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明晟（MSCI）与Ultra Clean Holdings, Inc.（UCTT）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Ultra Clean Holdings, Inc.的1.5倍（$822.5M vs $533.7M），明晟净利率更高（34.6% vs -2.8%，领先37.4%），明晟同比增速更快（10.6% vs 2.9%），过去两年明晟的营收复合增速更高（10.0% vs 1.7%）
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。
Ultra Clean Holdings是面向半导体、先进显示及生命科学领域的全球供应商，核心业务涵盖关键子系统制造、超高纯清洗服务及精密工艺组件供应，业务覆盖北美、亚洲、欧洲，服务头部晶圆厂及高科技设备制造商。
MSCI vs UCTT — 直观对比
营收规模更大
MSCI
是对方的1.5倍
$533.7M
营收增速更快
MSCI
高出7.7%
2.9%
净利率更高
MSCI
高出37.4%
-2.8%
两年增速更快
MSCI
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $533.7M |
| 净利润 | $284.7M | $-15.0M |
| 毛利率 | — | 12.2% |
| 营业利润率 | 56.4% | 2.1% |
| 净利率 | 34.6% | -2.8% |
| 营收同比 | 10.6% | 2.9% |
| 净利润同比 | -6.8% | -500.0% |
| 每股收益（稀释后） | $3.81 | $-0.40 |
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MSCIUCTT
| Q1 26 | — | $533.7M | ||
| Q4 25 | $822.5M | $506.6M | ||
| Q3 25 | $793.4M | $510.0M | ||
| Q2 25 | $772.7M | $518.8M | ||
| Q1 25 | $745.8M | $518.6M | ||
| Q4 24 | $743.5M | $563.4M | ||
| Q3 24 | $724.7M | $540.4M | ||
| Q2 24 | $707.9M | $516.1M |
净利润MSCIUCTT
| Q1 26 | — | $-15.0M | ||
| Q4 25 | $284.7M | $-3.3M | ||
| Q3 25 | $325.4M | $-10.9M | ||
| Q2 25 | $303.6M | $-162.0M | ||
| Q1 25 | $288.6M | $-5.0M | ||
| Q4 24 | $305.5M | $16.3M | ||
| Q3 24 | $280.9M | $-2.3M | ||
| Q2 24 | $266.8M | $19.1M |
毛利率MSCIUCTT
| Q1 26 | — | 12.2% | ||
| Q4 25 | — | 15.2% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 15.3% | ||
| Q1 25 | — | 16.2% | ||
| Q4 24 | — | 16.3% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 17.1% |
营业利润率MSCIUCTT
| Q1 26 | — | 2.1% | ||
| Q4 25 | 56.4% | 2.2% | ||
| Q3 25 | 56.4% | 2.1% | ||
| Q2 25 | 55.0% | -27.3% | ||
| Q1 25 | 50.6% | 2.5% | ||
| Q4 24 | 54.5% | 4.6% | ||
| Q3 24 | 55.4% | 4.7% | ||
| Q2 24 | 54.0% | 4.4% |
净利率MSCIUCTT
| Q1 26 | — | -2.8% | ||
| Q4 25 | 34.6% | -0.7% | ||
| Q3 25 | 41.0% | -2.1% | ||
| Q2 25 | 39.3% | -31.2% | ||
| Q1 25 | 38.7% | -1.0% | ||
| Q4 24 | 41.1% | 2.9% | ||
| Q3 24 | 38.8% | -0.4% | ||
| Q2 24 | 37.7% | 3.7% |
每股收益（稀释后）MSCIUCTT
| Q1 26 | — | $-0.40 | ||
| Q4 25 | $3.81 | $-0.07 | ||
| Q3 25 | $4.25 | $-0.24 | ||
| Q2 25 | $3.92 | $-3.58 | ||
| Q1 25 | $3.71 | $-0.11 | ||
| Q4 24 | $3.89 | $0.36 | ||
| Q3 24 | $3.57 | $-0.05 | ||
| Q2 24 | $3.37 | $0.42 |
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 | $323.5M |
| 总债务越低越好 | $6.2B | $601.9M |
| 股东权益账面价值 | $-2.7B | $702.1M |
| 总资产 | $5.7B | $1.9B |
| 负债/权益比越低杠杆越低 | — | 0.86× |
8季度趋势，按日历期对齐
现金及短期投资MSCIUCTT
