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明晟（MSCI）与Reddit, Inc.（RDDT）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Reddit, Inc.的1.2倍（$822.5M vs $663.0M），明晟净利率更高（34.6% vs 30.8%，领先3.8%），Reddit, Inc.同比增速更快（69.0% vs 10.6%），明晟自由现金流更多（$488.7M vs $311.0M），过去两年Reddit, Inc.的营收复合增速更高（53.6% 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。
Reddit是美国知名的社交新闻聚合与论坛类社交媒体平台，注册用户可发布链接、文字帖、图片、视频等各类内容，其他用户可对内容进行点赞或点踩，内容按主题归类到用户创建的子板块中，获赞更高的内容会排在板块前列，热度足够的内容还将展示在全站首页。
MSCI vs RDDT — 直观对比
营收规模更大
MSCI
是对方的1.2倍
$663.0M
营收增速更快
RDDT
高出58.4%
10.6%
净利率更高
MSCI
高出3.8%
30.8%
自由现金流更多
MSCI
多$177.7M
$311.0M
两年增速更快
RDDT
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $663.0M |
| 净利润 | $284.7M | $204.0M |
| 毛利率 | — | 100.0% |
| 营业利润率 | 56.4% | 0.0% |
| 净利率 | 34.6% | 30.8% |
| 营收同比 | 10.6% | 69.0% |
| 净利润同比 | -6.8% | 680.0% |
| 每股收益（稀释后） | $3.81 | $1.01 |
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MSCIRDDT
| Q1 26 | — | $663.0M | ||
| Q4 25 | $822.5M | $725.6M | ||
| Q3 25 | $793.4M | $584.9M | ||
| Q2 25 | $772.7M | $499.6M | ||
| Q1 25 | $745.8M | $392.4M | ||
| Q4 24 | $743.5M | $427.7M | ||
| Q3 24 | $724.7M | $348.4M | ||
| Q2 24 | $707.9M | $281.2M |
净利润MSCIRDDT
| Q1 26 | — | $204.0M | ||
| Q4 25 | $284.7M | $251.6M | ||
| Q3 25 | $325.4M | $162.7M | ||
| Q2 25 | $303.6M | $89.3M | ||
| Q1 25 | $288.6M | $26.2M | ||
| Q4 24 | $305.5M | $71.0M | ||
| Q3 24 | $280.9M | $29.9M | ||
| Q2 24 | $266.8M | $-10.1M |
毛利率MSCIRDDT
| Q1 26 | — | 100.0% | ||
| Q4 25 | — | 91.9% | ||
| Q3 25 | — | 91.0% | ||
| Q2 25 | — | 90.8% | ||
| Q1 25 | — | 90.5% | ||
| Q4 24 | — | 92.6% | ||
| Q3 24 | — | 90.1% | ||
| Q2 24 | — | 89.5% |
营业利润率MSCIRDDT
| Q1 26 | — | 0.0% | ||
| Q4 25 | 56.4% | 31.9% | ||
| Q3 25 | 56.4% | 23.7% | ||
| Q2 25 | 55.0% | 13.6% | ||
| Q1 25 | 50.6% | 1.0% | ||
| Q4 24 | 54.5% | 12.4% | ||
| Q3 24 | 55.4% | 2.0% | ||
| Q2 24 | 54.0% | -11.0% |
净利率MSCIRDDT
| Q1 26 | — | 30.8% | ||
| Q4 25 | 34.6% | 34.7% | ||
| Q3 25 | 41.0% | 27.8% | ||
| Q2 25 | 39.3% | 17.9% | ||
| Q1 25 | 38.7% | 6.7% | ||
| Q4 24 | 41.1% | 16.6% | ||
| Q3 24 | 38.8% | 8.6% | ||
| Q2 24 | 37.7% | -3.6% |
每股收益（稀释后）MSCIRDDT
| Q1 26 | — | $1.01 | ||
| Q4 25 | $3.81 | $1.24 | ||
| Q3 25 | $4.25 | $0.80 | ||
| Q2 25 | $3.92 | $0.45 | ||
| Q1 25 | $3.71 | $0.13 | ||
| Q4 24 | $3.89 | $4.76 | ||
| Q3 24 | $3.57 | $0.16 | ||
| Q2 24 | $3.37 | $-0.06 |
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 | $1.4B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $3.2B |
