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明晟（MSCI）与Unity Software Inc.（U）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Unity Software Inc.的1.6倍（$822.5M vs $503.1M），明晟净利率更高（34.6% vs -17.9%，领先52.5%），明晟同比增速更快（10.6% vs 10.1%），明晟自由现金流更多（$488.7M vs $118.7M），过去两年明晟的营收复合增速更高（10.0% vs 4.5%）
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。
Unity Software Inc.是总部位于美国旧金山的游戏软件开发企业，2004年于丹麦成立时原名为Over the Edge Entertainment，2007年更为现名。公司核心产品Unity游戏引擎全球应用广泛，可用于开发各类电子游戏及其他互动应用，商业化授权服务覆盖全球客户。
MSCI vs U — 直观对比
营收规模更大
MSCI
是对方的1.6倍
$503.1M
营收增速更快
MSCI
高出0.6%
10.1%
净利率更高
MSCI
高出52.5%
-17.9%
自由现金流更多
MSCI
多$370.0M
$118.7M
两年增速更快
MSCI
近两年复合增速
4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $503.1M |
| 净利润 | $284.7M | $-90.0M |
| 毛利率 | — | 74.3% |
| 营业利润率 | 56.4% | -21.2% |
| 净利率 | 34.6% | -17.9% |
| 营收同比 | 10.6% | 10.1% |
| 净利润同比 | -6.8% | 26.7% |
| 每股收益（稀释后） | $3.81 | $-0.21 |
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MSCIU
| Q4 25 | $822.5M | $503.1M | ||
| Q3 25 | $793.4M | $470.6M | ||
| Q2 25 | $772.7M | $440.9M | ||
| Q1 25 | $745.8M | $435.0M | ||
| Q4 24 | $743.5M | $457.1M | ||
| Q3 24 | $724.7M | $446.5M | ||
| Q2 24 | $707.9M | $449.3M | ||
| Q1 24 | $680.0M | $460.4M |
净利润MSCIU
| Q4 25 | $284.7M | $-90.0M | ||
| Q3 25 | $325.4M | $-126.4M | ||
| Q2 25 | $303.6M | $-108.8M | ||
| Q1 25 | $288.6M | $-77.6M | ||
| Q4 24 | $305.5M | $-122.7M | ||
| Q3 24 | $280.9M | $-124.7M | ||
| Q2 24 | $266.8M | $-125.6M | ||
| Q1 24 | $256.0M | $-291.1M |
毛利率MSCIU
| Q4 25 | — | 74.3% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 74.1% | ||
| Q1 25 | — | 73.8% | ||
| Q4 24 | — | 74.7% | ||
| Q3 24 | — | 74.9% | ||
| Q2 24 | — | 75.8% | ||
| Q1 24 | — | 68.6% |
营业利润率MSCIU
| Q4 25 | 56.4% | -21.2% | ||
| Q3 25 | 56.4% | -26.7% | ||
| Q2 25 | 55.0% | -26.9% | ||
| Q1 25 | 50.6% | -29.4% | ||
| Q4 24 | 54.5% | -27.1% | ||
| Q3 24 | 55.4% | -28.5% | ||
| Q2 24 | 54.0% | -28.8% | ||
| Q1 24 | 49.9% | -81.4% |
净利率MSCIU
| Q4 25 | 34.6% | -17.9% | ||
| Q3 25 | 41.0% | -26.9% | ||
| Q2 25 | 39.3% | -24.7% | ||
| Q1 25 | 38.7% | -17.8% | ||
| Q4 24 | 41.1% | -26.8% | ||
| Q3 24 | 38.8% | -27.9% | ||
| Q2 24 | 37.7% | -28.0% | ||
| Q1 24 | 37.6% | -63.2% |
每股收益（稀释后）MSCIU
| Q4 25 | $3.81 | $-0.21 | ||
| Q3 25 | $4.25 | $-0.30 | ||
| Q2 25 | $3.92 | $-0.26 | ||
| Q1 25 | $3.71 | $-0.19 | ||
| Q4 24 | $3.89 | $-0.30 | ||
| Q3 24 | $3.57 | $-0.31 | ||
| Q2 24 | $3.37 | $-0.32 | ||
