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怡安集团（AON）与艾利丹尼森（AVY）财务数据对比。点击上方公司名可切换其他公司
怡安集团的季度营收约是艾利丹尼森的1.9倍（$4.3B vs $2.3B），怡安集团净利率更高（39.4% vs 7.3%，领先32.1%），艾利丹尼森同比增速更快（7.0% vs 3.7%），怡安集团自由现金流更多（$1.3B vs $104.4M），过去两年怡安集团的营收复合增速更高（2.8% vs 1.4%）
怡安集团（Aon plc）是一家英美背景的专业服务企业，下设两大业务板块：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块提供健康保险、退休及养老金计划、人才咨询等相关服务。
艾利丹尼森是总部位于美国俄亥俄州门托市的财富500强跨国企业，专业从事压敏胶材料、服装品牌标签吊牌、RFID嵌体及特种医疗产品的生产与分销，业务覆盖全球多个主要市场。
AON vs AVY — 直观对比
营收规模更大
AON
是对方的1.9倍
$2.3B
营收增速更快
AVY
高出3.3%
3.7%
净利率更高
AON
高出32.1%
7.3%
自由现金流更多
AON
多$1.2B
$104.4M
两年增速更快
AON
近两年复合增速
1.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.3B |
| 净利润 | $1.7B | $168.1M |
| 毛利率 | — | 28.9% |
| 营业利润率 | 28.1% | 10.7% |
| 净利率 | 39.4% | 7.3% |
| 营收同比 | 3.7% | 7.0% |
| 净利润同比 | 136.5% | 1.1% |
| 每股收益（稀释后） | $7.82 | — |
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AONAVY
| Q1 26 | — | $2.3B | ||
| Q4 25 | $4.3B | $2.3B | ||
| Q3 25 | $4.0B | $2.2B | ||
| Q2 25 | $4.2B | $2.2B | ||
| Q1 25 | $4.7B | $2.1B | ||
| Q4 24 | $4.1B | $2.2B | ||
| Q3 24 | $3.7B | $2.2B | ||
| Q2 24 | $3.8B | $2.2B |
净利润AONAVY
| Q1 26 | — | $168.1M | ||
| Q4 25 | $1.7B | $166.4M | ||
| Q3 25 | $458.0M | $166.3M | ||
| Q2 25 | $579.0M | $189.0M | ||
| Q1 25 | $965.0M | $166.3M | ||
| Q4 24 | $716.0M | $174.0M | ||
| Q3 24 | $343.0M | $181.7M | ||
| Q2 24 | $524.0M | $176.8M |
毛利率AONAVY
| Q1 26 | — | 28.9% | ||
| Q4 25 | — | 28.7% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 28.9% | ||
| Q4 24 | — | 27.9% | ||
| Q3 24 | — | 28.7% | ||
| Q2 24 | — | 29.6% |
营业利润率AONAVY
| Q1 26 | — | 10.7% | ||
| Q4 25 | 28.1% | 9.1% | ||
| Q3 25 | 20.4% | 10.6% | ||
| Q2 25 | 20.7% | 11.5% | ||
| Q1 25 | 30.9% | 10.6% | ||
| Q4 24 | 26.3% | 11.0% | ||
| Q3 24 | 16.7% | 11.0% | ||
| Q2 24 | 17.4% | 10.7% |
净利率AONAVY
| Q1 26 | — | 7.3% | ||
| Q4 25 | 39.4% | 7.3% | ||
| Q3 25 | 11.5% | 7.5% | ||
| Q2 25 | 13.9% | 8.5% | ||
| Q1 25 | 20.4% | 7.7% | ||
| Q4 24 | 17.3% | 8.0% | ||
| Q3 24 | 9.2% | 8.3% | ||
| Q2 24 | 13.9% | 7.9% |
每股收益（稀释后）AONAVY
| Q1 26 | — | — | ||
| Q4 25 | $7.82 | $2.16 | ||
| Q3 25 | $2.11 | $2.13 | ||
| Q2 25 | $2.66 | $2.41 | ||
| Q1 25 | $4.43 | $2.09 | ||
| Q4 24 | $3.11 | $2.17 | ||
| Q3 24 | $1.57 | $2.25 | ||
| Q2 24 | $2.46 | $2.18 |
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 | $2.8B | $255.1M |
| 总债务越低越好 | $15.2B | $3.2B |
| 股东权益账面价值 | $9.4B | $2.3B |
| 总资产 | $50.8B | $9.0B |
| 负债/权益比越低杠杆越低 | 1.63× | 1.38× |
8季度趋势，按日历期对齐
现金及短期投资AONAVY
| Q1 26 | — | $255.1M | ||
| Q4 25 | $2.8B | $202.8M | ||
| Q3 25 | $1.3B | $536.3M | ||
| Q2 25 | $1.4B | $215.9M | ||
| Q1 25 | $1.3B | $195.9M | ||
| Q4 24 | $1.3B | $329.1M | ||
| Q3 24 | $1.3B | $212.7M | ||
| Q2 24 | $1.2B | $208.8M |
