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怡安集团（AON）与ROYAL GOLD INC（RGLD）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ROYAL GOLD INC的11.5倍（$4.3B vs $375.3M）。怡安集团净利率更高（39.4% vs 24.9%，领先14.4%）。ROYAL GOLD INC同比增速更快（85.3% vs 3.7%）。过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
AON vs RGLD — 直观对比
营收规模更大
AON
是对方的11.5倍
$375.3M
营收增速更快
RGLD
高出81.6%
3.7%
净利率更高
AON
高出14.4%
24.9%
两年增速更快
RGLD
近两年复合增速
2.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $375.3M |
| 净利润 | $1.7B | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 28.1% | 56.2% |
| 净利率 | 39.4% | 24.9% |
| 营收同比 | 3.7% | 85.3% |
| 净利润同比 | 136.5% | -12.8% |
| 每股收益（稀释后） | $7.82 | $1.04 |
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AONRGLD
| Q4 25 | $4.3B | $375.3M | ||
| Q3 25 | $4.0B | $252.1M | ||
| Q2 25 | $4.2B | $209.6M | ||
| Q1 25 | $4.7B | $193.4M | ||
| Q4 24 | $4.1B | $202.6M | ||
| Q3 24 | $3.7B | $193.8M | ||
| Q2 24 | $3.8B | $174.1M | ||
| Q1 24 | $4.1B | $148.9M |
净利润AONRGLD
| Q4 25 | $1.7B | $93.6M | ||
| Q3 25 | $458.0M | $126.8M | ||
| Q2 25 | $579.0M | $132.3M | ||
| Q1 25 | $965.0M | $113.5M | ||
| Q4 24 | $716.0M | $107.4M | ||
| Q3 24 | $343.0M | $96.2M | ||
| Q2 24 | $524.0M | $81.2M | ||
| Q1 24 | $1.1B | $47.2M |
毛利率AONRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率AONRGLD
| Q4 25 | 28.1% | 56.2% | ||
| Q3 25 | 20.4% | 64.4% | ||
| Q2 25 | 20.7% | 67.7% | ||
| Q1 25 | 30.9% | 63.6% | ||
| Q4 24 | 26.3% | 65.9% | ||
| Q3 24 | 16.7% | 61.3% | ||
| Q2 24 | 17.4% | 58.6% | ||
| Q1 24 | 36.0% | 50.7% |
净利率AONRGLD
| Q4 25 | 39.4% | 24.9% | ||
| Q3 25 | 11.5% | 50.3% | ||
| Q2 25 | 13.9% | 63.1% | ||
| Q1 25 | 20.4% | 58.7% | ||
| Q4 24 | 17.3% | 53.0% | ||
| Q3 24 | 9.2% | 49.7% | ||
| Q2 24 | 13.9% | 46.6% | ||
| Q1 24 | 26.3% | 31.7% |
每股收益（稀释后）AONRGLD
| Q4 25 | $7.82 | $1.04 | ||
| Q3 25 | $2.11 | $1.92 | ||
| Q2 25 | $2.66 | $2.01 | ||
| Q1 25 | $4.43 | $1.72 | ||
| Q4 24 | $3.11 | $1.63 | ||
| Q3 24 | $1.57 | $1.46 | ||
| Q2 24 | $2.46 | $1.23 | ||
| Q1 24 | $5.35 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $15.2B | — |
| 股东权益账面价值 | $9.4B | $7.2B |
| 总资产 | $50.8B | $9.5B |
| 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AONRGLD
| Q4 25 | $2.8B | $233.7M | ||
| Q3 25 | $1.3B | $172.8M | ||
| Q2 25 | $1.4B | $248.2M | ||
| Q1 25 | $1.3B | $240.8M | ||
| Q4 24 | $1.3B | $195.5M | ||
| Q3 24 | $1.3B | $127.9M | ||
| Q2 24 | $1.2B | $74.2M | ||
| Q1 24 | $6.4B | $137.9M |
总债务AONRGLD
| Q4 25 | $15.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.0B | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益AONRGLD
| Q4 25 | $9.4B | $7.2B | ||
| Q3 25 | $7.9B | $3.4B | ||
| Q2 25 | $7.8B | $3.3B | ||
| Q1 25 | $7.0B | $3.2B | ||
| Q4 24 | $6.1B | $3.1B | ||
| Q3 24 | $6.2B | $3.0B | ||
| Q2 24 | $5.9B | $3.0B | ||
| Q1 24 | $-133.0M | $2.9B |
总资产AONRGLD
| Q4 25 | $50.8B | $9.5B | ||
| Q3 25 | $51.6B | $4.5B | ||
| Q2 25 | $54.0B | $3.6B | ||
| Q1 25 | $50.3B | $3.5B | ||
| Q4 24 | $49.0B | $3.4B | ||
| Q3 24 | $49.9B | $3.3B | ||
| Q2 24 | $51.5B | $3.3B | ||
| Q1 24 | $40.8B | $3.3B |
负债/权益比AONRGLD
| Q4 25 | 1.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.78× | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | $241.7M |
| 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% | — |
| 现金转化率经营现金流/净利润 | 0.83× | 2.58× |
| 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AONRGLD
| Q4 25 | $1.4B | $241.7M | ||
| Q3 25 | $1.1B | $174.0M | ||
| Q2 25 | $796.0M | $152.8M | ||
| Q1 25 | $140.0M | $136.4M | ||
| Q4 24 | $1.2B | $141.1M | ||
| Q3 24 | $1.0B | $136.7M | ||
| Q2 24 | $513.0M | $113.5M | ||
| Q1 24 | $309.0M | $138.3M |
自由现金流AONRGLD
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $732.0M | — | ||
| Q1 25 | $84.0M | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $951.0M | — | ||
| Q2 24 | $460.0M | — | ||
| Q1 24 | $261.0M | — |
自由现金流率AONRGLD
| Q4 25 | 30.8% | — | ||
| Q3 25 | 27.0% | — | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 27.6% | — | ||
| Q3 24 | 25.6% | — | ||
| Q2 24 | 12.2% | — | ||
| Q1 24 | 6.4% | — |
资本支出强度AONRGLD
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 1.2% | — |
现金转化率AONRGLD
| Q4 25 | 0.83× | 2.58× | ||
| Q3 25 | 2.51× | 1.37× | ||
| Q2 25 | 1.37× | 1.15× | ||
| Q1 25 | 0.15× | 1.20× | ||
| Q4 24 | 1.68× | 1.31× | ||
| Q3 24 | 2.95× | 1.42× | ||
| Q2 24 | 0.98× | 1.40× | ||
| Q1 24 | 0.29× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
