vs
明晟（MSCI）与罗致恒富（RHI）财务数据对比。点击上方公司名可切换其他公司
罗致恒富的季度营收约是明晟的1.6倍（$1.3B vs $822.5M），明晟同比增速更快（10.6% vs -5.8%），明晟自由现金流更多（$488.7M vs $170.8M），过去两年明晟的营收复合增速更高（10.0% vs -6.1%）
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。
罗致恒富是1948年成立的国际人力资源咨询机构，总部位于加利福尼亚州门洛帕克和圣拉蒙，是全球规模领先的会计与金融领域人才派遣服务商之一，在全球范围内设有超过345个办公点。
MSCI vs RHI — 直观对比
营收规模更大
RHI
是对方的1.6倍
$822.5M
营收增速更快
MSCI
高出16.4%
-5.8%
自由现金流更多
MSCI
多$317.9M
$170.8M
两年增速更快
MSCI
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.3B |
| 净利润 | $284.7M | — |
| 毛利率 | — | 37.6% |
| 营业利润率 | 56.4% | 1.7% |
| 净利率 | 34.6% | — |
| 营收同比 | 10.6% | -5.8% |
| 净利润同比 | -6.8% | — |
| 每股收益（稀释后） | $3.81 | $0.32 |
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MSCIRHI
| Q4 25 | $822.5M | $1.3B | ||
| Q3 25 | $793.4M | $1.4B | ||
| Q2 25 | $772.7M | $1.4B | ||
| Q1 25 | $745.8M | $1.4B | ||
| Q4 24 | $743.5M | $1.4B | ||
| Q3 24 | $724.7M | $1.5B | ||
| Q2 24 | $707.9M | $1.5B | ||
| Q1 24 | $680.0M | $1.5B |
净利润MSCIRHI
| Q4 25 | $284.7M | — | ||
| Q3 25 | $325.4M | $42.9M | ||
| Q2 25 | $303.6M | $41.0M | ||
| Q1 25 | $288.6M | $17.4M | ||
| Q4 24 | $305.5M | — | ||
| Q3 24 | $280.9M | $65.5M | ||
| Q2 24 | $266.8M | $68.2M | ||
| Q1 24 | $256.0M | $63.7M |
毛利率MSCIRHI
| Q4 25 | — | 37.6% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 38.1% |
营业利润率MSCIRHI
| Q4 25 | 56.4% | 1.7% | ||
| Q3 25 | 56.4% | 1.0% | ||
| Q2 25 | 55.0% | 0.1% | ||
| Q1 25 | 50.6% | 2.9% | ||
| Q4 24 | 54.5% | 4.7% | ||
| Q3 24 | 55.4% | 4.1% | ||
| Q2 24 | 54.0% | 5.1% | ||
| Q1 24 | 49.9% | 2.8% |
净利率MSCIRHI
| Q4 25 | 34.6% | — | ||
| Q3 25 | 41.0% | 3.2% | ||
| Q2 25 | 39.3% | 3.0% | ||
| Q1 25 | 38.7% | 1.3% | ||
| Q4 24 | 41.1% | — | ||
| Q3 24 | 38.8% | 4.5% | ||
| Q2 24 | 37.7% | 4.6% | ||
| Q1 24 | 37.6% | 4.3% |
每股收益（稀释后）MSCIRHI
| Q4 25 | $3.81 | $0.32 | ||
| Q3 25 | $4.25 | $0.43 | ||
| Q2 25 | $3.92 | $0.41 | ||
| Q1 25 | $3.71 | $0.17 | ||
| Q4 24 | $3.89 | $0.53 | ||
| Q3 24 | $3.57 | $0.64 | ||
| Q2 24 | $3.37 | $0.66 | ||
| Q1 24 | $3.22 | $0.61 |
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 | $464.4M |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $1.3B |
| 总资产 | $5.7B | $2.9B |
| 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MSCIRHI
| Q4 25 | $515.3M | $464.4M | ||
| Q3 25 | $400.1M | $365.3M | ||
| Q2 25 | $347.3M | $380.5M | ||
| Q1 25 | $360.7M | $342.5M | ||
| Q4 24 | $409.4M | $537.6M | ||
| Q3 24 | $501.0M | $570.5M | ||
| Q2 24 | $451.4M | $547.4M | ||
