vs
明晟（MSCI）与Royalty Pharma plc（RPRX）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是Royalty Pharma plc的1.3倍（$822.5M vs $622.0M），明晟净利率更高（34.6% vs 34.4%，领先0.2%），明晟同比增速更快（10.6% vs 4.8%），过去两年明晟的营收复合增速更高（10.0% vs 4.6%）
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。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
MSCI vs RPRX — 直观对比
营收规模更大
MSCI
是对方的1.3倍
$622.0M
营收增速更快
MSCI
高出5.9%
4.8%
净利率更高
MSCI
高出0.2%
34.4%
两年增速更快
MSCI
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $622.0M |
| 净利润 | $284.7M | $214.2M |
| 毛利率 | — | — |
| 营业利润率 | 56.4% | 62.4% |
| 净利率 | 34.6% | 34.4% |
| 营收同比 | 10.6% | 4.8% |
| 净利润同比 | -6.8% | 2.9% |
| 每股收益（稀释后） | $3.81 | $0.49 |
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MSCIRPRX
| Q4 25 | $822.5M | $622.0M | ||
| Q3 25 | $793.4M | $609.3M | ||
| Q2 25 | $772.7M | $578.7M | ||
| Q1 25 | $745.8M | $568.2M | ||
| Q4 24 | $743.5M | $593.6M | ||
| Q3 24 | $724.7M | $564.7M | ||
| Q2 24 | $707.9M | $537.3M | ||
| Q1 24 | $680.0M | $568.0M |
净利润MSCIRPRX
| Q4 25 | $284.7M | $214.2M | ||
| Q3 25 | $325.4M | $288.2M | ||
| Q2 25 | $303.6M | $30.2M | ||
| Q1 25 | $288.6M | $238.3M | ||
| Q4 24 | $305.5M | $208.2M | ||
| Q3 24 | $280.9M | $544.0M | ||
| Q2 24 | $266.8M | $102.0M | ||
| Q1 24 | $256.0M | $4.8M |
营业利润率MSCIRPRX
| Q4 25 | 56.4% | 62.4% | ||
| Q3 25 | 56.4% | 70.1% | ||
| Q2 25 | 55.0% | 36.3% | ||
| Q1 25 | 50.6% | 94.0% | ||
| Q4 24 | 54.5% | 60.9% | ||
| Q3 24 | 55.4% | — | ||
| Q2 24 | 54.0% | 50.2% | ||
| Q1 24 | 49.9% | -13.0% |
净利率MSCIRPRX
| Q4 25 | 34.6% | 34.4% | ||
| Q3 25 | 41.0% | 47.3% | ||
| Q2 25 | 39.3% | 5.2% | ||
| Q1 25 | 38.7% | 41.9% | ||
| Q4 24 | 41.1% | 35.1% | ||
| Q3 24 | 38.8% | 96.3% | ||
| Q2 24 | 37.7% | 19.0% | ||
| Q1 24 | 37.6% | 0.8% |
每股收益（稀释后）MSCIRPRX
| Q4 25 | $3.81 | $0.49 | ||
| Q3 25 | $4.25 | $0.67 | ||
| Q2 25 | $3.92 | $0.07 | ||
| Q1 25 | $3.71 | $0.55 | ||
| Q4 24 | $3.89 | $0.46 | ||
| Q3 24 | $3.57 | $1.21 | ||
| Q2 24 | $3.37 | $0.23 | ||
| Q1 24 | $3.22 | $0.01 |
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 | $618.7M |
| 总债务越低越好 | $6.2B | $9.0B |
| 股东权益账面价值 | $-2.7B | $9.7B |
| 总资产 | $5.7B | $19.6B |
| 负债/权益比越低杠杆越低 | — | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资MSCIRPRX
| Q4 25 | $515.3M | $618.7M | ||
| Q3 25 | $400.1M | $938.9M | ||
| Q2 25 | $347.3M | $631.9M | ||
| Q1 25 | $360.7M | $1.1B | ||
