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AES Corporation（AES）与怡安集团（AON）财务数据对比。点击上方公司名可切换其他公司
怡安集团的季度营收约是AES Corporation的1.4倍（$4.3B vs $3.1B），怡安集团净利率更高（39.4% vs 10.3%，领先29.1%），AES Corporation同比增速更快（4.7% vs 3.7%），怡安集团自由现金流更多（$1.3B vs $-47.0M），过去两年怡安集团的营收复合增速更高（2.8% vs 0.3%）
AES公司是美国知名公用事业及发电企业，总部位于弗吉尼亚州阿灵顿，位列《财富》全球500强。集团在全球15个国家运营电力生产及分销业务，持有并运营多座发电厂，向终端用户、公用事业机构、工业设施等客户售电，全球员工总数达10500人。
怡安集团（Aon plc）是一家英美背景的专业服务企业，下设两大业务板块：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块提供健康保险、退休及养老金计划、人才咨询等相关服务。
AES vs AON — 直观对比
营收规模更大
AON
是对方的1.4倍
$3.1B
营收增速更快
AES
高出1.0%
3.7%
净利率更高
AON
高出29.1%
10.3%
自由现金流更多
AON
多$1.4B
$-47.0M
两年增速更快
AON
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $4.3B |
| 净利润 | $320.0M | $1.7B |
| 毛利率 | 18.8% | — |
| 营业利润率 | -8.7% | 28.1% |
| 净利率 | 10.3% | 39.4% |
| 营收同比 | 4.7% | 3.7% |
| 净利润同比 | -42.9% | 136.5% |
| 每股收益（稀释后） | $0.45 | $7.82 |
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AESAON
| Q4 25 | $3.1B | $4.3B | ||
| Q3 25 | $3.4B | $4.0B | ||
| Q2 25 | $2.9B | $4.2B | ||
| Q1 25 | $2.9B | $4.7B | ||
| Q4 24 | $3.0B | $4.1B | ||
| Q3 24 | $3.3B | $3.7B | ||
| Q2 24 | $2.9B | $3.8B | ||
| Q1 24 | $3.1B | $4.1B |
净利润AESAON
| Q4 25 | $320.0M | $1.7B | ||
| Q3 25 | $639.0M | $458.0M | ||
| Q2 25 | $-95.0M | $579.0M | ||
| Q1 25 | $46.0M | $965.0M | ||
| Q4 24 | $560.0M | $716.0M | ||
| Q3 24 | $502.0M | $343.0M | ||
| Q2 24 | $185.0M | $524.0M | ||
| Q1 24 | $432.0M | $1.1B |
毛利率AESAON
| Q4 25 | 18.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 15.9% | — | ||
| Q1 25 | 15.1% | — | ||
| Q4 24 | 14.2% | — | ||
| Q3 24 | 22.0% | — | ||
| Q2 24 | 18.8% | — | ||
| Q1 24 | 20.1% | — |
营业利润率AESAON
| Q4 25 | -8.7% | 28.1% | ||
| Q3 25 | 9.8% | 20.4% | ||
| Q2 25 | 1.4% | 20.7% | ||
| Q1 25 | -0.8% | 30.9% | ||
| Q4 24 | 12.3% | 26.3% | ||
| Q3 24 | 10.0% | 16.7% | ||
| Q2 24 | -2.6% | 17.4% | ||
| Q1 24 | 9.0% | 36.0% |
净利率AESAON
| Q4 25 | 10.3% | 39.4% | ||
| Q3 25 | 19.1% | 11.5% | ||
| Q2 25 | -3.3% | 13.9% | ||
| Q1 25 | 1.6% | 20.4% | ||
| Q4 24 | 18.9% | 17.3% | ||
| Q3 24 | 15.3% | 9.2% | ||
| Q2 24 | 6.3% | 13.9% | ||
| Q1 24 | 14.0% | 26.3% |
每股收益（稀释后）AESAON
| Q4 25 | $0.45 | $7.82 | ||
| Q3 25 | $0.89 | $2.11 | ||
| Q2 25 | $-0.15 | $2.66 | ||
| Q1 25 | $0.07 | $4.43 | ||
| Q4 24 | $0.78 | $3.11 | ||
| Q3 24 | $0.71 | $1.57 | ||
| Q2 24 | $0.27 | $2.46 | ||
| Q1 24 | $0.60 | $5.35 |
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 | $1.6B | $2.8B |
| 总债务越低越好 | — | $15.2B |
| 股东权益账面价值 | $4.1B | $9.4B |
| 总资产 | $51.8B | $50.8B |
| 负债/权益比越低杠杆越低 | — | 1.63× |
8季度趋势，按日历期对齐
现金及短期投资AESAON
| Q4 25 | $1.6B | $2.8B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $2.4B | $6.4B |
