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怡安集团（AON）与MARA Holdings, Inc.（MARA）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MARA Holdings, Inc.的21.3倍（$4.3B vs $202.3M），怡安集团净利率更高（39.4% vs -14298.3%，领先14337.6%），怡安集团同比增速更快（3.7% vs -5.6%），怡安集团自由现金流更多（$1.3B vs $-1.2B），过去两年MARA Holdings, Inc.的营收复合增速更高（10.7% 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。
MARA Holdings, Inc.是一家美国数字资产技术及加密货币挖矿企业，总部位于佛罗里达州劳德代尔堡。公司成立于2010年，最初以专利控股公司的模式运营，2010年代后期转向专注于区块链基础设施与数字资产相关业务。
AON vs MARA — 直观对比
营收规模更大
AON
是对方的21.3倍
$202.3M
营收增速更快
AON
高出9.3%
-5.6%
净利率更高
AON
高出14337.6%
-14298.3%
自由现金流更多
AON
多$2.5B
$-1.2B
两年增速更快
MARA
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $202.3M |
| 净利润 | $1.7B | $-1.7B |
| 毛利率 | — | — |
| 营业利润率 | 28.1% | -11795.9% |
| 净利率 | 39.4% | -14298.3% |
| 营收同比 | 3.7% | -5.6% |
| 净利润同比 | 136.5% | -423.5% |
| 每股收益（稀释后） | $7.82 | $-4.25 |
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AONMARA
| Q4 25 | $4.3B | $202.3M | ||
| Q3 25 | $4.0B | $252.4M | ||
| Q2 25 | $4.2B | $238.5M | ||
| Q1 25 | $4.7B | $213.9M | ||
| Q4 24 | $4.1B | $214.4M | ||
| Q3 24 | $3.7B | $131.6M | ||
| Q2 24 | $3.8B | $145.1M | ||
| Q1 24 | $4.1B | $165.2M |
净利润AONMARA
| Q4 25 | $1.7B | $-1.7B | ||
| Q3 25 | $458.0M | $123.1M | ||
| Q2 25 | $579.0M | $808.2M | ||
| Q1 25 | $965.0M | $-533.4M | ||
| Q4 24 | $716.0M | $528.5M | ||
| Q3 24 | $343.0M | $-124.8M | ||
| Q2 24 | $524.0M | $-199.7M | ||
| Q1 24 | $1.1B | $337.2M |
毛利率AONMARA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -2613.4% | ||
| Q3 24 | — | -1065.0% | ||
| Q2 24 | — | -587.6% | ||
| Q1 24 | — | -289.4% |
营业利润率AONMARA
| Q4 25 | 28.1% | -11795.9% | ||
| Q3 25 | 20.4% | 18.9% | ||
| Q2 25 | 20.7% | — | ||
| Q1 25 | 30.9% | -253.0% | ||
| Q4 24 | 26.3% | — | ||
| Q3 24 | 16.7% | -130.8% | ||
| Q2 24 | 17.4% | -160.1% | ||
| Q1 24 | 36.0% | — |
净利率AONMARA
| Q4 25 | 39.4% | -14298.3% | ||
| Q3 25 | 11.5% | 48.8% | ||
| Q2 25 | 13.9% | 338.9% | ||
| Q1 25 | 20.4% | -249.4% | ||
| Q4 24 | 17.3% | 5367.4% | ||
| Q3 24 | 9.2% | -94.8% | ||
| Q2 24 | 13.9% | -137.6% | ||
| Q1 24 | 26.3% | 204.1% |
每股收益（稀释后）AONMARA
| Q4 25 | $7.82 | $-4.25 | ||
| Q3 25 | $2.11 | $0.27 | ||
| Q2 25 | $2.66 | $1.84 | ||
| Q1 25 | $4.43 | $-1.55 | ||
| Q4 24 | $3.11 | $1.60 | ||
| Q3 24 | $1.57 | $-0.42 | ||
| Q2 24 | $2.46 | $-0.72 | ||
| Q1 24 | $5.35 | $1.26 |
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 | $547.1M |
| 总债务越低越好 | $15.2B | $3.6B |
| 股东权益账面价值 | $9.4B | $3.5B |
| 总资产 | $50.8B | $7.3B |
| 负债/权益比越低杠杆越低 | 1.63× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资AONMARA
| Q4 25 | $2.8B | $547.1M | ||
