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怡安集团（AON）与鲍德温（BWIN）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鲍德温的12.5倍（$4.3B vs $344.6M）。怡安集团净利率更高（39.4% vs -7.5%，领先46.9%）。鲍德温同比增速更快（5.5% vs 3.7%）。怡安集团自由现金流更多（$1.3B vs $-84.0K）。过去两年怡安集团的营收复合增速更高（2.8% vs -4.5%）
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。
鲍德温钢琴是美国知名钢琴品牌，曾是美国最大的键盘乐器制造商，主打 slogan 为「美国人最喜爱的钢琴」。2001年起成为吉普森品牌旗下子公司，2008年12月停止美国本土生产，将钢琴制造生产线迁至中国。
AON vs BWIN — 直观对比
营收规模更大
AON
是对方的12.5倍
$344.6M
营收增速更快
BWIN
高出1.8%
3.7%
净利率更高
AON
高出46.9%
-7.5%
自由现金流更多
AON
多$1.3B
$-84.0K
两年增速更快
AON
近两年复合增速
-4.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $344.6M |
| 净利润 | $1.7B | $-25.9M |
| 毛利率 | — | — |
| 营业利润率 | 28.1% | -3.8% |
| 净利率 | 39.4% | -7.5% |
| 营收同比 | 3.7% | 5.5% |
| 净利润同比 | 136.5% | -28.3% |
| 每股收益（稀释后） | $7.82 | $-0.38 |
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AONBWIN
| Q4 25 | $4.3B | $344.6M | ||
| Q3 25 | $4.0B | $362.3M | ||
| Q2 25 | $4.2B | $376.2M | ||
| Q1 25 | $4.7B | $410.5M | ||
| Q4 24 | $4.1B | $326.7M | ||
| Q3 24 | $3.7B | $335.2M | ||
| Q2 24 | $3.8B | $337.1M | ||
| Q1 24 | $4.1B | $378.1M |
净利润AONBWIN
| Q4 25 | $1.7B | $-25.9M | ||
| Q3 25 | $458.0M | $-18.7M | ||
| Q2 25 | $579.0M | $-3.2M | ||
| Q1 25 | $965.0M | $13.9M | ||
| Q4 24 | $716.0M | $-20.2M | ||
| Q3 24 | $343.0M | $-8.4M | ||
| Q2 24 | $524.0M | $-17.6M | ||
| Q1 24 | $1.1B | $21.6M |
营业利润率AONBWIN
| Q4 25 | 28.1% | -3.8% | ||
| Q3 25 | 20.4% | 0.9% | ||
| Q2 25 | 20.7% | 7.4% | ||
| Q1 25 | 30.9% | 13.6% | ||
| Q4 24 | 26.3% | -1.7% | ||
| Q3 24 | 16.7% | 4.6% | ||
| Q2 24 | 17.4% | 4.9% | ||
| Q1 24 | 36.0% | 9.1% |
净利率AONBWIN
| Q4 25 | 39.4% | -7.5% | ||
| Q3 25 | 11.5% | -5.2% | ||
| Q2 25 | 13.9% | -0.8% | ||
| Q1 25 | 20.4% | 3.4% | ||
| Q4 24 | 17.3% | -6.2% | ||
| Q3 24 | 9.2% | -2.5% | ||
| Q2 24 | 13.9% | -5.2% | ||
| Q1 24 | 26.3% | 5.7% |
每股收益（稀释后）AONBWIN
| Q4 25 | $7.82 | $-0.38 | ||
| Q3 25 | $2.11 | $-0.27 | ||
| Q2 25 | $2.66 | $-0.05 | ||
| Q1 25 | $4.43 | $0.20 | ||
| Q4 24 | $3.11 | $-0.31 | ||
| Q3 24 | $1.57 | $-0.13 | ||
| Q2 24 | $2.46 | $-0.28 | ||
| Q1 24 | $5.35 | $0.33 |
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 | $123.7M |
| 总债务越低越好 | $15.2B | — |
| 股东权益账面价值 | $9.4B | $600.2M |
| 总资产 | $50.8B | $3.9B |
| 负债/权益比越低杠杆越低 | 1.63× | — |
8季度趋势，按日历期对齐
现金及短期投资AONBWIN
| Q4 25 | $2.8B | $123.7M | ||
| Q3 25 | $1.3B | $89.7M | ||
| Q2 25 | $1.4B | $105.7M | ||
| Q1 25 | $1.3B | $81.8M | ||
| Q4 24 | $1.3B | $90.0M | ||
