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怡安集团（AON）与新美亚（SANM）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新美亚的1.3倍（$4.3B vs $3.2B），怡安集团净利率更高（39.4% vs 1.5%，领先37.8%），新美亚同比增速更快（59.0% vs 3.7%），怡安集团自由现金流更多（$1.3B vs $91.9M），过去两年新美亚的营收复合增速更高（31.9% 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。
新美亚公司是总部位于美国加利福尼亚州圣何塞的电子制造服务（EMS）提供商，服务通信、计算机硬件领域的原始设备制造商（OEM）。集团拥有近80个生产基地，是全球规模最大的印刷电路板和背板独立制造商之一，2022年位列《财富》世界500强第482位。
AON vs SANM — 直观对比
营收规模更大
AON
是对方的1.3倍
$3.2B
营收增速更快
SANM
高出55.3%
3.7%
净利率更高
AON
高出37.8%
1.5%
自由现金流更多
AON
多$1.2B
$91.9M
两年增速更快
SANM
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $3.2B |
| 净利润 | $1.7B | $49.3M |
| 毛利率 | — | 7.6% |
| 营业利润率 | 28.1% | 2.3% |
| 净利率 | 39.4% | 1.5% |
| 营收同比 | 3.7% | 59.0% |
| 净利润同比 | 136.5% | -24.2% |
| 每股收益（稀释后） | $7.82 | $0.89 |
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AONSANM
| Q4 25 | $4.3B | $3.2B | ||
| Q3 25 | $4.0B | $2.1B | ||
| Q2 25 | $4.2B | $2.0B | ||
| Q1 25 | $4.7B | $2.0B | ||
| Q4 24 | $4.1B | $2.0B | ||
| Q3 24 | $3.7B | $2.0B | ||
| Q2 24 | $3.8B | $1.8B | ||
| Q1 24 | $4.1B | $1.8B |
净利润AONSANM
| Q4 25 | $1.7B | $49.3M | ||
| Q3 25 | $458.0M | $48.1M | ||
| Q2 25 | $579.0M | $68.6M | ||
| Q1 25 | $965.0M | $64.2M | ||
| Q4 24 | $716.0M | $65.0M | ||
| Q3 24 | $343.0M | $61.4M | ||
| Q2 24 | $524.0M | $51.6M | ||
| Q1 24 | $1.1B | $52.5M |
毛利率AONSANM
| Q4 25 | — | 7.6% | ||
| Q3 25 | — | 9.1% | ||
| Q2 25 | — | 8.9% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | 8.4% | ||
| Q3 24 | — | 8.5% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | — | 8.4% |
营业利润率AONSANM
| Q4 25 | 28.1% | 2.3% | ||
| Q3 25 | 20.4% | 3.7% | ||
| Q2 25 | 20.7% | 4.7% | ||
| Q1 25 | 30.9% | 4.6% | ||
| Q4 24 | 26.3% | 4.4% | ||
| Q3 24 | 16.7% | 4.4% | ||
| Q2 24 | 17.4% | 4.5% | ||
| Q1 24 | 36.0% | 4.1% |
净利率AONSANM
| Q4 25 | 39.4% | 1.5% | ||
| Q3 25 | 11.5% | 2.3% | ||
| Q2 25 | 13.9% | 3.4% | ||
| Q1 25 | 20.4% | 3.2% | ||
| Q4 24 | 17.3% | 3.2% | ||
| Q3 24 | 9.2% | 3.0% | ||
| Q2 24 | 13.9% | 2.8% | ||
| Q1 24 | 26.3% | 2.9% |
每股收益（稀释后）AONSANM
| Q4 25 | $7.82 | $0.89 | ||
| Q3 25 | $2.11 | $0.88 | ||
| Q2 25 | $2.66 | $1.26 | ||
| Q1 25 | $4.43 | $1.16 | ||
| Q4 24 | $3.11 | $1.16 | ||
| Q3 24 | $1.57 | $1.09 | ||
| Q2 24 | $2.46 | $0.91 | ||
| Q1 24 | $5.35 | $0.93 |
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 | $1.4B |
| 总债务越低越好 | $15.2B | $2.2B |
| 股东权益账面价值 | $9.4B | $2.7B |
| 总资产 | $50.8B | $9.8B |
| 负债/权益比越低杠杆越低 | 1.63× | 0.82× |
8季度趋势，按日历期对齐
现金及短期投资AONSANM
| Q4 25 | $2.8B | $1.4B | ||
| Q3 25 | $1.3B | $926.3M | ||
| Q2 25 | $1.4B | $797.9M | ||
| Q1 25 | $1.3B | $647.1M | ||
| Q4 24 | $1.3B | $642.4M | ||
