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怡安集团（AON）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
麦当劳的季度营收约是怡安集团的1.6倍（$7.0B vs $4.3B），怡安集团净利率更高（39.4% vs 30.9%，领先8.5%），麦当劳同比增速更快（9.7% vs 3.7%），麦当劳自由现金流更多（$1.6B vs $1.3B），过去两年麦当劳的营收复合增速更高（6.6% 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。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
AON vs MCD — 直观对比
营收规模更大
MCD
是对方的1.6倍
$4.3B
营收增速更快
MCD
高出6.0%
3.7%
净利率更高
AON
高出8.5%
30.9%
自由现金流更多
MCD
多$315.0M
$1.3B
两年增速更快
MCD
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $7.0B |
| 净利润 | $1.7B | $2.2B |
| 毛利率 | — | — |
| 营业利润率 | 28.1% | 45.0% |
| 净利率 | 39.4% | 30.9% |
| 营收同比 | 3.7% | 9.7% |
| 净利润同比 | 136.5% | 7.3% |
| 每股收益（稀释后） | $7.82 | $3.03 |
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AONMCD
| Q4 25 | $4.3B | $7.0B | ||
| Q3 25 | $4.0B | $7.1B | ||
| Q2 25 | $4.2B | $6.8B | ||
| Q1 25 | $4.7B | $6.0B | ||
| Q4 24 | $4.1B | $6.4B | ||
| Q3 24 | $3.7B | $6.9B | ||
| Q2 24 | $3.8B | $6.5B | ||
| Q1 24 | $4.1B | $6.2B |
净利润AONMCD
| Q4 25 | $1.7B | $2.2B | ||
| Q3 25 | $458.0M | $2.3B | ||
| Q2 25 | $579.0M | $2.3B | ||
| Q1 25 | $965.0M | $1.9B | ||
| Q4 24 | $716.0M | $2.0B | ||
| Q3 24 | $343.0M | $2.3B | ||
| Q2 24 | $524.0M | $2.0B | ||
| Q1 24 | $1.1B | $1.9B |
毛利率AONMCD
| Q4 25 | — | — | ||
| Q3 25 | — | 90.6% | ||
| Q2 25 | — | 90.4% | ||
| Q1 25 | — | 89.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 90.3% | ||
| Q1 24 | — | 89.8% |
营业利润率AONMCD
| Q4 25 | 28.1% | 45.0% | ||
| Q3 25 | 20.4% | 47.4% | ||
| Q2 25 | 20.7% | 47.2% | ||
| Q1 25 | 30.9% | 44.5% | ||
| Q4 24 | 26.3% | 44.9% | ||
| Q3 24 | 16.7% | 46.4% | ||
| Q2 24 | 17.4% | 45.0% | ||
| Q1 24 | 36.0% | 44.4% |
净利率AONMCD
| Q4 25 | 39.4% | 30.9% | ||
| Q3 25 | 11.5% | 32.2% | ||
| Q2 25 | 13.9% | 32.9% | ||
| Q1 25 | 20.4% | 31.4% | ||
| Q4 24 | 17.3% | 31.6% | ||
| Q3 24 | 9.2% | 32.8% | ||
| Q2 24 | 13.9% | 31.2% | ||
| Q1 24 | 26.3% | 31.3% |
每股收益（稀释后）AONMCD
| Q4 25 | $7.82 | $3.03 | ||
| Q3 25 | $2.11 | $3.18 | ||
| Q2 25 | $2.66 | $3.14 | ||
| Q1 25 | $4.43 | $2.60 | ||
| Q4 24 | $3.11 | $2.80 | ||
| Q3 24 | $1.57 | $3.13 | ||
| Q2 24 | $2.46 | $2.80 | ||
| Q1 24 | $5.35 | $2.66 |
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 | $774.0M |
| 总债务越低越好 | $15.2B | $40.0B |
| 股东权益账面价值 | $9.4B | $-1.8B |
| 总资产 | $50.8B | $59.5B |
| 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AONMCD
| Q4 25 | $2.8B | $774.0M | ||