| Q3 24 | $1.3B | $181.8M | ||
| Q2 24 | $1.2B | $208.3M | ||
| Q1 24 | $6.4B | $112.1M |
总债务AONBWIN
| Q4 25 | $15.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AONBWIN
| Q4 25 | $9.4B | $600.2M | ||
| Q3 25 | $7.9B | $619.7M | ||
| Q2 25 | $7.8B | $630.8M | ||
| Q1 25 | $7.0B | $619.6M | ||
| Q4 24 | $6.1B | $583.2M | ||
| Q3 24 | $6.2B | $595.4M | ||
| Q2 24 | $5.9B | $590.9M | ||
| Q1 24 | $-133.0M | $597.9M |
总资产AONBWIN
| Q4 25 | $50.8B | $3.9B | ||
| Q3 25 | $51.6B | $3.8B | ||
| Q2 25 | $54.0B | $3.7B | ||
| Q1 25 | $50.3B | $3.5B | ||
| Q4 24 | $49.0B | $3.5B | ||
| Q3 24 | $49.9B | $3.5B | ||
| Q2 24 | $51.5B | $3.7B | ||
| Q1 24 | $40.8B | $3.5B |
负债/权益比AONBWIN
| Q4 25 | 1.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.78× | — | ||
| 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 | $1.4B | $10.3M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $-84.0K |
| 自由现金流率自由现金流/营收 | 30.8% | -0.0% |
| 资本支出强度资本支出/营收 | 1.7% | 3.0% |
| 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 | $-68.9M |
8季度趋势，按日历期对齐
经营现金流AONBWIN
| Q4 25 | $1.4B | $10.3M | ||
| Q3 25 | $1.1B | $41.0M | ||
| Q2 25 | $796.0M | $-16.7M | ||
| Q1 25 | $140.0M | $-64.0M | ||
| Q4 24 | $1.2B | $-2.3M | ||
| Q3 24 | $1.0B | $32.4M | ||
| Q2 24 | $513.0M | $18.3M | ||
| Q1 24 | $309.0M | $3.0M |
自由现金流AONBWIN
| Q4 25 | $1.3B | $-84.0K | ||
| Q3 25 | $1.1B | $32.2M | ||
| Q2 25 | $732.0M | $-28.1M | ||
| Q1 25 | $84.0M | $-72.9M | ||
| Q4 24 | $1.1B | $-14.5M | ||
| Q3 24 | $951.0M | $22.2M | ||
| Q2 24 | $460.0M | $7.8M | ||
| Q1 24 | $261.0M | $-5.1M |
自由现金流率AONBWIN
| Q4 25 | 30.8% | -0.0% | ||
| Q3 25 | 27.0% | 8.9% | ||
| Q2 25 | 17.6% | -7.5% | ||
| Q1 25 | 1.8% | -17.8% | ||
| Q4 24 | 27.6% | -4.4% | ||
| Q3 24 | 25.6% | 6.6% | ||
| Q2 24 | 12.2% | 2.3% | ||
| Q1 24 | 6.4% | -1.4% |
资本支出强度AONBWIN
| Q4 25 | 1.7% | 3.0% | ||
| Q3 25 | 1.7% | 2.4% | ||
| Q2 25 | 1.5% | 3.0% | ||
| Q1 25 | 1.2% | 2.2% | ||
| Q4 24 | 1.3% | 3.7% | ||
| Q3 24 | 1.7% | 3.0% | ||
| Q2 24 | 1.4% | 3.1% | ||
| Q1 24 | 1.2% | 2.2% |
现金转化率AONBWIN
| Q4 25 | 0.83× | — | ||
| Q3 25 | 2.51× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 0.15× | -4.59× | ||
| Q4 24 | 1.68× | — | ||
| Q3 24 | 2.95× | — | ||
| Q2 24 | 0.98× | — | ||
| Q1 24 | 0.29× | 0.14× |
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% |
BWIN
| Insurance Advisory Solutions | $157.9M | 46% |
| Underwriting Capacity Technology Solutions | $129.5M | 38% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
