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西联汇款（AFG）与MAXIMUS, INC.（MMS）财务数据对比。点击上方公司名可切换其他公司
西联汇款的季度营收约是MAXIMUS, INC.的1.5倍（$2.1B vs $1.3B），西联汇款净利率更高（14.5% vs 7.0%，领先7.5%），西联汇款同比增速更快（-4.0% vs -4.1%），过去两年西联汇款的营收复合增速更高（4.0% vs -0.1%）
西联汇款是总部位于美国科罗拉多州丹佛市的跨国金融服务企业，为全球个人及商业客户提供跨境汇款、支付等多元金融解决方案，在全球绝大多数国家和地区拥有覆盖广泛的服务网络。
MAXIMUS是美国一家政府服务企业，业务覆盖美国、加拿大、英国等国家，为医疗补助、联邦医疗保险、医改、就业帮扶、学生贷款服务等各类政府项目提供行政及配套服务。公司总部位于弗吉尼亚州泰森斯，现有员工3.96万名，2024财年营收达53亿美元。
AFG vs MMS — 直观对比
营收规模更大
AFG
是对方的1.5倍
$1.3B
营收增速更快
AFG
高出0.1%
-4.1%
净利率更高
AFG
高出7.5%
7.0%
两年增速更快
AFG
近两年复合增速
-0.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.3B |
| 净利润 | $299.0M | $93.9M |
| 毛利率 | — | 23.7% |
| 营业利润率 | 18.4% | 10.9% |
| 净利率 | 14.5% | 7.0% |
| 营收同比 | -4.0% | -4.1% |
| 净利润同比 | 17.3% | 128.0% |
| 每股收益（稀释后） | $3.59 | $1.70 |
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AFGMMS
| Q4 25 | $2.1B | $1.3B | ||
| Q3 25 | $2.3B | $1.3B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.9B | $1.4B | ||
| Q4 24 | $2.1B | $1.4B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.9B | $1.3B |
净利润AFGMMS
| Q4 25 | $299.0M | $93.9M | ||
| Q3 25 | $215.0M | $75.3M | ||
| Q2 25 | $174.0M | $106.0M | ||
| Q1 25 | $154.0M | $96.6M | ||
| Q4 24 | $255.0M | $41.2M | ||
| Q3 24 | $181.0M | $72.5M | ||
| Q2 24 | $209.0M | $89.8M | ||
| Q1 24 | $242.0M | $80.5M |
毛利率AFGMMS
| Q4 25 | — | 23.7% | ||
| Q3 25 | — | 25.3% | ||
| Q2 25 | — | 26.7% | ||
| Q1 25 | — | 24.9% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | — | 22.9% | ||
| Q2 24 | — | 25.3% | ||
| Q1 24 | — | 23.6% |
营业利润率AFGMMS
| Q4 25 | 18.4% | 10.9% | ||
| Q3 25 | 11.5% | 9.3% | ||
| Q2 25 | 11.9% | 12.3% | ||
| Q1 25 | 10.6% | 11.2% | ||
| Q4 24 | 14.9% | 6.2% | ||
| Q3 24 | 9.7% | 8.5% | ||
| Q2 24 | 14.3% | 10.8% | ||
| Q1 24 | 15.9% | 9.5% |
净利率AFGMMS
| Q4 25 | 14.5% | 7.0% | ||
| Q3 25 | 9.2% | 5.7% | ||
| Q2 25 | 9.0% | 7.9% | ||
| Q1 25 | 8.3% | 7.1% | ||
| Q4 24 | 11.9% | 2.9% | ||
| Q3 24 | 7.6% | 5.5% | ||
| Q2 24 | 11.0% | 6.8% | ||
| Q1 24 | 12.7% | 6.0% |
每股收益（稀释后）AFGMMS
| Q4 25 | $3.59 | $1.70 | ||
| Q3 25 | $2.58 | $1.27 | ||
| Q2 25 | $2.07 | $1.86 | ||
| Q1 25 | $1.84 | $1.69 | ||
| Q4 24 | $3.03 | $0.69 | ||
| Q3 24 | $2.16 | $1.18 | ||
| Q2 24 | $2.49 | $1.46 | ||
| Q1 24 | $2.89 | $1.31 |
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 | $1.7B | $137.6M |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $4.8B | $1.7B |
| 总资产 | $32.6B | $4.2B |
