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怡安集团（AON）与庞贝捷工业（PPG）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庞贝捷工业的1.1倍（$4.3B vs $3.9B），怡安集团净利率更高（39.4% vs 9.8%，领先29.6%），庞贝捷工业同比增速更快（6.7% vs 3.7%），过去两年怡安集团的营收复合增速更高（2.8% vs -9.5%）
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。
庞贝捷工业是总部位于美国宾夕法尼亚州匹兹堡的涂料及特种材料供应商，业务覆盖全球70多个国家，位列《财富》世界500强，按营收计算为全球第二大涂料企业，仅次于宣伟，其总部PPG广场的玻璃外立面由知名后现代建筑师菲利普·约翰逊设计。
AON vs PPG — 直观对比
营收规模更大
AON
是对方的1.1倍
$3.9B
营收增速更快
PPG
高出3.0%
3.7%
净利率更高
AON
高出29.6%
9.8%
两年增速更快
AON
近两年复合增速
-9.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $3.9B |
| 净利润 | $1.7B | $385.0M |
| 毛利率 | — | — |
| 营业利润率 | 28.1% | — |
| 净利率 | 39.4% | 9.8% |
| 营收同比 | 3.7% | 6.7% |
| 净利润同比 | 136.5% | 1.9% |
| 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AONPPG
| Q1 26 | — | $3.9B | ||
| Q4 25 | $4.3B | $3.9B | ||
| Q3 25 | $4.0B | $4.1B | ||
| Q2 25 | $4.2B | $4.2B | ||
| Q1 25 | $4.7B | $3.7B | ||
| Q4 24 | $4.1B | $2.2B | ||
| Q3 24 | $3.7B | $4.6B | ||
| Q2 24 | $3.8B | $4.8B |
净利润AONPPG
| Q1 26 | — | $385.0M | ||
| Q4 25 | $1.7B | $300.0M | ||
| Q3 25 | $458.0M | $453.0M | ||
| Q2 25 | $579.0M | $450.0M | ||
| Q1 25 | $965.0M | $373.0M | ||
| Q4 24 | $716.0M | $-280.0M | ||
| Q3 24 | $343.0M | $468.0M | ||
| Q2 24 | $524.0M | $528.0M |
毛利率AONPPG
| Q1 26 | — | — | ||
| Q4 25 | — | 40.8% | ||
| Q3 25 | — | 40.6% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 41.9% | ||
| Q4 24 | — | 34.9% | ||
| Q3 24 | — | 41.8% | ||
| Q2 24 | — | 43.0% |
营业利润率AONPPG
| Q1 26 | — | — | ||
| Q4 25 | 28.1% | 9.9% | ||
| Q3 25 | 20.4% | 16.9% | ||
| Q2 25 | 20.7% | 17.7% | ||
| Q1 25 | 30.9% | 16.5% | ||
| Q4 24 | 26.3% | 0.5% | ||
| Q3 24 | 16.7% | 15.6% | ||
| Q2 24 | 17.4% | 17.3% |
净利率AONPPG
| Q1 26 | — | 9.8% | ||
| Q4 25 | 39.4% | 7.7% | ||
| Q3 25 | 11.5% | 11.1% | ||
| Q2 25 | 13.9% | 10.7% | ||
| Q1 25 | 20.4% | 10.1% | ||
| Q4 24 | 17.3% | -12.9% | ||
| Q3 24 | 9.2% | 10.2% | ||
| Q2 24 | 13.9% | 11.0% |
每股收益（稀释后）AONPPG
| Q1 26 | — | — | ||
| Q4 25 | $7.82 | $1.33 | ||
| Q3 25 | $2.11 | $2.00 | ||
| Q2 25 | $2.66 | $1.98 | ||
| Q1 25 | $4.43 | $1.63 | ||
| Q4 24 | $3.11 | $-1.18 | ||
| Q3 24 | $1.57 | $2.00 | ||
| Q2 24 | $2.46 | $2.24 |
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 | $1.6B |
| 总债务越低越好 | $15.2B | $6.4B |
| 股东权益账面价值 | $9.4B | — |
| 总资产 | $50.8B | — |
| 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AONPPG
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.8B | $2.2B | ||
| Q3 25 | $1.3B | $1.9B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.3B | $1.9B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.2B | $1.2B |