| Q4 24 | $409.4M | $929.0M | ||
| Q3 24 | $501.0M | $950.1M | ||
| Q2 24 | $451.4M | $1.8B | ||
| Q1 24 | $519.3M | $843.0M |
总债务MSCIRPRX
| Q4 25 | $6.2B | $9.0B | ||
| Q3 25 | $5.5B | $8.9B | ||
| Q2 25 | $4.5B | $8.0B | ||
| Q1 25 | $4.5B | $7.6B | ||
| Q4 24 | $4.5B | $7.6B | ||
| Q3 24 | $4.5B | $7.6B | ||
| Q2 24 | $4.5B | $7.6B | ||
| Q1 24 | $4.5B | $6.1B |
股东权益MSCIRPRX
| Q4 25 | $-2.7B | $9.7B | ||
| Q3 25 | $-1.9B | $9.6B | ||
| Q2 25 | $-886.2M | $9.5B | ||
| Q1 25 | $-958.6M | $9.8B | ||
| Q4 24 | $-940.0M | $10.3B | ||
| Q3 24 | $-751.0M | $10.3B | ||
| Q2 24 | $-734.5M | $9.8B | ||
| Q1 24 | $-650.5M | $9.9B |
总资产MSCIRPRX
| Q4 25 | $5.7B | $19.6B | ||
| Q3 25 | $5.4B | $19.3B | ||
| Q2 25 | $5.4B | $18.3B | ||
| Q1 25 | $5.3B | $17.6B | ||
| Q4 24 | $5.4B | $18.2B | ||
| Q3 24 | $5.4B | $18.0B | ||
| Q2 24 | $5.5B | $17.7B | ||
| Q1 24 | $5.5B | $16.1B |
负债/权益比MSCIRPRX
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.62× |
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 | $827.1M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | — |
| 自由现金流率自由现金流/营收 | 59.4% | — |
| 资本支出强度资本支出/营收 | 1.5% | — |
| 现金转化率经营现金流/净利润 | 1.76× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $1.5B | — |
8季度趋势，按日历期对齐
经营现金流MSCIRPRX
| Q4 25 | $501.1M | $827.1M | ||
| Q3 25 | $449.4M | $702.6M | ||
| Q2 25 | $336.1M | $364.0M | ||
| Q1 25 | $301.7M | $596.1M | ||
| Q4 24 | $430.6M | $742.5M | ||
| Q3 24 | $421.6M | $703.6M | ||
| Q2 24 | $349.2M | $658.2M | ||
| Q1 24 | $300.1M | $664.6M |
自由现金流MSCIRPRX
| Q4 25 | $488.7M | — | ||
| Q3 25 | $445.5M | — | ||
| Q2 25 | $324.7M | — | ||
| Q1 25 | $290.2M | — | ||
| Q4 24 | $416.4M | — | ||
| Q3 24 | $415.0M | — | ||
| Q2 24 | $340.6M | — | ||
| Q1 24 | $295.9M | — |
自由现金流率MSCIRPRX
| Q4 25 | 59.4% | — | ||
| Q3 25 | 56.2% | — | ||
| Q2 25 | 42.0% | — | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 56.0% | — | ||
| Q3 24 | 57.3% | — | ||
| Q2 24 | 48.1% | — | ||
| Q1 24 | 43.5% | — |
资本支出强度MSCIRPRX
| Q4 25 | 1.5% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 0.6% | — |
现金转化率MSCIRPRX
| Q4 25 | 1.76× | 3.86× | ||
| Q3 25 | 1.38× | 2.44× | ||
| Q2 25 | 1.11× | 12.06× | ||
| Q1 25 | 1.05× | 2.50× | ||
| Q4 24 | 1.41× | 3.57× | ||
| Q3 24 | 1.50× | 1.29× | ||
| Q2 24 | 1.31× | 6.45× | ||
| Q1 24 | 1.17× | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
