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明晟（MSCI）与Worthington Steel, Inc.（WS）财务数据对比。点击上方公司名可切换其他公司
Worthington Steel, Inc.的季度营收约是明晟的1.1倍（$871.9M vs $822.5M），明晟净利率更高（34.6% vs 2.2%，领先32.5%），Worthington Steel, Inc.同比增速更快（18.0% vs 10.6%），明晟自由现金流更多（$488.7M vs $74.6M），过去两年明晟的营收复合增速更高（10.0% vs 3.9%）
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。
沃辛顿钢铁是总部位于美国俄亥俄州哥伦布市的工业制造企业，下设消费品和建筑建材两大业务板块，主营各类压力容器的设计与生产，覆盖丙烷、氧气、氦气储罐，制冷剂及工业气瓶，露营与民用气瓶，以及用于存储、处理、加热、扩容和流量控制的供水系统罐体等产品。
MSCI vs WS — 直观对比
营收规模更大
WS
是对方的1.1倍
$822.5M
营收增速更快
WS
高出7.4%
10.6%
净利率更高
MSCI
高出32.5%
2.2%
自由现金流更多
MSCI
多$414.1M
$74.6M
两年增速更快
MSCI
近两年复合增速
3.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $871.9M |
| 净利润 | $284.7M | $18.8M |
| 毛利率 | — | 10.7% |
| 营业利润率 | 56.4% | 2.5% |
| 净利率 | 34.6% | 2.2% |
| 营收同比 | 10.6% | 18.0% |
| 净利润同比 | -6.8% | 46.9% |
| 每股收益（稀释后） | $3.81 | $0.37 |
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MSCIWS
| Q4 25 | $822.5M | $871.9M | ||
| Q3 25 | $793.4M | $872.9M | ||
| Q2 25 | $772.7M | $832.9M | ||
| Q1 25 | $745.8M | $687.4M | ||
| Q4 24 | $743.5M | $739.0M | ||
| Q3 24 | $724.7M | $834.0M | ||
| Q2 24 | $707.9M | — | ||
| Q1 24 | $680.0M | $805.8M |
净利润MSCIWS
| Q4 25 | $284.7M | $18.8M | ||
| Q3 25 | $325.4M | $36.8M | ||
| Q2 25 | $303.6M | $55.7M | ||
| Q1 25 | $288.6M | $13.8M | ||
| Q4 24 | $305.5M | $12.8M | ||
| Q3 24 | $280.9M | $28.4M | ||
| Q2 24 | $266.8M | — | ||
| Q1 24 | $256.0M | $49.0M |
毛利率MSCIWS
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 13.2% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 11.8% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 14.9% |
营业利润率MSCIWS
| Q4 25 | 56.4% | 2.5% | ||
| Q3 25 | 56.4% | 5.5% | ||
| Q2 25 | 55.0% | 8.0% | ||
| Q1 25 | 50.6% | 2.7% | ||
| Q4 24 | 54.5% | 2.6% | ||
| Q3 24 | 55.4% | 5.2% | ||
| Q2 24 | 54.0% | — | ||
| Q1 24 | 49.9% | 8.2% |
净利率MSCIWS
| Q4 25 | 34.6% | 2.2% | ||
| Q3 25 | 41.0% | 4.2% | ||
| Q2 25 | 39.3% | 6.7% | ||
| Q1 25 | 38.7% | 2.0% | ||
| Q4 24 | 41.1% | 1.7% | ||
| Q3 24 | 38.8% | 3.4% | ||
| Q2 24 | 37.7% | — | ||
| Q1 24 | 37.6% | 6.1% |
每股收益（稀释后）MSCIWS
| Q4 25 | $3.81 | $0.37 | ||
| Q3 25 | $4.25 | $0.72 | ||
| Q2 25 | $3.92 | $1.11 | ||
| Q1 25 | $3.71 | $0.27 | ||
| Q4 24 | $3.89 | $0.25 | ||
| Q3 24 | $3.57 | $0.56 | ||
| Q2 24 | $3.37 | — | ||
| Q1 24 | $3.22 | $0.98 |
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 | $89.8M |
| 总债务越低越好 | $6.2B | $72.1M |
| 股东权益账面价值 | $-2.7B | $1.1B |
| 总资产 | $5.7B | $2.1B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资MSCIWS
| Q4 25 | $515.3M | $89.8M | ||
| Q3 25 | $400.1M | $78.3M | ||
| Q2 25 | $347.3M | $38.0M | ||