总债务AONAVY
| Q1 26 | — | $3.2B | ||
| Q4 25 | $15.2B | $3.2B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | $17.0B | $2.6B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.0B |
股东权益AONAVY
| Q1 26 | — | $2.3B | ||
| Q4 25 | $9.4B | $2.2B | ||
| Q3 25 | $7.9B | $2.2B | ||
| Q2 25 | $7.8B | $2.2B | ||
| Q1 25 | $7.0B | $2.2B | ||
| Q4 24 | $6.1B | $2.3B | ||
| Q3 24 | $6.2B | $2.4B | ||
| Q2 24 | $5.9B | $2.3B |
总资产AONAVY
| Q1 26 | — | $9.0B | ||
| Q4 25 | $50.8B | $8.8B | ||
| Q3 25 | $51.6B | $8.9B | ||
| Q2 25 | $54.0B | $8.6B | ||
| Q1 25 | $50.3B | $8.4B | ||
| Q4 24 | $49.0B | $8.4B | ||
| Q3 24 | $49.9B | $8.5B | ||
| Q2 24 | $51.5B | $8.3B |
负债/权益比AONAVY
| Q1 26 | — | 1.38× | ||
| Q4 25 | 1.63× | 1.43× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.19× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | 2.78× | 1.11× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 0.89× |
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 | $1.4B | — |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $104.4M |
| 自由现金流率自由现金流/营收 | 30.8% | 4.5% |
| 资本支出强度资本支出/营收 | 1.7% | — |
| 现金转化率经营现金流/净利润 | 0.83× | — |
| 过去12个月自由现金流最近4个季度 | $3.2B | $869.1M |
8季度趋势，按日历期对齐
经营现金流AONAVY
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $376.8M | ||
| Q3 25 | $1.1B | $312.1M | ||
| Q2 25 | $796.0M | $208.8M | ||
| Q1 25 | $140.0M | $-16.3M | ||
| Q4 24 | $1.2B | $351.2M | ||
| Q3 24 | $1.0B | $270.1M | ||
| Q2 24 | $513.0M | $197.7M |
自由现金流AONAVY
| Q1 26 | — | $104.4M | ||
| Q4 25 | $1.3B | $309.7M | ||
| Q3 25 | $1.1B | $276.2M | ||
| Q2 25 | $732.0M | $178.8M | ||
| Q1 25 | $84.0M | $-52.3M | ||
| Q4 24 | $1.1B | $281.7M | ||
| Q3 24 | $951.0M | $227.1M | ||
| Q2 24 | $460.0M | $150.2M |
自由现金流率AONAVY
| Q1 26 | — | 4.5% | ||
| Q4 25 | 30.8% | 13.6% | ||
| Q3 25 | 27.0% | 12.5% | ||
| Q2 25 | 17.6% | 8.1% | ||
| Q1 25 | 1.8% | -2.4% | ||
| Q4 24 | 27.6% | 12.9% | ||
| Q3 24 | 25.6% | 10.4% | ||
| Q2 24 | 12.2% | 6.7% |
资本支出强度AONAVY
| Q1 26 | — | — | ||
| Q4 25 | 1.7% | 3.0% | ||
| Q3 25 | 1.7% | 1.6% | ||
| Q2 25 | 1.5% | 1.4% | ||
| Q1 25 | 1.2% | 1.7% | ||
| Q4 24 | 1.3% | 3.2% | ||
| Q3 24 | 1.7% | 2.0% | ||
| Q2 24 | 1.4% | 2.1% |
现金转化率AONAVY
| Q1 26 | — | — | ||
| Q4 25 | 0.83× | 2.26× | ||
| Q3 25 | 2.51× | 1.88× | ||
| Q2 25 | 1.37× | 1.10× | ||
| Q1 25 | 0.15× | -0.10× | ||
| Q4 24 | 1.68× | 2.02× | ||
| Q3 24 | 2.95× | 1.49× | ||
| Q2 24 | 0.98× | 1.12× |
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
AON
| Commercial Risk Solutions | $2.3B | 54% |
| Health Solutions | $1.1B | 26% |
| Wealth Solutions | $490.0M | 11% |
| Reinsurance Solutions | $379.0M | 9% |
AVY
| Materials Group | $1.6B | 72% |
| Solutions Group | $649.2M | 28% |
