vs
明晟（MSCI）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
希悦尔的季度营收约是明晟的1.7倍（$1.4B vs $822.5M），明晟净利率更高（34.6% vs 3.1%，领先31.5%），明晟同比增速更快（10.6% vs 2.6%），明晟自由现金流更多（$488.7M vs $257.7M），过去两年明晟的营收复合增速更高（10.0% vs 2.7%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
MSCI vs SEE — 直观对比
营收规模更大
SEE
是对方的1.7倍
$822.5M
营收增速更快
MSCI
高出8.0%
2.6%
净利率更高
MSCI
高出31.5%
3.1%
自由现金流更多
MSCI
多$231.0M
$257.7M
两年增速更快
MSCI
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.4B |
| 净利润 | $284.7M | $43.8M |
| 毛利率 | — | 28.6% |
| 营业利润率 | 56.4% | 11.4% |
| 净利率 | 34.6% | 3.1% |
| 营收同比 | 10.6% | 2.6% |
| 净利润同比 | -6.8% | 700.0% |
| 每股收益（稀释后） | $3.81 | $0.30 |
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MSCISEE
| Q4 25 | $822.5M | $1.4B | ||
| Q3 25 | $793.4M | $1.3B | ||
| Q2 25 | $772.7M | $1.3B | ||
| Q1 25 | $745.8M | $1.3B | ||
| Q4 24 | $743.5M | $1.4B | ||
| Q3 24 | $724.7M | $1.3B | ||
| Q2 24 | $707.9M | $1.3B | ||
| Q1 24 | $680.0M | $1.3B |
净利润MSCISEE
| Q4 25 | $284.7M | $43.8M | ||
| Q3 25 | $325.4M | $255.1M | ||
| Q2 25 | $303.6M | $93.1M | ||
| Q1 25 | $288.6M | $113.5M | ||
| Q4 24 | $305.5M | $-7.3M | ||
| Q3 24 | $280.9M | $91.7M | ||
| Q2 24 | $266.8M | $98.3M | ||
| Q1 24 | $256.0M | $82.0M |
毛利率MSCISEE
| Q4 25 | — | 28.6% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 30.7% | ||
| Q1 25 | — | 30.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | — | 31.2% | ||
| Q1 24 | — | 30.3% |
营业利润率MSCISEE
| Q4 25 | 56.4% | 11.4% | ||
| Q3 25 | 56.4% | 13.8% | ||
| Q2 25 | 55.0% | 15.0% | ||
| Q1 25 | 50.6% | 14.5% | ||
| Q4 24 | 54.5% | 11.7% | ||
| Q3 24 | 55.4% | 13.9% | ||
| Q2 24 | 54.0% | 15.4% | ||
| Q1 24 | 49.9% | 14.0% |
净利率MSCISEE
| Q4 25 | 34.6% | 3.1% | ||
| Q3 25 | 41.0% | 19.0% | ||
| Q2 25 | 39.3% | 7.0% | ||
| Q1 25 | 38.7% | 9.0% | ||
| Q4 24 | 41.1% | -0.5% | ||
| Q3 24 | 38.8% | 6.9% | ||
| Q2 24 | 37.7% | 7.4% | ||
| Q1 24 | 37.6% | 6.2% |
每股收益（稀释后）MSCISEE
| Q4 25 | $3.81 | $0.30 | ||
| Q3 25 | $4.25 | $1.73 | ||
| Q2 25 | $3.92 | $0.63 | ||
| Q1 25 | $3.71 | $0.77 | ||
| Q4 24 | $3.89 | $-0.05 | ||
| Q3 24 | $3.57 | $0.63 | ||
| Q2 24 | $3.37 | $0.67 | ||
| Q1 24 | $3.22 | $0.56 |
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 | $344.0M |
| 总债务越低越好 | $6.2B | $3.3B |
| 股东权益账面价值 | $-2.7B | $1.2B |
| 总资产 | $5.7B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资MSCISEE
| Q4 25 | $515.3M | $344.0M | ||
| Q3 25 | $400.1M | $282.5M | ||
| Q2 25 | $347.3M | $354.4M | ||
