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Arthur J. Gallagher & Co.（AJG）与CNH Industrial N.V.（CNH）财务数据对比。点击上方公司名可切换其他公司
CNH Industrial N.V.的季度营收约是Arthur J. Gallagher & Co.的1.2倍（$4.5B vs $3.6B），Arthur J. Gallagher & Co.净利率更高（4.2% vs 1.9%，领先2.2%），Arthur J. Gallagher & Co.同比增速更快（33.6% vs 7.8%），过去两年Arthur J. Gallagher & Co.的营收复合增速更高（5.5% vs 3.8%）
Arthur J. Gallagher & Co.（简称Gallagher）是总部位于美国伊利诺伊州芝加哥郊区罗林梅多斯的保险经纪及风险管理服务提供商，核心业务涵盖保险经纪、风险管理服务，还依托自有理赔师团队处理工伤赔偿、机动车保险理赔等相关业务，在全球保险服务领域拥有较高知名度。
CNH Industrial是意美跨国企业，全球总部位于英国巴西尔登，由跨国投资公司Exor控股，实际控制方为阿涅利家族。公司核心业务涵盖农业机械、工程设备的设计、生产及销售，覆盖全球所有主要市场，目前正重点拓展高增长市场的业务布局。
AJG vs CNH — 直观对比
营收规模更大
CNH
是对方的1.2倍
$3.6B
营收增速更快
AJG
高出25.8%
7.8%
净利率更高
AJG
高出2.2%
1.9%
两年增速更快
AJG
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $4.5B |
| 净利润 | $151.1M | $86.0M |
| 毛利率 | — | 18.4% |
| 营业利润率 | 5.0% | 3.0% |
| 净利率 | 4.2% | 1.9% |
| 营收同比 | 33.6% | 7.8% |
| 净利润同比 | -41.5% | -18.9% |
| 每股收益（稀释后） | $0.58 | $0.08 |
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AJGCNH
| Q4 25 | $3.6B | $4.5B | ||
| Q3 25 | $3.4B | $3.7B | ||
| Q2 25 | $3.2B | $4.0B | ||
| Q1 25 | $3.7B | $3.2B | ||
| Q4 24 | $2.7B | $4.1B | ||
| Q3 24 | $2.8B | $4.0B | ||
| Q2 24 | $2.8B | $4.8B | ||
| Q1 24 | $3.3B | $4.1B |
净利润AJGCNH
| Q4 25 | $151.1M | $86.0M | ||
| Q3 25 | $272.7M | $80.0M | ||
| Q2 25 | $365.8M | $213.0M | ||
| Q1 25 | $704.4M | $131.0M | ||
| Q4 24 | $258.3M | $106.0M | ||
| Q3 24 | $312.6M | $306.0M | ||
| Q2 24 | $283.4M | $433.0M | ||
| Q1 24 | $608.4M | $401.0M |
毛利率AJGCNH
| Q4 25 | — | 18.4% | ||
| Q3 25 | — | 19.1% | ||
| Q2 25 | — | 20.6% | ||
| Q1 25 | — | 19.0% | ||
| Q4 24 | — | 19.5% | ||
| Q3 24 | — | 21.7% | ||
| Q2 24 | — | 22.9% | ||
| Q1 24 | — | 22.7% |
营业利润率AJGCNH
| Q4 25 | 5.0% | 3.0% | ||
| Q3 25 | 10.3% | 1.4% | ||
| Q2 25 | 14.6% | 6.8% | ||
| Q1 25 | 23.4% | 5.1% | ||
| Q4 24 | 12.3% | 5.8% | ||
| Q3 24 | 14.4% | 9.6% | ||
| Q2 24 | 13.2% | 11.1% | ||
| Q1 24 | 23.7% | 11.6% |
净利率AJGCNH
| Q4 25 | 4.2% | 1.9% | ||
| Q3 25 | 8.1% | 2.2% | ||
| Q2 25 | 11.4% | 5.3% | ||
| Q1 25 | 18.9% | 4.1% | ||
| Q4 24 | 9.5% | 2.6% | ||
| Q3 24 | 11.1% | 7.7% | ||
| Q2 24 | 10.2% | 9.0% | ||
| Q1 24 | 18.7% | 9.7% |
每股收益（稀释后）AJGCNH
| Q4 25 | $0.58 | $0.08 | ||
| Q3 25 | $1.04 | $0.06 | ||
| Q2 25 | $1.40 | $0.17 | ||
| Q1 25 | $2.72 | $0.10 | ||
| Q4 24 | $1.10 | $0.10 | ||
| Q3 24 | $1.39 | $0.24 | ||
| Q2 24 | $1.27 | $0.34 | ||
| Q1 24 | $2.74 | $0.31 |
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 | — | $2.6B |
| 总债务越低越好 | $12.9B | — |
| 股东权益账面价值 | $23.3B | $7.8B |
