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Arch Capital Group（ACGL）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
Arch Capital Group的季度营收约是标普全球的1.3倍（$4.9B vs $3.9B）。标普全球净利率更高（28.9% vs 25.1%，领先3.8%）。标普全球同比增速更快（9.0% vs 8.5%）。标普全球自由现金流更多（$1.7B vs $1.4B）。过去两年Arch Capital Group的营收复合增速更高（11.9% vs 5.9%）
百慕大注册上市企业Arch Capital Group面向全球提供保险、再保险及按揭保险服务，专注于特种类保险业务，承保保险业内难度较高的特殊风险。公司总部位于百慕大，在北美、欧洲、亚洲及澳洲共设有60个办事处，实现全球布局运营。
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。
ACGL vs SPGI — 直观对比
营收规模更大
ACGL
是对方的1.3倍
$3.9B
营收增速更快
SPGI
高出0.5%
8.5%
净利率更高
SPGI
高出3.8%
25.1%
自由现金流更多
SPGI
多$309.0M
$1.4B
两年增速更快
ACGL
近两年复合增速
5.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $3.9B |
| 净利润 | $1.2B | $1.1B |
| 毛利率 | — | 70.1% |
| 营业利润率 | — | 42.7% |
| 净利率 | 25.1% | 28.9% |
| 营收同比 | 8.5% | 9.0% |
| 净利润同比 | 32.4% | 28.9% |
| 每股收益（稀释后） | $3.33 | $3.76 |
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ACGLSPGI
| Q4 25 | $4.9B | $3.9B | ||
| Q3 25 | $5.1B | $3.9B | ||
| Q2 25 | $5.2B | $3.8B | ||
| Q1 25 | $4.7B | $3.8B | ||
| Q4 24 | $4.5B | $3.6B | ||
| Q3 24 | $4.7B | $3.6B | ||
| Q2 24 | $4.2B | $3.5B | ||
| Q1 24 | $3.9B | $3.5B |
净利润ACGLSPGI
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $574.0M | $1.1B | ||
| Q4 24 | $935.0M | $879.0M | ||
| Q3 24 | $988.0M | $971.0M | ||
| Q2 24 | $1.3B | $1.0B | ||
| Q1 24 | $1.1B | $991.0M |
毛利率ACGLSPGI
| 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ACGLSPGI
| Q4 25 | — | 42.7% | ||
| Q3 25 | — | 43.1% | ||
| Q2 25 | — | 41.3% | ||
| Q1 25 | — | 41.8% | ||
| Q4 24 | — | 36.4% | ||
| Q3 24 | — | 40.1% | ||
| Q2 24 | — | 40.9% | ||
| Q1 24 | — | 39.7% |
净利率ACGLSPGI
| Q4 25 | 25.1% | 28.9% | ||
| Q3 25 | 26.4% | 30.2% | ||
| Q2 25 | 23.7% | 28.5% | ||
| Q1 25 | 12.3% | 28.9% | ||
| Q4 24 | 20.6% | 24.5% | ||
| Q3 24 | 20.9% | 27.2% | ||
| Q2 24 | 30.0% | 28.5% | ||
| Q1 24 | 28.4% | 28.4% |
每股收益（稀释后）ACGLSPGI
| Q4 25 | $3.33 | $3.76 | ||
| Q3 25 | $3.56 | $3.86 | ||
| Q2 25 | $3.23 | $3.50 | ||
| Q1 25 | $1.48 | $3.54 | ||
| Q4 24 | $2.41 | $2.85 | ||
| Q3 24 | $2.56 | $3.11 | ||
| Q2 24 | $3.30 | $3.23 | ||
| Q1 24 | $2.92 | $3.16 |
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 | $993.0M | $1.8B |
| 总债务越低越好 | — | $13.1B |
| 股东权益账面价值 | $24.2B | $31.1B |
| 总资产 | $79.2B | $61.2B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资ACGLSPGI
| Q4 25 | $993.0M | $1.8B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $983.0M | $1.8B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $979.0M | $1.7B | ||
