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明晟（MSCI）与BOSTON BEER CO INC（SAM）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BOSTON BEER CO INC的1.8倍（$822.5M vs $461.6M），明晟同比增速更快（10.6% vs -4.1%），过去两年明晟的营收复合增速更高（10.0% vs -10.7%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
MSCI vs SAM — 直观对比
营收规模更大
MSCI
是对方的1.8倍
$461.6M
营收增速更快
MSCI
高出14.7%
-4.1%
两年增速更快
MSCI
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $461.6M |
| 净利润 | $284.7M | — |
| 毛利率 | — | 46.4% |
| 营业利润率 | 56.4% | 12.4% |
| 净利率 | 34.6% | — |
| 营收同比 | 10.6% | -4.1% |
| 净利润同比 | -6.8% | — |
| 每股收益（稀释后） | $3.81 | $2.16 |
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MSCISAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $822.5M | $385.7M | ||
| Q3 25 | $793.4M | $537.5M | ||
| Q2 25 | $772.7M | $587.9M | ||
| Q1 25 | $745.8M | $453.9M | ||
| Q4 24 | $743.5M | $402.3M | ||
| Q3 24 | $724.7M | $605.5M | ||
| Q2 24 | $707.9M | $579.1M |
净利润MSCISAM
| Q1 26 | — | — | ||
| Q4 25 | $284.7M | $-22.5M | ||
| Q3 25 | $325.4M | $46.2M | ||
| Q2 25 | $303.6M | $60.4M | ||
| Q1 25 | $288.6M | $24.4M | ||
| Q4 24 | $305.5M | $-38.8M | ||
| Q3 24 | $280.9M | $33.5M | ||
| Q2 24 | $266.8M | $52.3M |
毛利率MSCISAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率MSCISAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | 56.4% | -8.6% | ||
| Q3 25 | 56.4% | 11.5% | ||
| Q2 25 | 55.0% | 14.0% | ||
| Q1 25 | 50.6% | 7.4% | ||
| Q4 24 | 54.5% | -13.9% | ||
| Q3 24 | 55.4% | 7.6% | ||
| Q2 24 | 54.0% | 12.2% |
净利率MSCISAM
| Q1 26 | — | — | ||
| Q4 25 | 34.6% | -5.8% | ||
| Q3 25 | 41.0% | 8.6% | ||
| Q2 25 | 39.3% | 10.3% | ||
| Q1 25 | 38.7% | 5.4% | ||
| Q4 24 | 41.1% | -9.6% | ||
| Q3 24 | 38.8% | 5.5% | ||
| Q2 24 | 37.7% | 9.0% |
每股收益（稀释后）MSCISAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $3.81 | $-1.97 | ||
| Q3 25 | $4.25 | $4.25 | ||
| Q2 25 | $3.92 | $5.45 | ||
| Q1 25 | $3.71 | $2.16 | ||
| Q4 24 | $3.89 | $-3.23 | ||
| Q3 24 | $3.57 | $2.86 | ||
| Q2 24 | $3.37 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $682.6M |
| 总资产 | $5.7B | $1.2B |
| 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MSCISAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $515.3M | $223.4M | ||
| Q3 25 | $400.1M | $250.5M | ||
| Q2 25 | $347.3M | $212.4M | ||
| Q1 25 | $360.7M | $152.5M | ||
| Q4 24 | $409.4M | $211.8M | ||
| Q3 24 | $501.0M | $255.6M | ||
| Q2 24 | $451.4M | $219.3M |
总债务MSCISAM
| Q1 26 | — | — | ||
| 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 | — |
股东权益MSCISAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $-2.7B | $846.3M | ||
| Q3 25 | $-1.9B | $911.0M | ||
| Q2 25 | $-886.2M | $912.3M | ||
| Q1 25 | $-958.6M | $897.0M | ||
| Q4 24 | $-940.0M | $916.2M | ||
| Q3 24 | $-751.0M | $1.0B | ||
| Q2 24 | $-734.5M | $1.0B |
总资产MSCISAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $5.7B | $1.2B | ||
| Q3 25 | $5.4B | $1.2B | ||
| Q2 25 | $5.4B | $1.3B | ||
| Q1 25 | $5.3B | $1.2B | ||
| Q4 24 | $5.4B | $1.3B | ||
| Q3 24 | $5.4B | $1.4B | ||
| Q2 24 | $5.5B | $1.4B |
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 | — |
| 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× | — |
| 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MSCISAM
| Q1 26 | — | — | ||
| Q4 25 | $501.1M | $39.9M | ||
| Q3 25 | $449.4M | $101.8M | ||
| Q2 25 | $336.1M | $126.5M | ||
| Q1 25 | $301.7M | $1.9M | ||
| Q4 24 | $430.6M | $41.9M | ||
| Q3 24 | $421.6M | $115.9M | ||
| Q2 24 | $349.2M | $96.0M |
自由现金流MSCISAM
| Q1 26 | — | — | ||
| Q4 25 | $488.7M | $22.1M | ||
| Q3 25 | $445.5M | $89.2M | ||
| Q2 25 | $324.7M | $112.2M | ||
| Q1 25 | $290.2M | $-8.0M | ||
| Q4 24 | $416.4M | $18.4M | ||
| Q3 24 | $415.0M | $99.2M | ||
| Q2 24 | $340.6M | $75.6M |
自由现金流率MSCISAM
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | 5.7% | ||
| Q3 25 | 56.2% | 16.6% | ||
| Q2 25 | 42.0% | 19.1% | ||
| Q1 25 | 38.9% | -1.8% | ||
| Q4 24 | 56.0% | 4.6% | ||
| Q3 24 | 57.3% | 16.4% | ||
| Q2 24 | 48.1% | 13.1% |
资本支出强度MSCISAM
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 4.6% | ||
| Q3 25 | 0.5% | 2.3% | ||
| Q2 25 | 1.5% | 2.4% | ||
| Q1 25 | 1.5% | 2.2% | ||
| Q4 24 | 1.9% | 5.8% | ||
| Q3 24 | 0.9% | 2.8% | ||
| Q2 24 | 1.2% | 3.5% |
现金转化率MSCISAM
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.38× | 2.21× | ||
| Q2 25 | 1.11× | 2.09× | ||
| Q1 25 | 1.05× | 0.08× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.50× | 3.46× | ||
| Q2 24 | 1.31× | 1.83× |
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% |
SAM
暂无分部数据
