vs
明晟（MSCI）与Tyler Technologies（TYL）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是Tyler Technologies的1.3倍（$822.5M vs $613.5M），明晟净利率更高（34.6% vs 13.2%，领先21.4%），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 $2.0M），过去两年明晟的营收复合增速更高（10.0% vs 6.5%）
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。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
MSCI vs TYL — 直观对比
营收规模更大
MSCI
是对方的1.3倍
$613.5M
营收增速更快
MSCI
高出2.1%
8.6%
净利率更高
MSCI
高出21.4%
13.2%
自由现金流更多
MSCI
多$486.7M
$2.0M
两年增速更快
MSCI
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $613.5M |
| 净利润 | $284.7M | $81.2M |
| 毛利率 | — | 48.3% |
| 营业利润率 | 56.4% | 16.3% |
| 净利率 | 34.6% | 13.2% |
| 营收同比 | 10.6% | 8.6% |
| 净利润同比 | -6.8% | — |
| 每股收益（稀释后） | $3.81 | $1.88 |
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MSCITYL
| Q1 26 | — | $613.5M | ||
| Q4 25 | $822.5M | $575.2M | ||
| Q3 25 | $793.4M | $595.9M | ||
| Q2 25 | $772.7M | $596.1M | ||
| Q1 25 | $745.8M | $565.2M | ||
| Q4 24 | $743.5M | $541.1M | ||
| Q3 24 | $724.7M | $543.3M | ||
| Q2 24 | $707.9M | $541.0M |
净利润MSCITYL
| Q1 26 | — | $81.2M | ||
| Q4 25 | $284.7M | $65.5M | ||
| Q3 25 | $325.4M | $84.4M | ||
| Q2 25 | $303.6M | $84.6M | ||
| Q1 25 | $288.6M | $81.1M | ||
| Q4 24 | $305.5M | $65.2M | ||
| Q3 24 | $280.9M | $75.9M | ||
| Q2 24 | $266.8M | $67.7M |
毛利率MSCITYL
| Q1 26 | — | 48.3% | ||
| Q4 25 | — | 45.5% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 45.8% | ||
| Q1 25 | — | 47.3% | ||
| Q4 24 | — | 43.8% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 44.0% |
营业利润率MSCITYL
| Q1 26 | — | 16.3% | ||
| Q4 25 | 56.4% | 13.0% | ||
| Q3 25 | 56.4% | 16.4% | ||
| Q2 25 | 55.0% | 16.0% | ||
| Q1 25 | 50.6% | 15.8% | ||
| Q4 24 | 54.5% | 13.2% | ||
| Q3 24 | 55.4% | 15.2% | ||
| Q2 24 | 54.0% | 14.4% |
净利率MSCITYL
| Q1 26 | — | 13.2% | ||
| Q4 25 | 34.6% | 11.4% | ||
| Q3 25 | 41.0% | 14.2% | ||
| Q2 25 | 39.3% | 14.2% | ||
| Q1 25 | 38.7% | 14.3% | ||
| Q4 24 | 41.1% | 12.1% | ||
| Q3 24 | 38.8% | 14.0% | ||
| Q2 24 | 37.7% | 12.5% |
每股收益（稀释后）MSCITYL
| Q1 26 | — | $1.88 | ||
| Q4 25 | $3.81 | $1.50 | ||
| Q3 25 | $4.25 | $1.93 | ||
| Q2 25 | $3.92 | $1.93 | ||
| Q1 25 | $3.71 | $1.84 | ||
| Q4 24 | $3.89 | $1.48 | ||
| Q3 24 | $3.57 | $1.74 | ||
| Q2 24 | $3.37 | $1.57 |
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 | $346.4M |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $3.6B |
| 总资产 | $5.7B | $4.8B |
| 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MSCITYL
| Q1 26 | — | $346.4M | ||
| Q4 25 | $515.3M | $1.1B | ||
| Q3 25 | $400.1M | $950.8M | ||
| Q2 25 | $347.3M | $892.3M | ||
| Q1 25 | $360.7M | $807.4M | ||