| Q1 24 | $3.22 | $-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 | $2.1B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $3.2B |
| 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MSCIU
| Q4 25 | $515.3M | $2.1B | ||
| Q3 25 | $400.1M | $1.9B | ||
| Q2 25 | $347.3M | $1.7B | ||
| Q1 25 | $360.7M | $1.5B | ||
| Q4 24 | $409.4M | $1.5B | ||
| Q3 24 | $501.0M | $1.4B | ||
| Q2 24 | $451.4M | $1.3B | ||
| Q1 24 | $519.3M | $1.2B |
总债务MSCIU
| 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MSCIU
| Q4 25 | $-2.7B | $3.2B | ||
| Q3 25 | $-1.9B | $3.2B | ||
| Q2 25 | $-886.2M | $3.2B | ||
| Q1 25 | $-958.6M | $3.2B | ||
| Q4 24 | $-940.0M | $3.2B | ||
| Q3 24 | $-751.0M | $3.2B | ||
| Q2 24 | $-734.5M | $3.2B | ||
| Q1 24 | $-650.5M | $3.2B |
总资产MSCIU
| Q4 25 | $5.7B | $6.8B | ||
| Q3 25 | $5.4B | $6.8B | ||
| Q2 25 | $5.4B | $6.7B | ||
| Q1 25 | $5.3B | $6.6B | ||
| Q4 24 | $5.4B | $6.7B | ||
| Q3 24 | $5.4B | $6.7B | ||
| Q2 24 | $5.5B | $6.7B | ||
| Q1 24 | $5.5B | $6.8B |
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 | $121.4M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $118.7M |
| 自由现金流率自由现金流/营收 | 59.4% | 23.6% |
| 资本支出强度资本支出/营收 | 1.5% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.76× | — |
| 过去12个月自由现金流最近4个季度 | $1.5B | $403.9M |
8季度趋势，按日历期对齐
经营现金流MSCIU
| Q4 25 | $501.1M | $121.4M | ||
| Q3 25 | $449.4M | $155.4M | ||
| Q2 25 | $336.1M | $133.1M | ||
| Q1 25 | $301.7M | $13.0M | ||
| Q4 24 | $430.6M | $112.2M | ||
| Q3 24 | $421.6M | $122.4M | ||
| Q2 24 | $349.2M | $88.4M | ||
| Q1 24 | $300.1M | $-7.4M |
自由现金流MSCIU
| Q4 25 | $488.7M | $118.7M | ||
| Q3 25 | $445.5M | $151.3M | ||
| Q2 25 | $324.7M | $126.7M | ||
| Q1 25 | $290.2M | $7.3M | ||
| Q4 24 | $416.4M | $105.8M | ||
| Q3 24 | $415.0M | $115.2M | ||
| Q2 24 | $340.6M | $79.6M | ||
| Q1 24 | $295.9M | $-14.6M |
自由现金流率MSCIU
| Q4 25 | 59.4% | 23.6% | ||
| Q3 25 | 56.2% | 32.1% | ||
| Q2 25 | 42.0% | 28.7% | ||
| Q1 25 | 38.9% | 1.7% | ||
| Q4 24 | 56.0% | 23.1% | ||
| Q3 24 | 57.3% | 25.8% | ||
| Q2 24 | 48.1% | 17.7% | ||
| Q1 24 | 43.5% | -3.2% |
资本支出强度MSCIU
| Q4 25 | 1.5% | 0.5% | ||
| Q3 25 | 0.5% | 0.9% | ||
| Q2 25 | 1.5% | 1.5% | ||
| Q1 25 | 1.5% | 1.3% | ||
| Q4 24 | 1.9% | 1.4% | ||
| Q3 24 | 0.9% | 1.6% | ||
| Q2 24 | 1.2% | 2.0% | ||
| Q1 24 | 0.6% | 1.6% |
现金转化率MSCIU
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | — | ||
| 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% |
U
| Grow Solutions | $338.2M | 67% |
| Create Solutions | $164.9M | 33% |
