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明晟（MSCI）与Rivian Automotive, Inc.（RIVN）财务数据对比。点击上方公司名可切换其他公司
Rivian Automotive, Inc.的季度营收约是明晟的1.6倍（$1.3B vs $822.5M），明晟净利率更高（34.6% vs -63.1%，领先97.7%），明晟同比增速更快（10.6% vs -25.8%），明晟自由现金流更多（$488.7M vs $-1.1B），过去两年明晟的营收复合增速更高（10.0% vs 3.3%）
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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
MSCI vs RIVN — 直观对比
营收规模更大
RIVN
是对方的1.6倍
$822.5M
营收增速更快
MSCI
高出36.5%
-25.8%
净利率更高
MSCI
高出97.7%
-63.1%
自由现金流更多
MSCI
多$1.6B
$-1.1B
两年增速更快
MSCI
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.3B |
| 净利润 | $284.7M | $-811.0M |
| 毛利率 | — | 9.3% |
| 营业利润率 | 56.4% | -64.8% |
| 净利率 | 34.6% | -63.1% |
| 营收同比 | 10.6% | -25.8% |
| 净利润同比 | -6.8% | -9.0% |
| 每股收益（稀释后） | $3.81 | $-0.66 |
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MSCIRIVN
| Q4 25 | $822.5M | $1.3B | ||
| Q3 25 | $793.4M | $1.6B | ||
| Q2 25 | $772.7M | $1.3B | ||
| Q1 25 | $745.8M | $1.2B | ||
| Q4 24 | $743.5M | $1.7B | ||
| Q3 24 | $724.7M | $874.0M | ||
| Q2 24 | $707.9M | $1.2B | ||
| Q1 24 | $680.0M | $1.2B |
净利润MSCIRIVN
| Q4 25 | $284.7M | $-811.0M | ||
| Q3 25 | $325.4M | $-1.2B | ||
| Q2 25 | $303.6M | $-1.1B | ||
| Q1 25 | $288.6M | $-545.0M | ||
| Q4 24 | $305.5M | $-744.0M | ||
| Q3 24 | $280.9M | $-1.1B | ||
| Q2 24 | $266.8M | $-1.5B | ||
| Q1 24 | $256.0M | $-1.4B |
毛利率MSCIRIVN
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | -15.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | -44.9% | ||
| Q2 24 | — | -38.9% | ||
| Q1 24 | — | -43.8% |
营业利润率MSCIRIVN
| Q4 25 | 56.4% | -64.8% | ||
| Q3 25 | 56.4% | -63.1% | ||
| Q2 25 | 55.0% | -85.5% | ||
| Q1 25 | 50.6% | -52.8% | ||
| Q4 24 | 54.5% | -38.1% | ||
| Q3 24 | 55.4% | -133.8% | ||
| Q2 24 | 54.0% | -118.7% | ||
| Q1 24 | 49.9% | -123.3% |
净利率MSCIRIVN
| Q4 25 | 34.6% | -63.1% | ||
| Q3 25 | 41.0% | -75.3% | ||
| Q2 25 | 39.3% | -85.7% | ||
| Q1 25 | 38.7% | -44.0% | ||
| Q4 24 | 41.1% | -42.9% | ||
| Q3 24 | 38.8% | -125.9% | ||
| Q2 24 | 37.7% | -125.8% | ||
| Q1 24 | 37.6% | -120.1% |
每股收益（稀释后）MSCIRIVN
| Q4 25 | $3.81 | $-0.66 | ||
| Q3 25 | $4.25 | $-0.96 | ||
| Q2 25 | $3.92 | $-0.97 | ||
| Q1 25 | $3.71 | $-0.48 | ||
| Q4 24 | $3.89 | $-0.67 | ||
| Q3 24 | $3.57 | $-1.08 | ||
| Q2 24 | $3.37 | $-1.46 | ||
| Q1 24 | $3.22 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $4.6B |
| 总资产 | $5.7B | $14.9B |
