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怡安集团（AON）与露露乐蒙（LULU）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露露乐蒙的1.7倍（$4.3B vs $2.6B），怡安集团净利率更高（39.4% vs 12.0%，领先27.4%），露露乐蒙同比增速更快（7.1% vs 3.7%），怡安集团自由现金流更多（$1.3B vs $82.4M），过去两年怡安集团的营收复合增速更高（2.8% vs -10.5%）
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。
露露乐蒙是源自美国和加拿大的跨国运动服饰零售商，1998年成立初期主打瑜伽裤及其他瑜伽服饰，目前已拓展业务至运动装备、休闲服饰、配件及个护产品，总部位于加拿大不列颠哥伦比亚省温哥华，共拥有767家线下门店，同时开设官方网站提供线上销售服务。
AON vs LULU — 直观对比
营收规模更大
AON
是对方的1.7倍
$2.6B
营收增速更快
LULU
高出3.4%
3.7%
净利率更高
AON
高出27.4%
12.0%
自由现金流更多
AON
多$1.2B
$82.4M
两年增速更快
AON
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.6B |
| 净利润 | $1.7B | $306.8M |
| 毛利率 | — | 55.6% |
| 营业利润率 | 28.1% | 17.0% |
| 净利率 | 39.4% | 12.0% |
| 营收同比 | 3.7% | 7.1% |
| 净利润同比 | 136.5% | -12.8% |
| 每股收益（稀释后） | $7.82 | $2.59 |
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AONLULU
| Q4 25 | $4.3B | $2.6B | ||
| Q3 25 | $4.0B | $2.5B | ||
| Q2 25 | $4.2B | $2.4B | ||
| Q1 25 | $4.7B | $3.6B | ||
| Q4 24 | $4.1B | $2.4B | ||
| Q3 24 | $3.7B | $2.4B | ||
| Q2 24 | $3.8B | $2.2B | ||
| Q1 24 | $4.1B | $3.2B |
净利润AONLULU
| Q4 25 | $1.7B | $306.8M | ||
| Q3 25 | $458.0M | $370.9M | ||
| Q2 25 | $579.0M | $314.6M | ||
| Q1 25 | $965.0M | $748.4M | ||
| Q4 24 | $716.0M | $351.9M | ||
| Q3 24 | $343.0M | $392.9M | ||
| Q2 24 | $524.0M | $321.4M | ||
| Q1 24 | $1.1B | $669.5M |
毛利率AONLULU
| Q4 25 | — | 55.6% | ||
| Q3 25 | — | 58.5% | ||
| Q2 25 | — | 58.3% | ||
| Q1 25 | — | 60.4% | ||
| Q4 24 | — | 58.5% | ||
| Q3 24 | — | 59.6% | ||
| Q2 24 | — | 57.7% | ||
| Q1 24 | — | 59.4% |
营业利润率AONLULU
| Q4 25 | 28.1% | 17.0% | ||
| Q3 25 | 20.4% | 20.7% | ||
| Q2 25 | 20.7% | 18.5% | ||
| Q1 25 | 30.9% | 28.9% | ||
| Q4 24 | 26.3% | 20.5% | ||
| Q3 24 | 16.7% | 22.8% | ||
| Q2 24 | 17.4% | 19.6% | ||
| Q1 24 | 36.0% | 28.5% |
净利率AONLULU
| Q4 25 | 39.4% | 12.0% | ||
| Q3 25 | 11.5% | 14.7% | ||
| Q2 25 | 13.9% | 13.3% | ||
| Q1 25 | 20.4% | 20.7% | ||
| Q4 24 | 17.3% | 14.7% | ||
| Q3 24 | 9.2% | 16.6% | ||
| Q2 24 | 13.9% | 14.6% | ||
| Q1 24 | 26.3% | 20.9% |
每股收益（稀释后）AONLULU
| Q4 25 | $7.82 | $2.59 | ||
| Q3 25 | $2.11 | $3.10 | ||
| Q2 25 | $2.66 | $2.60 | ||
| Q1 25 | $4.43 | $6.08 | ||
| Q4 24 | $3.11 | $2.87 | ||
| Q3 24 | $1.57 | $3.15 | ||
| Q2 24 | $2.46 | $2.54 | ||
| Q1 24 | $5.35 | $5.28 |
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 | — |
| 股东权益账面价值 | $9.4B | $4.5B |
| 总资产 | $50.8B | $8.0B |
