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西联汇款（AFG）与OLD REPUBLIC INTERNATIONAL CORP（ORI）财务数据对比。点击上方公司名可切换其他公司
OLD REPUBLIC INTERNATIONAL CORP的季度营收约是西联汇款的1.2倍（$2.4B vs $2.1B），西联汇款净利率更高（14.5% vs 13.8%，领先0.7%），OLD REPUBLIC INTERNATIONAL CORP同比增速更快（6.7% vs -4.0%），过去两年OLD REPUBLIC INTERNATIONAL CORP的营收复合增速更高（13.2% vs 4.0%）
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。
Old Republic International Corp是一家总部位于美国伊利诺伊州芝加哥的保险企业，核心业务覆盖财产保险、产权保险两大领域，深耕行业多年，具备成熟的风险防控能力与完善的服务体系，可为各类客户提供专业可靠的保险产品及相关解决方案。
AFG vs ORI — 直观对比
营收规模更大
ORI
是对方的1.2倍
$2.1B
营收增速更快
ORI
高出10.7%
-4.0%
净利率更高
AFG
高出0.7%
13.8%
两年增速更快
ORI
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.4B |
| 净利润 | $299.0M | $330.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.4% | — |
| 净利率 | 14.5% | 13.8% |
| 营收同比 | -4.0% | 6.7% |
| 净利润同比 | 17.3% | 34.7% |
| 每股收益（稀释后） | $3.59 | — |
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AFGORI
| Q1 26 | — | $2.4B | ||
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $2.3B | $2.4B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | $1.9B | $2.1B | ||
| Q4 24 | $2.1B | $2.0B | ||
| Q3 24 | $2.4B | $2.3B | ||
| Q2 24 | $1.9B | $1.9B |
净利润AFGORI
| Q1 26 | — | $330.0M | ||
| Q4 25 | $299.0M | $206.5M | ||
| Q3 25 | $215.0M | $279.5M | ||
| Q2 25 | $174.0M | $204.4M | ||
| Q1 25 | $154.0M | $245.0M | ||
| Q4 24 | $255.0M | $105.3M | ||
| Q3 24 | $181.0M | $338.9M | ||
| Q2 24 | $209.0M | $91.8M |
营业利润率AFGORI
| Q1 26 | — | — | ||
| Q4 25 | 18.4% | — | ||
| Q3 25 | 11.5% | 14.6% | ||
| Q2 25 | 11.9% | 11.8% | ||
| Q1 25 | 10.6% | 14.6% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | 9.7% | 18.2% | ||
| Q2 24 | 14.3% | 6.1% |
净利率AFGORI
| Q1 26 | — | 13.8% | ||
| Q4 25 | 14.5% | 8.6% | ||
| Q3 25 | 9.2% | 11.5% | ||
| Q2 25 | 9.0% | 9.3% | ||
| Q1 25 | 8.3% | 11.6% | ||
| Q4 24 | 11.9% | 5.3% | ||
| Q3 24 | 7.6% | 14.5% | ||
| Q2 24 | 11.0% | 4.9% |
每股收益（稀释后）AFGORI
| Q1 26 | — | — | ||
| Q4 25 | $3.59 | $0.82 | ||
| Q3 25 | $2.58 | $1.11 | ||
| Q2 25 | $2.07 | $0.81 | ||
| Q1 25 | $1.84 | $0.98 | ||
| Q4 24 | $3.03 | $0.42 | ||
| Q3 24 | $2.16 | $1.32 | ||
| Q2 24 | $2.49 | $0.35 |
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 | $1.7B | — |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $4.8B | $5.9M |
| 总资产 | $32.6B | $29.6M |
| 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AFGORI
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.1B | — |
总债务AFGORI
| Q1 26 | — | — | ||
| 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 | — |
股东权益AFGORI
| Q1 26 | — | $5.9M | ||
| Q4 25 | $4.8B | $5.9B | ||
| Q3 25 | $4.7B | $6.4B | ||
| Q2 25 | $4.5B | $6.2B | ||
| Q1 25 | $4.4B | $5.9B | ||
| Q4 24 | $4.5B | $5.6B | ||
| Q3 24 | $4.7B | $6.4B | ||
| Q2 24 | $4.4B | $6.0B |
总资产AFGORI
| Q1 26 | — | $29.6M | ||
| Q4 25 | $32.6B | $29.9B | ||
| Q3 25 | $33.8B | $30.3B | ||
| Q2 25 | $30.7B | $29.3B | ||
| Q1 25 | $30.3B | $28.0B | ||
| Q4 24 | $30.8B | $27.8B | ||
| Q3 24 | $32.6B | $28.8B | ||
| Q2 24 | $29.9B | $27.5B |
负债/权益比AFGORI
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 2.62× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流AFGORI
| Q1 26 | — | — | ||
| Q4 25 | $784.0M | $234.9M | ||
| Q3 25 | $216.0M | $563.9M | ||
| Q2 25 | $191.0M | $133.8M | ||
| Q1 25 | $342.0M | $231.7M | ||
| Q4 24 | $674.0M | $361.7M | ||
| Q3 24 | $459.0M | $474.8M | ||
| Q2 24 | $-88.0M | $236.5M |
现金转化率AFGORI
| Q1 26 | — | — | ||
| Q4 25 | 2.62× | 1.14× | ||
| Q3 25 | 1.00× | 2.02× | ||
| Q2 25 | 1.10× | 0.65× | ||
| Q1 25 | 2.22× | 0.95× | ||
| Q4 24 | 2.64× | 3.43× | ||
| Q3 24 | 2.54× | 1.40× | ||
| Q2 24 | -0.42× | 2.58× |
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% |
ORI
| operating | $2.2B | 92% |
| Other | $201.8M | 8% |