| Q1 25 | $360.7M | $63.3M | ||
| Q4 24 | $409.4M | $52.0M | ||
| Q3 24 | $501.0M | $36.0M | ||
| Q2 24 | $451.4M | — | ||
| Q1 24 | $519.3M | $60.8M |
总债务MSCIWS
| Q4 25 | $6.2B | $72.1M | ||
| Q3 25 | $5.5B | $73.4M | ||
| Q2 25 | $4.5B | $151.5M | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | $115.0M | ||
| Q3 24 | $4.5B | $122.2M | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | $147.2M |
股东权益MSCIWS
| Q4 25 | $-2.7B | $1.1B | ||
| Q3 25 | $-1.9B | $1.1B | ||
| Q2 25 | $-886.2M | $1.1B | ||
| Q1 25 | $-958.6M | $1.0B | ||
| Q4 24 | $-940.0M | $1.0B | ||
| Q3 24 | $-751.0M | $1.0B | ||
| Q2 24 | $-734.5M | — | ||
| Q1 24 | $-650.5M | $937.6M |
总资产MSCIWS
| Q4 25 | $5.7B | $2.1B | ||
| Q3 25 | $5.4B | $2.2B | ||
| Q2 25 | $5.4B | $2.0B | ||
| Q1 25 | $5.3B | $1.8B | ||
| Q4 24 | $5.4B | $1.7B | ||
| Q3 24 | $5.4B | $1.8B | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.5B | $1.8B |
负债/权益比MSCIWS
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.14× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.16× |
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 | $99.3M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $74.6M |
| 自由现金流率自由现金流/营收 | 59.4% | 8.6% |
| 资本支出强度资本支出/营收 | 1.5% | 2.8% |
| 现金转化率经营现金流/净利润 | 1.76× | 5.28× |
| 过去12个月自由现金流最近4个季度 | $1.5B | $72.5M |
8季度趋势，按日历期对齐
经营现金流MSCIWS
| Q4 25 | $501.1M | $99.3M | ||
| Q3 25 | $449.4M | $-6.3M | ||
| Q2 25 | $336.1M | $53.9M | ||
| Q1 25 | $301.7M | $53.8M | ||
| Q4 24 | $430.6M | $68.0M | ||
| Q3 24 | $421.6M | $54.6M | ||
| Q2 24 | $349.2M | — | ||
| Q1 24 | $300.1M | $44.7M |
自由现金流MSCIWS
| Q4 25 | $488.7M | $74.6M | ||
| Q3 25 | $445.5M | $-35.7M | ||
| Q2 25 | $324.7M | $8.4M | ||
| Q1 25 | $290.2M | $25.2M | ||
| Q4 24 | $416.4M | $33.2M | ||
| Q3 24 | $415.0M | $33.1M | ||
| Q2 24 | $340.6M | — | ||
| Q1 24 | $295.9M | $22.3M |
自由现金流率MSCIWS
| Q4 25 | 59.4% | 8.6% | ||
| Q3 25 | 56.2% | -4.1% | ||
| Q2 25 | 42.0% | 1.0% | ||
| Q1 25 | 38.9% | 3.7% | ||
| Q4 24 | 56.0% | 4.5% | ||
| Q3 24 | 57.3% | 4.0% | ||
| Q2 24 | 48.1% | — | ||
| Q1 24 | 43.5% | 2.8% |
资本支出强度MSCIWS
| Q4 25 | 1.5% | 2.8% | ||
| Q3 25 | 0.5% | 3.4% | ||
| Q2 25 | 1.5% | 5.5% | ||
| Q1 25 | 1.5% | 4.2% | ||
| Q4 24 | 1.9% | 4.7% | ||
| Q3 24 | 0.9% | 2.6% | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 0.6% | 2.8% |
现金转化率MSCIWS
| Q4 25 | 1.76× | 5.28× | ||
| Q3 25 | 1.38× | -0.17× | ||
| Q2 25 | 1.11× | 0.97× | ||
| Q1 25 | 1.05× | 3.90× | ||
| Q4 24 | 1.41× | 5.31× | ||
| Q3 24 | 1.50× | 1.92× | ||
| Q2 24 | 1.31× | — | ||
| Q1 24 | 1.17× | 0.91× |
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% |
WS
| Direct | $844.1M | 97% |
| Toll | $27.8M | 3% |
