vs
明晟（MSCI）与越洋钻探（RIG）财务数据对比。点击上方公司名可切换其他公司
越洋钻探的季度营收约是明晟的1.3倍（$1.0B vs $822.5M），明晟净利率更高（34.6% vs 2.4%，领先32.2%），明晟同比增速更快（10.6% vs 9.6%），明晟自由现金流更多（$488.7M vs $321.0M），过去两年越洋钻探的营收复合增速更高（16.9% 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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
MSCI vs RIG — 直观对比
营收规模更大
RIG
是对方的1.3倍
$822.5M
营收增速更快
MSCI
高出1.1%
9.6%
净利率更高
MSCI
高出32.2%
2.4%
自由现金流更多
MSCI
多$167.7M
$321.0M
两年增速更快
RIG
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.0B |
| 净利润 | $284.7M | $25.0M |
| 毛利率 | — | 42.0% |
| 营业利润率 | 56.4% | 23.0% |
| 净利率 | 34.6% | 2.4% |
| 营收同比 | 10.6% | 9.6% |
| 净利润同比 | -6.8% | 257.1% |
| 每股收益（稀释后） | $3.81 | $0.13 |
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MSCIRIG
| Q4 25 | $822.5M | $1.0B | ||
| Q3 25 | $793.4M | $1.0B | ||
| Q2 25 | $772.7M | $988.0M | ||
| Q1 25 | $745.8M | $906.0M | ||
| Q4 24 | $743.5M | $952.0M | ||
| Q3 24 | $724.7M | $948.0M | ||
| Q2 24 | $707.9M | $861.0M | ||
| Q1 24 | $680.0M | $763.0M |
净利润MSCIRIG
| Q4 25 | $284.7M | $25.0M | ||
| Q3 25 | $325.4M | $-1.9B | ||
| Q2 25 | $303.6M | $-938.0M | ||
| Q1 25 | $288.6M | $-79.0M | ||
| Q4 24 | $305.5M | $7.0M | ||
| Q3 24 | $280.9M | $-494.0M | ||
| Q2 24 | $266.8M | $-123.0M | ||
| Q1 24 | $256.0M | $98.0M |
毛利率MSCIRIG
| Q4 25 | — | 42.0% | ||
| Q3 25 | — | 43.2% | ||
| Q2 25 | — | 39.4% | ||
| Q1 25 | — | 31.8% | ||
| Q4 24 | — | 39.2% | ||
| Q3 24 | — | 40.6% | ||
| Q2 24 | — | 38.0% | ||
| Q1 24 | — | 31.5% |
营业利润率MSCIRIG
| Q4 25 | 56.4% | 23.0% | ||
| Q3 25 | 56.4% | -163.1% | ||
| Q2 25 | 55.0% | -97.6% | ||
| Q1 25 | 50.6% | 7.1% | ||
| Q4 24 | 54.5% | 13.7% | ||
| Q3 24 | 55.4% | -51.2% | ||
| Q2 24 | 54.0% | -6.9% | ||
| Q1 24 | 49.9% | -0.4% |
净利率MSCIRIG
| Q4 25 | 34.6% | 2.4% | ||
| Q3 25 | 41.0% | -187.1% | ||
| Q2 25 | 39.3% | -94.9% | ||
| Q1 25 | 38.7% | -8.7% | ||
| Q4 24 | 41.1% | 0.7% | ||
| Q3 24 | 38.8% | -52.1% | ||
| Q2 24 | 37.7% | -14.3% | ||
| Q1 24 | 37.6% | 12.8% |
每股收益（稀释后）MSCIRIG
| Q4 25 | $3.81 | $0.13 | ||
| Q3 25 | $4.25 | $-2.00 | ||
| Q2 25 | $3.92 | $-1.06 | ||
| Q1 25 | $3.71 | $-0.11 | ||
| Q4 24 | $3.89 | $-0.14 | ||
| Q3 24 | $3.57 | $-0.58 | ||
| Q2 24 | $3.37 | $-0.15 | ||
| Q1 24 | $3.22 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | $6.2B | $5.2B |
| 股东权益账面价值 | $-2.7B | $8.1B |
| 总资产 | $5.7B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资MSCIRIG
| Q4 25 | $515.3M | $620.0M | ||
| Q3 25 | $400.1M | $833.0M | ||