| 总资产 | $5.7B | $3.5B |
| 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MSCIRDDT
| Q1 26 | — | $1.4B | ||
| Q4 25 | $515.3M | $953.6M | ||
| Q3 25 | $400.1M | $911.7M | ||
| Q2 25 | $347.3M | $734.1M | ||
| Q1 25 | $360.7M | $635.7M | ||
| Q4 24 | $409.4M | $562.1M | ||
| Q3 24 | $501.0M | $515.9M | ||
| Q2 24 | $451.4M | $468.0M |
总债务MSCIRDDT
| Q1 26 | — | — | ||
| 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 | — |
股东权益MSCIRDDT
| Q1 26 | — | $3.2B | ||
| Q4 25 | $-2.7B | $2.9B | ||
| Q3 25 | $-1.9B | $2.6B | ||
| Q2 25 | $-886.2M | $2.4B | ||
| Q1 25 | $-958.6M | $2.2B | ||
| Q4 24 | $-940.0M | $2.1B | ||
| Q3 24 | $-751.0M | $2.0B | ||
| Q2 24 | $-734.5M | $1.9B |
总资产MSCIRDDT
| Q1 26 | — | $3.5B | ||
| Q4 25 | $5.7B | $3.2B | ||
| Q3 25 | $5.4B | $2.9B | ||
| Q2 25 | $5.4B | $2.6B | ||
| Q1 25 | $5.3B | $2.4B | ||
| Q4 24 | $5.4B | $2.3B | ||
| Q3 24 | $5.4B | $2.2B | ||
| Q2 24 | $5.5B | $2.1B |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $311.0M |
| 自由现金流率自由现金流/营收 | 59.4% | 46.9% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $1.5B | $868.6M |
8季度趋势，按日历期对齐
经营现金流MSCIRDDT
| Q1 26 | — | — | ||
| Q4 25 | $501.1M | $266.8M | ||
| Q3 25 | $449.4M | $185.2M | ||
| Q2 25 | $336.1M | $111.3M | ||
| Q1 25 | $301.7M | $127.6M | ||
| Q4 24 | $430.6M | $90.0M | ||
| Q3 24 | $421.6M | $71.6M | ||
| Q2 24 | $349.2M | $28.4M |
自由现金流MSCIRDDT
| Q1 26 | — | $311.0M | ||
| Q4 25 | $488.7M | $263.6M | ||
| Q3 25 | $445.5M | $183.1M | ||
| Q2 25 | $324.7M | $110.8M | ||
| Q1 25 | $290.2M | $126.6M | ||
| Q4 24 | $416.4M | $89.2M | ||
| Q3 24 | $415.0M | $70.3M | ||
| Q2 24 | $340.6M | $27.2M |
自由现金流率MSCIRDDT
| Q1 26 | — | 46.9% | ||
| Q4 25 | 59.4% | 36.3% | ||
| Q3 25 | 56.2% | 31.3% | ||
| Q2 25 | 42.0% | 22.2% | ||
| Q1 25 | 38.9% | 32.3% | ||
| Q4 24 | 56.0% | 20.8% | ||
| Q3 24 | 57.3% | 20.2% | ||
| Q2 24 | 48.1% | 9.7% |
资本支出强度MSCIRDDT
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 0.4% | ||
| Q3 25 | 0.5% | 0.4% | ||
| Q2 25 | 1.5% | 0.1% | ||
| Q1 25 | 1.5% | 0.2% | ||
| Q4 24 | 1.9% | 0.2% | ||
| Q3 24 | 0.9% | 0.4% | ||
| Q2 24 | 1.2% | 0.4% |
现金转化率MSCIRDDT
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | 1.06× | ||
| Q3 25 | 1.38× | 1.14× | ||
| Q2 25 | 1.11× | 1.25× | ||
| Q1 25 | 1.05× | 4.88× | ||
| Q4 24 | 1.41× | 1.27× | ||
| Q3 24 | 1.50× | 2.40× | ||
| Q2 24 | 1.31× | — |
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% |
RDDT
暂无分部数据
