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标普全球（SPGI）与环联（TRU）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是环联的3.3倍（$3.9B vs $1.2B）。标普全球净利率更高（28.9% vs 8.6%，领先20.3%）。环联同比增速更快（13.0% vs 9.0%）。标普全球自由现金流更多（$1.7B vs $222.8M）。过去两年环联的营收复合增速更高（7.1% vs 5.9%）
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
环联是美国知名消费者信用报告机构，与益博睿、艾奎法克斯并列美国三大征信机构，总部位于伊利诺伊州芝加哥。目前其业务覆盖30余个国家，累计收集超10亿消费者的信用信息，持有美国几乎所有有信用记录消费者的超2亿份档案，服务超6.5万家企业客户，2014年营收达13亿美元。
SPGI vs TRU — 直观对比
营收规模更大
SPGI
是对方的3.3倍
$1.2B
营收增速更快
TRU
高出4.0%
9.0%
净利率更高
SPGI
高出20.3%
8.6%
自由现金流更多
SPGI
多$1.5B
$222.8M
两年增速更快
TRU
近两年复合增速
5.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $1.2B |
| 净利润 | $1.1B | $101.1M |
| 毛利率 | 70.1% | — |
| 营业利润率 | 42.7% | 17.4% |
| 净利率 | 28.9% | 8.6% |
| 营收同比 | 9.0% | 13.0% |
| 净利润同比 | 28.9% | 52.5% |
| 每股收益（稀释后） | $3.76 | $0.52 |
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SPGITRU
| Q4 25 | $3.9B | $1.2B | ||
| Q3 25 | $3.9B | $1.2B | ||
| Q2 25 | $3.8B | $1.1B | ||
| Q1 25 | $3.8B | $1.1B | ||
| Q4 24 | $3.6B | $1.0B | ||
| Q3 24 | $3.6B | $1.1B | ||
| Q2 24 | $3.5B | $1.0B | ||
| Q1 24 | $3.5B | $1.0B |
净利润SPGITRU
| Q4 25 | $1.1B | $101.1M | ||
| Q3 25 | $1.2B | $96.6M | ||
| Q2 25 | $1.1B | $109.6M | ||
| Q1 25 | $1.1B | $148.1M | ||
| Q4 24 | $879.0M | $66.3M | ||
| Q3 24 | $971.0M | $68.0M | ||
| Q2 24 | $1.0B | $85.0M | ||
| Q1 24 | $991.0M | $65.1M |
毛利率SPGITRU
| Q4 25 | 70.1% | — | ||
| Q3 25 | 71.2% | — | ||
| Q2 25 | 70.2% | — | ||
| Q1 25 | 69.5% | — | ||
| Q4 24 | 69.8% | — | ||
| Q3 24 | 70.0% | — | ||
| Q2 24 | 69.4% | — | ||
| Q1 24 | 67.9% | — |
营业利润率SPGITRU
| Q4 25 | 42.7% | 17.4% | ||
| Q3 25 | 43.1% | 17.8% | ||
| Q2 25 | 41.3% | 16.9% | ||
| Q1 25 | 41.8% | 23.2% | ||
| Q4 24 | 36.4% | 16.5% | ||
| Q3 24 | 40.1% | 14.4% | ||
| Q2 24 | 40.9% | 17.5% | ||
| Q1 24 | 39.7% | 15.4% |
净利率SPGITRU
| Q4 25 | 28.9% | 8.6% | ||
| Q3 25 | 30.2% | 8.3% | ||
| Q2 25 | 28.5% | 9.6% | ||
| Q1 25 | 28.9% | 13.5% | ||
| Q4 24 | 24.5% | 6.4% | ||
| Q3 24 | 27.2% | 6.3% | ||
| Q2 24 | 28.5% | 8.2% | ||
| Q1 24 | 28.4% | 6.4% |
每股收益（稀释后）SPGITRU
| Q4 25 | $3.76 | $0.52 | ||
| Q3 25 | $3.86 | $0.49 | ||
| Q2 25 | $3.50 | $0.56 | ||
| Q1 25 | $3.54 | $0.75 | ||
| Q4 24 | $2.85 | $0.33 | ||
| Q3 24 | $3.11 | $0.35 | ||
| Q2 24 | $3.23 | $0.44 | ||
| Q1 24 | $3.16 | $0.33 |
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 | $1.8B | $856.3M |
| 总债务越低越好 | $13.1B | $4.9B |
| 股东权益账面价值 | $31.1B | $4.4B |
| 总资产 | $61.2B | $11.1B |
| 负债/权益比越低杠杆越低 | 0.42× | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资SPGITRU
| Q4 25 | $1.8B | $856.3M | ||
| Q3 25 | $1.7B | $752.5M | ||
| Q2 25 | $1.8B | $690.0M | ||
| Q1 25 | $1.5B | $612.5M | ||
| Q4 24 | $1.7B | $682.0M | ||
| Q3 24 | $1.7B | $646.0M | ||
| Q2 24 | $2.0B | $545.8M | ||
| Q1 24 | $1.5B | $436.2M |
总债务SPGITRU
| Q4 25 | $13.1B | $4.9B | ||
