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怡安集团（AON）与戴德梁行（CWK）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戴德梁行的1.5倍（$4.3B vs $2.9B），怡安集团净利率更高（39.4% vs -0.8%，领先40.1%），戴德梁行同比增速更快（10.8% vs 3.7%），怡安集团自由现金流更多（$1.3B vs $234.3M），过去两年戴德梁行的营收复合增速更高（15.5% 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。
戴德梁行是全球化的商业地产及物业管理服务提供商，总部位于美国伊利诺伊州芝加哥，由联合创始人J·克莱兹代尔·库什曼和伯纳德·韦克菲尔德共同创立，在全球商业地产服务领域拥有广泛的业务布局与专业服务能力，为各类客户提供定制化的地产相关解决方案。
AON vs CWK — 直观对比
营收规模更大
AON
是对方的1.5倍
$2.9B
营收增速更快
CWK
高出7.1%
3.7%
净利率更高
AON
高出40.1%
-0.8%
自由现金流更多
AON
多$1.1B
$234.3M
两年增速更快
CWK
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.9B |
| 净利润 | $1.7B | $-22.4M |
| 毛利率 | — | — |
| 营业利润率 | 28.1% | 6.1% |
| 净利率 | 39.4% | -0.8% |
| 营收同比 | 3.7% | 10.8% |
| 净利润同比 | 136.5% | -119.8% |
| 每股收益（稀释后） | $7.82 | $-0.10 |
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AONCWK
| Q4 25 | $4.3B | $2.9B | ||
| Q3 25 | $4.0B | $2.6B | ||
| Q2 25 | $4.2B | $2.5B | ||
| Q1 25 | $4.7B | $2.3B | ||
| Q4 24 | $4.1B | $2.6B | ||
| Q3 24 | $3.7B | $2.3B | ||
| Q2 24 | $3.8B | $2.3B | ||
| Q1 24 | $4.1B | $2.2B |
净利润AONCWK
| Q4 25 | $1.7B | $-22.4M | ||
| Q3 25 | $458.0M | $51.4M | ||
| Q2 25 | $579.0M | $57.3M | ||
| Q1 25 | $965.0M | $1.9M | ||
| Q4 24 | $716.0M | $112.9M | ||
| Q3 24 | $343.0M | $33.7M | ||
| Q2 24 | $524.0M | $13.5M | ||
| Q1 24 | $1.1B | $-28.8M |
营业利润率AONCWK
| Q4 25 | 28.1% | 6.1% | ||
| Q3 25 | 20.4% | 4.1% | ||
| Q2 25 | 20.7% | 4.9% | ||
| Q1 25 | 30.9% | 2.0% | ||
| Q4 24 | 26.3% | 6.6% | ||
| Q3 24 | 16.7% | 3.2% | ||
| Q2 24 | 17.4% | 3.1% | ||
| Q1 24 | 36.0% | 0.9% |
净利率AONCWK
| Q4 25 | 39.4% | -0.8% | ||
| Q3 25 | 11.5% | 2.0% | ||
| Q2 25 | 13.9% | 2.3% | ||
| Q1 25 | 20.4% | 0.1% | ||
| Q4 24 | 17.3% | 4.3% | ||
| Q3 24 | 9.2% | 1.4% | ||
| Q2 24 | 13.9% | 0.6% | ||
| Q1 24 | 26.3% | -1.3% |
每股收益（稀释后）AONCWK
| Q4 25 | $7.82 | $-0.10 | ||
| Q3 25 | $2.11 | $0.22 | ||
| Q2 25 | $2.66 | $0.25 | ||
| Q1 25 | $4.43 | $0.01 | ||
| Q4 24 | $3.11 | $0.49 | ||
| Q3 24 | $1.57 | $0.14 | ||
| Q2 24 | $2.46 | $0.06 | ||
| Q1 24 | $5.35 | $-0.13 |
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 | $784.2M |
| 总债务越低越好 | $15.2B | $2.7B |
| 股东权益账面价值 | $9.4B | $2.0B |
| 总资产 | $50.8B | $7.7B |
| 负债/权益比越低杠杆越低 | 1.63× | 1.40× |
8季度趋势，按日历期对齐
现金及短期投资AONCWK
| Q4 25 | $2.8B | $784.2M | ||
| Q3 25 | $1.3B | $634.4M | ||
| Q2 25 | $1.4B | $618.2M | ||
| Q1 25 | $1.3B | $623.2M | ||
| Q4 24 | $1.3B | $793.3M | ||
| Q3 24 | $1.3B | $775.4M | ||
| Q2 24 | $1.2B | $567.3M | ||
