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明晟（MSCI）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是明晟的1.5倍（$1.2B vs $822.5M），明晟净利率更高（34.6% vs 9.1%，领先25.5%），明晟同比增速更快（10.6% vs 5.4%），明晟自由现金流更多（$488.7M vs $186.5M），过去两年明晟的营收复合增速更高（10.0% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
MSCI vs RBA — 直观对比
营收规模更大
RBA
是对方的1.5倍
$822.5M
营收增速更快
MSCI
高出5.2%
5.4%
净利率更高
MSCI
高出25.5%
9.1%
自由现金流更多
MSCI
多$302.2M
$186.5M
两年增速更快
MSCI
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.2B |
| 净利润 | $284.7M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 56.4% | 14.7% |
| 净利率 | 34.6% | 9.1% |
| 营收同比 | 10.6% | 5.4% |
| 净利润同比 | -6.8% | -7.4% |
| 每股收益（稀释后） | $3.81 | $0.53 |
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MSCIRBA
| Q4 25 | $822.5M | $1.2B | ||
| Q3 25 | $793.4M | $1.1B | ||
| Q2 25 | $772.7M | $1.2B | ||
| Q1 25 | $745.8M | $1.1B | ||
| Q4 24 | $743.5M | $1.1B | ||
| Q3 24 | $724.7M | $981.8M | ||
| Q2 24 | $707.9M | $1.1B | ||
| Q1 24 | $680.0M | $1.1B |
净利润MSCIRBA
| Q4 25 | $284.7M | $109.7M | ||
| Q3 25 | $325.4M | $95.5M | ||
| Q2 25 | $303.6M | $109.8M | ||
| Q1 25 | $288.6M | $113.4M | ||
| Q4 24 | $305.5M | $118.5M | ||
| Q3 24 | $280.9M | $76.1M | ||
| Q2 24 | $266.8M | $111.1M | ||
| Q1 24 | $256.0M | $107.4M |
营业利润率MSCIRBA
| Q4 25 | 56.4% | 14.7% | ||
| Q3 25 | 56.4% | 14.5% | ||
| Q2 25 | 55.0% | 15.9% | ||
| Q1 25 | 50.6% | 17.1% | ||
| Q4 24 | 54.5% | 18.1% | ||
| Q3 24 | 55.4% | 15.6% | ||
| Q2 24 | 54.0% | 18.4% | ||
| Q1 24 | 49.9% | 18.7% |
净利率MSCIRBA
| Q4 25 | 34.6% | 9.1% | ||
| Q3 25 | 41.0% | 8.7% | ||
| Q2 25 | 39.3% | 9.3% | ||
| Q1 25 | 38.7% | 10.2% | ||
| Q4 24 | 41.1% | 10.4% | ||
| Q3 24 | 38.8% | 7.8% | ||
| Q2 24 | 37.7% | 10.1% | ||
| Q1 24 | 37.6% | 10.1% |
每股收益（稀释后）MSCIRBA
| Q4 25 | $3.81 | $0.53 | ||
| Q3 25 | $4.25 | $0.43 | ||
| Q2 25 | $3.92 | $0.53 | ||
| Q1 25 | $3.71 | $0.55 | ||
| Q4 24 | $3.89 | $0.58 | ||
| Q3 24 | $3.57 | $0.36 | ||
| Q2 24 | $3.37 | $0.54 | ||
| Q1 24 | $3.22 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $6.2B | $2.3B |
| 股东权益账面价值 | $-2.7B | $5.6B |
| 总资产 | $5.7B | $12.1B |
| 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MSCIRBA
| Q4 25 | $515.3M | $531.5M | ||
| Q3 25 | $400.1M | $674.7M | ||
| Q2 25 | $347.3M | $710.2M | ||
| Q1 25 | $360.7M | $578.1M | ||
| Q4 24 | $409.4M | $533.9M | ||
| Q3 24 | $501.0M | $650.7M | ||