| Q3 24 | $1.3B | $625.9M | ||
| Q2 24 | $1.2B | $657.7M | ||
| Q1 24 | $6.4B | $650.9M |
总债务AONSANM
| Q4 25 | $15.2B | $2.2B | ||
| Q3 25 | — | $300.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AONSANM
| Q4 25 | $9.4B | $2.7B | ||
| Q3 25 | $7.9B | $2.5B | ||
| Q2 25 | $7.8B | $2.5B | ||
| Q1 25 | $7.0B | $2.4B | ||
| Q4 24 | $6.1B | $2.4B | ||
| Q3 24 | $6.2B | $2.4B | ||
| Q2 24 | $5.9B | $2.3B | ||
| Q1 24 | $-133.0M | $2.3B |
总资产AONSANM
| Q4 25 | $50.8B | $9.8B | ||
| Q3 25 | $51.6B | $5.9B | ||
| Q2 25 | $54.0B | $5.2B | ||
| Q1 25 | $50.3B | $5.0B | ||
| Q4 24 | $49.0B | $4.8B | ||
| Q3 24 | $49.9B | $4.8B | ||
| Q2 24 | $51.5B | $4.7B | ||
| Q1 24 | $40.8B | $4.7B |
负债/权益比AONSANM
| Q4 25 | 1.63× | 0.82× | ||
| Q3 25 | — | 0.12× | ||
| 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 | $178.7M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $91.9M |
| 自由现金流率自由现金流/营收 | 30.8% | 2.9% |
| 资本支出强度资本支出/营收 | 1.7% | 2.7% |
| 现金转化率经营现金流/净利润 | 0.83× | 3.63× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $518.3M |
8季度趋势，按日历期对齐
经营现金流AONSANM
| Q4 25 | $1.4B | $178.7M | ||
| Q3 25 | $1.1B | $199.1M | ||
| Q2 25 | $796.0M | $200.8M | ||
| Q1 25 | $140.0M | $156.9M | ||
| Q4 24 | $1.2B | $63.9M | ||
| Q3 24 | $1.0B | $51.9M | ||
| Q2 24 | $513.0M | $90.0M | ||
| Q1 24 | $309.0M | $72.3M |
自由现金流AONSANM
| Q4 25 | $1.3B | $91.9M | ||
| Q3 25 | $1.1B | $136.6M | ||
| Q2 25 | $732.0M | $163.7M | ||
| Q1 25 | $84.0M | $126.1M | ||
| Q4 24 | $1.1B | $46.9M | ||
| Q3 24 | $951.0M | $27.2M | ||
| Q2 24 | $460.0M | $67.2M | ||
| Q1 24 | $261.0M | $42.7M |
自由现金流率AONSANM
| Q4 25 | 30.8% | 2.9% | ||
| Q3 25 | 27.0% | 6.5% | ||
| Q2 25 | 17.6% | 8.0% | ||
| Q1 25 | 1.8% | 6.4% | ||
| Q4 24 | 27.6% | 2.3% | ||
| Q3 24 | 25.6% | 1.4% | ||
| Q2 24 | 12.2% | 3.7% | ||
| Q1 24 | 6.4% | 2.3% |
资本支出强度AONSANM
| Q4 25 | 1.7% | 2.7% | ||
| Q3 25 | 1.7% | 3.0% | ||
| Q2 25 | 1.5% | 1.8% | ||
| Q1 25 | 1.2% | 1.5% | ||
| Q4 24 | 1.3% | 0.9% | ||
| Q3 24 | 1.7% | 1.2% | ||
| Q2 24 | 1.4% | 1.2% | ||
| Q1 24 | 1.2% | 1.6% |
现金转化率AONSANM
| Q4 25 | 0.83× | 3.63× | ||
| Q3 25 | 2.51× | 4.14× | ||
| Q2 25 | 1.37× | 2.93× | ||
| Q1 25 | 0.15× | 2.44× | ||
| Q4 24 | 1.68× | 0.98× | ||
| Q3 24 | 2.95× | 0.85× | ||
| Q2 24 | 0.98× | 1.74× | ||
| Q1 24 | 0.29× | 1.38× |
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% |
SANM
| Industrial And Energy Medical Defense And Aerospace And Automotive And Transportation | $1.2B | 38% |
| ZT Systems | $1.1B | 34% |
| Other Segments CPS | $434.3M | 14% |
| CPS Third Party Revenue | $412.7M | 13% |
| Change In Accounting Method Accounted For As Change In Estimate | $2.7M | 0% |
