vs
明晟（MSCI）与RBC Bearings INC（RBC）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RBC Bearings INC的1.8倍（$822.5M vs $461.6M），明晟净利率更高（34.6% vs 14.6%，领先20.0%），RBC Bearings INC同比增速更快（17.0% vs 10.6%），明晟自由现金流更多（$488.7M vs $99.1M），过去两年明晟的营收复合增速更高（10.0% vs 5.6%）
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。
该文本实际介绍的并非RBC Bearings，而是美国多佛公司。多佛是一家工业产品综合制造商，1955年成立，总部位于伊利诺伊州当纳斯格罗夫。2021年其业务分为五大板块：工程产品、清洁能源与加注、成像与识别、泵与工艺解决方案、气候与可持续技术，是标普500成分股，在纽约证券交易所上市。
MSCI vs RBC — 直观对比
营收规模更大
MSCI
是对方的1.8倍
$461.6M
营收增速更快
RBC
高出6.4%
10.6%
净利率更高
MSCI
高出20.0%
14.6%
自由现金流更多
MSCI
多$389.6M
$99.1M
两年增速更快
MSCI
近两年复合增速
5.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $461.6M |
| 净利润 | $284.7M | $67.4M |
| 毛利率 | — | 44.3% |
| 营业利润率 | 56.4% | 22.3% |
| 净利率 | 34.6% | 14.6% |
| 营收同比 | 10.6% | 17.0% |
| 净利润同比 | -6.8% | 16.4% |
| 每股收益（稀释后） | $3.81 | $2.13 |
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MSCIRBC
| Q4 25 | $822.5M | $461.6M | ||
| Q3 25 | $793.4M | $455.3M | ||
| Q2 25 | $772.7M | $436.0M | ||
| Q1 25 | $745.8M | $437.7M | ||
| Q4 24 | $743.5M | $394.4M | ||
| Q3 24 | $724.7M | $397.9M | ||
| Q2 24 | $707.9M | $406.3M | ||
| Q1 24 | $680.0M | $413.7M |
净利润MSCIRBC
| Q4 25 | $284.7M | $67.4M | ||
| Q3 25 | $325.4M | $60.0M | ||
| Q2 25 | $303.6M | $68.5M | ||
| Q1 25 | $288.6M | $72.7M | ||
| Q4 24 | $305.5M | $57.9M | ||
| Q3 24 | $280.9M | $54.2M | ||
| Q2 24 | $266.8M | $61.4M | ||
| Q1 24 | $256.0M | — |
毛利率MSCIRBC
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 44.1% | ||
| Q2 25 | — | 44.8% | ||
| Q1 25 | — | 44.2% | ||
| Q4 24 | — | 44.3% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 45.3% | ||
| Q1 24 | — | 43.1% |
营业利润率MSCIRBC
| Q4 25 | 56.4% | 22.3% | ||
| Q3 25 | 56.4% | 21.5% | ||
| Q2 25 | 55.0% | 23.2% | ||
| Q1 25 | 50.6% | 23.0% | ||
| Q4 24 | 54.5% | 21.7% | ||
| Q3 24 | 55.4% | 21.6% | ||
| Q2 24 | 54.0% | 24.0% | ||
| Q1 24 | 49.9% | 22.8% |
净利率MSCIRBC
| Q4 25 | 34.6% | 14.6% | ||
| Q3 25 | 41.0% | 13.2% | ||
| Q2 25 | 39.3% | 15.7% | ||
| Q1 25 | 38.7% | 16.6% | ||
| Q4 24 | 41.1% | 14.7% | ||
| Q3 24 | 38.8% | 13.6% | ||
| Q2 24 | 37.7% | 15.1% | ||
| Q1 24 | 37.6% | — |
每股收益（稀释后）MSCIRBC
| Q4 25 | $3.81 | $2.13 | ||
| Q3 25 | $4.25 | $1.90 | ||
| Q2 25 | $3.92 | $2.17 | ||
| Q1 25 | $3.71 | $2.33 | ||
| Q4 24 | $3.89 | $1.82 | ||
| Q3 24 | $3.57 | $1.65 | ||
| Q2 24 | $3.37 | $1.90 | ||
| Q1 24 | $3.22 | $1.92 |
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 | $107.6M |
| 总债务越低越好 | $6.2B | $990.2M |
| 股东权益账面价值 | $-2.7B | $3.3B |
| 总资产 | $5.7B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资MSCIRBC
| Q4 25 | $515.3M | $107.6M | ||
