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明晟（MSCI）与Rackspace Technology, Inc.（RXT）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Rackspace Technology, Inc.的1.2倍（$822.5M vs $682.8M），明晟净利率更高（34.6% vs -4.8%，领先39.4%），明晟同比增速更快（10.6% vs -0.4%），明晟自由现金流更多（$488.7M vs $56.0M），过去两年明晟的营收复合增速更高（10.0% vs -0.6%）
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。
Rackspace Technology, Inc.是总部位于美国得克萨斯州圣安东尼奥的云计算企业，在弗吉尼亚州雷斯顿以及澳大利亚、加拿大、英国、印度、迪拜、瑞士、荷兰、德国、新加坡、墨西哥、中国香港等多个国家和地区设有办事处，数据中心分布于全球多个主要城市，为客户提供专业的云计算相关服务。
MSCI vs RXT — 直观对比
营收规模更大
MSCI
是对方的1.2倍
$682.8M
营收增速更快
MSCI
高出11.0%
-0.4%
净利率更高
MSCI
高出39.4%
-4.8%
自由现金流更多
MSCI
多$432.7M
$56.0M
两年增速更快
MSCI
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $682.8M |
| 净利润 | $284.7M | $-32.7M |
| 毛利率 | — | 17.6% |
| 营业利润率 | 56.4% | -0.5% |
| 净利率 | 34.6% | -4.8% |
| 营收同比 | 10.6% | -0.4% |
| 净利润同比 | -6.8% | 41.6% |
| 每股收益（稀释后） | $3.81 | $-0.13 |
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MSCIRXT
| Q4 25 | $822.5M | $682.8M | ||
| Q3 25 | $793.4M | $671.2M | ||
| Q2 25 | $772.7M | $666.3M | ||
| Q1 25 | $745.8M | $665.4M | ||
| Q4 24 | $743.5M | $685.6M | ||
| Q3 24 | $724.7M | $675.8M | ||
| Q2 24 | $707.9M | $684.9M | ||
| Q1 24 | $680.0M | $690.8M |
净利润MSCIRXT
| Q4 25 | $284.7M | $-32.7M | ||
| Q3 25 | $325.4M | $-67.1M | ||
| Q2 25 | $303.6M | $-54.5M | ||
| Q1 25 | $288.6M | $-71.5M | ||
| Q4 24 | $305.5M | $-56.0M | ||
| Q3 24 | $280.9M | $-186.6M | ||
| Q2 24 | $266.8M | $25.0M | ||
| Q1 24 | $256.0M | $-640.6M |
毛利率MSCIRXT
| Q4 25 | — | 17.6% | ||
| Q3 25 | — | 19.4% | ||
| Q2 25 | — | 19.4% | ||
| Q1 25 | — | 19.1% | ||
| Q4 24 | — | 19.2% | ||
| Q3 24 | — | 20.3% | ||
| Q2 24 | — | 19.2% | ||
| Q1 24 | — | 19.2% |
营业利润率MSCIRXT
| Q4 25 | 56.4% | -0.5% | ||
| Q3 25 | 56.4% | -5.1% | ||
| Q2 25 | 55.0% | -3.8% | ||
| Q1 25 | 50.6% | -5.8% | ||
| Q4 24 | 54.5% | -4.2% | ||
| Q3 24 | 55.4% | -25.7% | ||
| Q2 24 | 54.0% | -7.9% | ||
| Q1 24 | 49.9% | -94.5% |
净利率MSCIRXT
| Q4 25 | 34.6% | -4.8% | ||
| Q3 25 | 41.0% | -10.0% | ||
| Q2 25 | 39.3% | -8.2% | ||
| Q1 25 | 38.7% | -10.7% | ||
| Q4 24 | 41.1% | -8.2% | ||
| Q3 24 | 38.8% | -27.6% | ||
| Q2 24 | 37.7% | 3.7% | ||
| Q1 24 | 37.6% | -92.7% |
每股收益（稀释后）MSCIRXT
| Q4 25 | $3.81 | $-0.13 | ||
| Q3 25 | $4.25 | $-0.28 | ||
| Q2 25 | $3.92 | $-0.23 | ||
| Q1 25 | $3.71 | $-0.31 | ||
| Q4 24 | $3.89 | $-0.20 | ||
| Q3 24 | $3.57 | $-0.82 | ||
| Q2 24 | $3.37 | $0.11 | ||
| Q1 24 | $3.22 | $-2.91 |
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 | $105.8M |
| 总债务越低越好 | $6.2B | $2.7B |
| 股东权益账面价值 | $-2.7B | $-1.2B |
| 总资产 | $5.7B | $2.8B |