| Q2 24 | $451.4M | $599.5M | ||
| Q1 24 | $519.3M | $462.8M |
总债务MSCIRBA
| Q4 25 | $6.2B | $2.3B | ||
| Q3 25 | $5.5B | $2.6B | ||
| Q2 25 | $4.5B | $2.6B | ||
| Q1 25 | $4.5B | $2.6B | ||
| Q4 24 | $4.5B | $2.6B | ||
| Q3 24 | $4.5B | $2.7B | ||
| Q2 24 | $4.5B | $2.8B | ||
| Q1 24 | $4.5B | $2.9B |
股东权益MSCIRBA
| Q4 25 | $-2.7B | $5.6B | ||
| Q3 25 | $-1.9B | $5.5B | ||
| Q2 25 | $-886.2M | $5.5B | ||
| Q1 25 | $-958.6M | $5.3B | ||
| Q4 24 | $-940.0M | $5.2B | ||
| Q3 24 | $-751.0M | $5.2B | ||
| Q2 24 | $-734.5M | $5.2B | ||
| Q1 24 | $-650.5M | $5.1B |
总资产MSCIRBA
| Q4 25 | $5.7B | $12.1B | ||
| Q3 25 | $5.4B | $12.2B | ||
| Q2 25 | $5.4B | $12.2B | ||
| Q1 25 | $5.3B | $11.9B | ||
| Q4 24 | $5.4B | $11.8B | ||
| Q3 24 | $5.4B | $11.9B | ||
| Q2 24 | $5.5B | $12.1B | ||
| Q1 24 | $5.5B | $12.0B |
负债/权益比MSCIRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $186.5M |
| 自由现金流率自由现金流/营收 | 59.4% | 15.5% |
| 资本支出强度资本支出/营收 | 1.5% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.76× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $719.2M |
8季度趋势，按日历期对齐
经营现金流MSCIRBA
| Q4 25 | $501.1M | $255.2M | ||
| Q3 25 | $449.4M | $239.7M | ||
| Q2 25 | $336.1M | $326.5M | ||
| Q1 25 | $301.7M | $156.8M | ||
| Q4 24 | $430.6M | $184.5M | ||
| Q3 24 | $421.6M | $285.4M | ||
| Q2 24 | $349.2M | $337.3M | ||
| Q1 24 | $300.1M | $124.8M |
自由现金流MSCIRBA
| Q4 25 | $488.7M | $186.5M | ||
| Q3 25 | $445.5M | $188.5M | ||
| Q2 25 | $324.7M | $241.7M | ||
| Q1 25 | $290.2M | $102.5M | ||
| Q4 24 | $416.4M | $127.9M | ||
| Q3 24 | $415.0M | $248.5M | ||
| Q2 24 | $340.6M | $308.6M | ||
| Q1 24 | $295.9M | $79.6M |
自由现金流率MSCIRBA
| Q4 25 | 59.4% | 15.5% | ||
| Q3 25 | 56.2% | 17.3% | ||
| Q2 25 | 42.0% | 20.4% | ||
| Q1 25 | 38.9% | 9.2% | ||
| Q4 24 | 56.0% | 11.2% | ||
| Q3 24 | 57.3% | 25.3% | ||
| Q2 24 | 48.1% | 28.2% | ||
| Q1 24 | 43.5% | 7.5% |
资本支出强度MSCIRBA
| Q4 25 | 1.5% | 5.7% | ||
| Q3 25 | 0.5% | 4.7% | ||
| Q2 25 | 1.5% | 7.2% | ||
| Q1 25 | 1.5% | 4.9% | ||
| Q4 24 | 1.9% | 5.0% | ||
| Q3 24 | 0.9% | 3.8% | ||
| Q2 24 | 1.2% | 2.6% | ||
| Q1 24 | 0.6% | 4.2% |
现金转化率MSCIRBA
| Q4 25 | 1.76× | 2.33× | ||
| Q3 25 | 1.38× | 2.51× | ||
| Q2 25 | 1.11× | 2.97× | ||
| Q1 25 | 1.05× | 1.38× | ||
| Q4 24 | 1.41× | 1.56× | ||
| Q3 24 | 1.50× | 3.75× | ||
| Q2 24 | 1.31× | 3.04× | ||
| Q1 24 | 1.17× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