| Q3 25 | $400.1M | $91.2M | ||
| Q2 25 | $347.3M | $132.9M | ||
| Q1 25 | $360.7M | $36.8M | ||
| Q4 24 | $409.4M | — | ||
| Q3 24 | $501.0M | — | ||
| Q2 24 | $451.4M | $76.8M | ||
| Q1 24 | $519.3M | $63.5M |
总债务MSCIRBC
| Q4 25 | $6.2B | $990.2M | ||
| Q3 25 | $5.5B | $1.1B | ||
| Q2 25 | $4.5B | $915.6M | ||
| Q1 25 | $4.5B | $920.1M | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | $1.2B |
股东权益MSCIRBC
| Q4 25 | $-2.7B | $3.3B | ||
| Q3 25 | $-1.9B | $3.2B | ||
| Q2 25 | $-886.2M | $3.1B | ||
| Q1 25 | $-958.6M | $3.0B | ||
| Q4 24 | $-940.0M | $2.9B | ||
| Q3 24 | $-751.0M | $2.9B | ||
| Q2 24 | $-734.5M | $2.8B | ||
| Q1 24 | $-650.5M | $2.8B |
总资产MSCIRBC
| Q4 25 | $5.7B | $5.1B | ||
| Q3 25 | $5.4B | $5.1B | ||
| Q2 25 | $5.4B | $4.8B | ||
| Q1 25 | $5.3B | $4.7B | ||
| Q4 24 | $5.4B | $4.7B | ||
| Q3 24 | $5.4B | $4.7B | ||
| Q2 24 | $5.5B | $4.7B | ||
| Q1 24 | $5.5B | $4.7B |
负债/权益比MSCIRBC
| Q4 25 | — | 0.30× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.43× |
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 | $122.1M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $99.1M |
| 自由现金流率自由现金流/营收 | 59.4% | 21.5% |
| 资本支出强度资本支出/营收 | 1.5% | 5.0% |
| 现金转化率经营现金流/净利润 | 1.76× | 1.81× |
| 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MSCIRBC
| Q4 25 | $501.1M | $122.1M | ||
| Q3 25 | $449.4M | $88.4M | ||
| Q2 25 | $336.1M | $120.0M | ||
| Q1 25 | $301.7M | — | ||
| Q4 24 | $430.6M | $84.0M | ||
| Q3 24 | $421.6M | — | ||
| Q2 24 | $349.2M | $97.4M | ||
| Q1 24 | $300.1M | — |
自由现金流MSCIRBC
| Q4 25 | $488.7M | $99.1M | ||
| Q3 25 | $445.5M | $71.7M | ||
| Q2 25 | $324.7M | $104.3M | ||
| Q1 25 | $290.2M | — | ||
| Q4 24 | $416.4M | $73.6M | ||
| Q3 24 | $415.0M | — | ||
| Q2 24 | $340.6M | $88.4M | ||
| Q1 24 | $295.9M | — |
自由现金流率MSCIRBC
| Q4 25 | 59.4% | 21.5% | ||
| Q3 25 | 56.2% | 15.7% | ||
| Q2 25 | 42.0% | 23.9% | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 56.0% | 18.7% | ||
| Q3 24 | 57.3% | — | ||
| Q2 24 | 48.1% | 21.8% | ||
| Q1 24 | 43.5% | — |
资本支出强度MSCIRBC
| Q4 25 | 1.5% | 5.0% | ||
| Q3 25 | 0.5% | 3.7% | ||
| Q2 25 | 1.5% | 3.6% | ||
| Q1 25 | 1.5% | 3.2% | ||
| Q4 24 | 1.9% | 2.6% | ||
| Q3 24 | 0.9% | 4.1% | ||
| Q2 24 | 1.2% | 2.2% | ||
| Q1 24 | 0.6% | — |
现金转化率MSCIRBC
| Q4 25 | 1.76× | 1.81× | ||
| Q3 25 | 1.38× | 1.47× | ||
| Q2 25 | 1.11× | 1.75× | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 1.41× | 1.45× | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | 1.59× | ||
| 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% |
RBC
| Domestic | $413.3M | 90% |
| Foreign | $48.3M | 10% |
