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明晟（MSCI）与Primo Brands Corp（PRMB）财务数据对比。点击上方公司名可切换其他公司
Primo Brands Corp的季度营收约是明晟的1.9倍（$1.6B vs $822.5M），明晟净利率更高（34.6% vs -0.8%，领先35.4%），明晟自由现金流更多（$488.7M vs $57.3M）
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。
Primo Brands Corp是一家美加合资饮用水企业，主营多规格桶装水、饮水机、自助补水设备及净水家电，总部位于美国佛罗里达州坦帕市，服务覆盖美国、加拿大、欧洲及以色列的住宅与商业客户。
MSCI vs PRMB — 直观对比
营收规模更大
PRMB
是对方的1.9倍
$822.5M
净利率更高
MSCI
高出35.4%
-0.8%
自由现金流更多
MSCI
多$431.4M
$57.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.6B |
| 净利润 | $284.7M | $-13.0M |
| 毛利率 | — | 27.7% |
| 营业利润率 | 56.4% | 1.2% |
| 净利率 | 34.6% | -0.8% |
| 营收同比 | 10.6% | — |
| 净利润同比 | -6.8% | — |
| 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MSCIPRMB
| Q4 25 | $822.5M | $1.6B | ||
| Q3 25 | $793.4M | $1.8B | ||
| Q2 25 | $772.7M | $1.7B | ||
| Q1 25 | $745.8M | $1.6B | ||
| Q4 24 | $743.5M | — | ||
| Q3 24 | $724.7M | $0 | ||
| Q2 24 | $707.9M | $1.3B | ||
| Q1 24 | $680.0M | $1.1B |
净利润MSCIPRMB
| Q4 25 | $284.7M | $-13.0M | ||
| Q3 25 | $325.4M | $16.8M | ||
| Q2 25 | $303.6M | $27.6M | ||
| Q1 25 | $288.6M | $28.7M | ||
| Q4 24 | $305.5M | — | ||
| Q3 24 | $280.9M | $-2.0K | ||
| Q2 24 | $266.8M | $54.5M | ||
| Q1 24 | $256.0M | $33.5M |
毛利率MSCIPRMB
| Q4 25 | — | 27.7% | ||
| Q3 25 | — | 29.9% | ||
| Q2 25 | — | 31.3% | ||
| Q1 25 | — | 32.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 32.7% | ||
| Q1 24 | — | 30.4% |
营业利润率MSCIPRMB
| Q4 25 | 56.4% | 1.2% | ||
| Q3 25 | 56.4% | 8.3% | ||
| Q2 25 | 55.0% | 6.5% | ||
| Q1 25 | 50.6% | 9.5% | ||
| Q4 24 | 54.5% | — | ||
| Q3 24 | 55.4% | — | ||
| Q2 24 | 54.0% | 12.1% | ||
| Q1 24 | 49.9% | 11.0% |
净利率MSCIPRMB
| Q4 25 | 34.6% | -0.8% | ||
| Q3 25 | 41.0% | 1.0% | ||
| Q2 25 | 39.3% | 1.6% | ||
| Q1 25 | 38.7% | 1.8% | ||
| Q4 24 | 41.1% | — | ||
| Q3 24 | 38.8% | — | ||
| Q2 24 | 37.7% | 4.1% | ||
| Q1 24 | 37.6% | 2.9% |
每股收益（稀释后）MSCIPRMB
| Q4 25 | $3.81 | $-0.03 | ||
| Q3 25 | $4.25 | $0.04 | ||
| Q2 25 | $3.92 | $0.07 | ||
| Q1 25 | $3.71 | $0.08 | ||
| Q4 24 | $3.89 | — | ||
| Q3 24 | $3.57 | $-20.00 | ||
| Q2 24 | $3.37 | $0.25 | ||
| Q1 24 | $3.22 | $0.15 |
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 | $376.7M |
| 总债务越低越好 | $6.2B | $5.2B |
| 股东权益账面价值 | $-2.7B | $3.0B |
| 总资产 | $5.7B | $10.6B |
| 负债/权益比越低杠杆越低 | — | 1.72× |
8季度趋势，按日历期对齐
现金及短期投资MSCIPRMB
| Q4 25 | $515.3M | $376.7M | ||
| Q3 25 | $400.1M | — | ||
| Q2 25 | $347.3M | — | ||
| Q1 25 | $360.7M | — | ||
| Q4 24 | $409.4M | — | ||
| Q3 24 | $501.0M | — | ||