| 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MSCIRIVN
| Q4 25 | $515.3M | $6.1B | ||
| Q3 25 | $400.1M | $7.1B | ||
| Q2 25 | $347.3M | $7.5B | ||
| Q1 25 | $360.7M | $7.2B | ||
| Q4 24 | $409.4M | $7.7B | ||
| Q3 24 | $501.0M | $6.7B | ||
| Q2 24 | $451.4M | $7.9B | ||
| Q1 24 | $519.3M | $7.9B |
总债务MSCIRIVN
| 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 | $5.5B | ||
| Q1 24 | $4.5B | $4.4B |
股东权益MSCIRIVN
| Q4 25 | $-2.7B | $4.6B | ||
| Q3 25 | $-1.9B | $5.1B | ||
| Q2 25 | $-886.2M | $6.1B | ||
| Q1 25 | $-958.6M | $6.2B | ||
| Q4 24 | $-940.0M | $6.6B | ||
| Q3 24 | $-751.0M | $5.9B | ||
| Q2 24 | $-734.5M | $6.8B | ||
| Q1 24 | $-650.5M | $8.1B |
总资产MSCIRIVN
| Q4 25 | $5.7B | $14.9B | ||
| Q3 25 | $5.4B | $15.2B | ||
| Q2 25 | $5.4B | $15.6B | ||
| Q1 25 | $5.3B | $15.5B | ||
| Q4 24 | $5.4B | $15.4B | ||
| Q3 24 | $5.4B | $14.3B | ||
| Q2 24 | $5.5B | $15.4B | ||
| Q1 24 | $5.5B | $15.7B |
负债/权益比MSCIRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $-1.1B |
| 自由现金流率自由现金流/营收 | 59.4% | -89.0% |
| 资本支出强度资本支出/营收 | 1.5% | 36.0% |
| 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 | $-2.5B |
8季度趋势，按日历期对齐
经营现金流MSCIRIVN
| Q4 25 | $501.1M | $-681.0M | ||
| Q3 25 | $449.4M | $26.0M | ||
| Q2 25 | $336.1M | $64.0M | ||
| Q1 25 | $301.7M | $-188.0M | ||
| Q4 24 | $430.6M | $1.2B | ||
| Q3 24 | $421.6M | $-876.0M | ||
| Q2 24 | $349.2M | $-754.0M | ||
| Q1 24 | $300.1M | $-1.3B |
自由现金流MSCIRIVN
| Q4 25 | $488.7M | $-1.1B | ||
| Q3 25 | $445.5M | $-421.0M | ||
| Q2 25 | $324.7M | $-398.0M | ||
| Q1 25 | $290.2M | $-526.0M | ||
| Q4 24 | $416.4M | $856.0M | ||
| Q3 24 | $415.0M | $-1.2B | ||
| Q2 24 | $340.6M | $-1.0B | ||
| Q1 24 | $295.9M | $-1.5B |
自由现金流率MSCIRIVN
| Q4 25 | 59.4% | -89.0% | ||
| Q3 25 | 56.2% | -27.0% | ||
| Q2 25 | 42.0% | -30.5% | ||
| Q1 25 | 38.9% | -42.4% | ||
| Q4 24 | 56.0% | 49.4% | ||
| Q3 24 | 57.3% | -131.9% | ||
| Q2 24 | 48.1% | -89.6% | ||
| Q1 24 | 43.5% | -126.5% |
资本支出强度MSCIRIVN
| Q4 25 | 1.5% | 36.0% | ||
| Q3 25 | 0.5% | 28.7% | ||
| Q2 25 | 1.5% | 35.5% | ||
| Q1 25 | 1.5% | 27.3% | ||
| Q4 24 | 1.9% | 18.9% | ||
| Q3 24 | 0.9% | 31.7% | ||
| Q2 24 | 1.2% | 24.4% | ||
| Q1 24 | 0.6% | 21.1% |
现金转化率MSCIRIVN
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | — | ||
| 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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
