vs
明晟（MSCI）与RXO, Inc.（RXO）财务数据对比。点击上方公司名可切换其他公司
RXO, Inc.的季度营收约是明晟的1.8倍（$1.5B vs $822.5M），明晟净利率更高（34.6% vs -3.1%，领先37.7%），明晟同比增速更快（10.6% vs -11.9%），明晟自由现金流更多（$488.7M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
MSCI vs RXO — 直观对比
营收规模更大
RXO
是对方的1.8倍
$822.5M
营收增速更快
MSCI
高出22.5%
-11.9%
净利率更高
MSCI
高出37.7%
-3.1%
自由现金流更多
MSCI
多$497.7M
$-9.0M
两年增速更快
RXO
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.5B |
| 净利润 | $284.7M | $-46.0M |
| 毛利率 | — | — |
| 营业利润率 | 56.4% | -2.9% |
| 净利率 | 34.6% | -3.1% |
| 营收同比 | 10.6% | -11.9% |
| 净利润同比 | -6.8% | -84.0% |
| 每股收益（稀释后） | $3.81 | $-0.28 |
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MSCIRXO
| Q4 25 | $822.5M | $1.5B | ||
| Q3 25 | $793.4M | $1.4B | ||
| Q2 25 | $772.7M | $1.4B | ||
| Q1 25 | $745.8M | $1.4B | ||
| Q4 24 | $743.5M | $1.7B | ||
| Q3 24 | $724.7M | $1.0B | ||
| Q2 24 | $707.9M | $930.0M | ||
| Q1 24 | $680.0M | $913.0M |
净利润MSCIRXO
| Q4 25 | $284.7M | $-46.0M | ||
| Q3 25 | $325.4M | $-14.0M | ||
| Q2 25 | $303.6M | $-9.0M | ||
| Q1 25 | $288.6M | $-31.0M | ||
| Q4 24 | $305.5M | $-25.0M | ||
| Q3 24 | $280.9M | $-243.0M | ||
| Q2 24 | $266.8M | $-7.0M | ||
| Q1 24 | $256.0M | $-15.0M |
营业利润率MSCIRXO
| Q4 25 | 56.4% | -2.9% | ||
| Q3 25 | 56.4% | -0.5% | ||
| Q2 25 | 55.0% | — | ||
| Q1 25 | 50.6% | -2.1% | ||
| Q4 24 | 54.5% | -1.4% | ||
| Q3 24 | 55.4% | -1.9% | ||
| Q2 24 | 54.0% | — | ||
| Q1 24 | 49.9% | -1.3% |
净利率MSCIRXO
| Q4 25 | 34.6% | -3.1% | ||
| Q3 25 | 41.0% | -1.0% | ||
| Q2 25 | 39.3% | -0.6% | ||
| Q1 25 | 38.7% | -2.2% | ||
| Q4 24 | 41.1% | -1.5% | ||
| Q3 24 | 38.8% | -23.4% | ||
| Q2 24 | 37.7% | -0.8% | ||
| Q1 24 | 37.6% | -1.6% |
每股收益（稀释后）MSCIRXO
| Q4 25 | $3.81 | $-0.28 | ||
| Q3 25 | $4.25 | $-0.08 | ||
| Q2 25 | $3.92 | $-0.05 | ||
| Q1 25 | $3.71 | $-0.18 | ||
| Q4 24 | $3.89 | $-0.17 | ||
| Q3 24 | $3.57 | $-1.81 | ||
| Q2 24 | $3.37 | $-0.06 | ||
| Q1 24 | $3.22 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | $6.2B | $387.0M |
| 股东权益账面价值 | $-2.7B | $1.5B |
| 总资产 | $5.7B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资MSCIRXO
| Q4 25 | $515.3M | $17.0M | ||
| Q3 25 | $400.1M | $25.0M | ||
| Q2 25 | $347.3M | $18.0M | ||
| Q1 25 | $360.7M | $16.0M | ||