| Q2 24 | $451.4M | — | ||
| Q1 24 | $519.3M | — |
总债务MSCIPRMB
| Q4 25 | $6.2B | $5.2B | ||
| Q3 25 | $5.5B | $5.1B | ||
| Q2 25 | $4.5B | $5.1B | ||
| Q1 25 | $4.5B | $5.0B | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | — |
股东权益MSCIPRMB
| Q4 25 | $-2.7B | $3.0B | ||
| Q3 25 | $-1.9B | $3.2B | ||
| Q2 25 | $-886.2M | $3.2B | ||
| Q1 25 | $-958.6M | $3.3B | ||
| Q4 24 | $-940.0M | — | ||
| Q3 24 | $-751.0M | $-2.0K | ||
| Q2 24 | $-734.5M | $-296.8M | ||
| Q1 24 | $-650.5M | $-349.8M |
总资产MSCIPRMB
| Q4 25 | $5.7B | $10.6B | ||
| Q3 25 | $5.4B | $11.0B | ||
| Q2 25 | $5.4B | $11.0B | ||
| Q1 25 | $5.3B | $11.0B | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.4B | $0 | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.5B | — |
负债/权益比MSCIPRMB
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | — | 1.51× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $203.1M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $57.3M |
| 自由现金流率自由现金流/营收 | 59.4% | 3.7% |
| 资本支出强度资本支出/营收 | 1.5% | 9.4% |
| 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 | $302.9M |
8季度趋势，按日历期对齐
经营现金流MSCIPRMB
| Q4 25 | $501.1M | $203.1M | ||
| Q3 25 | $449.4M | $283.4M | ||
| Q2 25 | $336.1M | $155.0M | ||
| Q1 25 | $301.7M | $38.8M | ||
| Q4 24 | $430.6M | — | ||
| Q3 24 | $421.6M | $0 | ||
| Q2 24 | $349.2M | $102.5M | ||
| Q1 24 | $300.1M | $6.0M |
自由现金流MSCIPRMB
| Q4 25 | $488.7M | $57.3M | ||
| Q3 25 | $445.5M | $167.7M | ||
| Q2 25 | $324.7M | $101.1M | ||
| Q1 25 | $290.2M | $-23.2M | ||
| Q4 24 | $416.4M | — | ||
| Q3 24 | $415.0M | — | ||
| Q2 24 | $340.6M | $61.4M | ||
| Q1 24 | $295.9M | $-17.5M |
自由现金流率MSCIPRMB
| Q4 25 | 59.4% | 3.7% | ||
| Q3 25 | 56.2% | 9.5% | ||
| Q2 25 | 42.0% | 5.8% | ||
| Q1 25 | 38.9% | -1.4% | ||
| Q4 24 | 56.0% | — | ||
| Q3 24 | 57.3% | — | ||
| Q2 24 | 48.1% | 4.7% | ||
| Q1 24 | 43.5% | -1.5% |
资本支出强度MSCIPRMB
| Q4 25 | 1.5% | 9.4% | ||
| Q3 25 | 0.5% | 6.6% | ||
| Q2 25 | 1.5% | 3.1% | ||
| Q1 25 | 1.5% | 3.8% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 1.2% | 3.1% | ||
| Q1 24 | 0.6% | 2.1% |
现金转化率MSCIPRMB
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.38× | 16.87× | ||
| Q2 25 | 1.11× | 5.62× | ||
| Q1 25 | 1.05× | 1.35× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | 1.88× | ||
| Q1 24 | 1.17× | 0.18× |
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% |
PRMB
| Regional Spring Water | $765.1M | 49% |
| Purified Water | $484.5M | 31% |
| Other | $188.4M | 12% |
| Premium Water | $90.3M | 6% |
| Other Water | $25.8M | 2% |
