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Arthur J. Gallagher & Co.（AJG）与Kellanova（K）财务数据对比。点击上方公司名可切换其他公司
Arthur J. Gallagher & Co.的季度营收约是Kellanova的1.1倍（$3.6B vs $3.3B），Kellanova净利率更高（9.5% vs 4.2%，领先5.3%），Arthur J. Gallagher & Co.同比增速更快（33.6% vs 0.8%），Arthur J. Gallagher & Co.自由现金流更多（$713.4M vs $359.0M），过去两年Arthur J. Gallagher & Co.的营收复合增速更高（5.5% vs -9.0%）
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。
Kellanova前身为知名食品企业家乐氏，是玛氏集团旗下的美国跨国食品制造公司，总部位于美国伊利诺伊州芝加哥。2023年10月2日公司正式启用现名，同步拆分北美谷物业务，独立成立WK Kellogg Co。
AJG vs K — 直观对比
营收规模更大
AJG
是对方的1.1倍
$3.3B
营收增速更快
AJG
高出32.8%
0.8%
净利率更高
K
高出5.3%
4.2%
自由现金流更多
AJG
多$354.4M
$359.0M
两年增速更快
AJG
近两年复合增速
-9.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $3.3B |
| 净利润 | $151.1M | $309.0M |
| 毛利率 | — | 33.3% |
| 营业利润率 | 5.0% | 13.9% |
| 净利率 | 4.2% | 9.5% |
| 营收同比 | 33.6% | 0.8% |
| 净利润同比 | -41.5% | -15.8% |
| 每股收益（稀释后） | $0.58 | $0.88 |
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AJGK
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.4B | $3.3B | ||
| Q2 25 | $3.2B | $3.2B | ||
| Q1 25 | $3.7B | $3.1B | ||
| Q4 24 | $2.7B | $3.1B | ||
| Q3 24 | $2.8B | $3.2B | ||
| Q2 24 | $2.8B | $3.2B | ||
| Q1 24 | $3.3B | $3.2B |
净利润AJGK
| Q4 25 | $151.1M | — | ||
| Q3 25 | $272.7M | $309.0M | ||
| Q2 25 | $365.8M | $299.0M | ||
| Q1 25 | $704.4M | $304.0M | ||
| Q4 24 | $258.3M | $365.0M | ||
| Q3 24 | $312.6M | $367.0M | ||
| Q2 24 | $283.4M | $344.0M | ||
| Q1 24 | $608.4M | $267.0M |
毛利率AJGK
| Q4 25 | — | — | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | 37.7% | ||
| Q3 24 | — | 36.4% | ||
| Q2 24 | — | 36.4% | ||
| Q1 24 | — | 32.2% |
营业利润率AJGK
| Q4 25 | 5.0% | — | ||
| Q3 25 | 10.3% | 13.9% | ||
| Q2 25 | 14.6% | 13.7% | ||
| Q1 25 | 23.4% | 13.9% | ||
| Q4 24 | 12.3% | 17.0% | ||
| Q3 24 | 14.4% | 14.1% | ||
| Q2 24 | 13.2% | 15.4% | ||
| Q1 24 | 23.7% | 12.3% |
净利率AJGK
| Q4 25 | 4.2% | — | ||
| Q3 25 | 8.1% | 9.5% | ||
| Q2 25 | 11.4% | 9.3% | ||
| Q1 25 | 18.9% | 9.9% | ||
| Q4 24 | 9.5% | 11.7% | ||
| Q3 24 | 11.1% | 11.4% | ||
| Q2 24 | 10.2% | 10.8% | ||
| Q1 24 | 18.7% | 8.3% |
每股收益（稀释后）AJGK
| Q4 25 | $0.58 | — | ||
| Q3 25 | $1.04 | $0.88 | ||
| Q2 25 | $1.40 | $0.85 | ||
| Q1 25 | $2.72 | $0.87 | ||
| Q4 24 | $1.10 | $1.05 | ||
| Q3 24 | $1.39 | $1.05 | ||
| Q2 24 | $1.27 | $1.00 | ||
| Q1 24 | $2.74 | $0.78 |
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 | — | $240.0M |
| 总债务越低越好 | $12.9B | $4.3B |
| 股东权益账面价值 | $23.3B | $4.2B |
| 总资产 | $70.7B | $15.6B |
| 负债/权益比越低杠杆越低 | 0.55× | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资AJGK
| Q4 25 | — | — | ||
| Q3 25 | — | $240.0M | ||
| Q2 25 | — | $354.0M | ||
| Q1 25 | — | $330.0M | ||
| Q4 24 | — | $694.0M | ||
