vs
明晟（MSCI）与瑞思迈（RMD）财务数据对比。点击上方公司名可切换其他公司
瑞思迈的季度营收约是明晟的1.7倍（$1.4B vs $822.5M），明晟净利率更高（34.6% vs 27.6%，领先7.0%），瑞思迈同比增速更快（11.0% vs 10.6%），明晟自由现金流更多（$488.7M vs $311.2M），过去两年明晟的营收复合增速更高（10.0% vs 9.0%）
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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
MSCI vs RMD — 直观对比
营收规模更大
RMD
是对方的1.7倍
$822.5M
营收增速更快
RMD
高出0.3%
10.6%
净利率更高
MSCI
高出7.0%
27.6%
自由现金流更多
MSCI
多$177.5M
$311.2M
两年增速更快
MSCI
近两年复合增速
9.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.4B |
| 净利润 | $284.7M | $392.6M |
| 毛利率 | — | 61.8% |
| 营业利润率 | 56.4% | 34.6% |
| 净利率 | 34.6% | 27.6% |
| 营收同比 | 10.6% | 11.0% |
| 净利润同比 | -6.8% | 13.9% |
| 每股收益（稀释后） | $3.81 | $2.68 |
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MSCIRMD
| Q4 25 | $822.5M | $1.4B | ||
| Q3 25 | $793.4M | $1.3B | ||
| Q2 25 | $772.7M | $1.3B | ||
| Q1 25 | $745.8M | $1.3B | ||
| Q4 24 | $743.5M | $1.3B | ||
| Q3 24 | $724.7M | $1.2B | ||
| Q2 24 | $707.9M | $1.2B | ||
| Q1 24 | $680.0M | $1.2B |
净利润MSCIRMD
| Q4 25 | $284.7M | $392.6M | ||
| Q3 25 | $325.4M | $348.5M | ||
| Q2 25 | $303.6M | $379.7M | ||
| Q1 25 | $288.6M | $365.0M | ||
| Q4 24 | $305.5M | $344.6M | ||
| Q3 24 | $280.9M | $311.4M | ||
| Q2 24 | $266.8M | $292.2M | ||
| Q1 24 | $256.0M | $300.5M |
毛利率MSCIRMD
| Q4 25 | — | 61.8% | ||
| Q3 25 | — | 61.5% | ||
| Q2 25 | — | 60.8% | ||
| Q1 25 | — | 59.3% | ||
| Q4 24 | — | 58.6% | ||
| Q3 24 | — | 58.6% | ||
| Q2 24 | — | 58.5% | ||
| Q1 24 | — | 57.9% |
营业利润率MSCIRMD
| Q4 25 | 56.4% | 34.6% | ||
| Q3 25 | 56.4% | 33.4% | ||
| Q2 25 | 55.0% | 33.7% | ||
| Q1 25 | 50.6% | 33.0% | ||
| Q4 24 | 54.5% | 32.5% | ||
| Q3 24 | 55.4% | 31.6% | ||
| Q2 24 | 54.0% | 31.2% | ||
| Q1 24 | 49.9% | 31.3% |
净利率MSCIRMD
| Q4 25 | 34.6% | 27.6% | ||
| Q3 25 | 41.0% | 26.1% | ||
| Q2 25 | 39.3% | 28.2% | ||
| Q1 25 | 38.7% | 28.3% | ||
| Q4 24 | 41.1% | 26.9% | ||
| Q3 24 | 38.8% | 25.4% | ||
| Q2 24 | 37.7% | 23.9% | ||
| Q1 24 | 37.6% | 25.1% |
每股收益（稀释后）MSCIRMD
| Q4 25 | $3.81 | $2.68 | ||
| Q3 25 | $4.25 | $2.37 | ||
| Q2 25 | $3.92 | $2.58 | ||
| Q1 25 | $3.71 | $2.48 | ||
| Q4 24 | $3.89 | $2.34 | ||
| Q3 24 | $3.57 | $2.11 | ||
| Q2 24 | $3.37 | $1.97 | ||
| Q1 24 | $3.22 | $2.04 |
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 | $403.9M |
| 股东权益账面价值 | $-2.7B | $6.3B |
| 总资产 | $5.7B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资MSCIRMD
| Q4 25 | $515.3M | $1.4B | ||
| Q3 25 | $400.1M | $1.4B | ||
| Q2 25 | $347.3M | $1.2B | ||
