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怡安集团（AON）与威达信集团（MRSH）财务数据对比。点击上方公司名可切换其他公司
威达信集团的季度营收约是怡安集团的1.5倍（$6.6B vs $4.3B）。怡安集团净利率更高（39.4% vs 12.4%，领先26.9%）。威达信集团同比增速更快（8.7% vs 3.7%）。威达信集团自由现金流更多（$2.1B vs $1.3B）。过去两年怡安集团的营收复合增速更高（2.8% vs 0.9%）
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。
威达信集团是总部位于纽约的全球专业服务企业，核心业务涵盖保险经纪、风险管理、再保险服务、人才管理、投资咨询及管理咨询，旗下拥有达信（Marsh）等四大运营子公司，可提供风险建模、定制风险融资方案等多元专业服务。
AON vs MRSH — 直观对比
营收规模更大
MRSH
是对方的1.5倍
$4.3B
营收增速更快
MRSH
高出5.0%
3.7%
净利率更高
AON
高出26.9%
12.4%
自由现金流更多
MRSH
多$733.0M
$1.3B
两年增速更快
AON
近两年复合增速
0.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $6.6B |
| 净利润 | $1.7B | $821.0M |
| 毛利率 | — | — |
| 营业利润率 | 28.1% | 18.5% |
| 净利率 | 39.4% | 12.4% |
| 营收同比 | 3.7% | 8.7% |
| 净利润同比 | 136.5% | 4.2% |
| 每股收益（稀释后） | $7.82 | $1.68 |
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AONMRSH
| Q4 25 | $4.3B | $6.6B | ||
| Q3 25 | $4.0B | $6.4B | ||
| Q2 25 | $4.2B | $7.0B | ||
| Q1 25 | $4.7B | $7.1B | ||
| Q4 24 | $4.1B | $6.1B | ||
| Q3 24 | $3.7B | $5.7B | ||
| Q2 24 | $3.8B | $6.2B | ||
| Q1 24 | $4.1B | $6.5B |
净利润AONMRSH
| Q4 25 | $1.7B | $821.0M | ||
| Q3 25 | $458.0M | $747.0M | ||
| Q2 25 | $579.0M | $1.2B | ||
| Q1 25 | $965.0M | $1.4B | ||
| Q4 24 | $716.0M | $788.0M | ||
| Q3 24 | $343.0M | $747.0M | ||
| Q2 24 | $524.0M | $1.1B | ||
| Q1 24 | $1.1B | $1.4B |
营业利润率AONMRSH
| Q4 25 | 28.1% | 18.5% | ||
| Q3 25 | 20.4% | 18.4% | ||
| Q2 25 | 20.7% | 26.2% | ||
| Q1 25 | 30.9% | 28.4% | ||
| Q4 24 | 26.3% | 18.8% | ||
| Q3 24 | 16.7% | 19.4% | ||
| Q2 24 | 17.4% | 26.4% | ||
| Q1 24 | 36.0% | 29.7% |
净利率AONMRSH
| Q4 25 | 39.4% | 12.4% | ||
| Q3 25 | 11.5% | 11.8% | ||
| Q2 25 | 13.9% | 17.4% | ||
| Q1 25 | 20.4% | 19.6% | ||
| Q4 24 | 17.3% | 13.0% | ||
| Q3 24 | 9.2% | 13.1% | ||
| Q2 24 | 13.9% | 18.1% | ||
| Q1 24 | 26.3% | 21.6% |
每股收益（稀释后）AONMRSH
| Q4 25 | $7.82 | $1.68 | ||
| Q3 25 | $2.11 | $1.51 | ||
| Q2 25 | $2.66 | $2.45 | ||
| Q1 25 | $4.43 | $2.79 | ||
| Q4 24 | $3.11 | $1.58 | ||
| Q3 24 | $1.57 | $1.51 | ||
| Q2 24 | $2.46 | $2.27 | ||
| Q1 24 | $5.35 | $2.82 |
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 | $2.7B |
| 总债务越低越好 | $15.2B | $19.6B |
| 股东权益账面价值 | $9.4B | $15.3B |
| 总资产 | $50.8B | $58.7B |
| 负债/权益比越低杠杆越低 | 1.63× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资AONMRSH
| Q4 25 | $2.8B | $2.7B | ||
| Q3 25 | $1.3B | $2.5B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | $1.2B | $1.7B | ||
| Q1 24 | $6.4B | $1.5B |
总债务AONMRSH
| Q4 25 | $15.2B | $19.6B | ||
| Q3 25 | — | $19.6B | ||
