vs
明晟（MSCI）与思佳讯（SWKS）财务数据对比。点击上方公司名可切换其他公司
思佳讯的季度营收约是明晟的1.3倍（$1.0B vs $822.5M），明晟净利率更高（34.6% vs 7.6%，领先27.0%），明晟同比增速更快（10.6% vs 8.6%），明晟自由现金流更多（$488.7M vs $339.0M），过去两年明晟的营收复合增速更高（10.0% vs -0.5%）
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。
思佳讯是总部位于美国加利福尼亚州尔湾的半导体企业，公司股票在纳斯达克全球精选市场挂牌交易，股票代码为SWKS，同时也是标普500指数的成分股之一，在全球射频半导体领域拥有较高市场地位。
MSCI vs SWKS — 直观对比
营收规模更大
SWKS
是对方的1.3倍
$822.5M
营收增速更快
MSCI
高出2.0%
8.6%
净利率更高
MSCI
高出27.0%
7.6%
自由现金流更多
MSCI
多$149.7M
$339.0M
两年增速更快
MSCI
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.0B |
| 净利润 | $284.7M | $79.2M |
| 毛利率 | — | 41.3% |
| 营业利润率 | 56.4% | 10.0% |
| 净利率 | 34.6% | 7.6% |
| 营收同比 | 10.6% | 8.6% |
| 净利润同比 | -6.8% | 15.3% |
| 每股收益（稀释后） | $3.81 | $0.53 |
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MSCISWKS
| Q1 26 | — | $1.0B | ||
| Q4 25 | $822.5M | $1.1B | ||
| Q3 25 | $793.4M | — | ||
| Q2 25 | $772.7M | $965.0M | ||
| Q1 25 | $745.8M | $953.2M | ||
| Q4 24 | $743.5M | $1.1B | ||
| Q3 24 | $724.7M | $1.0B | ||
| Q2 24 | $707.9M | $905.5M |
净利润MSCISWKS
| Q1 26 | — | $79.2M | ||
| Q4 25 | $284.7M | $141.4M | ||
| Q3 25 | $325.4M | — | ||
| Q2 25 | $303.6M | $105.0M | ||
| Q1 25 | $288.6M | $68.7M | ||
| Q4 24 | $305.5M | $162.0M | ||
| Q3 24 | $280.9M | $60.5M | ||
| Q2 24 | $266.8M | $120.9M |
毛利率MSCISWKS
| Q1 26 | — | 41.3% | ||
| Q4 25 | — | 40.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 41.6% | ||
| Q1 25 | — | 41.1% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 41.9% | ||
| Q2 24 | — | 40.2% |
营业利润率MSCISWKS
| Q1 26 | — | 10.0% | ||
| Q4 25 | 56.4% | 10.1% | ||
| Q3 25 | 56.4% | — | ||
| Q2 25 | 55.0% | 11.5% | ||
| Q1 25 | 50.6% | 10.2% | ||
| Q4 24 | 54.5% | 16.9% | ||
| Q3 24 | 55.4% | 5.8% | ||
| Q2 24 | 54.0% | 14.4% |
净利率MSCISWKS
| Q1 26 | — | 7.6% | ||
| Q4 25 | 34.6% | 12.9% | ||
| Q3 25 | 41.0% | — | ||
| Q2 25 | 39.3% | 10.9% | ||
| Q1 25 | 38.7% | 7.2% | ||
| Q4 24 | 41.1% | 15.2% | ||
| Q3 24 | 38.8% | 5.9% | ||
| Q2 24 | 37.7% | 13.4% |
每股收益（稀释后）MSCISWKS
| Q1 26 | — | $0.53 | ||
| Q4 25 | $3.81 | $0.95 | ||
| Q3 25 | $4.25 | — | ||
| Q2 25 | $3.92 | $0.70 | ||
| Q1 25 | $3.71 | $0.43 | ||
| Q4 24 | $3.89 | $1.00 | ||
| Q3 24 | $3.57 | $0.36 | ||
| Q2 24 | $3.37 | $0.75 |
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 | $1.6B |
| 总债务越低越好 | $6.2B | $496.6M |
| 股东权益账面价值 | $-2.7B | $5.8B |
| 总资产 | $5.7B | $7.9B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资MSCISWKS
| Q1 26 | — | $1.6B | ||
| Q4 25 | $515.3M | $1.4B | ||
| Q3 25 | $400.1M | — | ||
| Q2 25 | $347.3M | $1.3B | ||
| Q1 25 | $360.7M | $1.5B | ||
| Q4 24 | $409.4M | $1.7B | ||
| Q3 24 | $501.0M | $1.6B | ||
| Q2 24 | $451.4M | $1.3B |
总债务MSCISWKS