| Q3 24 | $1.0B | $1.7B | ||
| Q2 24 | $1.0B | $2.0B | ||
| Q1 24 | $993.0M | $1.5B |
总债务ACGLSPGI
| Q4 25 | — | $13.1B | ||
| Q3 25 | — | $11.4B | ||
| Q2 25 | — | $11.4B | ||
| Q1 25 | — | $11.4B | ||
| Q4 24 | — | $11.4B | ||
| Q3 24 | — | $11.4B | ||
| Q2 24 | — | $11.4B | ||
| Q1 24 | — | $11.7B |
股东权益ACGLSPGI
| Q4 25 | $24.2B | $31.1B | ||
| Q3 25 | $23.7B | $33.1B | ||
| Q2 25 | $23.0B | $33.4B | ||
| Q1 25 | $21.5B | $33.4B | ||
| Q4 24 | $20.8B | $33.2B | ||
| Q3 24 | $22.3B | $34.0B | ||
| Q2 24 | $20.7B | $34.9B | ||
| Q1 24 | $19.4B | $34.3B |
总资产ACGLSPGI
| Q4 25 | $79.2B | $61.2B | ||
| Q3 25 | $79.2B | $59.7B | ||
| Q2 25 | $78.8B | $60.4B | ||
| Q1 25 | $75.2B | $59.9B | ||
| Q4 24 | $70.9B | $60.2B | ||
| Q3 24 | $73.7B | $60.4B | ||
| Q2 24 | $65.5B | $61.0B | ||
| Q1 24 | $62.8B | $60.5B |
负债/权益比ACGLSPGI
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.34× | ||
| 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 | $1.4B | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $1.7B |
| 自由现金流率自由现金流/营收 | 28.2% | 43.5% |
| 资本支出强度资本支出/营收 | 0.2% | 1.2% |
| 现金转化率经营现金流/净利润 | 1.13× | 1.54× |
| 过去12个月自由现金流最近4个季度 | $6.1B | $5.5B |
8季度趋势，按日历期对齐
经营现金流ACGLSPGI
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.5B | $953.0M | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $2.0B | $1.4B | ||
| Q2 24 | $1.5B | $1.6B | ||
| Q1 24 | $1.6B | $948.0M |
自由现金流ACGLSPGI
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.4B | $910.0M | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $2.0B | $1.4B | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $1.5B | $924.0M |
自由现金流率ACGLSPGI
| Q4 25 | 28.2% | 43.5% | ||
| Q3 25 | 42.6% | 37.6% | ||
| Q2 25 | 21.3% | 36.9% | ||
| Q1 25 | 31.0% | 24.1% | ||
| Q4 24 | 34.3% | 47.5% | ||
| Q3 24 | 42.5% | 39.4% | ||
| Q2 24 | 35.6% | 42.9% | ||
| Q1 24 | 39.3% | 26.5% |
资本支出强度ACGLSPGI
| Q4 25 | 0.2% | 1.2% | ||
| Q3 25 | 0.2% | 1.2% | ||
| Q2 25 | 0.2% | 1.6% | ||
| Q1 25 | 0.2% | 1.1% | ||
| Q4 24 | 0.3% | 0.9% | ||
| Q3 24 | 0.3% | 1.0% | ||
| Q2 24 | 0.3% | 0.9% | ||
| Q1 24 | 0.4% | 0.7% |
现金转化率ACGLSPGI
| Q4 25 | 1.13× | 1.54× | ||
| Q3 25 | 1.62× | 1.28× | ||
| Q2 25 | 0.91× | 1.35× | ||
| Q1 25 | 2.54× | 0.87× | ||
| Q4 24 | 1.68× | 1.98× | ||
| Q3 24 | 2.04× | 1.49× | ||
| Q2 24 | 1.20× | 1.54× | ||
| Q1 24 | 1.40× | 0.96× |
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
ACGL
暂无分部数据
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% |