| 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AONLULU
| 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AONLULU
| Q4 25 | $15.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AONLULU
| Q4 25 | $9.4B | $4.5B | ||
| Q3 25 | $7.9B | $4.4B | ||
| Q2 25 | $7.8B | $4.3B | ||
| Q1 25 | $7.0B | $4.3B | ||
| Q4 24 | $6.1B | $4.0B | ||
| Q3 24 | $6.2B | $4.0B | ||
| Q2 24 | $5.9B | $4.2B | ||
| Q1 24 | $-133.0M | $4.2B |
总资产AONLULU
| Q4 25 | $50.8B | $8.0B | ||
| Q3 25 | $51.6B | $7.5B | ||
| Q2 25 | $54.0B | $7.4B | ||
| Q1 25 | $50.3B | $7.6B | ||
| Q4 24 | $49.0B | $7.1B | ||
| Q3 24 | $49.9B | $6.7B | ||
| Q2 24 | $51.5B | $6.8B | ||
| Q1 24 | $40.8B | $7.1B |
负债/权益比AONLULU
| 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 | $249.9M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $82.4M |
| 自由现金流率自由现金流/营收 | 30.8% | 3.2% |
| 资本支出强度资本支出/营收 | 1.7% | 6.5% |
| 现金转化率经营现金流/净利润 | 0.83× | 0.81× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $1.1B |
8季度趋势，按日历期对齐
经营现金流AONLULU
| Q4 25 | $1.4B | $249.9M | ||
| Q3 25 | $1.1B | $328.7M | ||
| Q2 25 | $796.0M | $-119.0M | ||
| Q1 25 | $140.0M | $1.4B | ||
| Q4 24 | $1.2B | $300.7M | ||
| Q3 24 | $1.0B | $443.1M | ||
| Q2 24 | $513.0M | $127.5M | ||
| Q1 24 | $309.0M | $1.4B |
自由现金流AONLULU
| Q4 25 | $1.3B | $82.4M | ||
| Q3 25 | $1.1B | $150.8M | ||
| Q2 25 | $732.0M | $-271.2M | ||
| Q1 25 | $84.0M | $1.2B | ||
| Q4 24 | $1.1B | $122.2M | ||
| Q3 24 | $951.0M | $298.1M | ||
| Q2 24 | $460.0M | $-3.2M | ||
| Q1 24 | $261.0M | $1.2B |
自由现金流率AONLULU
| Q4 25 | 30.8% | 3.2% | ||
| Q3 25 | 27.0% | 6.0% | ||
| Q2 25 | 17.6% | -11.4% | ||
| Q1 25 | 1.8% | 32.3% | ||
| Q4 24 | 27.6% | 5.1% | ||
| Q3 24 | 25.6% | 12.6% | ||
| Q2 24 | 12.2% | -0.1% | ||
| Q1 24 | 6.4% | 36.7% |
资本支出强度AONLULU
| Q4 25 | 1.7% | 6.5% | ||
| Q3 25 | 1.7% | 7.0% | ||
| Q2 25 | 1.5% | 6.4% | ||
| Q1 25 | 1.2% | 6.5% | ||
| Q4 24 | 1.3% | 7.4% | ||
| Q3 24 | 1.7% | 6.1% | ||
| Q2 24 | 1.4% | 5.9% | ||
| Q1 24 | 1.2% | 6.4% |
现金转化率AONLULU
| Q4 25 | 0.83× | 0.81× | ||
| Q3 25 | 2.51× | 0.89× | ||
| Q2 25 | 1.37× | -0.38× | ||
| Q1 25 | 0.15× | 1.87× | ||
| Q4 24 | 1.68× | 0.85× | ||
| Q3 24 | 2.95× | 1.13× | ||
| Q2 24 | 0.98× | 0.40× | ||
| Q1 24 | 0.29× | 2.07× |
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% |
LULU
| Womens Apparel | $1.6B | 64% |
| Mens Apparel | $596.2M | 23% |
| Accessories And Other Categories | $324.7M | 13% |