| Q1 26 | — | $323.5M | ||
| Q4 25 | $515.3M | $311.8M | ||
| Q3 25 | $400.1M | $314.1M | ||
| Q2 25 | $347.3M | $327.4M | ||
| Q1 25 | $360.7M | $317.6M | ||
| Q4 24 | $409.4M | $313.9M | ||
| Q3 24 | $501.0M | $318.2M | ||
| Q2 24 | $451.4M | $319.5M |
总债务MSCIUCTT
| Q1 26 | — | $601.9M | ||
| Q4 25 | $6.2B | $481.4M | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | $499.7M | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — |
股东权益MSCIUCTT
| Q1 26 | — | $702.1M | ||
| Q4 25 | $-2.7B | $711.0M | ||
| Q3 25 | $-1.9B | $709.9M | ||
| Q2 25 | $-886.2M | $719.4M | ||
| Q1 25 | $-958.6M | $872.0M | ||
| Q4 24 | $-940.0M | $873.6M | ||
| Q3 24 | $-751.0M | $857.9M | ||
| Q2 24 | $-734.5M | $852.3M |
总资产MSCIUCTT
| Q1 26 | — | $1.9B | ||
| Q4 25 | $5.7B | $1.7B | ||
| Q3 25 | $5.4B | $1.7B | ||
| Q2 25 | $5.4B | $1.7B | ||
| Q1 25 | $5.3B | $1.9B | ||
| Q4 24 | $5.4B | $1.9B | ||
| Q3 24 | $5.4B | $1.9B | ||
| Q2 24 | $5.5B | $1.9B |
负债/权益比MSCIUCTT
| Q1 26 | — | 0.86× | ||
| Q4 25 | — | 0.68× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.57× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $488.7M | — |
| 自由现金流率自由现金流/营收 | 59.4% | — |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $1.5B | — |
8季度趋势，按日历期对齐
经营现金流MSCIUCTT
| Q1 26 | — | — | ||
| Q4 25 | $501.1M | $8.1M | ||
| Q3 25 | $449.4M | $100.0K | ||
| Q2 25 | $336.1M | $29.2M | ||
| Q1 25 | $301.7M | $28.2M | ||
| Q4 24 | $430.6M | $17.1M | ||
| Q3 24 | $421.6M | $14.9M | ||
| Q2 24 | $349.2M | $23.2M |
自由现金流MSCIUCTT
| Q1 26 | — | — | ||
| Q4 25 | $488.7M | $-2.0M | ||
| Q3 25 | $445.5M | $-10.9M | ||
| Q2 25 | $324.7M | $12.4M | ||
| Q1 25 | $290.2M | $15.8M | ||
| Q4 24 | $416.4M | $-200.0K | ||
| Q3 24 | $415.0M | $-300.0K | ||
| Q2 24 | $340.6M | $10.2M |
自由现金流率MSCIUCTT
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | -0.4% | ||
| Q3 25 | 56.2% | -2.1% | ||
| Q2 25 | 42.0% | 2.4% | ||
| Q1 25 | 38.9% | 3.0% | ||
| Q4 24 | 56.0% | -0.0% | ||
| Q3 24 | 57.3% | -0.1% | ||
| Q2 24 | 48.1% | 2.0% |
资本支出强度MSCIUCTT
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 2.0% | ||
| Q3 25 | 0.5% | 2.2% | ||
| Q2 25 | 1.5% | 3.2% | ||
| Q1 25 | 1.5% | 2.4% | ||
| Q4 24 | 1.9% | 3.1% | ||
| Q3 24 | 0.9% | 2.8% | ||
| Q2 24 | 1.2% | 2.5% |
现金转化率MSCIUCTT
| Q1 26 | — | — | ||
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.05× | — | ||
| Q4 24 | 1.41× | 1.05× | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | 1.21× |
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% |
UCTT
| Products | $465.7M | 87% |
| Services | $68.0M | 13% |