| Q1 25 | $360.7M | $932.7M | ||
| Q4 24 | $409.4M | $521.9M | ||
| Q3 24 | $501.0M | $426.4M | ||
| Q2 24 | $451.4M | $238.4M | ||
| Q1 24 | $519.3M | $237.9M |
总债务MSCIRMD
| Q4 25 | $6.2B | $403.9M | ||
| Q3 25 | $5.5B | $408.7M | ||
| Q2 25 | $4.5B | $658.4M | ||
| Q1 25 | $4.5B | $663.1M | ||
| Q4 24 | $4.5B | $662.9M | ||
| Q3 24 | $4.5B | $667.6M | ||
| Q2 24 | $4.5B | $697.3M | ||
| Q1 24 | $4.5B | $997.0M |
股东权益MSCIRMD
| Q4 25 | $-2.7B | $6.3B | ||
| Q3 25 | $-1.9B | $6.1B | ||
| Q2 25 | $-886.2M | $6.0B | ||
| Q1 25 | $-958.6M | $5.5B | ||
| Q4 24 | $-940.0M | $5.3B | ||
| Q3 24 | $-751.0M | $5.2B | ||
| Q2 24 | $-734.5M | $4.9B | ||
| Q1 24 | $-650.5M | $4.6B |
总资产MSCIRMD
| Q4 25 | $5.7B | $8.5B | ||
| Q3 25 | $5.4B | $8.3B | ||
| Q2 25 | $5.4B | $8.2B | ||
| Q1 25 | $5.3B | $7.6B | ||
| Q4 24 | $5.4B | $7.1B | ||
| Q3 24 | $5.4B | $7.2B | ||
| Q2 24 | $5.5B | $6.9B | ||
| Q1 24 | $5.5B | $6.8B |
负债/权益比MSCIRMD
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $311.2M |
| 自由现金流率自由现金流/营收 | 59.4% | 21.9% |
| 资本支出强度资本支出/营收 | 1.5% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.76× | 0.87× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $1.8B |
8季度趋势，按日历期对齐
经营现金流MSCIRMD
| Q4 25 | $501.1M | $339.7M | ||
| Q3 25 | $449.4M | $457.3M | ||
| Q2 25 | $336.1M | $538.8M | ||
| Q1 25 | $301.7M | $578.7M | ||
| Q4 24 | $430.6M | $308.6M | ||
| Q3 24 | $421.6M | $325.5M | ||
| Q2 24 | $349.2M | $440.1M | ||
| Q1 24 | $300.1M | $402.0M |
自由现金流MSCIRMD
| Q4 25 | $488.7M | $311.2M | ||
| Q3 25 | $445.5M | $414.4M | ||
| Q2 25 | $324.7M | $508.2M | ||
| Q1 25 | $290.2M | $557.9M | ||
| Q4 24 | $416.4M | $288.0M | ||
| Q3 24 | $415.0M | $307.7M | ||
| Q2 24 | $340.6M | $415.2M | ||
| Q1 24 | $295.9M | $380.8M |
自由现金流率MSCIRMD
| Q4 25 | 59.4% | 21.9% | ||
| Q3 25 | 56.2% | 31.0% | ||
| Q2 25 | 42.0% | 37.7% | ||
| Q1 25 | 38.9% | 43.2% | ||
| Q4 24 | 56.0% | 22.5% | ||
| Q3 24 | 57.3% | 25.1% | ||
| Q2 24 | 48.1% | 33.9% | ||
| Q1 24 | 43.5% | 31.8% |
资本支出强度MSCIRMD
| Q4 25 | 1.5% | 2.0% | ||
| Q3 25 | 0.5% | 3.2% | ||
| Q2 25 | 1.5% | 2.3% | ||
| Q1 25 | 1.5% | 1.6% | ||
| Q4 24 | 1.9% | 1.6% | ||
| Q3 24 | 0.9% | 1.5% | ||
| Q2 24 | 1.2% | 2.0% | ||
| Q1 24 | 0.6% | 1.8% |
现金转化率MSCIRMD
| Q4 25 | 1.76× | 0.87× | ||
| Q3 25 | 1.38× | 1.31× | ||
| Q2 25 | 1.11× | 1.42× | ||
| Q1 25 | 1.05× | 1.59× | ||
| Q4 24 | 1.41× | 0.90× | ||
| Q3 24 | 1.50× | 1.05× | ||
| Q2 24 | 1.31× | 1.51× | ||
| Q1 24 | 1.17× | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
