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怡安集团（AON）与博思艾伦汉密尔顿（BAH）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博思艾伦汉密尔顿的1.6倍（$4.3B vs $2.6B），怡安集团净利率更高（39.4% vs 7.6%，领先31.7%），怡安集团同比增速更快（3.7% vs -10.2%），怡安集团自由现金流更多（$1.3B vs $248.0M），过去两年怡安集团的营收复合增速更高（2.8% vs -2.8%）
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。
博思艾伦汉密尔顿控股集团是美国知名专业服务企业，深耕数字化转型与人工智能领域，为公共部门、私营机构及非营利组织提供咨询、分析与工程服务，总部位于弗吉尼亚州麦克莱恩，属华盛顿大都会区，在全球另设有80个办事处。
AON vs BAH — 直观对比
营收规模更大
AON
是对方的1.6倍
$2.6B
营收增速更快
AON
高出13.9%
-10.2%
净利率更高
AON
高出31.7%
7.6%
自由现金流更多
AON
多$1.1B
$248.0M
两年增速更快
AON
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.6B |
| 净利润 | $1.7B | $200.0M |
| 毛利率 | — | 51.9% |
| 营业利润率 | 28.1% | 8.8% |
| 净利率 | 39.4% | 7.6% |
| 营收同比 | 3.7% | -10.2% |
| 净利润同比 | 136.5% | 7.0% |
| 每股收益（稀释后） | $7.82 | $1.63 |
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AONBAH
| Q4 25 | $4.3B | $2.6B | ||
| Q3 25 | $4.0B | $2.9B | ||
| Q2 25 | $4.2B | $2.9B | ||
| Q1 25 | $4.7B | $3.0B | ||
| Q4 24 | $4.1B | $2.9B | ||
| Q3 24 | $3.7B | $3.1B | ||
| Q2 24 | $3.8B | $2.9B | ||
| Q1 24 | $4.1B | $2.8B |
净利润AONBAH
| Q4 25 | $1.7B | $200.0M | ||
| Q3 25 | $458.0M | $175.0M | ||
| Q2 25 | $579.0M | $271.0M | ||
| Q1 25 | $965.0M | $192.7M | ||
| Q4 24 | $716.0M | $186.9M | ||
| Q3 24 | $343.0M | $390.1M | ||
| Q2 24 | $524.0M | $165.2M | ||
| Q1 24 | $1.1B | $128.0M |
毛利率AONBAH
| Q4 25 | — | 51.9% | ||
| Q3 25 | — | 53.6% | ||
| Q2 25 | — | 51.3% | ||
| Q1 25 | — | 53.6% | ||
| Q4 24 | — | 55.2% | ||
| Q3 24 | — | 56.7% | ||
| Q2 24 | — | 53.4% | ||
| Q1 24 | — | 54.7% |
营业利润率AONBAH
| Q4 25 | 28.1% | 8.8% | ||
| Q3 25 | 20.4% | 9.8% | ||
| Q2 25 | 20.7% | 8.8% | ||
| Q1 25 | 30.9% | 9.2% | ||
| Q4 24 | 26.3% | 10.0% | ||
| Q3 24 | 16.7% | 17.4% | ||
| Q2 24 | 17.4% | 8.7% | ||
| Q1 24 | 36.0% | 9.5% |
净利率AONBAH
| Q4 25 | 39.4% | 7.6% | ||
| Q3 25 | 11.5% | 6.1% | ||
| Q2 25 | 13.9% | 9.3% | ||
| Q1 25 | 20.4% | 6.5% | ||
| Q4 24 | 17.3% | 6.4% | ||
| Q3 24 | 9.2% | 12.4% | ||
| Q2 24 | 13.9% | 5.6% | ||
| Q1 24 | 26.3% | 4.6% |
每股收益（稀释后）AONBAH
| Q4 25 | $7.82 | $1.63 | ||
| Q3 25 | $2.11 | $1.42 | ||
| Q2 25 | $2.66 | $2.16 | ||
| Q1 25 | $4.43 | $1.52 | ||
| Q4 24 | $3.11 | $1.45 | ||
| Q3 24 | $1.57 | $3.01 | ||
| Q2 24 | $2.46 | $1.27 | ||
| Q1 24 | $5.35 | $0.97 |
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 | $882.0M |
| 总债务越低越好 | $15.2B | $3.9B |
| 股东权益账面价值 | $9.4B | $1.0B |
| 总资产 | $50.8B | $7.1B |
| 负债/权益比越低杠杆越低 | 1.63× | 3.84× |
8季度趋势，按日历期对齐
现金及短期投资AONBAH
| Q4 25 | $2.8B | $882.0M | ||
| Q3 25 | $1.3B | $816.0M | ||
| Q2 25 | $1.4B | $711.0M | ||
| Q1 25 | $1.3B | $885.0M | ||
| Q4 24 | $1.3B | $453.5M | ||
| Q3 24 | $1.3B | $558.7M | ||