| Q3 25 | $1.3B | $826.4M | ||
| Q2 25 | $1.4B | $109.5M | ||
| Q1 25 | $1.3B | $196.2M | ||
| Q4 24 | $1.3B | $391.8M | ||
| Q3 24 | $1.3B | $164.3M | ||
| Q2 24 | $1.2B | $256.0M | ||
| Q1 24 | $6.4B | $324.3M |
总债务AONMARA
| Q4 25 | $15.2B | $3.6B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $17.0B | $2.4B | ||
| Q3 24 | — | $618.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AONMARA
| Q4 25 | $9.4B | $3.5B | ||
| Q3 25 | $7.9B | $5.2B | ||
| Q2 25 | $7.8B | $4.8B | ||
| Q1 25 | $7.0B | $3.7B | ||
| Q4 24 | $6.1B | $4.1B | ||
| Q3 24 | $6.2B | $2.9B | ||
| Q2 24 | $5.9B | $2.6B | ||
| Q1 24 | $-133.0M | $2.5B |
总资产AONMARA
| Q4 25 | $50.8B | $7.3B | ||
| Q3 25 | $51.6B | $9.2B | ||
| Q2 25 | $54.0B | $7.7B | ||
| Q1 25 | $50.3B | $6.4B | ||
| Q4 24 | $49.0B | $6.8B | ||
| Q3 24 | $49.9B | $3.6B | ||
| Q2 24 | $51.5B | $3.1B | ||
| Q1 24 | $40.8B | $3.0B |
负债/权益比AONMARA
| Q4 25 | 1.63× | 1.04× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | 2.78× | 0.59× | ||
| Q3 24 | — | 0.22× | ||
| 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 | $-802.7M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $-1.2B |
| 自由现金流率自由现金流/营收 | 30.8% | -598.0% |
| 资本支出强度资本支出/营收 | 1.7% | 201.2% |
| 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 | $-2.0B |
8季度趋势，按日历期对齐
经营现金流AONMARA
| Q4 25 | $1.4B | $-802.7M | ||
| Q3 25 | $1.1B | $-199.0M | ||
| Q2 25 | $796.0M | $-163.4M | ||
| Q1 25 | $140.0M | $-215.5M | ||
| Q4 24 | $1.2B | $-677.0M | ||
| Q3 24 | $1.0B | $-160.1M | ||
| Q2 24 | $513.0M | $-115.2M | ||
| Q1 24 | $309.0M | $-88.3M |
自由现金流AONMARA
| Q4 25 | $1.3B | $-1.2B | ||
| Q3 25 | $1.1B | $-283.9M | ||
| Q2 25 | $732.0M | $-282.4M | ||
| Q1 25 | $84.0M | $-254.3M | ||
| Q4 24 | $1.1B | $-927.8M | ||
| Q3 24 | $951.0M | $-198.1M | ||
| Q2 24 | $460.0M | $-132.4M | ||
| Q1 24 | $261.0M | $-97.4M |
自由现金流率AONMARA
| Q4 25 | 30.8% | -598.0% | ||
| Q3 25 | 27.0% | -112.5% | ||
| Q2 25 | 17.6% | -118.4% | ||
| Q1 25 | 1.8% | -118.9% | ||
| Q4 24 | 27.6% | -432.8% | ||
| Q3 24 | 25.6% | -150.5% | ||
| Q2 24 | 12.2% | -91.2% | ||
| Q1 24 | 6.4% | -59.0% |
资本支出强度AONMARA
| Q4 25 | 1.7% | 201.2% | ||
| Q3 25 | 1.7% | 33.6% | ||
| Q2 25 | 1.5% | 49.9% | ||
| Q1 25 | 1.2% | 18.2% | ||
| Q4 24 | 1.3% | 117.0% | ||
| Q3 24 | 1.7% | 28.9% | ||
| Q2 24 | 1.4% | 11.9% | ||
| Q1 24 | 1.2% | 5.5% |
现金转化率AONMARA
| Q4 25 | 0.83× | — | ||
| Q3 25 | 2.51× | -1.62× | ||
| Q2 25 | 1.37× | -0.20× | ||
| Q1 25 | 0.15× | — | ||
| Q4 24 | 1.68× | -1.28× | ||
| Q3 24 | 2.95× | — | ||
| Q2 24 | 0.98× | — | ||
| Q1 24 | 0.29× | -0.26× |
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% |
MARA
暂无分部数据