| 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MSCIRXT
| Q4 25 | $515.3M | $105.8M | ||
| Q3 25 | $400.1M | $99.5M | ||
| Q2 25 | $347.3M | $103.9M | ||
| Q1 25 | $360.7M | $128.0M | ||
| Q4 24 | $409.4M | $144.0M | ||
| Q3 24 | $501.0M | $157.1M | ||
| Q2 24 | $451.4M | $190.2M | ||
| Q1 24 | $519.3M | $282.6M |
总债务MSCIRXT
| Q4 25 | $6.2B | $2.7B | ||
| Q3 25 | $5.5B | $2.8B | ||
| Q2 25 | $4.5B | $2.8B | ||
| Q1 25 | $4.5B | $2.8B | ||
| Q4 24 | $4.5B | $2.8B | ||
| Q3 24 | $4.5B | $2.8B | ||
| Q2 24 | $4.5B | $2.9B | ||
| Q1 24 | $4.5B | $3.0B |
股东权益MSCIRXT
| Q4 25 | $-2.7B | $-1.2B | ||
| Q3 25 | $-1.9B | $-1.2B | ||
| Q2 25 | $-886.2M | $-1.1B | ||
| Q1 25 | $-958.6M | $-1.1B | ||
| Q4 24 | $-940.0M | $-1.0B | ||
| Q3 24 | $-751.0M | $-949.7M | ||
| Q2 24 | $-734.5M | $-756.2M | ||
| Q1 24 | $-650.5M | $-787.2M |
总资产MSCIRXT
| Q4 25 | $5.7B | $2.8B | ||
| Q3 25 | $5.4B | $2.8B | ||
| Q2 25 | $5.4B | $2.9B | ||
| Q1 25 | $5.3B | $3.0B | ||
| Q4 24 | $5.4B | $3.1B | ||
| Q3 24 | $5.4B | $3.1B | ||
| Q2 24 | $5.5B | $3.4B | ||
| Q1 24 | $5.5B | $3.5B |
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 | $59.7M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $56.0M |
| 自由现金流率自由现金流/营收 | 59.4% | 8.2% |
| 资本支出强度资本支出/营收 | 1.5% | 0.5% |
| 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 | $90.6M |
8季度趋势，按日历期对齐
经营现金流MSCIRXT
| Q4 25 | $501.1M | $59.7M | ||
| Q3 25 | $449.4M | $70.7M | ||
| Q2 25 | $336.1M | $8.4M | ||
| Q1 25 | $301.7M | $12.6M | ||
| Q4 24 | $430.6M | $54.3M | ||
| Q3 24 | $421.6M | $51.8M | ||
| Q2 24 | $349.2M | $24.1M | ||
| Q1 24 | $300.1M | $-90.3M |
自由现金流MSCIRXT
| Q4 25 | $488.7M | $56.0M | ||
| Q3 25 | $445.5M | $42.7M | ||
| Q2 25 | $324.7M | $-12.4M | ||
| Q1 25 | $290.2M | $4.3M | ||
| Q4 24 | $416.4M | $34.4M | ||
| Q3 24 | $415.0M | $27.3M | ||
| Q2 24 | $340.6M | $-14.5M | ||
| Q1 24 | $295.9M | $-118.4M |
自由现金流率MSCIRXT
| Q4 25 | 59.4% | 8.2% | ||
| Q3 25 | 56.2% | 6.4% | ||
| Q2 25 | 42.0% | -1.9% | ||
| Q1 25 | 38.9% | 0.6% | ||
| Q4 24 | 56.0% | 5.0% | ||
| Q3 24 | 57.3% | 4.0% | ||
| Q2 24 | 48.1% | -2.1% | ||
| Q1 24 | 43.5% | -17.1% |
资本支出强度MSCIRXT
| Q4 25 | 1.5% | 0.5% | ||
| Q3 25 | 0.5% | 4.2% | ||
| Q2 25 | 1.5% | 3.1% | ||
| Q1 25 | 1.5% | 1.2% | ||
| Q4 24 | 1.9% | 2.9% | ||
| Q3 24 | 0.9% | 3.6% | ||
| Q2 24 | 1.2% | 5.6% | ||
| Q1 24 | 0.6% | 4.1% |
现金转化率MSCIRXT
| 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× | 0.96× | ||
| 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% |
RXT
| Public Cloud Services Segment | $442.2M | 65% |
| Private Cloud Service Segment | $240.6M | 35% |
