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怡安集团（AON）与eHealth, Inc.（EHTH）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eHealth, Inc.的13.2倍（$4.3B vs $326.2M）。怡安集团净利率更高（39.4% vs 26.7%，领先12.6%）。怡安集团同比增速更快（3.7% vs 3.5%）。怡安集团自由现金流更多（$1.3B vs $-36.1M）。过去两年eHealth, Inc.的营收复合增速更高（87.3% 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。
eHealth, Inc.以eHealthInsurance品牌开展业务，是一家公开上市的健康保险在线交易平台，公司注册于特拉华州，总部位于加利福尼亚州圣克拉拉。该平台主要提供医疗保险相关计划，涵盖联邦医疗保险处方药计划、联邦医疗保险补充计划、优势计划等产品，同时也售卖个人健康保险产品，业务覆盖美国全部50个州及华盛顿特区。
AON vs EHTH — 直观对比
营收规模更大
AON
是对方的13.2倍
$326.2M
营收增速更快
AON
高出0.2%
3.5%
净利率更高
AON
高出12.6%
26.7%
自由现金流更多
AON
多$1.4B
$-36.1M
两年增速更快
EHTH
近两年复合增速
2.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $326.2M |
| 净利润 | $1.7B | $87.2M |
| 毛利率 | — | 55.3% |
| 营业利润率 | 28.1% | 38.7% |
| 净利率 | 39.4% | 26.7% |
| 营收同比 | 3.7% | 3.5% |
| 净利润同比 | 136.5% | -10.6% |
| 每股收益（稀释后） | $7.82 | $2.43 |
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AONEHTH
| Q4 25 | $4.3B | $326.2M | ||
| Q3 25 | $4.0B | $53.9M | ||
| Q2 25 | $4.2B | $60.8M | ||
| Q1 25 | $4.7B | $113.1M | ||
| Q4 24 | $4.1B | $315.2M | ||
| Q3 24 | $3.7B | $58.4M | ||
| Q2 24 | $3.8B | $65.9M | ||
| Q1 24 | $4.1B | $93.0M |
净利润AONEHTH
| Q4 25 | $1.7B | $87.2M | ||
| Q3 25 | $458.0M | $-31.7M | ||
| Q2 25 | $579.0M | $-17.4M | ||
| Q1 25 | $965.0M | $1.9M | ||
| Q4 24 | $716.0M | $97.5M | ||
| Q3 24 | $343.0M | $-42.5M | ||
| Q2 24 | $524.0M | $-28.0M | ||
| Q1 24 | $1.1B | $-17.0M |
毛利率AONEHTH
| Q4 25 | — | 55.3% | ||
| Q3 25 | — | -0.3% | ||
| Q2 25 | — | 31.1% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 52.0% | ||
| Q3 24 | — | -6.5% | ||
| Q2 24 | — | 28.7% | ||
| Q1 24 | — | 31.7% |
营业利润率AONEHTH
| Q4 25 | 28.1% | 38.7% | ||
| Q3 25 | 20.4% | -77.1% | ||
| Q2 25 | 20.7% | -37.9% | ||
| Q1 25 | 30.9% | 4.2% | ||
| Q4 24 | 26.3% | 35.7% | ||
| Q3 24 | 16.7% | -74.0% | ||
| Q2 24 | 17.4% | -42.5% | ||
| Q1 24 | 36.0% | -19.3% |
净利率AONEHTH
| Q4 25 | 39.4% | 26.7% | ||
| Q3 25 | 11.5% | -58.8% | ||
| Q2 25 | 13.9% | -28.6% | ||
| Q1 25 | 20.4% | 1.7% | ||
| Q4 24 | 17.3% | 30.9% | ||
| Q3 24 | 9.2% | -72.7% | ||
| Q2 24 | 13.9% | -42.5% | ||
| Q1 24 | 26.3% | -18.3% |
每股收益（稀释后）AONEHTH
| Q4 25 | $7.82 | $2.43 | ||
| Q3 25 | $2.11 | $-1.46 | ||
| Q2 25 | $2.66 | $-0.98 | ||
| Q1 25 | $4.43 | $-0.33 | ||
| Q4 24 | $3.11 | $2.93 | ||
| Q3 24 | $1.57 | $-1.83 | ||
| Q2 24 | $2.46 | $-1.33 | ||
| Q1 24 | $5.35 | $-0.96 |
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 | $73.7M |
| 总债务越低越好 | $15.2B | — |
| 股东权益账面价值 | $9.4B | $591.6M |
| 总资产 | $50.8B | $1.3B |
| 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AONEHTH