| Q3 25 | $11.4B | — | ||
| Q2 25 | $11.4B | — | ||
| Q1 25 | $11.4B | — | ||
| Q4 24 | $11.4B | $5.1B | ||
| Q3 24 | $11.4B | — | ||
| Q2 24 | $11.4B | — | ||
| Q1 24 | $11.7B | — |
股东权益SPGITRU
| Q4 25 | $31.1B | $4.4B | ||
| Q3 25 | $33.1B | $4.5B | ||
| Q2 25 | $33.4B | $4.5B | ||
| Q1 25 | $33.4B | $4.4B | ||
| Q4 24 | $33.2B | $4.2B | ||
| Q3 24 | $34.0B | $4.2B | ||
| Q2 24 | $34.9B | $4.1B | ||
| Q1 24 | $34.3B | $4.1B |
总资产SPGITRU
| Q4 25 | $61.2B | $11.1B | ||
| Q3 25 | $59.7B | $11.1B | ||
| Q2 25 | $60.4B | $11.1B | ||
| Q1 25 | $59.9B | $10.9B | ||
| Q4 24 | $60.2B | $11.0B | ||
| Q3 24 | $60.4B | $11.1B | ||
| Q2 24 | $61.0B | $11.0B | ||
| Q1 24 | $60.5B | $11.0B |
负债/权益比SPGITRU
| Q4 25 | 0.42× | 1.11× | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.34× | 1.20× | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.33× | — | ||
| Q1 24 | 0.34× | — |
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 | $1.7B | $319.5M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $222.8M |
| 自由现金流率自由现金流/营收 | 43.5% | 19.0% |
| 资本支出强度资本支出/营收 | 1.2% | 8.3% |
| 现金转化率经营现金流/净利润 | 1.54× | 3.16× |
| 过去12个月自由现金流最近4个季度 | $5.5B | $661.6M |
8季度趋势，按日历期对齐
经营现金流SPGITRU
| Q4 25 | $1.7B | $319.5M | ||
| Q3 25 | $1.5B | $324.3M | ||
| Q2 25 | $1.4B | $291.3M | ||
| Q1 25 | $953.0M | $52.5M | ||
| Q4 24 | $1.7B | $254.0M | ||
| Q3 24 | $1.4B | $229.3M | ||
| Q2 24 | $1.6B | $295.2M | ||
| Q1 24 | $948.0M | $54.0M |
自由现金流SPGITRU
| Q4 25 | $1.7B | $222.8M | ||
| Q3 25 | $1.5B | $240.4M | ||
| Q2 25 | $1.4B | $214.3M | ||
| Q1 25 | $910.0M | $-15.9M | ||
| Q4 24 | $1.7B | $136.9M | ||
| Q3 24 | $1.4B | $161.3M | ||
| Q2 24 | $1.5B | $226.9M | ||
| Q1 24 | $924.0M | $-8.4M |
自由现金流率SPGITRU
| Q4 25 | 43.5% | 19.0% | ||
| Q3 25 | 37.6% | 20.6% | ||
| Q2 25 | 36.9% | 18.8% | ||
| Q1 25 | 24.1% | -1.5% | ||
| Q4 24 | 47.5% | 13.2% | ||
| Q3 24 | 39.4% | 14.9% | ||
| Q2 24 | 42.9% | 21.8% | ||
| Q1 24 | 26.5% | -0.8% |
资本支出强度SPGITRU
| Q4 25 | 1.2% | 8.3% | ||
| Q3 25 | 1.2% | 7.2% | ||
| Q2 25 | 1.6% | 6.8% | ||
| Q1 25 | 1.1% | 6.2% | ||
| Q4 24 | 0.9% | 11.3% | ||
| Q3 24 | 1.0% | 6.3% | ||
| Q2 24 | 0.9% | 6.6% | ||
| Q1 24 | 0.7% | 6.1% |
现金转化率SPGITRU
| Q4 25 | 1.54× | 3.16× | ||
| Q3 25 | 1.28× | 3.36× | ||
| Q2 25 | 1.35× | 2.66× | ||
| Q1 25 | 0.87× | 0.35× | ||
| Q4 24 | 1.98× | 3.83× | ||
| Q3 24 | 1.49× | 3.37× | ||
| Q2 24 | 1.54× | 3.47× | ||
| Q1 24 | 0.96× | 0.83× |
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
SPGI
| Subscription | $1.1B | 27% |
| Other | $706.0M | 18% |
| Non Transaction | $602.0M | 15% |
| Indices Segment | $495.0M | 13% |
| Mobility Segment | $444.0M | 11% |
| Asset Linked Fees | $329.0M | 8% |
| Recurring Variable Revenue | $157.0M | 4% |
| Related Party | $46.0M | 1% |
| Non Subscription Transaction | $45.0M | 1% |
| Sales Usage Based Royalties | $30.0M | 1% |
TRU
暂无分部数据