| 总资产 | $70.7B | $42.7B |
| 负债/权益比越低杠杆越低 | 0.55× | — |
8季度趋势，按日历期对齐
现金及短期投资AJGCNH
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $3.2B |
总债务AJGCNH
| Q4 25 | $12.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $23.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AJGCNH
| Q4 25 | $23.3B | $7.8B | ||
| Q3 25 | $23.2B | $7.8B | ||
| Q2 25 | $23.0B | $7.8B | ||
| Q1 25 | $22.3B | $7.9B | ||
| Q4 24 | $20.2B | $7.7B | ||
| Q3 24 | $12.2B | $7.7B | ||
| Q2 24 | $11.6B | $7.6B | ||
| Q1 24 | $11.3B | $8.0B |
总资产AJGCNH
| Q4 25 | $70.7B | $42.7B | ||
| Q3 25 | $79.1B | $43.3B | ||
| Q2 25 | $80.1B | $43.7B | ||
| Q1 25 | $74.1B | $42.1B | ||
| Q4 24 | $64.3B | $42.9B | ||
| Q3 24 | $57.2B | $44.0B | ||
| Q2 24 | $63.0B | $44.0B | ||
| Q1 24 | $61.0B | $45.7B |
负债/权益比AJGCNH
| Q4 25 | 0.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| 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 | $753.0M | $945.0M |
| 自由现金流经营现金流 - 资本支出 | $713.4M | — |
| 自由现金流率自由现金流/营收 | 19.7% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | 4.98× | 10.99× |
| 过去12个月自由现金流最近4个季度 | $1.8B | — |
8季度趋势，按日历期对齐
经营现金流AJGCNH
| Q4 25 | $753.0M | $945.0M | ||
| Q3 25 | $731.3M | $659.0M | ||
| Q2 25 | $-426.1M | $772.0M | ||
| Q1 25 | $871.8M | $162.0M | ||
| Q4 24 | $739.3M | $1.7B | ||
| Q3 24 | $934.8M | $791.0M | ||
| Q2 24 | $119.5M | $379.0M | ||
| Q1 24 | $789.3M | $-894.0M |
自由现金流AJGCNH
| Q4 25 | $713.4M | — | ||
| Q3 25 | $693.5M | — | ||
| Q2 25 | $-465.5M | — | ||
| Q1 25 | $843.6M | — | ||
| Q4 24 | $695.7M | — | ||
| Q3 24 | $898.0M | — | ||
| Q2 24 | $87.7M | — | ||
| Q1 24 | $759.6M | — |
自由现金流率AJGCNH
| Q4 25 | 19.7% | — | ||
| Q3 25 | 20.6% | — | ||
| Q2 25 | -14.5% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 25.6% | — | ||
| Q3 24 | 32.0% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 23.3% | — |
资本支出强度AJGCNH
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 0.9% | — |
现金转化率AJGCNH
| Q4 25 | 4.98× | 10.99× | ||
| Q3 25 | 2.68× | 8.24× | ||
| Q2 25 | -1.16× | 3.62× | ||
| Q1 25 | 1.24× | 1.24× | ||
| Q4 24 | 2.86× | 15.96× | ||
| Q3 24 | 2.99× | 2.58× | ||
| Q2 24 | 0.42× | 0.88× | ||
| Q1 24 | 1.30× | -2.23× |
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
AJG
| Commissions | $2.1B | 57% |
| Broker Fees | $1.2B | 33% |
| Supplemental Revenue | $131.7M | 4% |
| Investment Performance | $121.8M | 3% |
| Contingent Revenue | $83.0M | 2% |
CNH
| Agricultural Equipment Segment | $3.6B | 81% |
| Construction Equipment Segment | $853.0M | 19% |
| Services | $18.0M | 0% |