| Q4 24 | $409.4M | $35.0M | ||
| Q3 24 | $501.0M | $55.0M | ||
| Q2 24 | $451.4M | $7.0M | ||
| Q1 24 | $519.3M | $7.0M |
总债务MSCIRXO
| Q4 25 | $6.2B | $387.0M | ||
| Q3 25 | $5.5B | $387.0M | ||
| Q2 25 | $4.5B | $387.0M | ||
| Q1 25 | $4.5B | $387.0M | ||
| Q4 24 | $4.5B | $351.0M | ||
| Q3 24 | $4.5B | $352.0M | ||
| Q2 24 | $4.5B | $370.0M | ||
| Q1 24 | $4.5B | $351.0M |
股东权益MSCIRXO
| Q4 25 | $-2.7B | $1.5B | ||
| Q3 25 | $-1.9B | $1.6B | ||
| Q2 25 | $-886.2M | $1.6B | ||
| Q1 25 | $-958.6M | $1.6B | ||
| Q4 24 | $-940.0M | $1.6B | ||
| Q3 24 | $-751.0M | $1.7B | ||
| Q2 24 | $-734.5M | $579.0M | ||
| Q1 24 | $-650.5M | $582.0M |
总资产MSCIRXO
| Q4 25 | $5.7B | $3.3B | ||
| Q3 25 | $5.4B | $3.2B | ||
| Q2 25 | $5.4B | $3.2B | ||
| Q1 25 | $5.3B | $3.3B | ||
| Q4 24 | $5.4B | $3.4B | ||
| Q3 24 | $5.4B | $3.4B | ||
| Q2 24 | $5.5B | $1.8B | ||
| Q1 24 | $5.5B | $1.8B |
负债/权益比MSCIRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $-9.0M |
| 自由现金流率自由现金流/营收 | 59.4% | -0.6% |
| 资本支出强度资本支出/营收 | 1.5% | 1.1% |
| 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 | $-8.0M |
8季度趋势，按日历期对齐
经营现金流MSCIRXO
| Q4 25 | $501.1M | $7.0M | ||
| Q3 25 | $449.4M | $23.0M | ||
| Q2 25 | $336.1M | $23.0M | ||
| Q1 25 | $301.7M | $-2.0M | ||
| Q4 24 | $430.6M | $-7.0M | ||
| Q3 24 | $421.6M | $-7.0M | ||
| Q2 24 | $349.2M | $-5.0M | ||
| Q1 24 | $300.1M | $7.0M |
自由现金流MSCIRXO
| Q4 25 | $488.7M | $-9.0M | ||
| Q3 25 | $445.5M | $9.0M | ||
| Q2 25 | $324.7M | $9.0M | ||
| Q1 25 | $290.2M | $-17.0M | ||
| Q4 24 | $416.4M | $-19.0M | ||
| Q3 24 | $415.0M | $-18.0M | ||
| Q2 24 | $340.6M | $-16.0M | ||
| Q1 24 | $295.9M | $-4.0M |
自由现金流率MSCIRXO
| Q4 25 | 59.4% | -0.6% | ||
| Q3 25 | 56.2% | 0.6% | ||
| Q2 25 | 42.0% | 0.6% | ||
| Q1 25 | 38.9% | -1.2% | ||
| Q4 24 | 56.0% | -1.1% | ||
| Q3 24 | 57.3% | -1.7% | ||
| Q2 24 | 48.1% | -1.7% | ||
| Q1 24 | 43.5% | -0.4% |
资本支出强度MSCIRXO
| Q4 25 | 1.5% | 1.1% | ||
| Q3 25 | 0.5% | 1.0% | ||
| Q2 25 | 1.5% | 1.0% | ||
| Q1 25 | 1.5% | 1.0% | ||
| Q4 24 | 1.9% | 0.7% | ||
| Q3 24 | 0.9% | 1.1% | ||
| Q2 24 | 1.2% | 1.2% | ||
| Q1 24 | 0.6% | 1.2% |
现金转化率MSCIRXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
