vs
明晟（MSCI）与ROKU, INC（ROKU）财务数据对比。点击上方公司名可切换其他公司
ROKU, INC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 5.8%，领先28.8%），ROKU, INC同比增速更快（16.1% vs 10.6%），明晟自由现金流更多（$488.7M vs $106.6M），过去两年ROKU, INC的营收复合增速更高（25.8% 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。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
MSCI vs ROKU — 直观对比
营收规模更大
ROKU
是对方的1.7倍
$822.5M
营收增速更快
ROKU
高出5.5%
10.6%
净利率更高
MSCI
高出28.8%
5.8%
自由现金流更多
MSCI
多$382.1M
$106.6M
两年增速更快
ROKU
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.4B |
| 净利润 | $284.7M | $80.5M |
| 毛利率 | — | 43.5% |
| 营业利润率 | 56.4% | 4.7% |
| 净利率 | 34.6% | 5.8% |
| 营收同比 | 10.6% | 16.1% |
| 净利润同比 | -6.8% | 326.4% |
| 每股收益（稀释后） | $3.81 | $0.55 |
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MSCIROKU
| Q4 25 | $822.5M | $1.4B | ||
| Q3 25 | $793.4M | $1.2B | ||
| Q2 25 | $772.7M | $1.1B | ||
| Q1 25 | $745.8M | $1.0B | ||
| Q4 24 | $743.5M | $1.2B | ||
| Q3 24 | $724.7M | $1.1B | ||
| Q2 24 | $707.9M | $968.2M | ||
| Q1 24 | $680.0M | $881.5M |
净利润MSCIROKU
| Q4 25 | $284.7M | $80.5M | ||
| Q3 25 | $325.4M | $24.8M | ||
| Q2 25 | $303.6M | $10.5M | ||
| Q1 25 | $288.6M | $-27.4M | ||
| Q4 24 | $305.5M | $-35.5M | ||
| Q3 24 | $280.9M | $-9.0M | ||
| Q2 24 | $266.8M | $-34.0M | ||
| Q1 24 | $256.0M | $-50.9M |
毛利率MSCIROKU
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 43.4% | ||
| Q2 25 | — | 44.8% | ||
| Q1 25 | — | 43.6% | ||
| Q4 24 | — | 42.7% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 43.9% | ||
| Q1 24 | — | 44.1% |
营业利润率MSCIROKU
| Q4 25 | 56.4% | 4.7% | ||
| Q3 25 | 56.4% | 0.8% | ||
| Q2 25 | 55.0% | -2.1% | ||
| Q1 25 | 50.6% | -5.7% | ||
| Q4 24 | 54.5% | -3.3% | ||
| Q3 24 | 55.4% | -3.4% | ||
| Q2 24 | 54.0% | -7.4% | ||
| Q1 24 | 49.9% | -8.2% |
净利率MSCIROKU
| Q4 25 | 34.6% | 5.8% | ||
| Q3 25 | 41.0% | 2.0% | ||
| Q2 25 | 39.3% | 0.9% | ||
| Q1 25 | 38.7% | -2.7% | ||
| Q4 24 | 41.1% | -3.0% | ||
| Q3 24 | 38.8% | -0.9% | ||
| Q2 24 | 37.7% | -3.5% | ||
| Q1 24 | 37.6% | -5.8% |
每股收益（稀释后）MSCIROKU
| Q4 25 | $3.81 | $0.55 | ||
| Q3 25 | $4.25 | $0.16 | ||
| Q2 25 | $3.92 | $0.07 | ||
| Q1 25 | $3.71 | $-0.19 | ||
| Q4 24 | $3.89 | $-0.24 | ||
| Q3 24 | $3.57 | $-0.06 | ||
| Q2 24 | $3.37 | $-0.24 | ||
| Q1 24 | $3.22 | $-0.35 |
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 | $2.3B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $2.7B |
| 总资产 | $5.7B | $4.4B |