| Q2 25 | $347.3M | $377.0M | ||
| Q1 25 | $360.7M | $263.0M | ||
| Q4 24 | $409.4M | $560.0M | ||
| Q3 24 | $501.0M | $435.0M | ||
| Q2 24 | $451.4M | $475.0M | ||
| Q1 24 | $519.3M | $446.0M |
总债务MSCIRIG
| Q4 25 | $6.2B | $5.2B | ||
| Q3 25 | $5.5B | $4.8B | ||
| Q2 25 | $4.5B | $5.9B | ||
| Q1 25 | $4.5B | $5.9B | ||
| Q4 24 | $4.5B | $6.2B | ||
| Q3 24 | $4.5B | $6.5B | ||
| Q2 24 | $4.5B | $6.8B | ||
| Q1 24 | $4.5B | $6.8B |
股东权益MSCIRIG
| Q4 25 | $-2.7B | $8.1B | ||
| Q3 25 | $-1.9B | $8.1B | ||
| Q2 25 | $-886.2M | $9.4B | ||
| Q1 25 | $-958.6M | $10.2B | ||
| Q4 24 | $-940.0M | $10.3B | ||
| Q3 24 | $-751.0M | $10.2B | ||
| Q2 24 | $-734.5M | $10.7B | ||
| Q1 24 | $-650.5M | $10.5B |
总资产MSCIRIG
| Q4 25 | $5.7B | $15.6B | ||
| Q3 25 | $5.4B | $16.2B | ||
| Q2 25 | $5.4B | $17.8B | ||
| Q1 25 | $5.3B | $19.0B | ||
| Q4 24 | $5.4B | $19.4B | ||
| Q3 24 | $5.4B | $19.5B | ||
| Q2 24 | $5.5B | $20.3B | ||
| Q1 24 | $5.5B | $19.9B |
负债/权益比MSCIRIG
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $321.0M |
| 自由现金流率自由现金流/营收 | 59.4% | 30.8% |
| 资本支出强度资本支出/营收 | 1.5% | 2.7% |
| 现金转化率经营现金流/净利润 | 1.76× | 13.96× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $626.0M |
8季度趋势，按日历期对齐
经营现金流MSCIRIG
| Q4 25 | $501.1M | $349.0M | ||
| Q3 25 | $449.4M | $246.0M | ||
| Q2 25 | $336.1M | $128.0M | ||
| Q1 25 | $301.7M | $26.0M | ||
| Q4 24 | $430.6M | $206.0M | ||
| Q3 24 | $421.6M | $194.0M | ||
| Q2 24 | $349.2M | $133.0M | ||
| Q1 24 | $300.1M | $-86.0M |
自由现金流MSCIRIG
| Q4 25 | $488.7M | $321.0M | ||
| Q3 25 | $445.5M | $235.0M | ||
| Q2 25 | $324.7M | $104.0M | ||
| Q1 25 | $290.2M | $-34.0M | ||
| Q4 24 | $416.4M | $177.0M | ||
| Q3 24 | $415.0M | $136.0M | ||
| Q2 24 | $340.6M | $49.0M | ||
| Q1 24 | $295.9M | $-169.0M |
自由现金流率MSCIRIG
| Q4 25 | 59.4% | 30.8% | ||
| Q3 25 | 56.2% | 22.9% | ||
| Q2 25 | 42.0% | 10.5% | ||
| Q1 25 | 38.9% | -3.8% | ||
| Q4 24 | 56.0% | 18.6% | ||
| Q3 24 | 57.3% | 14.3% | ||
| Q2 24 | 48.1% | 5.7% | ||
| Q1 24 | 43.5% | -22.1% |
资本支出强度MSCIRIG
| Q4 25 | 1.5% | 2.7% | ||
| Q3 25 | 0.5% | 1.1% | ||
| Q2 25 | 1.5% | 2.4% | ||
| Q1 25 | 1.5% | 6.6% | ||
| Q4 24 | 1.9% | 3.0% | ||
| Q3 24 | 0.9% | 6.1% | ||
| Q2 24 | 1.2% | 9.8% | ||
| Q1 24 | 0.6% | 10.9% |
现金转化率MSCIRIG
| Q4 25 | 1.76× | 13.96× | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 1.41× | 29.43× | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | — | ||
| Q1 24 | 1.17× | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