| Q1 24 | $519.3M | $540.9M |
总债务MSCIRHI
| 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 | — | ||
| Q1 24 | $4.5B | — |
股东权益MSCIRHI
| Q4 25 | $-2.7B | $1.3B | ||
| Q3 25 | $-1.9B | $1.3B | ||
| Q2 25 | $-886.2M | $1.3B | ||
| Q1 25 | $-958.6M | $1.3B | ||
| Q4 24 | $-940.0M | $1.4B | ||
| Q3 24 | $-751.0M | $1.5B | ||
| Q2 24 | $-734.5M | $1.5B | ||
| Q1 24 | $-650.5M | $1.5B |
总资产MSCIRHI
| Q4 25 | $5.7B | $2.9B | ||
| Q3 25 | $5.4B | $2.8B | ||
| Q2 25 | $5.4B | $2.8B | ||
| Q1 25 | $5.3B | $2.7B | ||
| Q4 24 | $5.4B | $2.9B | ||
| Q3 24 | $5.4B | $3.0B | ||
| Q2 24 | $5.5B | $2.9B | ||
| Q1 24 | $5.5B | $2.9B |
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 | $182.5M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $170.8M |
| 自由现金流率自由现金流/营收 | 59.4% | 13.1% |
| 资本支出强度资本支出/营收 | 1.5% | 0.9% |
| 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 | $266.8M |
8季度趋势，按日历期对齐
经营现金流MSCIRHI
| Q4 25 | $501.1M | $182.5M | ||
| Q3 25 | $449.4M | $77.4M | ||
| Q2 25 | $336.1M | $119.4M | ||
| Q1 25 | $301.7M | $-59.3M | ||
| Q4 24 | $430.6M | $154.8M | ||
| Q3 24 | $421.6M | $129.6M | ||
| Q2 24 | $349.2M | $142.0M | ||
| Q1 24 | $300.1M | $-15.9M |
自由现金流MSCIRHI
| Q4 25 | $488.7M | $170.8M | ||
| Q3 25 | $445.5M | $63.6M | ||
| Q2 25 | $324.7M | $104.2M | ||
| Q1 25 | $290.2M | $-71.7M | ||
| Q4 24 | $416.4M | $140.5M | ||
| Q3 24 | $415.0M | $111.8M | ||
| Q2 24 | $340.6M | $129.6M | ||
| Q1 24 | $295.9M | $-27.7M |
自由现金流率MSCIRHI
| Q4 25 | 59.4% | 13.1% | ||
| Q3 25 | 56.2% | 4.7% | ||
| Q2 25 | 42.0% | 7.6% | ||
| Q1 25 | 38.9% | -5.3% | ||
| Q4 24 | 56.0% | 10.2% | ||
| Q3 24 | 57.3% | 7.6% | ||
| Q2 24 | 48.1% | 8.8% | ||
| Q1 24 | 43.5% | -1.9% |
资本支出强度MSCIRHI
| Q4 25 | 1.5% | 0.9% | ||
| Q3 25 | 0.5% | 1.0% | ||
| Q2 25 | 1.5% | 1.1% | ||
| Q1 25 | 1.5% | 0.9% | ||
| Q4 24 | 1.9% | 1.0% | ||
| Q3 24 | 0.9% | 1.2% | ||
| Q2 24 | 1.2% | 0.8% | ||
| Q1 24 | 0.6% | 0.8% |
现金转化率MSCIRHI
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.38× | 1.80× | ||
| Q2 25 | 1.11× | 2.91× | ||
| Q1 25 | 1.05× | -3.42× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.50× | 1.98× | ||
| Q2 24 | 1.31× | 2.08× | ||
| Q1 24 | 1.17× | -0.25× |
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% |
RHI
| Finance And Accounting | $535.2M | 41% |
| Protiviti | $479.0M | 37% |
| Technology | $156.4M | 12% |
| Permanent Placement Talent Solutions | $102.6M | 8% |
| Other | $29.2M | 2% |