| Q4 25 | $2.8B | $73.7M | ||
| Q3 25 | $1.3B | $63.1M | ||
| Q2 25 | $1.4B | $65.9M | ||
| Q1 25 | $1.3B | $121.1M | ||
| Q4 24 | $1.3B | $39.2M | ||
| Q3 24 | $1.3B | $64.0M | ||
| Q2 24 | $1.2B | $126.3M | ||
| Q1 24 | $6.4B | $175.0M |
总债务AONEHTH
| Q4 25 | $15.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AONEHTH
| Q4 25 | $9.4B | $591.6M | ||
| Q3 25 | $7.9B | $514.2M | ||
| Q2 25 | $7.8B | $554.9M | ||
| Q1 25 | $7.0B | $581.6M | ||
| Q4 24 | $6.1B | $588.4M | ||
| Q3 24 | $6.2B | $499.3M | ||
| Q2 24 | $5.9B | $548.9M | ||
| Q1 24 | $-133.0M | $582.8M |
总资产AONEHTH
| Q4 25 | $50.8B | $1.3B | ||
| Q3 25 | $51.6B | $1.0B | ||
| Q2 25 | $54.0B | $1.1B | ||
| Q1 25 | $50.3B | $1.1B | ||
| Q4 24 | $49.0B | $1.2B | ||
| Q3 24 | $49.9B | $1.0B | ||
| Q2 24 | $51.5B | $1.0B | ||
| Q1 24 | $40.8B | $1.1B |
负债/权益比AONEHTH
| 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 | $-35.9M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $-36.1M |
| 自由现金流率自由现金流/营收 | 30.8% | -11.1% |
| 资本支出强度资本支出/营收 | 1.7% | 0.0% |
| 现金转化率经营现金流/净利润 | 0.83× | -0.41× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $-27.6M |
8季度趋势，按日历期对齐
经营现金流AONEHTH
| Q4 25 | $1.4B | $-35.9M | ||
| Q3 25 | $1.1B | $-25.3M | ||
| Q2 25 | $796.0M | $-41.2M | ||
| Q1 25 | $140.0M | $77.1M | ||
| Q4 24 | $1.2B | $-27.7M | ||
| Q3 24 | $1.0B | $-29.3M | ||
| Q2 24 | $513.0M | $-32.2M | ||
| Q1 24 | $309.0M | $70.8M |
自由现金流AONEHTH
| Q4 25 | $1.3B | $-36.1M | ||
| Q3 25 | $1.1B | $-25.5M | ||
| Q2 25 | $732.0M | $-42.8M | ||
| Q1 25 | $84.0M | $76.8M | ||
| Q4 24 | $1.1B | $-28.3M | ||
| Q3 24 | $951.0M | $-30.3M | ||
| Q2 24 | $460.0M | $-32.4M | ||
| Q1 24 | $261.0M | $70.6M |
自由现金流率AONEHTH
| Q4 25 | 30.8% | -11.1% | ||
| Q3 25 | 27.0% | -47.4% | ||
| Q2 25 | 17.6% | -70.4% | ||
| Q1 25 | 1.8% | 67.9% | ||
| Q4 24 | 27.6% | -9.0% | ||
| Q3 24 | 25.6% | -51.8% | ||
| Q2 24 | 12.2% | -49.3% | ||
| Q1 24 | 6.4% | 75.9% |
资本支出强度AONEHTH
| Q4 25 | 1.7% | 0.0% | ||
| Q3 25 | 1.7% | 0.4% | ||
| Q2 25 | 1.5% | 2.6% | ||
| Q1 25 | 1.2% | 0.3% | ||
| Q4 24 | 1.3% | 0.2% | ||
| Q3 24 | 1.7% | 1.7% | ||
| Q2 24 | 1.4% | 0.4% | ||
| Q1 24 | 1.2% | 0.2% |
现金转化率AONEHTH
| Q4 25 | 0.83× | -0.41× | ||
| Q3 25 | 2.51× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 0.15× | 39.55× | ||
| Q4 24 | 1.68× | -0.28× | ||
| Q3 24 | 2.95× | — | ||
| Q2 24 | 0.98× | — | ||
| 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% |
EHTH
| Medicare | $282.7M | 87% |
| Other | $29.2M | 9% |
| Ancillaries | $7.9M | 2% |
| Commission Members Approved In Prior Periods | $3.8M | 1% |
| Small Business | $3.1M | 1% |
| Commission Revenue From Renewals | $2.4M | 1% |
