vs
明晟（MSCI）与泰瑞达（TER）财务数据对比。点击上方公司名可切换其他公司
泰瑞达的季度营收约是明晟的1.3倍（$1.1B vs $822.5M），明晟净利率更高（34.6% vs 23.7%，领先10.9%），泰瑞达同比增速更快（43.9% vs 10.6%），明晟自由现金流更多（$488.7M vs $218.8M），过去两年泰瑞达的营收复合增速更高（34.4% vs 10.0%）
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。
泰瑞达是总部位于美国马萨诸塞州北雷丁的自动测试设备（ATE）设计及制造企业，在全球半导体测试领域拥有深厚技术积累，服务的知名客户涵盖三星、高通、英特尔、亚德诺、德州仪器、IBM等行业头部企业。
MSCI vs TER — 直观对比
营收规模更大
TER
是对方的1.3倍
$822.5M
营收增速更快
TER
高出33.3%
10.6%
净利率更高
MSCI
高出10.9%
23.7%
自由现金流更多
MSCI
多$269.9M
$218.8M
两年增速更快
TER
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.1B |
| 净利润 | $284.7M | $257.2M |
| 毛利率 | — | 57.2% |
| 营业利润率 | 56.4% | 27.1% |
| 净利率 | 34.6% | 23.7% |
| 营收同比 | 10.6% | 43.9% |
| 净利润同比 | -6.8% | 75.9% |
| 每股收益（稀释后） | $3.81 | $1.62 |
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MSCITER
| Q4 25 | $822.5M | $1.1B | ||
| Q3 25 | $793.4M | $769.2M | ||
| Q2 25 | $772.7M | $651.8M | ||
| Q1 25 | $745.8M | $685.7M | ||
| Q4 24 | $743.5M | $752.9M | ||
| Q3 24 | $724.7M | $737.3M | ||
| Q2 24 | $707.9M | $729.9M | ||
| Q1 24 | $680.0M | $599.8M |
净利润MSCITER
| Q4 25 | $284.7M | $257.2M | ||
| Q3 25 | $325.4M | $119.6M | ||
| Q2 25 | $303.6M | $78.4M | ||
| Q1 25 | $288.6M | $98.9M | ||
| Q4 24 | $305.5M | $146.3M | ||
| Q3 24 | $280.9M | $145.6M | ||
| Q2 24 | $266.8M | $186.3M | ||
| Q1 24 | $256.0M | $64.2M |
毛利率MSCITER
| Q4 25 | — | 57.2% | ||
| Q3 25 | — | 58.4% | ||
| Q2 25 | — | 57.2% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | — | 59.4% | ||
| Q3 24 | — | 59.2% | ||
| Q2 24 | — | 58.3% | ||
| Q1 24 | — | 56.6% |
营业利润率MSCITER
| Q4 25 | 56.4% | 27.1% | ||
| Q3 25 | 56.4% | 18.9% | ||
| Q2 25 | 55.0% | 13.9% | ||
| Q1 25 | 50.6% | 17.6% | ||
| Q4 24 | 54.5% | 20.4% | ||
| Q3 24 | 55.4% | 20.6% | ||
| Q2 24 | 54.0% | 28.8% | ||
| Q1 24 | 49.9% | 13.0% |
净利率MSCITER
| Q4 25 | 34.6% | 23.7% | ||
| Q3 25 | 41.0% | 15.5% | ||
| Q2 25 | 39.3% | 12.0% | ||
| Q1 25 | 38.7% | 14.4% | ||
| Q4 24 | 41.1% | 19.4% | ||
| Q3 24 | 38.8% | 19.8% | ||
| Q2 24 | 37.7% | 25.5% | ||
| Q1 24 | 37.6% | 10.7% |
每股收益（稀释后）MSCITER
| Q4 25 | $3.81 | $1.62 | ||
| Q3 25 | $4.25 | $0.75 | ||
| Q2 25 | $3.92 | $0.49 | ||
| Q1 25 | $3.71 | $0.61 | ||
| Q4 24 | $3.89 | $0.89 | ||
| Q3 24 | $3.57 | $0.89 | ||
| Q2 24 | $3.37 | $1.14 | ||
| Q1 24 | $3.22 | $0.40 |
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 | $293.8M |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $2.8B |
| 总资产 | $5.7B | $4.2B |
| 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MSCITER
| Q4 25 | $515.3M | $293.8M | ||
| Q3 25 | $400.1M | $272.7M | ||