| Q1 24 | $6.4B | $553.5M |
总债务AONCWK
| Q4 25 | $15.2B | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $17.0B | $3.0B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $3.2B |
股东权益AONCWK
| Q4 25 | $9.4B | $2.0B | ||
| Q3 25 | $7.9B | $2.0B | ||
| Q2 25 | $7.8B | $1.9B | ||
| Q1 25 | $7.0B | $1.8B | ||
| Q4 24 | $6.1B | $1.8B | ||
| Q3 24 | $6.2B | $1.7B | ||
| Q2 24 | $5.9B | $1.6B | ||
| Q1 24 | $-133.0M | $1.6B |
总资产AONCWK
| Q4 25 | $50.8B | $7.7B | ||
| Q3 25 | $51.6B | $7.7B | ||
| Q2 25 | $54.0B | $7.6B | ||
| Q1 25 | $50.3B | $7.4B | ||
| Q4 24 | $49.0B | $7.5B | ||
| Q3 24 | $49.9B | $7.5B | ||
| Q2 24 | $51.5B | $7.3B | ||
| Q1 24 | $40.8B | $7.5B |
负债/权益比AONCWK
| Q4 25 | 1.63× | 1.40× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | 2.78× | 1.73× | ||
| Q3 24 | — | 1.81× | ||
| Q2 24 | — | 1.91× | ||
| Q1 24 | — | 1.96× |
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 | $257.3M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $234.3M |
| 自由现金流率自由现金流/营收 | 30.8% | 8.0% |
| 资本支出强度资本支出/营收 | 1.7% | 0.8% |
| 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 | $293.0M |
8季度趋势，按日历期对齐
经营现金流AONCWK
| Q4 25 | $1.4B | $257.3M | ||
| Q3 25 | $1.1B | $235.5M | ||
| Q2 25 | $796.0M | $9.6M | ||
| Q1 25 | $140.0M | $-162.0M | ||
| Q4 24 | $1.2B | $115.2M | ||
| Q3 24 | $1.0B | $196.1M | ||
| Q2 24 | $513.0M | $21.8M | ||
| Q1 24 | $309.0M | $-125.1M |
自由现金流AONCWK
| Q4 25 | $1.3B | $234.3M | ||
| Q3 25 | $1.1B | $225.0M | ||
| Q2 25 | $732.0M | $300.0K | ||
| Q1 25 | $84.0M | $-166.6M | ||
| Q4 24 | $1.1B | $105.9M | ||
| Q3 24 | $951.0M | $186.7M | ||
| Q2 24 | $460.0M | $10.0M | ||
| Q1 24 | $261.0M | $-135.6M |
自由现金流率AONCWK
| Q4 25 | 30.8% | 8.0% | ||
| Q3 25 | 27.0% | 8.6% | ||
| Q2 25 | 17.6% | 0.0% | ||
| Q1 25 | 1.8% | -7.3% | ||
| Q4 24 | 27.6% | 4.0% | ||
| Q3 24 | 25.6% | 8.0% | ||
| Q2 24 | 12.2% | 0.4% | ||
| Q1 24 | 6.4% | -6.2% |
资本支出强度AONCWK
| Q4 25 | 1.7% | 0.8% | ||
| Q3 25 | 1.7% | 0.4% | ||
| Q2 25 | 1.5% | 0.4% | ||
| Q1 25 | 1.2% | 0.2% | ||
| Q4 24 | 1.3% | 0.4% | ||
| Q3 24 | 1.7% | 0.4% | ||
| Q2 24 | 1.4% | 0.5% | ||
| Q1 24 | 1.2% | 0.5% |
现金转化率AONCWK
| Q4 25 | 0.83× | — | ||
| Q3 25 | 2.51× | 4.58× | ||
| Q2 25 | 1.37× | 0.17× | ||
| Q1 25 | 0.15× | -85.26× | ||
| Q4 24 | 1.68× | 1.02× | ||
| Q3 24 | 2.95× | 5.82× | ||
| Q2 24 | 0.98× | 1.61× | ||
| Q1 24 | 0.29× | — |
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% |
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
