |
净利率MSCIPR
| Q4 25 | 34.6% | 29.0% | ||
| Q3 25 | 41.0% | 4.5% | ||
| Q2 25 | 39.3% | 17.3% | ||
| Q1 25 | 38.7% | 23.9% | ||
| Q4 24 | 41.1% | 16.7% | ||
| Q3 24 | 38.8% | 31.8% | ||
| Q2 24 | 37.7% | 18.9% | ||
| Q1 24 | 37.6% | 11.8% |
每股收益（稀释后）MSCIPR
| Q4 25 | $3.81 | $0.48 | ||
| Q3 25 | $4.25 | $0.08 | ||
| Q2 25 | $3.92 | $0.28 | ||
| Q1 25 | $3.71 | $0.44 | ||
| Q4 24 | $3.89 | $0.31 | ||
| Q3 24 | $3.57 | $0.53 | ||
| Q2 24 | $3.37 | $0.36 | ||
| Q1 24 | $3.22 | $0.25 |
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 | $153.7M |
| 总债务越低越好 | $6.2B | $3.5B |
| 股东权益账面价值 | $-2.7B | $10.3B |
| 总资产 | $5.7B | $17.9B |
| 负债/权益比越低杠杆越低 | — | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资MSCIPR
| Q4 25 | $515.3M | $153.7M | ||
| Q3 25 | $400.1M | $111.8M | ||
| Q2 25 | $347.3M | $451.0M | ||
| Q1 25 | $360.7M | $702.2M | ||
| Q4 24 | $409.4M | $479.3M | ||
| Q3 24 | $501.0M | $272.0M | ||
| Q2 24 | $451.4M | $47.8M | ||
| Q1 24 | $519.3M | $12.7M |
总债务MSCIPR
| Q4 25 | $6.2B | $3.5B | ||
| Q3 25 | $5.5B | $3.5B | ||
| Q2 25 | $4.5B | $4.0B | ||
| Q1 25 | $4.5B | $4.0B | ||
| Q4 24 | $4.5B | $4.2B | ||
| Q3 24 | $4.5B | $4.2B | ||
| Q2 24 | $4.5B | $3.9B | ||
| Q1 24 | $4.5B | $3.9B |
股东权益MSCIPR
| Q4 25 | $-2.7B | $10.3B | ||
| Q3 25 | $-1.9B | $10.0B | ||
| Q2 25 | $-886.2M | $9.5B | ||
| Q1 25 | $-958.6M | $9.4B | ||
| Q4 24 | $-940.0M | $9.1B | ||
| Q3 24 | $-751.0M | $9.0B | ||
| Q2 24 | $-734.5M | $8.3B | ||
| Q1 24 | $-650.5M | $7.0B |
总资产MSCIPR
| Q4 25 | $5.7B | $17.9B | ||
| Q3 25 | $5.4B | $17.3B | ||
| Q2 25 | $5.4B | $17.5B | ||
| Q1 25 | $5.3B | $17.1B | ||
| Q4 24 | $5.4B | $16.9B | ||
| Q3 24 | $5.4B | $16.6B | ||
| Q2 24 | $5.5B | $15.4B | ||
| Q1 24 | $5.5B | $15.1B |
负债/权益比MSCIPR
| Q4 25 | — | 0.34× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.56× |
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 | $904.3M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | — |
| 自由现金流率自由现金流/营收 | 59.4% | — |
| 资本支出强度资本支出/营收 | 1.5% | — |
| 现金转化率经营现金流/净利润 | 1.76× | 2.66× |
| 过去12个月自由现金流最近4个季度 | $1.5B | — |
8季度趋势，按日历期对齐
经营现金流MSCIPR
| Q4 25 | $501.1M | $904.3M | ||
| Q3 25 | $449.4M | $766.5M | ||
| Q2 25 | $336.1M | $1.0B | ||
| Q1 25 | $301.7M | $898.0M | ||
| Q4 24 | $430.6M | $871.6M | ||
| Q3 24 | $421.6M | $954.4M | ||
| Q2 24 | $349.2M | $938.4M | ||
| Q1 24 | $300.1M | $647.6M |
自由现金流MSCIPR
| Q4 25 | $488.7M | — | ||
| Q3 25 | $445.5M | — | ||
| Q2 25 | $324.7M | — | ||
| Q1 25 | $290.2M | — | ||
| Q4 24 | $416.4M | — | ||
| Q3 24 | $415.0M | — | ||
| Q2 24 | $340.6M | — | ||
| Q1 24 | $295.9M | — |
自由现金流率MSCIPR
| Q4 25 | 59.4% | — | ||
| Q3 25 | 56.2% | — | ||
| Q2 25 | 42.0% | — | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 56.0% | — | ||
| Q3 24 | 57.3% | — | ||
| Q2 24 | 48.1% | — | ||
| Q1 24 | 43.5% | — |
资本支出强度MSCIPR
| Q4 25 | 1.5% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 0.6% | — |
现金转化率MSCIPR
| Q4 25 | 1.76× | 2.66× | ||
| Q3 25 | 1.38× | 12.94× | ||
| Q2 25 | 1.11× | 5.01× | ||
| Q1 25 | 1.05× | 2.73× | ||
| Q4 24 | 1.41× | 4.02× | ||
| Q3 24 | 1.50× | 2.47× | ||
| Q2 24 | 1.31× | 3.99× | ||
| Q1 24 | 1.17× | 4.42× |
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% |
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