| Q3 24 | — | $569.0M | ||
| Q2 24 | — | $272.0M | ||
| Q1 24 | — | $242.0M |
总债务AJGK
| Q4 25 | $12.9B | — | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | $23.0M | $5.0B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.0B | ||
| Q1 24 | — | $4.4B |
股东权益AJGK
| Q4 25 | $23.3B | — | ||
| Q3 25 | $23.2B | $4.2B | ||
| Q2 25 | $23.0B | $4.1B | ||
| Q1 25 | $22.3B | $3.9B | ||
| Q4 24 | $20.2B | $3.8B | ||
| Q3 24 | $12.2B | $3.6B | ||
| Q2 24 | $11.6B | $3.3B | ||
| Q1 24 | $11.3B | $3.2B |
总资产AJGK
| Q4 25 | $70.7B | — | ||
| Q3 25 | $79.1B | $15.6B | ||
| Q2 25 | $80.1B | $15.9B | ||
| Q1 25 | $74.1B | $15.5B | ||
| Q4 24 | $64.3B | $15.6B | ||
| Q3 24 | $57.2B | $15.8B | ||
| Q2 24 | $63.0B | $15.3B | ||
| Q1 24 | $61.0B | $15.3B |
负债/权益比AJGK
| Q4 25 | 0.55× | — | ||
| Q3 25 | — | 1.02× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | 0.00× | 1.32× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.51× | ||
| Q1 24 | — | 1.40× |
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 | $503.0M |
| 自由现金流经营现金流 - 资本支出 | $713.4M | $359.0M |
| 自由现金流率自由现金流/营收 | 19.7% | 11.0% |
| 资本支出强度资本支出/营收 | 1.1% | 4.4% |
| 现金转化率经营现金流/净利润 | 4.98× | 1.63× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $599.0M |
8季度趋势，按日历期对齐
经营现金流AJGK
| Q4 25 | $753.0M | — | ||
| Q3 25 | $731.3M | $503.0M | ||
| Q2 25 | $-426.1M | $169.0M | ||
| Q1 25 | $871.8M | $116.0M | ||
| Q4 24 | $739.3M | $467.0M | ||
| Q3 24 | $934.8M | $553.0M | ||
| Q2 24 | $119.5M | $376.0M | ||
| Q1 24 | $789.3M | $364.0M |
自由现金流AJGK
| Q4 25 | $713.4M | — | ||
| Q3 25 | $693.5M | $359.0M | ||
| Q2 25 | $-465.5M | $21.0M | ||
| Q1 25 | $843.6M | $-60.0M | ||
| Q4 24 | $695.7M | $279.0M | ||
| Q3 24 | $898.0M | $410.0M | ||
| Q2 24 | $87.7M | $234.0M | ||
| Q1 24 | $759.6M | $209.0M |
自由现金流率AJGK
| Q4 25 | 19.7% | — | ||
| Q3 25 | 20.6% | 11.0% | ||
| Q2 25 | -14.5% | 0.7% | ||
| Q1 25 | 22.6% | -1.9% | ||
| Q4 24 | 25.6% | 8.9% | ||
| Q3 24 | 32.0% | 12.7% | ||
| Q2 24 | 3.2% | 7.3% | ||
| Q1 24 | 23.3% | 6.5% |
资本支出强度AJGK
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.1% | 4.4% | ||
| Q2 25 | 1.2% | 4.6% | ||
| Q1 25 | 0.8% | 5.7% | ||
| Q4 24 | 1.6% | 6.0% | ||
| Q3 24 | 1.3% | 4.4% | ||
| Q2 24 | 1.1% | 4.4% | ||
| Q1 24 | 0.9% | 4.8% |
现金转化率AJGK
| Q4 25 | 4.98× | — | ||
| Q3 25 | 2.68× | 1.63× | ||
| Q2 25 | -1.16× | 0.57× | ||
| Q1 25 | 1.24× | 0.38× | ||
| Q4 24 | 2.86× | 1.28× | ||
| Q3 24 | 2.99× | 1.51× | ||
| Q2 24 | 0.42× | 1.09× | ||
| Q1 24 | 1.30× | 1.36× |
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% |
K
| Retail Channel Snacks | $2.0B | 62% |
| Retail Channel Cereal | $678.0M | 21% |
| Noodlesand Other | $280.0M | 9% |
| Frozen And Specialty Channels | $275.0M | 8% |
