vs
明晟（MSCI）与森萨塔科技（ST）财务数据对比。点击上方公司名可切换其他公司
森萨塔科技的季度营收约是明晟的1.1倍（$934.8M vs $822.5M），明晟净利率更高（34.6% vs 9.3%，领先25.3%），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 $104.6M），过去两年明晟的营收复合增速更高（10.0% vs -5.0%）
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。
森萨塔科技控股有限公司是全球领先的工业科技企业，主营传感器、电气保护及控制解决方案的研发、生产与销售，产品覆盖汽车、工业、航空航天、暖通空调、电信等多个下游领域，服务全球制造类企业客户。
MSCI vs ST — 直观对比
营收规模更大
ST
是对方的1.1倍
$822.5M
营收增速更快
MSCI
高出8.0%
2.6%
净利率更高
MSCI
高出25.3%
9.3%
自由现金流更多
MSCI
多$384.1M
$104.6M
两年增速更快
MSCI
近两年复合增速
-5.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $934.8M |
| 净利润 | $284.7M | $87.1M |
| 毛利率 | — | 30.6% |
| 营业利润率 | 56.4% | 15.1% |
| 净利率 | 34.6% | 9.3% |
| 营收同比 | 10.6% | 2.6% |
| 净利润同比 | -6.8% | 24.6% |
| 每股收益（稀释后） | $3.81 | $0.59 |
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MSCIST
| Q1 26 | — | $934.8M | ||
| Q4 25 | $822.5M | $917.9M | ||
| Q3 25 | $793.4M | $932.0M | ||
| Q2 25 | $772.7M | $943.4M | ||
| Q1 25 | $745.8M | $911.3M | ||
| Q4 24 | $743.5M | $907.7M | ||
| Q3 24 | $724.7M | $982.8M | ||
| Q2 24 | $707.9M | $1.0B |
净利润MSCIST
| Q1 26 | — | $87.1M | ||
| Q4 25 | $284.7M | $63.2M | ||
| Q3 25 | $325.4M | $-162.5M | ||
| Q2 25 | $303.6M | $60.7M | ||
| Q1 25 | $288.6M | $69.9M | ||
| Q4 24 | $305.5M | $5.8M | ||
| Q3 24 | $280.9M | $-25.0M | ||
| Q2 24 | $266.8M | $71.7M |
毛利率MSCIST
| Q1 26 | — | 30.6% | ||
| Q4 25 | — | 29.0% | ||
| Q3 25 | — | 27.8% | ||
| Q2 25 | — | 30.3% | ||
| Q1 25 | — | 29.9% | ||
| Q4 24 | — | 27.1% | ||
| Q3 24 | — | 28.6% | ||
| Q2 24 | — | 30.0% |
营业利润率MSCIST
| Q1 26 | — | 15.1% | ||
| Q4 25 | 56.4% | 10.9% | ||
| Q3 25 | 56.4% | -13.2% | ||
| Q2 25 | 55.0% | 14.6% | ||
| Q1 25 | 50.6% | 13.4% | ||
| Q4 24 | 54.5% | 8.1% | ||
| Q3 24 | 55.4% | -20.3% | ||
| Q2 24 | 54.0% | 12.5% |
净利率MSCIST
| Q1 26 | — | 9.3% | ||
| Q4 25 | 34.6% | 6.9% | ||
| Q3 25 | 41.0% | -17.4% | ||
| Q2 25 | 39.3% | 6.4% | ||
| Q1 25 | 38.7% | 7.7% | ||
| Q4 24 | 41.1% | 0.6% | ||
| Q3 24 | 38.8% | -2.5% | ||
| Q2 24 | 37.7% | 6.9% |
每股收益（稀释后）MSCIST
| Q1 26 | — | $0.59 | ||
| Q4 25 | $3.81 | $0.45 | ||
| Q3 25 | $4.25 | $-1.12 | ||
| Q2 25 | $3.92 | $0.41 | ||
| Q1 25 | $3.71 | $0.47 | ||
| Q4 24 | $3.89 | $0.05 | ||
| Q3 24 | $3.57 | $-0.17 | ||
| Q2 24 | $3.37 | $0.47 |
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 | $635.1M |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $2.9B |
| 总资产 | $5.7B | $6.8B |
| 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MSCIST
| Q1 26 | — | $635.1M | ||
| Q4 25 | $515.3M | $573.0M | ||
| Q3 25 | $400.1M | $791.3M | ||
