vs
明晟（MSCI）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是明晟的2.0倍（$1.6B vs $822.5M），明晟净利率更高（34.6% vs 6.2%，领先28.4%），Toast, Inc.同比增速更快（22.0% vs 10.6%），明晟自由现金流更多（$488.7M vs $178.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
MSCI vs TOST — 直观对比
营收规模更大
TOST
是对方的2.0倍
$822.5M
营收增速更快
TOST
高出11.4%
10.6%
净利率更高
MSCI
高出28.4%
6.2%
自由现金流更多
MSCI
多$310.7M
$178.0M
两年增速更快
TOST
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.6B |
| 净利润 | $284.7M | $101.0M |
| 毛利率 | — | 25.9% |
| 营业利润率 | 56.4% | 5.2% |
| 净利率 | 34.6% | 6.2% |
| 营收同比 | 10.6% | 22.0% |
| 净利润同比 | -6.8% | 215.6% |
| 每股收益（稀释后） | $3.81 | $0.18 |
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MSCITOST
| Q4 25 | $822.5M | $1.6B | ||
| Q3 25 | $793.4M | $1.6B | ||
| Q2 25 | $772.7M | $1.6B | ||
| Q1 25 | $745.8M | $1.3B | ||
| Q4 24 | $743.5M | $1.3B | ||
| Q3 24 | $724.7M | $1.3B | ||
| Q2 24 | $707.9M | $1.2B | ||
| Q1 24 | $680.0M | $1.1B |
净利润MSCITOST
| Q4 25 | $284.7M | $101.0M | ||
| Q3 25 | $325.4M | $105.0M | ||
| Q2 25 | $303.6M | $80.0M | ||
| Q1 25 | $288.6M | $56.0M | ||
| Q4 24 | $305.5M | $32.0M | ||
| Q3 24 | $280.9M | $56.0M | ||
| Q2 24 | $266.8M | $14.0M | ||
| Q1 24 | $256.0M | $-83.0M |
毛利率MSCITOST
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
营业利润率MSCITOST
| Q4 25 | 56.4% | 5.2% | ||
| Q3 25 | 56.4% | 5.1% | ||
| Q2 25 | 55.0% | 5.2% | ||
| Q1 25 | 50.6% | 3.2% | ||
| Q4 24 | 54.5% | 2.5% | ||
| Q3 24 | 55.4% | 2.6% | ||
| Q2 24 | 54.0% | 0.4% | ||
| Q1 24 | 49.9% | -5.2% |
净利率MSCITOST
| Q4 25 | 34.6% | 6.2% | ||
| Q3 25 | 41.0% | 6.4% | ||
| Q2 25 | 39.3% | 5.2% | ||
| Q1 25 | 38.7% | 4.2% | ||
| Q4 24 | 41.1% | 2.4% | ||
| Q3 24 | 38.8% | 4.3% | ||
| Q2 24 | 37.7% | 1.1% | ||
| Q1 24 | 37.6% | -7.7% |
每股收益（稀释后）MSCITOST
| Q4 25 | $3.81 | $0.18 | ||
| Q3 25 | $4.25 | $0.16 | ||
| Q2 25 | $3.92 | $0.13 | ||
| Q1 25 | $3.71 | $0.09 | ||
| Q4 24 | $3.89 | $0.09 | ||
| Q3 24 | $3.57 | $0.07 | ||
| Q2 24 | $3.37 | $0.02 | ||
| Q1 24 | $3.22 | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $2.1B |
| 总资产 | $5.7B | $3.1B |
| 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MSCITOST
| Q4 25 | $515.3M | $1.4B | ||
| Q3 25 | $400.1M | $1.4B | ||
| Q2 25 | $347.3M | $1.2B | ||
| Q1 25 | $360.7M | $1.0B | ||
| Q4 24 | $409.4M | $903.0M | ||
| Q3 24 | $501.0M | $761.0M | ||
| Q2 24 | $451.4M | $691.0M | ||
| Q1 24 | $519.3M | $578.0M |
总债务MSCITOST
| 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MSCITOST
| Q4 25 | $-2.7B | $2.1B | ||
| Q3 25 | $-1.9B | $2.0B | ||
| Q2 25 | $-886.2M | $1.8B | ||
| Q1 25 | $-958.6M | $1.7B | ||
| Q4 24 | $-940.0M | $1.5B | ||
| Q3 24 | $-751.0M | $1.4B | ||
| Q2 24 | $-734.5M | $1.3B | ||
| Q1 24 | $-650.5M | $1.2B |
总资产MSCITOST
| Q4 25 | $5.7B | $3.1B | ||
| Q3 25 | $5.4B | $3.0B | ||
| Q2 25 | $5.4B | $2.8B | ||
| Q1 25 | $5.3B | $2.6B | ||
| Q4 24 | $5.4B | $2.4B | ||
| Q3 24 | $5.4B | $2.2B | ||
| Q2 24 | $5.5B | $2.2B | ||
| Q1 24 | $5.5B | $2.1B |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $178.0M |
| 自由现金流率自由现金流/营收 | 59.4% | 10.9% |
| 资本支出强度资本支出/营收 | 1.5% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.76× | 1.92× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $608.0M |
8季度趋势，按日历期对齐
经营现金流MSCITOST
| Q4 25 | $501.1M | $194.0M | ||
| Q3 25 | $449.4M | $165.0M | ||
| Q2 25 | $336.1M | $223.0M | ||
| Q1 25 | $301.7M | $79.0M | ||
| Q4 24 | $430.6M | $147.0M | ||
| Q3 24 | $421.6M | $109.0M | ||
| Q2 24 | $349.2M | $124.0M | ||
| Q1 24 | $300.1M | $-20.0M |
自由现金流MSCITOST
| Q4 25 | $488.7M | $178.0M | ||
| Q3 25 | $445.5M | $153.0M | ||
| Q2 25 | $324.7M | $208.0M | ||
| Q1 25 | $290.2M | $69.0M | ||
| Q4 24 | $416.4M | $134.0M | ||
| Q3 24 | $415.0M | $97.0M | ||
| Q2 24 | $340.6M | $108.0M | ||
| Q1 24 | $295.9M | $-33.0M |
自由现金流率MSCITOST
| Q4 25 | 59.4% | 10.9% | ||
| Q3 25 | 56.2% | 9.4% | ||
| Q2 25 | 42.0% | 13.4% | ||
| Q1 25 | 38.9% | 5.2% | ||
| Q4 24 | 56.0% | 10.0% | ||
| Q3 24 | 57.3% | 7.4% | ||
| Q2 24 | 48.1% | 8.7% | ||
| Q1 24 | 43.5% | -3.1% |
资本支出强度MSCITOST
| Q4 25 | 1.5% | 1.0% | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 1.5% | 1.0% | ||
| Q1 25 | 1.5% | 0.7% | ||
| Q4 24 | 1.9% | 1.0% | ||
| Q3 24 | 0.9% | 0.9% | ||
| Q2 24 | 1.2% | 1.3% | ||
| Q1 24 | 0.6% | 1.2% |
现金转化率MSCITOST
| Q4 25 | 1.76× | 1.92× | ||
| Q3 25 | 1.38× | 1.57× | ||
| Q2 25 | 1.11× | 2.79× | ||
| Q1 25 | 1.05× | 1.41× | ||
| Q4 24 | 1.41× | 4.59× | ||
| Q3 24 | 1.50× | 1.95× | ||
| Q2 24 | 1.31× | 8.86× | ||
| Q1 24 | 1.17× | — |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
