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怡安集团（AON）与好时（HSY）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好时的1.4倍（$4.3B vs $3.1B），怡安集团净利率更高（39.4% vs 10.4%，领先29.0%），好时同比增速更快（7.0% vs 3.7%），怡安集团自由现金流更多（$1.3B vs $788.5M），过去两年怡安集团的营收复合增速更高（2.8% vs -2.5%）
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。
好时公司是总部位于美国宾夕法尼亚州好时镇的跨国糖果企业，也是全球最大的巧克力生产商之一，由米尔顿·S·好时于1894年创立。公司除核心巧克力产品外，还生产饼干、蛋糕等烘焙食品，同时销售奶昔等多类饮品，产品覆盖多个食品品类。
AON vs HSY — 直观对比
营收规模更大
AON
是对方的1.4倍
$3.1B
营收增速更快
HSY
高出3.4%
3.7%
净利率更高
AON
高出29.0%
10.4%
自由现金流更多
AON
多$534.5M
$788.5M
两年增速更快
AON
近两年复合增速
-2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $3.1B |
| 净利润 | $1.7B | $320.0M |
| 毛利率 | — | 37.0% |
| 营业利润率 | 28.1% | 14.4% |
| 净利率 | 39.4% | 10.4% |
| 营收同比 | 3.7% | 7.0% |
| 净利润同比 | 136.5% | -59.8% |
| 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AONHSY
| Q4 25 | $4.3B | $3.1B | ||
| Q3 25 | $4.0B | $3.2B | ||
| Q2 25 | $4.2B | $2.6B | ||
| Q1 25 | $4.7B | $2.8B | ||
| Q4 24 | $4.1B | $2.9B | ||
| Q3 24 | $3.7B | $3.0B | ||
| Q2 24 | $3.8B | $2.1B | ||
| Q1 24 | $4.1B | $3.3B |
净利润AONHSY
| Q4 25 | $1.7B | $320.0M | ||
| Q3 25 | $458.0M | $276.3M | ||
| Q2 25 | $579.0M | $62.7M | ||
| Q1 25 | $965.0M | $224.2M | ||
| Q4 24 | $716.0M | $796.6M | ||
| Q3 24 | $343.0M | $446.3M | ||
| Q2 24 | $524.0M | $180.9M | ||
| Q1 24 | $1.1B | $797.5M |
毛利率AONHSY
| Q4 25 | — | 37.0% | ||
| Q3 25 | — | 32.6% | ||
| Q2 25 | — | 30.5% | ||
| Q1 25 | — | 33.7% | ||
| Q4 24 | — | 54.0% | ||
| Q3 24 | — | 41.3% | ||
| Q2 24 | — | 40.2% | ||
| Q1 24 | — | 51.5% |
营业利润率AONHSY
| Q4 25 | 28.1% | 14.4% | ||
| Q3 25 | 20.4% | 13.7% | ||
| Q2 25 | 20.7% | 7.4% | ||
| Q1 25 | 30.9% | 13.2% | ||
| Q4 24 | 26.3% | 32.5% | ||
| Q3 24 | 16.7% | 20.5% | ||
| Q2 24 | 17.4% | 13.9% | ||
| Q1 24 | 36.0% | 32.5% |
净利率AONHSY
| Q4 25 | 39.4% | 10.4% | ||
| Q3 25 | 11.5% | 8.7% | ||
| Q2 25 | 13.9% | 2.4% | ||
| Q1 25 | 20.4% | 8.0% | ||
| Q4 24 | 17.3% | 27.6% | ||
| Q3 24 | 9.2% | 14.9% | ||
| Q2 24 | 13.9% | 8.7% | ||
| Q1 24 | 26.3% | 24.5% |
每股收益（稀释后）AONHSY
| Q4 25 | $7.82 | — | ||
| Q3 25 | $2.11 | — | ||
| Q2 25 | $2.66 | — | ||
| Q1 25 | $4.43 | — | ||
| Q4 24 | $3.11 | — | ||
| Q3 24 | $1.57 | — | ||
| Q2 24 | $2.46 | — | ||
| Q1 24 | $5.35 | — |
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 | — |
| 总债务越低越好 | $15.2B | $4.7B |
| 股东权益账面价值 | $9.4B | $4.6B |
| 总资产 | $50.8B | $13.7B |
| 负债/权益比越低杠杆越低 | 1.63× | 1.01× |
8季度趋势，按日历期对齐
现金及短期投资AONHSY
| Q4 25 | $2.8B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $6.4B | — |
总债务AONHSY
