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明晟（MSCI）与SCANSOURCE, INC.（SCSC）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SCANSOURCE, INC.的1.1倍（$822.5M vs $766.5M），明晟净利率更高（34.6% vs 2.2%，领先32.5%），明晟同比增速更快（10.6% vs 2.5%），明晟自由现金流更多（$488.7M vs $28.9M），过去两年明晟的营收复合增速更高（10.0% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
MSCI vs SCSC — 直观对比
营收规模更大
MSCI
是对方的1.1倍
$766.5M
营收增速更快
MSCI
高出8.1%
2.5%
净利率更高
MSCI
高出32.5%
2.2%
自由现金流更多
MSCI
多$459.8M
$28.9M
两年增速更快
MSCI
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $766.5M |
| 净利润 | $284.7M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 56.4% | 2.3% |
| 净利率 | 34.6% | 2.2% |
| 营收同比 | 10.6% | 2.5% |
| 净利润同比 | -6.8% | -3.3% |
| 每股收益（稀释后） | $3.81 | $0.75 |
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MSCISCSC
| Q4 25 | $822.5M | $766.5M | ||
| Q3 25 | $793.4M | $739.6M | ||
| Q2 25 | $772.7M | $812.9M | ||
| Q1 25 | $745.8M | $704.8M | ||
| Q4 24 | $743.5M | $747.5M | ||
| Q3 24 | $724.7M | $775.6M | ||
| Q2 24 | $707.9M | $746.1M | ||
| Q1 24 | $680.0M | $752.6M |
净利润MSCISCSC
| Q4 25 | $284.7M | $16.5M | ||
| Q3 25 | $325.4M | $19.9M | ||
| Q2 25 | $303.6M | $20.1M | ||
| Q1 25 | $288.6M | $17.4M | ||
| Q4 24 | $305.5M | $17.1M | ||
| Q3 24 | $280.9M | $17.0M | ||
| Q2 24 | $266.8M | $16.1M | ||
| Q1 24 | $256.0M | $12.8M |
毛利率MSCISCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
营业利润率MSCISCSC
| Q4 25 | 56.4% | 2.3% | ||
| Q3 25 | 56.4% | 3.5% | ||
| Q2 25 | 55.0% | 3.3% | ||
| Q1 25 | 50.6% | 3.2% | ||
| Q4 24 | 54.5% | 2.5% | ||
| Q3 24 | 55.4% | 2.3% | ||
| Q2 24 | 54.0% | 2.9% | ||
| Q1 24 | 49.9% | 2.3% |
净利率MSCISCSC
| Q4 25 | 34.6% | 2.2% | ||
| Q3 25 | 41.0% | 2.7% | ||
| Q2 25 | 39.3% | 2.5% | ||
| Q1 25 | 38.7% | 2.5% | ||
| Q4 24 | 41.1% | 2.3% | ||
| Q3 24 | 38.8% | 2.2% | ||
| Q2 24 | 37.7% | 2.2% | ||
| Q1 24 | 37.6% | 1.7% |
每股收益（稀释后）MSCISCSC
| Q4 25 | $3.81 | $0.75 | ||
| Q3 25 | $4.25 | $0.89 | ||
| Q2 25 | $3.92 | $0.87 | ||
| Q1 25 | $3.71 | $0.74 | ||
| Q4 24 | $3.89 | $0.70 | ||
| Q3 24 | $3.57 | $0.69 | ||
| Q2 24 | $3.37 | $0.66 | ||
| Q1 24 | $3.22 | $0.50 |
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 | $83.5M |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $910.9M |
| 总资产 | $5.7B | $1.7B |
| 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MSCISCSC
| Q4 25 | $515.3M | $83.5M | ||
| Q3 25 | $400.1M | $124.9M | ||
| Q2 25 | $347.3M | $126.2M | ||
| Q1 25 | $360.7M | $146.3M | ||
| Q4 24 | $409.4M | $110.5M | ||
| Q3 24 | $501.0M | $145.0M | ||
| Q2 24 | $451.4M | $185.5M | ||
| Q1 24 | $519.3M | $159.1M |
总债务MSCISCSC
| 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MSCISCSC
| Q4 25 | $-2.7B | $910.9M | ||
| Q3 25 | $-1.9B | $914.0M | ||
| Q2 25 | $-886.2M | $906.4M | ||
| Q1 25 | $-958.6M | $901.7M | ||
| Q4 24 | $-940.0M | $900.7M | ||
| Q3 24 | $-751.0M | $920.9M | ||
| Q2 24 | $-734.5M | $924.3M | ||
| Q1 24 | $-650.5M | $944.1M |
总资产MSCISCSC
| Q4 25 | $5.7B | $1.7B | ||
| Q3 25 | $5.4B | $1.7B | ||
| Q2 25 | $5.4B | $1.8B | ||
| Q1 25 | $5.3B | $1.7B | ||
| Q4 24 | $5.4B | $1.7B | ||
| Q3 24 | $5.4B | $1.8B | ||
| Q2 24 | $5.5B | $1.8B | ||
| Q1 24 | $5.5B | $1.8B |
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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $28.9M |
| 自由现金流率自由现金流/营收 | 59.4% | 3.8% |
| 资本支出强度资本支出/营收 | 1.5% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.76× | 1.87× |
| 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MSCISCSC
| Q4 25 | $501.1M | $30.8M | ||
| Q3 25 | $449.4M | $23.2M | ||
| Q2 25 | $336.1M | — | ||
| Q1 25 | $301.7M | $66.1M | ||
| Q4 24 | $430.6M | $-6.2M | ||
| Q3 24 | $421.6M | $44.8M | ||
| Q2 24 | $349.2M | — | ||
| Q1 24 | $300.1M | $160.2M |
自由现金流MSCISCSC
| Q4 25 | $488.7M | $28.9M | ||
| Q3 25 | $445.5M | $20.8M | ||
| Q2 25 | $324.7M | — | ||
| Q1 25 | $290.2M | $64.6M | ||
| Q4 24 | $416.4M | $-8.2M | ||
| Q3 24 | $415.0M | $42.5M | ||
| Q2 24 | $340.6M | — | ||
| Q1 24 | $295.9M | $157.7M |
自由现金流率MSCISCSC
| Q4 25 | 59.4% | 3.8% | ||
| Q3 25 | 56.2% | 2.8% | ||
| Q2 25 | 42.0% | — | ||
| Q1 25 | 38.9% | 9.2% | ||
| Q4 24 | 56.0% | -1.1% | ||
| Q3 24 | 57.3% | 5.5% | ||
| Q2 24 | 48.1% | — | ||
| Q1 24 | 43.5% | 21.0% |
资本支出强度MSCISCSC
| Q4 25 | 1.5% | 0.3% | ||
| Q3 25 | 0.5% | 0.3% | ||
| Q2 25 | 1.5% | 0.3% | ||
| Q1 25 | 1.5% | 0.2% | ||
| Q4 24 | 1.9% | 0.3% | ||
| Q3 24 | 0.9% | 0.3% | ||
| Q2 24 | 1.2% | 0.2% | ||
| Q1 24 | 0.6% | 0.3% |
现金转化率MSCISCSC
| Q4 25 | 1.76× | 1.87× | ||
| Q3 25 | 1.38× | 1.17× | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.05× | 3.79× | ||
| Q4 24 | 1.41× | -0.36× | ||
| Q3 24 | 1.50× | 2.64× | ||
| Q2 24 | 1.31× | — | ||
| Q1 24 | 1.17× | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
