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Arthur J. Gallagher & Co.（AJG）与CARVANA CO.（CVNA）财务数据对比。点击上方公司名可切换其他公司
CARVANA CO.的季度营收约是Arthur J. Gallagher & Co.的1.5倍（$5.6B vs $3.6B），CARVANA CO.净利率更高（15.3% vs 4.2%，领先11.1%），CARVANA CO.同比增速更快（58.0% vs 33.6%），Arthur J. Gallagher & Co.自由现金流更多（$713.4M vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 5.5%）
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。
Carvana Co.是总部位于美国亚利桑那州坦佩市的线上二手车零售企业，主打线上一站式购车服务，2021年成功入选《财富》500强榜单，是该榜单有史以来最年轻的上榜企业之一。
AJG vs CVNA — 直观对比
营收规模更大
CVNA
是对方的1.5倍
$3.6B
营收增速更快
CVNA
高出24.4%
33.6%
净利率更高
CVNA
高出11.1%
4.2%
自由现金流更多
AJG
多$334.4M
$379.0M
两年增速更快
CVNA
近两年复合增速
5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $5.6B |
| 净利润 | $151.1M | $857.0M |
| 毛利率 | — | 18.8% |
| 营业利润率 | 5.0% | 7.6% |
| 净利率 | 4.2% | 15.3% |
| 营收同比 | 33.6% | 58.0% |
| 净利润同比 | -41.5% | 984.8% |
| 每股收益（稀释后） | $0.58 | — |
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AJGCVNA
| Q4 25 | $3.6B | $5.6B | ||
| Q3 25 | $3.4B | $5.6B | ||
| Q2 25 | $3.2B | $4.8B | ||
| Q1 25 | $3.7B | $4.2B | ||
| Q4 24 | $2.7B | $3.5B | ||
| Q3 24 | $2.8B | $3.7B | ||
| Q2 24 | $2.8B | $3.4B | ||
| Q1 24 | $3.3B | $3.1B |
净利润AJGCVNA
| Q4 25 | $151.1M | $857.0M | ||
| Q3 25 | $272.7M | $151.0M | ||
| Q2 25 | $365.8M | $183.0M | ||
| Q1 25 | $704.4M | $216.0M | ||
| Q4 24 | $258.3M | $79.0M | ||
| Q3 24 | $312.6M | $85.0M | ||
| Q2 24 | $283.4M | $18.0M | ||
| Q1 24 | $608.4M | $28.0M |
毛利率AJGCVNA
| Q4 25 | — | 18.8% | ||
| Q3 25 | — | 20.3% | ||
| Q2 25 | — | 22.0% | ||
| Q1 25 | — | 22.0% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 19.3% |
营业利润率AJGCVNA
| Q4 25 | 5.0% | 7.6% | ||
| Q3 25 | 10.3% | 9.8% | ||
| Q2 25 | 14.6% | 10.6% | ||
| Q1 25 | 23.4% | 9.3% | ||
| Q4 24 | 12.3% | 7.3% | ||
| Q3 24 | 14.4% | 9.2% | ||
| Q2 24 | 13.2% | 7.6% | ||
| Q1 24 | 23.7% | 4.4% |
净利率AJGCVNA
| Q4 25 | 4.2% | 15.3% | ||
| Q3 25 | 8.1% | 2.7% | ||
| Q2 25 | 11.4% | 3.8% | ||
| Q1 25 | 18.9% | 5.1% | ||
| Q4 24 | 9.5% | 2.2% | ||
| Q3 24 | 11.1% | 2.3% | ||
| Q2 24 | 10.2% | 0.5% | ||
| Q1 24 | 18.7% | 0.9% |
每股收益（稀释后）AJGCVNA
| Q4 25 | $0.58 | — | ||
| Q3 25 | $1.04 | — | ||
| Q2 25 | $1.40 | — | ||
| Q1 25 | $2.72 | — | ||
| Q4 24 | $1.10 | — | ||
| Q3 24 | $1.39 | — | ||
| Q2 24 | $1.27 | — | ||
| Q1 24 | $2.74 | $0.24 |
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 | — | $2.3B |
| 总债务越低越好 | $12.9B | $4.9B |
| 股东权益账面价值 | $23.3B | $3.4B |
| 总资产 | $70.7B | $13.2B |
| 负债/权益比越低杠杆越低 | 0.55× | 1.43× |
8季度趋势，按日历期对齐