| 负债/权益比越低杠杆越低 | 0.38× | — |
8季度趋势，按日历期对齐
现金及短期投资AFGMMS
| Q4 25 | $1.7B | $137.6M | ||
| Q3 25 | $1.8B | $222.4M | ||
| Q2 25 | $1.3B | $59.8M | ||
| Q1 25 | $1.3B | $108.1M | ||
| Q4 24 | $1.4B | $72.7M | ||
| Q3 24 | $1.3B | $183.1M | ||
| Q2 24 | $1.1B | $102.8M | ||
| Q1 24 | $1.1B | $77.4M |
总债务AFGMMS
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
股东权益AFGMMS
| Q4 25 | $4.8B | $1.7B | ||
| Q3 25 | $4.7B | $1.7B | ||
| Q2 25 | $4.5B | $1.8B | ||
| Q1 25 | $4.4B | $1.7B | ||
| Q4 24 | $4.5B | $1.6B | ||
| Q3 24 | $4.7B | $1.8B | ||
| Q2 24 | $4.4B | $1.8B | ||
| Q1 24 | $4.2B | $1.8B |
总资产AFGMMS
| Q4 25 | $32.6B | $4.2B | ||
| Q3 25 | $33.8B | $4.1B | ||
| Q2 25 | $30.7B | $4.5B | ||
| Q1 25 | $30.3B | $4.2B | ||
| Q4 24 | $30.8B | $4.1B | ||
| Q3 24 | $32.6B | $4.1B | ||
| Q2 24 | $29.9B | $4.0B | ||
| Q1 24 | $30.0B | $4.0B |
负债/权益比AFGMMS
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.33× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.35× | — |
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 | $784.0M | $-244.4M |
| 自由现金流经营现金流 - 资本支出 | — | $-250.7M |
| 自由现金流率自由现金流/营收 | — | -18.6% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | 2.62× | -2.60× |
| 过去12个月自由现金流最近4个季度 | — | $218.5M |
8季度趋势，按日历期对齐
经营现金流AFGMMS
| Q4 25 | $784.0M | $-244.4M | ||
| Q3 25 | $216.0M | $649.4M | ||
| Q2 25 | $191.0M | $-182.7M | ||
| Q1 25 | $342.0M | $42.7M | ||
| Q4 24 | $674.0M | $-80.0M | ||
| Q3 24 | $459.0M | $163.8M | ||
| Q2 24 | $-88.0M | $199.3M | ||
| Q1 24 | $107.0M | $130.5M |
自由现金流AFGMMS
| Q4 25 | — | $-250.7M | ||
| Q3 25 | — | $641.8M | ||
| Q2 25 | — | $-198.2M | ||
| Q1 25 | — | $25.5M | ||
| Q4 24 | — | $-103.0M | ||
| Q3 24 | — | $131.9M | ||
| Q2 24 | — | $164.6M | ||
| Q1 24 | — | $105.2M |
自由现金流率AFGMMS
| Q4 25 | — | -18.6% | ||
| Q3 25 | — | 48.7% | ||
| Q2 25 | — | -14.7% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | -7.3% | ||
| Q3 24 | — | 10.0% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | 7.8% |
资本支出强度AFGMMS
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 1.9% |
现金转化率AFGMMS
| Q4 25 | 2.62× | -2.60× | ||
| Q3 25 | 1.00× | 8.63× | ||
| Q2 25 | 1.10× | -1.72× | ||
| Q1 25 | 2.22× | 0.44× | ||
| Q4 24 | 2.64× | -1.94× | ||
| Q3 24 | 2.54× | 2.26× | ||
| Q2 24 | -0.42× | 2.22× | ||
| Q1 24 | 0.44× | 1.62× |
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
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
