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明晟（MSCI）与Ubiquiti Inc.（UI）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Ubiquiti Inc.的1.0倍（$822.5M vs $814.9M），明晟净利率更高（34.6% vs 28.7%，领先5.9%），Ubiquiti Inc.同比增速更快（35.8% vs 10.6%），明晟自由现金流更多（$488.7M vs $260.3M），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% 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。
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
MSCI vs UI — 直观对比
营收规模更大
MSCI
是对方的1.0倍
$814.9M
营收增速更快
UI
高出25.2%
10.6%
净利率更高
MSCI
高出5.9%
28.7%
自由现金流更多
MSCI
多$228.4M
$260.3M
两年增速更快
UI
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $814.9M |
| 净利润 | $284.7M | $233.6M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 56.4% | 35.9% |
| 净利率 | 34.6% | 28.7% |
| 营收同比 | 10.6% | 35.8% |
| 净利润同比 | -6.8% | 70.8% |
| 每股收益（稀释后） | $3.81 | $3.86 |
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MSCIUI
| Q4 25 | $822.5M | $814.9M | ||
| Q3 25 | $793.4M | $733.8M | ||
| Q2 25 | $772.7M | $759.2M | ||
| Q1 25 | $745.8M | $664.2M | ||
| Q4 24 | $743.5M | $599.9M | ||
| Q3 24 | $724.7M | $550.3M | ||
| Q2 24 | $707.9M | $507.5M | ||
| Q1 24 | $680.0M | $493.0M |
净利润MSCIUI
| Q4 25 | $284.7M | $233.6M | ||
| Q3 25 | $325.4M | $207.9M | ||
| Q2 25 | $303.6M | $266.7M | ||
| Q1 25 | $288.6M | $180.4M | ||
| Q4 24 | $305.5M | $136.8M | ||
| Q3 24 | $280.9M | $128.0M | ||
| Q2 24 | $266.8M | $103.8M | ||
| Q1 24 | $256.0M | $76.3M |
毛利率MSCIUI
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 46.0% | ||
| Q2 25 | — | 45.1% | ||
| Q1 25 | — | 44.5% | ||
| Q4 24 | — | 41.2% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 40.2% | ||
| Q1 24 | — | 35.3% |
营业利润率MSCIUI
| Q4 25 | 56.4% | 35.9% | ||
| Q3 25 | 56.4% | 35.7% | ||
| Q2 25 | 55.0% | 34.4% | ||
| Q1 25 | 50.6% | 34.2% | ||
| Q4 24 | 54.5% | 29.8% | ||
| Q3 24 | 55.4% | 30.7% | ||
| Q2 24 | 54.0% | 27.3% | ||
| Q1 24 | 49.9% | 22.6% |
净利率MSCIUI
| Q4 25 | 34.6% | 28.7% | ||
| Q3 25 | 41.0% | 28.3% | ||
| Q2 25 | 39.3% | 35.1% | ||
| Q1 25 | 38.7% | 27.2% | ||
| Q4 24 | 41.1% | 22.8% | ||
| Q3 24 | 38.8% | 23.3% | ||
| Q2 24 | 37.7% | 20.5% | ||
| Q1 24 | 37.6% | 15.5% |
每股收益（稀释后）MSCIUI
| Q4 25 | $3.81 | $3.86 | ||
| Q3 25 | $4.25 | $3.43 | ||
| Q2 25 | $3.92 | $4.40 | ||
| Q1 25 | $3.71 | $2.98 | ||
| Q4 24 | $3.89 | $2.26 | ||
| Q3 24 | $3.57 | $2.12 | ||
| Q2 24 | $3.37 | $1.72 | ||
| Q1 24 | $3.22 | $1.26 |
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 | $302.8M |
| 总债务越低越好 | $6.2B | $47.5M |
| 股东权益账面价值 | $-2.7B | $1.0B |
| 总资产 | $5.7B | $1.6B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资MSCIUI
| Q4 25 | $515.3M | $302.8M | ||
| Q3 25 | $400.1M | $177.2M | ||
| Q2 25 | $347.3M | $149.7M | ||
| Q1 25 | $360.7M | $151.0M | ||