| Q4 25 | $15.2B | $4.7B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.2B | ||
| Q4 24 | $17.0B | $3.2B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.8B |
股东权益AONHSY
| Q4 25 | $9.4B | $4.6B | ||
| Q3 25 | $7.9B | $4.6B | ||
| Q2 25 | $7.8B | $4.5B | ||
| Q1 25 | $7.0B | $4.7B | ||
| Q4 24 | $6.1B | $4.7B | ||
| Q3 24 | $6.2B | $4.2B | ||
| Q2 24 | $5.9B | $4.0B | ||
| Q1 24 | $-133.0M | $4.1B |
总资产AONHSY
| Q4 25 | $50.8B | $13.7B | ||
| Q3 25 | $51.6B | $13.6B | ||
| Q2 25 | $54.0B | $13.6B | ||
| Q1 25 | $50.3B | $14.0B | ||
| Q4 24 | $49.0B | $12.9B | ||
| Q3 24 | $49.9B | $12.6B | ||
| Q2 24 | $51.5B | $12.4B | ||
| Q1 24 | $40.8B | $12.4B |
负债/权益比AONHSY
| Q4 25 | 1.63× | 1.01× | ||
| Q3 25 | — | 1.02× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | 2.78× | 0.68× | ||
| Q3 24 | — | 0.76× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | — | 0.92× |
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 | $926.6M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $788.5M |
| 自由现金流率自由现金流/营收 | 30.8% | 25.5% |
| 资本支出强度资本支出/营收 | 1.7% | 4.5% |
| 现金转化率经营现金流/净利润 | 0.83× | 2.90× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $1.8B |
8季度趋势，按日历期对齐
经营现金流AONHSY
| Q4 25 | $1.4B | $926.6M | ||
| Q3 25 | $1.1B | $841.9M | ||
| Q2 25 | $796.0M | $112.2M | ||
| Q1 25 | $140.0M | $396.7M | ||
| Q4 24 | $1.2B | $941.6M | ||
| Q3 24 | $1.0B | $695.3M | ||
| Q2 24 | $513.0M | $325.6M | ||
| Q1 24 | $309.0M | $569.1M |
自由现金流AONHSY
| Q4 25 | $1.3B | $788.5M | ||
| Q3 25 | $1.1B | $756.0M | ||
| Q2 25 | $732.0M | $27.1M | ||
| Q1 25 | $84.0M | $251.2M | ||
| Q4 24 | $1.1B | $807.1M | ||
| Q3 24 | $951.0M | $567.3M | ||
| Q2 24 | $460.0M | $195.5M | ||
| Q1 24 | $261.0M | $355.8M |
自由现金流率AONHSY
| Q4 25 | 30.8% | 25.5% | ||
| Q3 25 | 27.0% | 23.8% | ||
| Q2 25 | 17.6% | 1.0% | ||
| Q1 25 | 1.8% | 9.0% | ||
| Q4 24 | 27.6% | 28.0% | ||
| Q3 24 | 25.6% | 19.0% | ||
| Q2 24 | 12.2% | 9.4% | ||
| Q1 24 | 6.4% | 10.9% |
资本支出强度AONHSY
| Q4 25 | 1.7% | 4.5% | ||
| Q3 25 | 1.7% | 2.7% | ||
| Q2 25 | 1.5% | 3.3% | ||
| Q1 25 | 1.2% | 5.2% | ||
| Q4 24 | 1.3% | 4.7% | ||
| Q3 24 | 1.7% | 4.3% | ||
| Q2 24 | 1.4% | 6.3% | ||
| Q1 24 | 1.2% | 6.6% |
现金转化率AONHSY
| Q4 25 | 0.83× | 2.90× | ||
| Q3 25 | 2.51× | 3.05× | ||
| Q2 25 | 1.37× | 1.79× | ||
| Q1 25 | 0.15× | 1.77× | ||
| Q4 24 | 1.68× | 1.18× | ||
| Q3 24 | 2.95× | 1.56× | ||
| Q2 24 | 0.98× | 1.80× | ||
| Q1 24 | 0.29× | 0.71× |
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% |
HSY
| Other | $1.8B | 59% |
| North America Salty Snacks Segment | $1.3B | 41% |