总债务AESAON
| Q4 25 | — | $15.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $17.0B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AESAON
| Q4 25 | $4.1B | $9.4B | ||
| Q3 25 | $3.9B | $7.9B | ||
| Q2 25 | $3.4B | $7.8B | ||
| Q1 25 | $3.5B | $7.0B | ||
| Q4 24 | $3.6B | $6.1B | ||
| Q3 24 | $3.3B | $6.2B | ||
| Q2 24 | $3.1B | $5.9B | ||
| Q1 24 | $2.9B | $-133.0M |
总资产AESAON
| Q4 25 | $51.8B | $50.8B | ||
| Q3 25 | $50.8B | $51.6B | ||
| Q2 25 | $48.5B | $54.0B | ||
| Q1 25 | $48.6B | $50.3B | ||
| Q4 24 | $47.4B | $49.0B | ||
| Q3 24 | $50.1B | $49.9B | ||
| Q2 24 | $47.7B | $51.5B | ||
| Q1 24 | $47.0B | $40.8B |
负债/权益比AESAON
| Q4 25 | — | 1.63× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.78× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.5B | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $-47.0M | $1.3B |
| 自由现金流率自由现金流/营收 | -1.5% | 30.8% |
| 资本支出强度资本支出/营收 | 49.5% | 1.7% |
| 现金转化率经营现金流/净利润 | 4.65× | 0.83× |
| 过去12个月自由现金流最近4个季度 | $-1.6B | $3.2B |
8季度趋势，按日历期对齐
经营现金流AESAON
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $976.0M | $796.0M | ||
| Q1 25 | $545.0M | $140.0M | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $985.0M | $1.0B | ||
| Q2 24 | $392.0M | $513.0M | ||
| Q1 24 | $287.0M | $309.0M |
自由现金流AESAON
| Q4 25 | $-47.0M | $1.3B | ||
| Q3 25 | $-511.0M | $1.1B | ||
| Q2 25 | $-356.0M | $732.0M | ||
| Q1 25 | $-709.0M | $84.0M | ||
| Q4 24 | $-639.0M | $1.1B | ||
| Q3 24 | $-847.0M | $951.0M | ||
| Q2 24 | $-1.3B | $460.0M | ||
| Q1 24 | $-1.9B | $261.0M |
自由现金流率AESAON
| Q4 25 | -1.5% | 30.8% | ||
| Q3 25 | -15.2% | 27.0% | ||
| Q2 25 | -12.5% | 17.6% | ||
| Q1 25 | -24.2% | 1.8% | ||
| Q4 24 | -21.6% | 27.6% | ||
| Q3 24 | -25.8% | 25.6% | ||
| Q2 24 | -43.9% | 12.2% | ||
| Q1 24 | -60.3% | 6.4% |
资本支出强度AESAON
| Q4 25 | 49.5% | 1.7% | ||
| Q3 25 | 54.0% | 1.7% | ||
| Q2 25 | 46.7% | 1.5% | ||
| Q1 25 | 42.9% | 1.2% | ||
| Q4 24 | 58.3% | 1.3% | ||
| Q3 24 | 55.7% | 1.7% | ||
| Q2 24 | 57.3% | 1.4% | ||
| Q1 24 | 69.6% | 1.2% |
现金转化率AESAON
| Q4 25 | 4.65× | 0.83× | ||
| Q3 25 | 2.03× | 2.51× | ||
| Q2 25 | — | 1.37× | ||
| Q1 25 | 11.85× | 0.15× | ||
| Q4 24 | 1.94× | 1.68× | ||
| Q3 24 | 1.96× | 2.95× | ||
| Q2 24 | 2.12× | 0.98× | ||
| Q1 24 | 0.66× | 0.29× |
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
AES
| Electric Distribution | $1.0B | 33% |
| Regulated Revenue | $1.0B | 33% |
| Renewables | $786.0M | 25% |
| AES Andes | $225.0M | 7% |
| Corporate Other And Other | $38.0M | 1% |
| Other Expense | $10.0M | 0% |
AON
| Commercial Risk Solutions | $2.3B | 54% |
| Health Solutions | $1.1B | 26% |
| Wealth Solutions | $490.0M | 11% |
| Reinsurance Solutions | $379.0M | 9% |