| Q2 25 | — | $19.6B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | $17.0B | $19.9B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $13.4B |
股东权益AONMRSH
| Q4 25 | $9.4B | $15.3B | ||
| Q3 25 | $7.9B | $15.4B | ||
| Q2 25 | $7.8B | $16.0B | ||
| Q1 25 | $7.0B | $14.3B | ||
| Q4 24 | $6.1B | $13.5B | ||
| Q3 24 | $6.2B | $13.9B | ||
| Q2 24 | $5.9B | $13.6B | ||
| Q1 24 | $-133.0M | $12.6B |
总资产AONMRSH
| Q4 25 | $50.8B | $58.7B | ||
| Q3 25 | $51.6B | $58.8B | ||
| Q2 25 | $54.0B | $58.6B | ||
| Q1 25 | $50.3B | $57.0B | ||
| Q4 24 | $49.0B | $56.5B | ||
| Q3 24 | $49.9B | $49.9B | ||
| Q2 24 | $51.5B | $48.6B | ||
| Q1 24 | $40.8B | $47.6B |
负债/权益比AONMRSH
| Q4 25 | 1.63× | 1.28× | ||
| Q3 25 | — | 1.27× | ||
| Q2 25 | — | 1.23× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | 2.78× | 1.47× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 0.94× | ||
| Q1 24 | — | 1.06× |
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 | $2.2B |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $2.1B |
| 自由现金流率自由现金流/营收 | 30.8% | 31.2% |
| 资本支出强度资本支出/营收 | 1.7% | 1.6% |
| 现金转化率经营现金流/净利润 | 0.83× | 2.63× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $5.0B |
8季度趋势，按日历期对齐
经营现金流AONMRSH
| Q4 25 | $1.4B | $2.2B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $796.0M | $1.7B | ||
| Q1 25 | $140.0M | $-622.0M | ||
| Q4 24 | $1.2B | $2.0B | ||
| Q3 24 | $1.0B | $1.9B | ||
| Q2 24 | $513.0M | $1.2B | ||
| Q1 24 | $309.0M | $-781.0M |
自由现金流AONMRSH
| Q4 25 | $1.3B | $2.1B | ||
| Q3 25 | $1.1B | $2.0B | ||
| Q2 25 | $732.0M | $1.6B | ||
| Q1 25 | $84.0M | $-677.0M | ||
| Q4 24 | $1.1B | $1.9B | ||
| Q3 24 | $951.0M | $1.8B | ||
| Q2 24 | $460.0M | $1.1B | ||
| Q1 24 | $261.0M | $-868.0M |
自由现金流率AONMRSH
| Q4 25 | 30.8% | 31.2% | ||
| Q3 25 | 27.0% | 31.6% | ||
| Q2 25 | 17.6% | 23.1% | ||
| Q1 25 | 1.8% | -9.6% | ||
| Q4 24 | 27.6% | 31.0% | ||
| Q3 24 | 25.6% | 32.3% | ||
| Q2 24 | 12.2% | 18.2% | ||
| Q1 24 | 6.4% | -13.4% |
资本支出强度AONMRSH
| Q4 25 | 1.7% | 1.6% | ||
| Q3 25 | 1.7% | 1.1% | ||
| Q2 25 | 1.5% | 0.8% | ||
| Q1 25 | 1.2% | 0.8% | ||
| Q4 24 | 1.3% | 1.3% | ||
| Q3 24 | 1.7% | 1.3% | ||
| Q2 24 | 1.4% | 1.3% | ||
| Q1 24 | 1.2% | 1.3% |
现金转化率AONMRSH
| Q4 25 | 0.83× | 2.63× | ||
| Q3 25 | 2.51× | 2.79× | ||
| Q2 25 | 1.37× | 1.38× | ||
| Q1 25 | 0.15× | -0.45× | ||
| Q4 24 | 1.68× | 2.48× | ||
| Q3 24 | 2.95× | 2.56× | ||
| Q2 24 | 0.98× | 1.08× | ||
| Q1 24 | 0.29× | -0.56× |
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% |
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