| Q2 25 | $347.3M | $339.3M | ||
| Q1 25 | $360.7M | $475.6M | ||
| Q4 24 | $409.4M | $553.4M | ||
| Q3 24 | $501.0M | $510.0M | ||
| Q2 24 | $451.4M | $421.9M | ||
| Q1 24 | $519.3M | $707.4M |
总债务MSCITER
| 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MSCITER
| Q4 25 | $-2.7B | $2.8B | ||
| Q3 25 | $-1.9B | $2.7B | ||
| Q2 25 | $-886.2M | $2.8B | ||
| Q1 25 | $-958.6M | $2.8B | ||
| Q4 24 | $-940.0M | $2.8B | ||
| Q3 24 | $-751.0M | $2.9B | ||
| Q2 24 | $-734.5M | $2.7B | ||
| Q1 24 | $-650.5M | $2.6B |
总资产MSCITER
| Q4 25 | $5.7B | $4.2B | ||
| Q3 25 | $5.4B | $4.0B | ||
| Q2 25 | $5.4B | $3.8B | ||
| Q1 25 | $5.3B | $3.7B | ||
| Q4 24 | $5.4B | $3.7B | ||
| Q3 24 | $5.4B | $3.8B | ||
| Q2 24 | $5.5B | $3.6B | ||
| Q1 24 | $5.5B | $3.4B |
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 | $281.6M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $218.8M |
| 自由现金流率自由现金流/营收 | 59.4% | 20.2% |
| 资本支出强度资本支出/营收 | 1.5% | 5.8% |
| 现金转化率经营现金流/净利润 | 1.76× | 1.09× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $450.4M |
8季度趋势，按日历期对齐
经营现金流MSCITER
| Q4 25 | $501.1M | $281.6M | ||
| Q3 25 | $449.4M | $49.0M | ||
| Q2 25 | $336.1M | $182.1M | ||
| Q1 25 | $301.7M | $161.6M | ||
| Q4 24 | $430.6M | $282.6M | ||
| Q3 24 | $421.6M | $166.3M | ||
| Q2 24 | $349.2M | $216.1M | ||
| Q1 24 | $300.1M | $7.3M |
自由现金流MSCITER
| Q4 25 | $488.7M | $218.8M | ||
| Q3 25 | $445.5M | $2.4M | ||
| Q2 25 | $324.7M | $131.7M | ||
| Q1 25 | $290.2M | $97.6M | ||
| Q4 24 | $416.4M | $225.2M | ||
| Q3 24 | $415.0M | $114.4M | ||
| Q2 24 | $340.6M | $171.2M | ||
| Q1 24 | $295.9M | $-36.7M |
自由现金流率MSCITER
| Q4 25 | 59.4% | 20.2% | ||
| Q3 25 | 56.2% | 0.3% | ||
| Q2 25 | 42.0% | 20.2% | ||
| Q1 25 | 38.9% | 14.2% | ||
| Q4 24 | 56.0% | 29.9% | ||
| Q3 24 | 57.3% | 15.5% | ||
| Q2 24 | 48.1% | 23.5% | ||
| Q1 24 | 43.5% | -6.1% |
资本支出强度MSCITER
| Q4 25 | 1.5% | 5.8% | ||
| Q3 25 | 0.5% | 6.1% | ||
| Q2 25 | 1.5% | 7.7% | ||
| Q1 25 | 1.5% | 9.3% | ||
| Q4 24 | 1.9% | 7.6% | ||
| Q3 24 | 0.9% | 7.0% | ||
| Q2 24 | 1.2% | 6.1% | ||
| Q1 24 | 0.6% | 7.3% |
现金转化率MSCITER
| Q4 25 | 1.76× | 1.09× | ||
| Q3 25 | 1.38× | 0.41× | ||
| Q2 25 | 1.11× | 2.32× | ||
| Q1 25 | 1.05× | 1.63× | ||
| Q4 24 | 1.41× | 1.93× | ||
| Q3 24 | 1.50× | 1.14× | ||
| Q2 24 | 1.31× | 1.16× | ||
| Q1 24 | 1.17× | 0.11× |
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% |
TER
| Soc | $646.5M | 60% |
| Memory | $206.5M | 19% |
| Transferred At Point In Time | $90.0M | 8% |
| Universal Robots | $89.4M | 8% |
| IST | $30.5M | 3% |
| Transferred Over Time | $20.5M | 2% |