| 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MSCIROKU
| Q4 25 | $515.3M | $2.3B | ||
| Q3 25 | $400.1M | $2.3B | ||
| Q2 25 | $347.3M | $2.3B | ||
| Q1 25 | $360.7M | $2.3B | ||
| Q4 24 | $409.4M | $2.2B | ||
| Q3 24 | $501.0M | $2.1B | ||
| Q2 24 | $451.4M | $2.1B | ||
| Q1 24 | $519.3M | $2.1B |
总债务MSCIROKU
| 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MSCIROKU
| Q4 25 | $-2.7B | $2.7B | ||
| Q3 25 | $-1.9B | $2.6B | ||
| Q2 25 | $-886.2M | $2.6B | ||
| Q1 25 | $-958.6M | $2.5B | ||
| Q4 24 | $-940.0M | $2.5B | ||
| Q3 24 | $-751.0M | $2.5B | ||
| Q2 24 | $-734.5M | $2.4B | ||
| Q1 24 | $-650.5M | $2.4B |
总资产MSCIROKU
| Q4 25 | $5.7B | $4.4B | ||
| Q3 25 | $5.4B | $4.4B | ||
| Q2 25 | $5.4B | $4.3B | ||
| Q1 25 | $5.3B | $4.2B | ||
| Q4 24 | $5.4B | $4.3B | ||
| Q3 24 | $5.4B | $4.3B | ||
| Q2 24 | $5.5B | $4.1B | ||
| Q1 24 | $5.5B | $4.2B |
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 | $107.7M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $106.6M |
| 自由现金流率自由现金流/营收 | 59.4% | 7.6% |
| 资本支出强度资本支出/营收 | 1.5% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.76× | 1.34× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $478.4M |
8季度趋势，按日历期对齐
经营现金流MSCIROKU
| Q4 25 | $501.1M | $107.7M | ||
| Q3 25 | $449.4M | $127.6M | ||
| Q2 25 | $336.1M | $109.7M | ||
| Q1 25 | $301.7M | $138.7M | ||
| Q4 24 | $430.6M | $79.3M | ||
| Q3 24 | $421.6M | $68.7M | ||
| Q2 24 | $349.2M | $23.4M | ||
| Q1 24 | $300.1M | $46.7M |
自由现金流MSCIROKU
| Q4 25 | $488.7M | $106.6M | ||
| Q3 25 | $445.5M | $126.5M | ||
| Q2 25 | $324.7M | $108.6M | ||
| Q1 25 | $290.2M | $136.8M | ||
| Q4 24 | $416.4M | $76.8M | ||
| Q3 24 | $415.0M | $67.6M | ||
| Q2 24 | $340.6M | $22.5M | ||
| Q1 24 | $295.9M | $46.0M |
自由现金流率MSCIROKU
| Q4 25 | 59.4% | 7.6% | ||
| Q3 25 | 56.2% | 10.4% | ||
| Q2 25 | 42.0% | 9.8% | ||
| Q1 25 | 38.9% | 13.4% | ||
| Q4 24 | 56.0% | 6.4% | ||
| Q3 24 | 57.3% | 6.4% | ||
| Q2 24 | 48.1% | 2.3% | ||
| Q1 24 | 43.5% | 5.2% |
资本支出强度MSCIROKU
| Q4 25 | 1.5% | 0.1% | ||
| Q3 25 | 0.5% | 0.1% | ||
| Q2 25 | 1.5% | 0.1% | ||
| Q1 25 | 1.5% | 0.2% | ||
| Q4 24 | 1.9% | 0.2% | ||
| Q3 24 | 0.9% | 0.1% | ||
| Q2 24 | 1.2% | 0.1% | ||
| Q1 24 | 0.6% | 0.1% |
现金转化率MSCIROKU
| Q4 25 | 1.76× | 1.34× | ||
| Q3 25 | 1.38× | 5.14× | ||
| Q2 25 | 1.11× | 10.45× | ||
| 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% |
ROKU
| Services | $1.2B | 88% |
| Products | $170.9M | 12% |