| Q3 25 | $1.3B | $2.4B | ||
| Q2 25 | $1.4B | $1.9B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.2B | $792.0M | ||
| Q1 24 | $6.4B | $838.0M |
总债务AONMCD
| Q4 25 | $15.2B | $40.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.0B | $38.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AONMCD
| Q4 25 | $9.4B | $-1.8B | ||
| Q3 25 | $7.9B | $-2.2B | ||
| Q2 25 | $7.8B | $-2.8B | ||
| Q1 25 | $7.0B | $-3.5B | ||
| Q4 24 | $6.1B | $-3.8B | ||
| Q3 24 | $6.2B | $-5.2B | ||
| Q2 24 | $5.9B | $-4.8B | ||
| Q1 24 | $-133.0M | $-4.8B |
总资产AONMCD
| Q4 25 | $50.8B | $59.5B | ||
| Q3 25 | $51.6B | $60.6B | ||
| Q2 25 | $54.0B | $59.6B | ||
| Q1 25 | $50.3B | $56.3B | ||
| Q4 24 | $49.0B | $55.2B | ||
| Q3 24 | $49.9B | $56.2B | ||
| Q2 24 | $51.5B | $53.8B | ||
| Q1 24 | $40.8B | $53.5B |
负债/权益比AONMCD
| 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 | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $1.6B |
| 自由现金流率自由现金流/营收 | 30.8% | 23.4% |
| 资本支出强度资本支出/营收 | 1.7% | 15.1% |
| 现金转化率经营现金流/净利润 | 0.83× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $7.2B |
8季度趋势，按日历期对齐
经营现金流AONMCD
| Q4 25 | $1.4B | $2.7B | ||
| Q3 25 | $1.1B | $3.4B | ||
| Q2 25 | $796.0M | $2.0B | ||
| Q1 25 | $140.0M | $2.4B | ||
| Q4 24 | $1.2B | $2.6B | ||
| Q3 24 | $1.0B | $2.7B | ||
| Q2 24 | $513.0M | $1.7B | ||
| Q1 24 | $309.0M | $2.4B |
自由现金流AONMCD
| Q4 25 | $1.3B | $1.6B | ||
| Q3 25 | $1.1B | $2.4B | ||
| Q2 25 | $732.0M | $1.3B | ||
| Q1 25 | $84.0M | $1.9B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $951.0M | $1.9B | ||
| Q2 24 | $460.0M | $1.1B | ||
| Q1 24 | $261.0M | $1.8B |
自由现金流率AONMCD
| Q4 25 | 30.8% | 23.4% | ||
| Q3 25 | 27.0% | 34.1% | ||
| Q2 25 | 17.6% | 18.3% | ||
| Q1 25 | 1.8% | 31.5% | ||
| Q4 24 | 27.6% | 28.6% | ||
| Q3 24 | 25.6% | 28.3% | ||
| Q2 24 | 12.2% | 16.3% | ||
| Q1 24 | 6.4% | 29.9% |
资本支出强度AONMCD
| Q4 25 | 1.7% | 15.1% | ||
| Q3 25 | 1.7% | 14.3% | ||
| Q2 25 | 1.5% | 10.9% | ||
| Q1 25 | 1.2% | 9.3% | ||
| Q4 24 | 1.3% | 12.6% | ||
| Q3 24 | 1.7% | 11.6% | ||
| Q2 24 | 1.4% | 9.7% | ||
| Q1 24 | 1.2% | 8.9% |
现金转化率AONMCD
| Q4 25 | 0.83× | 1.25× | ||
| Q3 25 | 2.51× | 1.50× | ||
| Q2 25 | 1.37× | 0.89× | ||
| Q1 25 | 0.15× | 1.30× | ||
| Q4 24 | 1.68× | 1.30× | ||
| Q3 24 | 2.95× | 1.21× | ||
| Q2 24 | 0.98× | 0.84× | ||
| Q1 24 | 0.29× | 1.24× |
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% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