| Q1 25 | $360.7M | $335.2M | ||
| Q4 24 | $409.4M | $371.8M | ||
| Q3 24 | $501.0M | $386.0M | ||
| Q2 24 | $451.4M | $388.6M | ||
| Q1 24 | $519.3M | $352.8M |
总债务MSCISEE
| Q4 25 | $6.2B | $3.3B | ||
| Q3 25 | $5.5B | $4.0B | ||
| Q2 25 | $4.5B | $4.0B | ||
| Q1 25 | $4.5B | $4.2B | ||
| Q4 24 | $4.5B | $4.2B | ||
| Q3 24 | $4.5B | $4.3B | ||
| Q2 24 | $4.5B | $4.4B | ||
| Q1 24 | $4.5B | $4.5B |
股东权益MSCISEE
| Q4 25 | $-2.7B | $1.2B | ||
| Q3 25 | $-1.9B | $1.2B | ||
| Q2 25 | $-886.2M | $953.1M | ||
| Q1 25 | $-958.6M | $797.9M | ||
| Q4 24 | $-940.0M | $624.5M | ||
| Q3 24 | $-751.0M | $771.2M | ||
| Q2 24 | $-734.5M | $650.1M | ||
| Q1 24 | $-650.5M | $598.3M |
总资产MSCISEE
| Q4 25 | $5.7B | $7.0B | ||
| Q3 25 | $5.4B | $7.1B | ||
| Q2 25 | $5.4B | $7.2B | ||
| Q1 25 | $5.3B | $7.0B | ||
| Q4 24 | $5.4B | $7.0B | ||
| Q3 24 | $5.4B | $7.3B | ||
| Q2 24 | $5.5B | $7.3B | ||
| Q1 24 | $5.5B | $7.2B |
负债/权益比MSCISEE
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $257.7M |
| 自由现金流率自由现金流/营收 | 59.4% | 18.5% |
| 资本支出强度资本支出/营收 | 1.5% | 2.6% |
| 现金转化率经营现金流/净利润 | 1.76× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $458.5M |
8季度趋势，按日历期对齐
经营现金流MSCISEE
| Q4 25 | $501.1M | $293.6M | ||
| Q3 25 | $449.4M | $165.9M | ||
| Q2 25 | $336.1M | $136.6M | ||
| Q1 25 | $301.7M | $31.9M | ||
| Q4 24 | $430.6M | $244.2M | ||
| Q3 24 | $421.6M | $170.5M | ||
| Q2 24 | $349.2M | $188.2M | ||
| Q1 24 | $300.1M | $125.1M |
自由现金流MSCISEE
| Q4 25 | $488.7M | $257.7M | ||
| Q3 25 | $445.5M | $119.6M | ||
| Q2 25 | $324.7M | $93.2M | ||
| Q1 25 | $290.2M | $-12.0M | ||
| Q4 24 | $416.4M | $185.1M | ||
| Q3 24 | $415.0M | $115.2M | ||
| Q2 24 | $340.6M | $129.5M | ||
| Q1 24 | $295.9M | $78.0M |
自由现金流率MSCISEE
| Q4 25 | 59.4% | 18.5% | ||
| Q3 25 | 56.2% | 8.9% | ||
| Q2 25 | 42.0% | 7.0% | ||
| Q1 25 | 38.9% | -0.9% | ||
| Q4 24 | 56.0% | 13.6% | ||
| Q3 24 | 57.3% | 8.6% | ||
| Q2 24 | 48.1% | 9.7% | ||
| Q1 24 | 43.5% | 5.9% |
资本支出强度MSCISEE
| Q4 25 | 1.5% | 2.6% | ||
| Q3 25 | 0.5% | 3.4% | ||
| Q2 25 | 1.5% | 3.3% | ||
| Q1 25 | 1.5% | 3.5% | ||
| Q4 24 | 1.9% | 4.4% | ||
| Q3 24 | 0.9% | 4.1% | ||
| Q2 24 | 1.2% | 4.4% | ||
| Q1 24 | 0.6% | 3.6% |
现金转化率MSCISEE
| Q4 25 | 1.76× | 6.70× | ||
| Q3 25 | 1.38× | 0.65× | ||
| Q2 25 | 1.11× | 1.47× | ||
| Q1 25 | 1.05× | 0.28× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.50× | 1.86× | ||
| Q2 24 | 1.31× | 1.91× | ||
| Q1 24 | 1.17× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
