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怡安集团（AON）与皇家加勒比集团（RCL）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皇家加勒比集团的1.0倍（$4.3B vs $4.3B），怡安集团净利率更高（39.4% vs 17.7%，领先21.7%），皇家加勒比集团同比增速更快（13.3% vs 3.7%），怡安集团自由现金流更多（$1.3B vs $116.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% 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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
AON vs RCL — 直观对比
营收规模更大
AON
是对方的1.0倍
$4.3B
营收增速更快
RCL
高出9.6%
3.7%
净利率更高
AON
高出21.7%
17.7%
自由现金流更多
AON
多$1.2B
$116.0M
两年增速更快
RCL
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $4.3B |
| 净利润 | $1.7B | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | 28.1% | 21.9% |
| 净利率 | 39.4% | 17.7% |
| 营收同比 | 3.7% | 13.3% |
| 净利润同比 | 136.5% | 36.4% |
| 每股收益（稀释后） | $7.82 | $2.76 |
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AONRCL
| Q4 25 | $4.3B | $4.3B | ||
| Q3 25 | $4.0B | $5.1B | ||
| Q2 25 | $4.2B | $4.5B | ||
| Q1 25 | $4.7B | $4.0B | ||
| Q4 24 | $4.1B | $3.8B | ||
| Q3 24 | $3.7B | $4.9B | ||
| Q2 24 | $3.8B | $4.1B | ||
| Q1 24 | $4.1B | $3.7B |
净利润AONRCL
| Q4 25 | $1.7B | $753.0M | ||
| Q3 25 | $458.0M | $1.6B | ||
| Q2 25 | $579.0M | $1.2B | ||
| Q1 25 | $965.0M | $730.0M | ||
| Q4 24 | $716.0M | $552.0M | ||
| Q3 24 | $343.0M | $1.1B | ||
| Q2 24 | $524.0M | $854.0M | ||
| Q1 24 | $1.1B | $360.0M |
毛利率AONRCL
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% | ||
| Q1 24 | — | 44.8% |
营业利润率AONRCL
| Q4 25 | 28.1% | 21.9% | ||
| Q3 25 | 20.4% | 33.1% | ||
| Q2 25 | 20.7% | 29.3% | ||
| Q1 25 | 30.9% | 23.6% | ||
| Q4 24 | 26.3% | 16.6% | ||
| Q3 24 | 16.7% | 33.4% | ||
| Q2 24 | 17.4% | 26.7% | ||
| Q1 24 | 36.0% | 20.1% |
净利率AONRCL
| Q4 25 | 39.4% | 17.7% | ||
| Q3 25 | 11.5% | 30.6% | ||
| Q2 25 | 13.9% | 26.7% | ||
| Q1 25 | 20.4% | 18.3% | ||
| Q4 24 | 17.3% | 14.7% | ||
| Q3 24 | 9.2% | 22.7% | ||
| Q2 24 | 13.9% | 20.8% | ||
| Q1 24 | 26.3% | 9.7% |
每股收益（稀释后）AONRCL
| Q4 25 | $7.82 | $2.76 | ||
| Q3 25 | $2.11 | $5.74 | ||
| Q2 25 | $2.66 | $4.41 | ||
| Q1 25 | $4.43 | $2.70 | ||
| Q4 24 | $3.11 | $2.27 | ||
| Q3 24 | $1.57 | $4.21 | ||
| Q2 24 | $2.46 | $3.11 | ||
| Q1 24 | $5.35 | $1.35 |
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 | $825.0M |
| 总债务越低越好 | $15.2B | $18.2B |
| 股东权益账面价值 | $9.4B | $10.0B |
| 总资产 | $50.8B | $41.6B |
| 负债/权益比越低杠杆越低 | 1.63× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资AONRCL
| Q4 25 | $2.8B | $825.0M | ||
| Q3 25 | $1.3B | $432.0M | ||
| Q2 25 | $1.4B | $735.0M | ||
| Q1 25 | $1.3B | $386.0M | ||
| Q4 24 | $1.3B | $388.0M | ||