| Q4 24 | $409.4M | $768.0M | ||
| Q3 24 | $501.0M | $544.3M | ||
| Q2 24 | $451.4M | $258.0M |
总债务MSCITYL
| Q1 26 | — | — | ||
| Q4 25 | $6.2B | $599.7M | ||
| Q3 25 | $5.5B | $599.2M | ||
| Q2 25 | $4.5B | $598.8M | ||
| Q1 25 | $4.5B | $598.4M | ||
| Q4 24 | $4.5B | $597.9M | ||
| Q3 24 | $4.5B | $597.5M | ||
| Q2 24 | $4.5B | $597.1M |
股东权益MSCITYL
| Q1 26 | — | $3.6B | ||
| Q4 25 | $-2.7B | $3.7B | ||
| Q3 25 | $-1.9B | $3.6B | ||
| Q2 25 | $-886.2M | $3.6B | ||
| Q1 25 | $-958.6M | $3.5B | ||
| Q4 24 | $-940.0M | $3.4B | ||
| Q3 24 | $-751.0M | $3.3B | ||
| Q2 24 | $-734.5M | $3.1B |
总资产MSCITYL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $5.7B | $5.6B | ||
| Q3 25 | $5.4B | $5.5B | ||
| Q2 25 | $5.4B | $5.4B | ||
| Q1 25 | $5.3B | $5.2B | ||
| Q4 24 | $5.4B | $5.2B | ||
| Q3 24 | $5.4B | $5.0B | ||
| Q2 24 | $5.5B | $4.8B |
负债/权益比MSCITYL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.19× |
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 | $107.3M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $2.0M |
| 自由现金流率自由现金流/营收 | 59.4% | 0.3% |
| 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× | 1.32× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $585.7M |
8季度趋势，按日历期对齐
经营现金流MSCITYL
| Q1 26 | — | $107.3M | ||
| Q4 25 | $501.1M | $243.9M | ||
| Q3 25 | $449.4M | $255.2M | ||
| Q2 25 | $336.1M | $98.3M | ||
| Q1 25 | $301.7M | $56.2M | ||
| Q4 24 | $430.6M | $224.8M | ||
| Q3 24 | $421.6M | $263.7M | ||
| Q2 24 | $349.2M | $64.3M |
自由现金流MSCITYL
| Q1 26 | — | $2.0M | ||
| Q4 25 | $488.7M | $239.6M | ||
| Q3 25 | $445.5M | $251.3M | ||
| Q2 25 | $324.7M | $92.8M | ||
| Q1 25 | $290.2M | $53.8M | ||
| Q4 24 | $416.4M | $221.0M | ||
| Q3 24 | $415.0M | $260.8M | ||
| Q2 24 | $340.6M | $57.7M |
自由现金流率MSCITYL
| Q1 26 | — | 0.3% | ||
| Q4 25 | 59.4% | 41.7% | ||
| Q3 25 | 56.2% | 42.2% | ||
| Q2 25 | 42.0% | 15.6% | ||
| Q1 25 | 38.9% | 9.5% | ||
| Q4 24 | 56.0% | 40.8% | ||
| Q3 24 | 57.3% | 48.0% | ||
| Q2 24 | 48.1% | 10.7% |
资本支出强度MSCITYL
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 0.8% | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 1.5% | 0.9% | ||
| Q1 25 | 1.5% | 0.4% | ||
| Q4 24 | 1.9% | 0.7% | ||
| Q3 24 | 0.9% | 0.5% | ||
| Q2 24 | 1.2% | 1.2% |
现金转化率MSCITYL
| Q1 26 | — | 1.32× | ||
| Q4 25 | 1.76× | 3.72× | ||
| Q3 25 | 1.38× | 3.02× | ||
| Q2 25 | 1.11× | 1.16× | ||
| Q1 25 | 1.05× | 0.69× | ||
| Q4 24 | 1.41× | 3.45× | ||
| Q3 24 | 1.50× | 3.47× | ||
| Q2 24 | 1.31× | 0.95× |
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% |
TYL
| Subscriptions | $429.7M | 70% |
| Maintenance | $108.9M | 18% |
| Other | $74.9M | 12% |