| Q2 24 | $1.2B | $297.7M | ||
| Q1 24 | $6.4B | $554.3M |
总债务AONBAH
| Q4 25 | $15.2B | $3.9B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | $17.0B | $3.4B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.4B | ||
| Q1 24 | — | $3.4B |
股东权益AONBAH
| Q4 25 | $9.4B | $1.0B | ||
| Q3 25 | $7.9B | $996.0M | ||
| Q2 25 | $7.8B | $1.1B | ||
| Q1 25 | $7.0B | $1.0B | ||
| Q4 24 | $6.1B | $1.2B | ||
| Q3 24 | $6.2B | $1.2B | ||
| Q2 24 | $5.9B | $1.1B | ||
| Q1 24 | $-133.0M | $1.0B |
总资产AONBAH
| Q4 25 | $50.8B | $7.1B | ||
| Q3 25 | $51.6B | $7.2B | ||
| Q2 25 | $54.0B | $7.2B | ||
| Q1 25 | $50.3B | $7.3B | ||
| Q4 24 | $49.0B | $6.8B | ||
| Q3 24 | $49.9B | $6.9B | ||
| Q2 24 | $51.5B | $6.6B | ||
| Q1 24 | $40.8B | $6.6B |
负债/权益比AONBAH
| Q4 25 | 1.63× | 3.84× | ||
| Q3 25 | — | 3.98× | ||
| Q2 25 | — | 3.74× | ||
| Q1 25 | — | 3.99× | ||
| Q4 24 | 2.78× | 2.79× | ||
| Q3 24 | — | 2.83× | ||
| Q2 24 | — | 3.14× | ||
| Q1 24 | — | 3.26× |
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 | $261.0M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $248.0M |
| 自由现金流率自由现金流/营收 | 30.8% | 9.5% |
| 资本支出强度资本支出/营收 | 1.7% | 0.5% |
| 现金转化率经营现金流/净利润 | 0.83× | 1.30× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $933.4M |
8季度趋势，按日历期对齐
经营现金流AONBAH
| Q4 25 | $1.4B | $261.0M | ||
| Q3 25 | $1.1B | $421.0M | ||
| Q2 25 | $796.0M | $119.0M | ||
| Q1 25 | $140.0M | $219.0M | ||
| Q4 24 | $1.2B | $150.8M | ||
| Q3 24 | $1.0B | $587.1M | ||
| Q2 24 | $513.0M | $52.1M | ||
| Q1 24 | $309.0M | $143.8M |
自由现金流AONBAH
| Q4 25 | $1.3B | $248.0M | ||
| Q3 25 | $1.1B | $395.0M | ||
| Q2 25 | $732.0M | $96.0M | ||
| Q1 25 | $84.0M | $194.4M | ||
| Q4 24 | $1.1B | $133.6M | ||
| Q3 24 | $951.0M | $563.3M | ||
| Q2 24 | $460.0M | $19.7M | ||
| Q1 24 | $261.0M | $127.6M |
自由现金流率AONBAH
| Q4 25 | 30.8% | 9.5% | ||
| Q3 25 | 27.0% | 13.7% | ||
| Q2 25 | 17.6% | 3.3% | ||
| Q1 25 | 1.8% | 6.5% | ||
| Q4 24 | 27.6% | 4.6% | ||
| Q3 24 | 25.6% | 17.9% | ||
| Q2 24 | 12.2% | 0.7% | ||
| Q1 24 | 6.4% | 4.6% |
资本支出强度AONBAH
| Q4 25 | 1.7% | 0.5% | ||
| Q3 25 | 1.7% | 0.9% | ||
| Q2 25 | 1.5% | 0.8% | ||
| Q1 25 | 1.2% | 0.8% | ||
| Q4 24 | 1.3% | 0.6% | ||
| Q3 24 | 1.7% | 0.8% | ||
| Q2 24 | 1.4% | 1.1% | ||
| Q1 24 | 1.2% | 0.6% |
现金转化率AONBAH
| Q4 25 | 0.83× | 1.30× | ||
| Q3 25 | 2.51× | 2.41× | ||
| Q2 25 | 1.37× | 0.44× | ||
| Q1 25 | 0.15× | 1.14× | ||
| Q4 24 | 1.68× | 0.81× | ||
| Q3 24 | 2.95× | 1.50× | ||
| Q2 24 | 0.98× | 0.32× | ||
| Q1 24 | 0.29× | 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% |
BAH
| Defense Clients | $1.5B | 55% |
| Civil Clients | $732.0M | 28% |
| Intelligence Clients | $434.0M | 17% |
