vs
明晟（MSCI）与VinFast Auto Ltd.（VFS）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VinFast Auto Ltd.的1.1倍（$822.5M vs $718.6M），明晟净利率更高（34.6% vs -2.8%，领先37.4%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
MSCI vs VFS — 直观对比
营收规模更大
MSCI
是对方的1.1倍
$718.6M
净利率更高
MSCI
高出37.4%
-2.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $718.6M |
| 净利润 | $284.7M | $-20.0M |
| 毛利率 | — | — |
| 营业利润率 | 56.4% | -96.1% |
| 净利率 | 34.6% | -2.8% |
| 营收同比 | 10.6% | — |
| 净利润同比 | -6.8% | — |
| 每股收益（稀释后） | $3.81 | — |
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MSCIVFS
| Q4 25 | $822.5M | — | ||
| Q3 25 | $793.4M | $718.6M | ||
| Q2 25 | $772.7M | $663.0M | ||
| Q1 25 | $745.8M | $656.5M | ||
| Q4 24 | $743.5M | — | ||
| Q3 24 | $724.7M | $511.6M | ||
| Q2 24 | $707.9M | — | ||
| Q1 24 | $680.0M | $302.6M |
净利润MSCIVFS
| Q4 25 | $284.7M | — | ||
| Q3 25 | $325.4M | $-20.0M | ||
| Q2 25 | $303.6M | $-51.8M | ||
| Q1 25 | $288.6M | $-26.1M | ||
| Q4 24 | $305.5M | — | ||
| Q3 24 | $280.9M | $-10.4M | ||
| Q2 24 | $266.8M | — | ||
| Q1 24 | $256.0M | $-618.3M |
营业利润率MSCIVFS
| Q4 25 | 56.4% | — | ||
| Q3 25 | 56.4% | -96.1% | ||
| Q2 25 | 55.0% | -79.0% | ||
| Q1 25 | 50.6% | -74.0% | ||
| Q4 24 | 54.5% | — | ||
| Q3 24 | 55.4% | -65.9% | ||
| Q2 24 | 54.0% | — | ||
| Q1 24 | 49.9% | -139.4% |
净利率MSCIVFS
| Q4 25 | 34.6% | — | ||
| Q3 25 | 41.0% | -2.8% | ||
| Q2 25 | 39.3% | -7.8% | ||
| Q1 25 | 38.7% | -4.0% | ||
| Q4 24 | 41.1% | — | ||
| Q3 24 | 38.8% | -2.0% | ||
| Q2 24 | 37.7% | — | ||
| Q1 24 | 37.6% | -204.3% |
每股收益（稀释后）MSCIVFS
| Q4 25 | $3.81 | — | ||
| Q3 25 | $4.25 | — | ||
| Q2 25 | $3.92 | — | ||
| Q1 25 | $3.71 | — | ||
| Q4 24 | $3.89 | — | ||
| Q3 24 | $3.57 | — | ||
| Q2 24 | $3.37 | — | ||
| Q1 24 | $3.22 | — |
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 | $8.8M |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | — |
| 总资产 | $5.7B | $183.2M |
| 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MSCIVFS
| Q4 25 | $515.3M | — | ||
| Q3 25 | $400.1M | $8.8M | ||
| Q2 25 | $347.3M | $650.0M | ||
| Q1 25 | $360.7M | $2.4M | ||
| Q4 24 | $409.4M | — | ||
| Q3 24 | $501.0M | $1.9M | ||
| Q2 24 | $451.4M | — | ||
| Q1 24 | $519.3M | $3.0M |
总债务MSCIVFS
| 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MSCIVFS
| Q4 25 | $-2.7B | — | ||
| Q3 25 | $-1.9B | — | ||
| Q2 25 | $-886.2M | $-7.2B | ||
| Q1 25 | $-958.6M | — | ||
| Q4 24 | $-940.0M | — | ||
| Q3 24 | $-751.0M | — | ||
| Q2 24 | $-734.5M | — | ||
| Q1 24 | $-650.5M | — |
总资产MSCIVFS
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.4B | $183.2M | ||
| Q2 25 | $5.4B | $7.2B | ||
| Q1 25 | $5.3B | $158.2M | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.4B | $151.8M | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.5B | $145.6M |
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MSCIVFS
| Q4 25 | $501.1M | — | ||
| Q3 25 | $449.4M | — | ||
| Q2 25 | $336.1M | — | ||
| Q1 25 | $301.7M | — | ||
| Q4 24 | $430.6M | — | ||
| Q3 24 | $421.6M | — | ||
| Q2 24 | $349.2M | — | ||
| Q1 24 | $300.1M | — |
自由现金流MSCIVFS
| Q4 25 | $488.7M | — | ||
| Q3 25 | $445.5M | — | ||
| Q2 25 | $324.7M | — | ||
| Q1 25 | $290.2M | — | ||
| Q4 24 | $416.4M | — | ||
| Q3 24 | $415.0M | — | ||
| Q2 24 | $340.6M | — | ||
| Q1 24 | $295.9M | — |
自由现金流率MSCIVFS
| Q4 25 | 59.4% | — | ||
| Q3 25 | 56.2% | — | ||
| Q2 25 | 42.0% | — | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 56.0% | — | ||
| Q3 24 | 57.3% | — | ||
| Q2 24 | 48.1% | — | ||
| Q1 24 | 43.5% | — |
资本支出强度MSCIVFS
| Q4 25 | 1.5% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 0.9% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 0.6% | — |
现金转化率MSCIVFS
| 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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