| Q1 26 | — | $496.6M | ||
| Q4 25 | $6.2B | $496.4M | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $4.5B | $496.2M | ||
| Q1 25 | $4.5B | $995.1M | ||
| Q4 24 | $4.5B | $994.7M | ||
| Q3 24 | $4.5B | $994.3M | ||
| Q2 24 | $4.5B | $994.0M |
股东权益MSCISWKS
| Q1 26 | — | $5.8B | ||
| Q4 25 | $-2.7B | $5.8B | ||
| Q3 25 | $-1.9B | — | ||
| Q2 25 | $-886.2M | $5.7B | ||
| Q1 25 | $-958.6M | $5.9B | ||
| Q4 24 | $-940.0M | $6.4B | ||
| Q3 24 | $-751.0M | $6.3B | ||
| Q2 24 | $-734.5M | $6.3B |
总资产MSCISWKS
| Q1 26 | — | $7.9B | ||
| Q4 25 | $5.7B | $7.9B | ||
| Q3 25 | $5.4B | — | ||
| Q2 25 | $5.4B | $7.7B | ||
| Q1 25 | $5.3B | $7.9B | ||
| Q4 24 | $5.4B | $8.3B | ||
| Q3 24 | $5.4B | $8.3B | ||
| Q2 24 | $5.5B | $8.2B |
负债/权益比MSCISWKS
| Q1 26 | — | 0.09× | ||
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.09× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | — | 0.16× | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.16× |
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 | $395.5M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $339.0M |
| 自由现金流率自由现金流/营收 | 59.4% | 32.7% |
| 资本支出强度资本支出/营收 | 1.5% | 5.5% |
| 现金转化率经营现金流/净利润 | 1.76× | 4.99× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $1.1B |
8季度趋势，按日历期对齐
经营现金流MSCISWKS
| Q1 26 | — | $395.5M | ||
| Q4 25 | $501.1M | $200.0M | ||
| Q3 25 | $449.4M | — | ||
| Q2 25 | $336.1M | $314.2M | ||
| Q1 25 | $301.7M | $409.4M | ||
| Q4 24 | $430.6M | $377.2M | ||
| Q3 24 | $421.6M | $476.1M | ||
| Q2 24 | $349.2M | $273.4M |
自由现金流MSCISWKS
| Q1 26 | — | $339.0M | ||
| Q4 25 | $488.7M | $144.0M | ||
| Q3 25 | $445.5M | — | ||
| Q2 25 | $324.7M | $252.7M | ||
| Q1 25 | $290.2M | $370.9M | ||
| Q4 24 | $416.4M | $338.2M | ||
| Q3 24 | $415.0M | $393.3M | ||
| Q2 24 | $340.6M | $249.0M |
自由现金流率MSCISWKS
| Q1 26 | — | 32.7% | ||
| Q4 25 | 59.4% | 13.1% | ||
| Q3 25 | 56.2% | — | ||
| Q2 25 | 42.0% | 26.2% | ||
| Q1 25 | 38.9% | 38.9% | ||
| Q4 24 | 56.0% | 31.7% | ||
| Q3 24 | 57.3% | 38.4% | ||
| Q2 24 | 48.1% | 27.5% |
资本支出强度MSCISWKS
| Q1 26 | — | 5.5% | ||
| Q4 25 | 1.5% | 5.1% | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 1.5% | 6.4% | ||
| Q1 25 | 1.5% | 4.0% | ||
| Q4 24 | 1.9% | 3.6% | ||
| Q3 24 | 0.9% | 8.1% | ||
| Q2 24 | 1.2% | 2.7% |
现金转化率MSCISWKS
| Q1 26 | — | 4.99× | ||
| Q4 25 | 1.76× | 1.41× | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.11× | 2.99× | ||
| Q1 25 | 1.05× | 5.96× | ||
| Q4 24 | 1.41× | 2.33× | ||
| Q3 24 | 1.50× | 7.87× | ||
| Q2 24 | 1.31× | 2.26× |
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% |
SWKS
| Sales Channel Through Intermediary | $915.6M | 88% |
| Sales Channel Directly To Consumer | $119.8M | 12% |