| Q2 25 | $347.3M | $661.8M | ||
| Q1 25 | $360.7M | $588.1M | ||
| Q4 24 | $409.4M | $593.7M | ||
| Q3 24 | $501.0M | $506.2M | ||
| Q2 24 | $451.4M | $1.0B |
总债务MSCIST
| Q1 26 | — | — | ||
| Q4 25 | $6.2B | $2.8B | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | $3.2B | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — |
股东权益MSCIST
| Q1 26 | — | $2.9B | ||
| Q4 25 | $-2.7B | $2.8B | ||
| Q3 25 | $-1.9B | $2.7B | ||
| Q2 25 | $-886.2M | $2.9B | ||
| Q1 25 | $-958.6M | $2.8B | ||
| Q4 24 | $-940.0M | $2.9B | ||
| Q3 24 | $-751.0M | $3.0B | ||
| Q2 24 | $-734.5M | $3.0B |
总资产MSCIST
| Q1 26 | — | $6.8B | ||
| Q4 25 | $5.7B | $6.8B | ||
| Q3 25 | $5.4B | $7.1B | ||
| Q2 25 | $5.4B | $7.3B | ||
| Q1 25 | $5.3B | $7.2B | ||
| Q4 24 | $5.4B | $7.1B | ||
| Q3 24 | $5.4B | $7.3B | ||
| Q2 24 | $5.5B | $8.2B |
负债/权益比MSCIST
| Q1 26 | — | — | ||
| Q4 25 | — | 1.02× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.11× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $122.5M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $104.6M |
| 自由现金流率自由现金流/营收 | 59.4% | 11.2% |
| 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× | 1.41× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $508.3M |
8季度趋势，按日历期对齐
经营现金流MSCIST
| Q1 26 | — | $122.5M | ||
| Q4 25 | $501.1M | $201.5M | ||
| Q3 25 | $449.4M | $159.9M | ||
| Q2 25 | $336.1M | $140.9M | ||
| Q1 25 | $301.7M | $119.2M | ||
| Q4 24 | $430.6M | $170.7M | ||
| Q3 24 | $421.6M | $130.9M | ||
| Q2 24 | $349.2M | $143.5M |
自由现金流MSCIST
| Q1 26 | — | $104.6M | ||
| Q4 25 | $488.7M | $151.9M | ||
| Q3 25 | $445.5M | $136.2M | ||
| Q2 25 | $324.7M | $115.5M | ||
| Q1 25 | $290.2M | $86.6M | ||
| Q4 24 | $416.4M | $138.9M | ||
| Q3 24 | $415.0M | $91.3M | ||
| Q2 24 | $340.6M | $98.4M |
自由现金流率MSCIST
| Q1 26 | — | 11.2% | ||
| Q4 25 | 59.4% | 16.6% | ||
| Q3 25 | 56.2% | 14.6% | ||
| Q2 25 | 42.0% | 12.2% | ||
| Q1 25 | 38.9% | 9.5% | ||
| Q4 24 | 56.0% | 15.3% | ||
| Q3 24 | 57.3% | 9.3% | ||
| Q2 24 | 48.1% | 9.5% |
资本支出强度MSCIST
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 5.4% | ||
| Q3 25 | 0.5% | 2.5% | ||
| Q2 25 | 1.5% | 2.7% | ||
| Q1 25 | 1.5% | 3.6% | ||
| Q4 24 | 1.9% | 3.5% | ||
| Q3 24 | 0.9% | 4.0% | ||
| Q2 24 | 1.2% | 4.4% |
现金转化率MSCIST
| Q1 26 | — | 1.41× | ||
| Q4 25 | 1.76× | 3.19× | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.11× | 2.32× | ||
| Q1 25 | 1.05× | 1.70× | ||
| Q4 24 | 1.41× | 29.50× | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | 2.00× |
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% |
ST
暂无分部数据