现金及短期投资AJGCVNA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $871.0M | ||
| Q2 24 | — | $542.0M | ||
| Q1 24 | — | $252.0M |
总债务AJGCVNA
| Q4 25 | $12.9B | $4.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $23.0M | $5.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AJGCVNA
| Q4 25 | $23.3B | $3.4B | ||
| Q3 25 | $23.2B | $2.3B | ||
| Q2 25 | $23.0B | $1.7B | ||
| Q1 25 | $22.3B | $1.5B | ||
| Q4 24 | $20.2B | $1.3B | ||
| Q3 24 | $12.2B | $611.0M | ||
| Q2 24 | $11.6B | $526.0M | ||
| Q1 24 | $11.3B | $289.0M |
总资产AJGCVNA
| Q4 25 | $70.7B | $13.2B | ||
| Q3 25 | $79.1B | $9.9B | ||
| Q2 25 | $80.1B | $9.4B | ||
| Q1 25 | $74.1B | $8.9B | ||
| Q4 24 | $64.3B | $8.5B | ||
| Q3 24 | $57.2B | $7.4B | ||
| Q2 24 | $63.0B | $7.2B | ||
| Q1 24 | $61.0B | $7.0B |
负债/权益比AJGCVNA
| Q4 25 | 0.55× | 1.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | 4.20× | ||
| 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 | $430.0M |
| 自由现金流经营现金流 - 资本支出 | $713.4M | $379.0M |
| 自由现金流率自由现金流/营收 | 19.7% | 6.8% |
| 资本支出强度资本支出/营收 | 1.1% | 0.9% |
| 现金转化率经营现金流/净利润 | 4.98× | 0.50× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $889.0M |
8季度趋势，按日历期对齐
经营现金流AJGCVNA
| Q4 25 | $753.0M | $430.0M | ||
| Q3 25 | $731.3M | $345.0M | ||
| Q2 25 | $-426.1M | $29.0M | ||
| Q1 25 | $871.8M | $232.0M | ||
| Q4 24 | $739.3M | $60.0M | ||
| Q3 24 | $934.8M | $403.0M | ||
| Q2 24 | $119.5M | $354.0M | ||
| Q1 24 | $789.3M | $101.0M |
自由现金流AJGCVNA
| Q4 25 | $713.4M | $379.0M | ||
| Q3 25 | $693.5M | $307.0M | ||
| Q2 25 | $-465.5M | $-2.0M | ||
| Q1 25 | $843.6M | $205.0M | ||
| Q4 24 | $695.7M | $36.0M | ||
| Q3 24 | $898.0M | $376.0M | ||
| Q2 24 | $87.7M | $332.0M | ||
| Q1 24 | $759.6M | $83.0M |
自由现金流率AJGCVNA
| Q4 25 | 19.7% | 6.8% | ||
| Q3 25 | 20.6% | 5.4% | ||
| Q2 25 | -14.5% | -0.0% | ||
| Q1 25 | 22.6% | 4.8% | ||
| Q4 24 | 25.6% | 1.0% | ||
| Q3 24 | 32.0% | 10.3% | ||
| Q2 24 | 3.2% | 9.7% | ||
| Q1 24 | 23.3% | 2.7% |
资本支出强度AJGCVNA
| Q4 25 | 1.1% | 0.9% | ||
| Q3 25 | 1.1% | 0.7% | ||
| Q2 25 | 1.2% | 0.6% | ||
| Q1 25 | 0.8% | 0.6% | ||
| Q4 24 | 1.6% | 0.7% | ||
| Q3 24 | 1.3% | 0.7% | ||
| Q2 24 | 1.1% | 0.6% | ||
| Q1 24 | 0.9% | 0.6% |
现金转化率AJGCVNA
| Q4 25 | 4.98× | 0.50× | ||
| Q3 25 | 2.68× | 2.28× | ||
| Q2 25 | -1.16× | 0.16× | ||
| Q1 25 | 1.24× | 1.07× | ||
| Q4 24 | 2.86× | 0.76× | ||
| Q3 24 | 2.99× | 4.74× | ||
| Q2 24 | 0.42× | 19.67× | ||
| Q1 24 | 1.30× | 3.61× |
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% |
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