| Q4 24 | $409.4M | $133.1M | ||
| Q3 24 | $501.0M | $165.2M | ||
| Q2 24 | $451.4M | $126.3M | ||
| Q1 24 | $519.3M | $102.5M |
总债务MSCIUI
| Q4 25 | $6.2B | $47.5M | ||
| Q3 25 | $5.5B | $133.8M | ||
| Q2 25 | $4.5B | $250.0M | ||
| Q1 25 | $4.5B | $340.0M | ||
| Q4 24 | $4.5B | $406.3M | ||
| Q3 24 | $4.5B | $552.5M | ||
| Q2 24 | $4.5B | $708.1M | ||
| Q1 24 | $4.5B | $877.5M |
股东权益MSCIUI
| Q4 25 | $-2.7B | $1.0B | ||
| Q3 25 | $-1.9B | $828.4M | ||
| Q2 25 | $-886.2M | $668.3M | ||
| Q1 25 | $-958.6M | $436.1M | ||
| Q4 24 | $-940.0M | $290.4M | ||
| Q3 24 | $-751.0M | $188.1M | ||
| Q2 24 | $-734.5M | $95.1M | ||
| Q1 24 | $-650.5M | $25.9M |
总资产MSCIUI
| Q4 25 | $5.7B | $1.6B | ||
| Q3 25 | $5.4B | $1.5B | ||
| Q2 25 | $5.4B | $1.5B | ||
| Q1 25 | $5.3B | $1.3B | ||
| Q4 24 | $5.4B | $1.2B | ||
| Q3 24 | $5.4B | $1.2B | ||
| Q2 24 | $5.5B | $1.2B | ||
| Q1 24 | $5.5B | $1.2B |
负债/权益比MSCIUI
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.37× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 2.94× | ||
| Q2 24 | — | 7.45× | ||
| Q1 24 | — | 33.92× |
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 | $263.9M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $260.3M |
| 自由现金流率自由现金流/营收 | 59.4% | 31.9% |
| 资本支出强度资本支出/营收 | 1.5% | 0.4% |
| 现金转化率经营现金流/净利润 | 1.76× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $699.5M |
8季度趋势，按日历期对齐
经营现金流MSCIUI
| Q4 25 | $501.1M | $263.9M | ||
| Q3 25 | $449.4M | $198.5M | ||
| Q2 25 | $336.1M | $130.4M | ||
| Q1 25 | $301.7M | $123.6M | ||
| Q4 24 | $430.6M | $152.4M | ||
| Q3 24 | $421.6M | $233.7M | ||
| Q2 24 | $349.2M | $231.4M | ||
| Q1 24 | $300.1M | $163.9M |
自由现金流MSCIUI
| Q4 25 | $488.7M | $260.3M | ||
| Q3 25 | $445.5M | $193.3M | ||
| Q2 25 | $324.7M | $125.2M | ||
| Q1 25 | $290.2M | $120.7M | ||
| Q4 24 | $416.4M | $150.4M | ||
| Q3 24 | $415.0M | $231.1M | ||
| Q2 24 | $340.6M | $229.5M | ||
| Q1 24 | $295.9M | $160.6M |
自由现金流率MSCIUI
| Q4 25 | 59.4% | 31.9% | ||
| Q3 25 | 56.2% | 26.3% | ||
| Q2 25 | 42.0% | 16.5% | ||
| Q1 25 | 38.9% | 18.2% | ||
| Q4 24 | 56.0% | 25.1% | ||
| Q3 24 | 57.3% | 42.0% | ||
| Q2 24 | 48.1% | 45.2% | ||
| Q1 24 | 43.5% | 32.6% |
资本支出强度MSCIUI
| Q4 25 | 1.5% | 0.4% | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 1.5% | 0.7% | ||
| Q1 25 | 1.5% | 0.4% | ||
| Q4 24 | 1.9% | 0.3% | ||
| Q3 24 | 0.9% | 0.5% | ||
| Q2 24 | 1.2% | 0.4% | ||
| Q1 24 | 0.6% | 0.7% |
现金转化率MSCIUI
| Q4 25 | 1.76× | 1.13× | ||
| Q3 25 | 1.38× | 0.95× | ||
| Q2 25 | 1.11× | 0.49× | ||
| Q1 25 | 1.05× | 0.68× | ||
| Q4 24 | 1.41× | 1.11× | ||
| Q3 24 | 1.50× | 1.83× | ||
| Q2 24 | 1.31× | 2.23× | ||
| Q1 24 | 1.17× | 2.15× |
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% |
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