总债务AONPPG
| Q1 26 | — | $6.4B | ||
| Q4 25 | $15.2B | $7.3B | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $7.3B | ||
| Q1 25 | — | $7.2B | ||
| Q4 24 | $17.0B | $5.8B | ||
| Q3 24 | — | $6.5B | ||
| Q2 24 | — | $6.4B |
股东权益AONPPG
| Q1 26 | — | — | ||
| Q4 25 | $9.4B | $7.9B | ||
| Q3 25 | $7.9B | $7.8B | ||
| Q2 25 | $7.8B | $7.6B | ||
| Q1 25 | $7.0B | $6.9B | ||
| Q4 24 | $6.1B | $6.8B | ||
| Q3 24 | $6.2B | $7.8B | ||
| Q2 24 | $5.9B | $7.8B |
总资产AONPPG
| Q1 26 | — | — | ||
| Q4 25 | $50.8B | $22.1B | ||
| Q3 25 | $51.6B | $22.1B | ||
| Q2 25 | $54.0B | $22.1B | ||
| Q1 25 | $50.3B | $21.1B | ||
| Q4 24 | $49.0B | $19.4B | ||
| Q3 24 | $49.9B | $21.9B | ||
| Q2 24 | $51.5B | $21.7B |
负债/权益比AONPPG
| Q1 26 | — | — | ||
| Q4 25 | 1.63× | 0.92× | ||
| Q3 25 | — | 0.94× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 2.78× | 0.86× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 0.82× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.3B | — |
| 自由现金流率自由现金流/营收 | 30.8% | — |
| 资本支出强度资本支出/营收 | 1.7% | 5.0% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流AONPPG
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $887.0M | ||
| Q3 25 | $1.1B | $685.0M | ||
| Q2 25 | $796.0M | $387.0M | ||
| Q1 25 | $140.0M | $-18.0M | ||
| Q4 24 | $1.2B | $346.0M | ||
| Q3 24 | $1.0B | $769.0M | ||
| Q2 24 | $513.0M | $365.0M |
自由现金流AONPPG
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $586.0M | ||
| Q3 25 | $1.1B | $538.0M | ||
| Q2 25 | $732.0M | $266.0M | ||
| Q1 25 | $84.0M | $-227.0M | ||
| Q4 24 | $1.1B | $148.0M | ||
| Q3 24 | $951.0M | $620.0M | ||
| Q2 24 | $460.0M | $247.0M |
自由现金流率AONPPG
| Q1 26 | — | — | ||
| Q4 25 | 30.8% | 15.0% | ||
| Q3 25 | 27.0% | 13.2% | ||
| Q2 25 | 17.6% | 6.3% | ||
| Q1 25 | 1.8% | -6.2% | ||
| Q4 24 | 27.6% | 6.8% | ||
| Q3 24 | 25.6% | 13.6% | ||
| Q2 24 | 12.2% | 5.2% |
资本支出强度AONPPG
| Q1 26 | — | 5.0% | ||
| Q4 25 | 1.7% | 7.7% | ||
| Q3 25 | 1.7% | 3.6% | ||
| Q2 25 | 1.5% | 2.9% | ||
| Q1 25 | 1.2% | 5.7% | ||
| Q4 24 | 1.3% | 9.1% | ||
| Q3 24 | 1.7% | 3.3% | ||
| Q2 24 | 1.4% | 2.5% |
现金转化率AONPPG
| Q1 26 | — | — | ||
| Q4 25 | 0.83× | 2.96× | ||
| Q3 25 | 2.51× | 1.51× | ||
| Q2 25 | 1.37× | 0.86× | ||
| Q1 25 | 0.15× | -0.05× | ||
| Q4 24 | 1.68× | — | ||
| Q3 24 | 2.95× | 1.64× | ||
| Q2 24 | 0.98× | 0.69× |
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% |
PPG
| Industrial Coatings | $1.6B | 42% |
| Performance Coatings | $1.3B | 34% |
| Global Architectural Coatings | $965.0M | 25% |
