vs
Aflac（AFL）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
Aflac的季度营收约是标普全球的1.2倍（$4.9B vs $3.9B）。标普全球净利率更高（28.9% vs 28.3%，领先0.6%）。标普全球同比增速更快（9.0% vs -10.0%）。过去两年标普全球的营收复合增速更高（5.9% vs -5.4%）
Aflac是美国知名保险企业，也是美国最大的补充保险提供商，成立于1955年，总部位于佐治亚州哥伦布市。公司在美国推出多类保险产品，其中薪资抵扣型保险服务知名度较高，参保人遭遇保障范围内的意外或疾病时可获现金赔付，目前已为全球超5000万用户提供财务保障。
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。
AFL vs SPGI — 直观对比
营收规模更大
AFL
是对方的1.2倍
$3.9B
营收增速更快
SPGI
高出18.9%
-10.0%
净利率更高
SPGI
高出0.6%
28.3%
两年增速更快
SPGI
近两年复合增速
-5.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $3.9B |
| 净利润 | $1.4B | $1.1B |
| 毛利率 | — | 70.1% |
| 营业利润率 | 32.3% | 42.7% |
| 净利率 | 28.3% | 28.9% |
| 营收同比 | -10.0% | 9.0% |
| 净利润同比 | -27.5% | 28.9% |
| 每股收益（稀释后） | $2.58 | $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AFLSPGI
| Q4 25 | $4.9B | $3.9B | ||
| Q3 25 | $4.7B | $3.9B | ||
| Q2 25 | $4.2B | $3.8B | ||
| Q1 25 | $3.4B | $3.8B | ||
| Q4 24 | $5.4B | $3.6B | ||
| Q3 24 | $2.9B | $3.6B | ||
| Q2 24 | $5.1B | $3.5B | ||
| Q1 24 | $5.4B | $3.5B |
净利润AFLSPGI
| Q4 25 | $1.4B | $1.1B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $599.0M | $1.1B | ||
| Q1 25 | $29.0M | $1.1B | ||
| Q4 24 | $1.9B | $879.0M | ||
| Q3 24 | $-93.0M | $971.0M | ||
| Q2 24 | $1.8B | $1.0B | ||
| Q1 24 | $1.9B | $991.0M |
毛利率AFLSPGI
| 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AFLSPGI
| Q4 25 | 32.3% | 42.7% | ||
| Q3 25 | 42.1% | 43.1% | ||
| Q2 25 | 19.8% | 41.3% | ||
| Q1 25 | 4.3% | 41.8% | ||
| Q4 24 | 39.5% | 36.4% | ||
| Q3 24 | 3.1% | 40.1% | ||
| Q2 24 | 39.3% | 40.9% | ||
| Q1 24 | 39.9% | 39.7% |
净利率AFLSPGI
| Q4 25 | 28.3% | 28.9% | ||
| Q3 25 | 34.6% | 30.2% | ||
| Q2 25 | 14.4% | 28.5% | ||
| Q1 25 | 0.9% | 28.9% | ||
| Q4 24 | 35.2% | 24.5% | ||
| Q3 24 | -3.2% | 27.2% | ||
| Q2 24 | 34.2% | 28.5% | ||
| Q1 24 | 34.6% | 28.4% |
每股收益（稀释后）AFLSPGI
| Q4 25 | $2.58 | $3.76 | ||
| Q3 25 | $3.08 | $3.86 | ||
| Q2 25 | $1.11 | $3.50 | ||
| Q1 25 | $0.05 | $3.54 | ||
| Q4 24 | $3.45 | $2.85 | ||
| Q3 24 | $-0.17 | $3.11 | ||
| Q2 24 | $3.10 | $3.23 | ||
| Q1 24 | $3.25 | $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 | $6.2B | $1.8B |
| 总债务越低越好 | — | $13.1B |
| 股东权益账面价值 | $29.5B | $31.1B |
| 总资产 | $116.5B | $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AFLSPGI
| Q4 25 | $6.2B | $1.8B | ||
| Q3 25 | $6.8B | $1.7B | ||
| Q2 25 | $7.0B | $1.8B | ||
| Q1 25 | $5.2B | $1.5B | ||
| Q4 24 | $6.2B | $1.7B | ||
| Q3 24 | $5.6B | $1.7B | ||
| Q2 24 | $6.1B | $2.0B | ||
| Q1 24 | $5.1B | $1.5B |
总债务AFLSPGI
| 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AFLSPGI
| Q4 25 | $29.5B | $31.1B | ||
| Q3 25 | $28.7B | $33.1B | ||
| Q2 25 | $27.2B | $33.4B | ||
| Q1 25 | $26.3B | $33.4B | ||
| Q4 24 | $26.1B | $33.2B | ||
| Q3 24 | $24.8B | $34.0B | ||
| Q2 24 | $26.0B | $34.9B | ||
| Q1 24 | $23.5B | $34.3B |
总资产AFLSPGI
| Q4 25 | $116.5B | $61.2B | ||
| Q3 25 | $122.3B | $59.7B | ||
| Q2 25 | $124.7B | $60.4B | ||
| Q1 25 | $120.3B | $59.9B | ||
| Q4 24 | $117.6B | $60.2B | ||
| Q3 24 | $128.4B | $60.4B | ||
| Q2 24 | $120.2B | $61.0B | ||
| Q1 24 | $124.7B | $60.5B |
负债/权益比AFLSPGI
| 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 | $315.0M | $1.7B |
| 自由现金流经营现金流 - 资本支出 | — | $1.7B |
| 自由现金流率自由现金流/营收 | — | 43.5% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | 0.23× | 1.54× |
| 过去12个月自由现金流最近4个季度 | — | $5.5B |
8季度趋势，按日历期对齐
经营现金流AFLSPGI
| Q4 25 | $315.0M | $1.7B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $399.0M | $1.4B | ||
| Q1 25 | $589.0M | $953.0M | ||
| Q4 24 | $333.0M | $1.7B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $255.0M | $1.6B | ||
| Q1 24 | $849.0M | $948.0M |
自由现金流AFLSPGI
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $910.0M | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $924.0M |
自由现金流率AFLSPGI
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 36.9% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 42.9% | ||
| Q1 24 | — | 26.5% |
资本支出强度AFLSPGI
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | 0.7% |
现金转化率AFLSPGI
| Q4 25 | 0.23× | 1.54× | ||
| Q3 25 | 0.76× | 1.28× | ||
| Q2 25 | 0.67× | 1.35× | ||
| Q1 25 | 20.31× | 0.87× | ||
| Q4 24 | 0.18× | 1.98× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | 0.15× | 1.54× | ||
| Q1 24 | 0.45× | 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
AFL
| Aflac Japan | $2.3B | 47% |
| Aflac US | $1.7B | 35% |
| Other | $862.0M | 18% |
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% |