| Q3 24 | $1.3B | $418.0M | ||
| Q2 24 | $1.2B | $391.0M | ||
| Q1 24 | $6.4B | $437.0M |
总债务AONRCL
| Q4 25 | $15.2B | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | $17.0B | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B | ||
| Q1 24 | — | $18.9B |
股东权益AONRCL
| Q4 25 | $9.4B | $10.0B | ||
| Q3 25 | $7.9B | $10.1B | ||
| Q2 25 | $7.8B | $9.2B | ||
| Q1 25 | $7.0B | $8.0B | ||
| Q4 24 | $6.1B | $7.6B | ||
| Q3 24 | $6.2B | $7.0B | ||
| Q2 24 | $5.9B | $6.0B | ||
| Q1 24 | $-133.0M | $5.2B |
总资产AONRCL
| Q4 25 | $50.8B | $41.6B | ||
| Q3 25 | $51.6B | $40.1B | ||
| Q2 25 | $54.0B | $38.5B | ||
| Q1 25 | $50.3B | $37.5B | ||
| Q4 24 | $49.0B | $37.1B | ||
| Q3 24 | $49.9B | $37.1B | ||
| Q2 24 | $51.5B | $37.0B | ||
| Q1 24 | $40.8B | $35.2B |
负债/权益比AONRCL
| Q4 25 | 1.63× | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | 2.78× | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× | ||
| Q1 24 | — | 3.66× |
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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $116.0M |
| 自由现金流率自由现金流/营收 | 30.8% | 2.7% |
| 资本支出强度资本支出/营收 | 1.7% | 35.4% |
| 现金转化率经营现金流/净利润 | 0.83× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流AONRCL
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $796.0M | $1.7B | ||
| Q1 25 | $140.0M | $1.6B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $1.0B | $897.0M | ||
| Q2 24 | $513.0M | $1.6B | ||
| Q1 24 | $309.0M | $1.3B |
自由现金流AONRCL
| Q4 25 | $1.3B | $116.0M | ||
| Q3 25 | $1.1B | $-989.0M | ||
| Q2 25 | $732.0M | $910.0M | ||
| Q1 25 | $84.0M | $1.2B | ||
| Q4 24 | $1.1B | $915.0M | ||
| Q3 24 | $951.0M | $563.0M | ||
| Q2 24 | $460.0M | $-567.0M | ||
| Q1 24 | $261.0M | $1.1B |
自由现金流率AONRCL
| Q4 25 | 30.8% | 2.7% | ||
| Q3 25 | 27.0% | -19.2% | ||
| Q2 25 | 17.6% | 20.1% | ||
| Q1 25 | 1.8% | 30.0% | ||
| Q4 24 | 27.6% | 24.3% | ||
| Q3 24 | 25.6% | 11.5% | ||
| Q2 24 | 12.2% | -13.8% | ||
| Q1 24 | 6.4% | 29.1% |
资本支出强度AONRCL
| Q4 25 | 1.7% | 35.4% | ||
| Q3 25 | 1.7% | 47.8% | ||
| Q2 25 | 1.5% | 18.4% | ||
| Q1 25 | 1.2% | 10.7% | ||
| Q4 24 | 1.3% | 14.7% | ||
| Q3 24 | 1.7% | 6.8% | ||
| Q2 24 | 1.4% | 52.1% | ||
| Q1 24 | 1.2% | 6.5% |
现金转化率AONRCL
| Q4 25 | 0.83× | 2.16× | ||
| Q3 25 | 2.51× | 0.93× | ||
| Q2 25 | 1.37× | 1.44× | ||
| Q1 25 | 0.15× | 2.23× | ||
| Q4 24 | 1.68× | 2.66× | ||
| Q3 24 | 2.95× | 0.81× | ||
| Q2 24 | 0.98× | 1.84× | ||
| Q1 24 | 0.29× | 3.69× |
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% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
