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怡安集团（AON）与Ulta Beauty（ULTA）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Ulta Beauty的1.5倍（$4.3B vs $2.9B），怡安集团净利率更高（39.4% vs 8.1%，领先31.3%），Ulta Beauty同比增速更快（12.9% vs 3.7%），怡安集团自由现金流更多（$1.3B vs $-81.6M），过去两年Ulta Beauty的营收复合增速更高（7.2% 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。
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
AON vs ULTA — 直观对比
营收规模更大
AON
是对方的1.5倍
$2.9B
营收增速更快
ULTA
高出9.3%
3.7%
净利率更高
AON
高出31.3%
8.1%
自由现金流更多
AON
多$1.4B
$-81.6M
两年增速更快
ULTA
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.9B |
| 净利润 | $1.7B | $230.9M |
| 毛利率 | — | 40.4% |
| 营业利润率 | 28.1% | 10.8% |
| 净利率 | 39.4% | 8.1% |
| 营收同比 | 3.7% | 12.9% |
| 净利润同比 | 136.5% | -4.7% |
| 每股收益（稀释后） | $7.82 | $5.14 |
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AONULTA
| Q4 25 | $4.3B | $2.9B | ||
| Q3 25 | $4.0B | $2.8B | ||
| Q2 25 | $4.2B | $2.8B | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.1B | $2.5B | ||
| Q3 24 | $3.7B | $2.6B | ||
| Q2 24 | $3.8B | $2.7B | ||
| Q1 24 | $4.1B | $3.6B |
净利润AONULTA
| Q4 25 | $1.7B | $230.9M | ||
| Q3 25 | $458.0M | $260.9M | ||
| Q2 25 | $579.0M | $305.1M | ||
| Q1 25 | $965.0M | — | ||
| Q4 24 | $716.0M | $242.2M | ||
| Q3 24 | $343.0M | $252.6M | ||
| Q2 24 | $524.0M | $313.1M | ||
| Q1 24 | $1.1B | $394.4M |
毛利率AONULTA
| Q4 25 | — | 40.4% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 39.7% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.7% |
营业利润率AONULTA
| Q4 25 | 28.1% | 10.8% | ||
| Q3 25 | 20.4% | 12.4% | ||
| Q2 25 | 20.7% | 14.1% | ||
| Q1 25 | 30.9% | — | ||
| Q4 24 | 26.3% | 12.6% | ||
| Q3 24 | 16.7% | 12.9% | ||
| Q2 24 | 17.4% | 14.7% | ||
| Q1 24 | 36.0% | 14.5% |
净利率AONULTA
| Q4 25 | 39.4% | 8.1% | ||
| Q3 25 | 11.5% | 9.4% | ||
| Q2 25 | 13.9% | 10.7% | ||
| Q1 25 | 20.4% | — | ||
| Q4 24 | 17.3% | 9.6% | ||
| Q3 24 | 9.2% | 9.9% | ||
| Q2 24 | 13.9% | 11.5% | ||
| Q1 24 | 26.3% | 11.1% |
每股收益（稀释后）AONULTA
| Q4 25 | $7.82 | $5.14 | ||
| Q3 25 | $2.11 | $5.78 | ||
| Q2 25 | $2.66 | $6.70 | ||
| Q1 25 | $4.43 | — | ||
| Q4 24 | $3.11 | $5.14 | ||
| Q3 24 | $1.57 | $5.30 | ||
| Q2 24 | $2.46 | $6.47 | ||
| Q1 24 | $5.35 | $8.06 |
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 | $204.9M |
| 总债务越低越好 | $15.2B | — |
| 股东权益账面价值 | $9.4B | $2.6B |
| 总资产 | $50.8B | $7.0B |
| 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AONULTA
| Q4 25 | $2.8B | $204.9M | ||
| Q3 25 | $1.3B | $242.7M | ||
| Q2 25 | $1.4B | $454.6M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $177.8M | ||
| Q3 24 | $1.3B | $414.0M | ||
| Q2 24 | $1.2B | $524.6M | ||
| Q1 24 | $6.4B | $766.6M |
总债务AONULTA
| Q4 25 | $15.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AONULTA
| Q4 25 | $9.4B | $2.6B | ||
| Q3 25 | $7.9B | $2.6B | ||
| Q2 25 | $7.8B | $2.4B | ||
| Q1 25 | $7.0B | — | ||
| Q4 24 | $6.1B | $2.3B | ||
| Q3 24 | $6.2B | $2.3B | ||
| Q2 24 | $5.9B | $2.3B | ||
| Q1 24 | $-133.0M | $2.3B |
总资产AONULTA
| Q4 25 | $50.8B | $7.0B | ||
| Q3 25 | $51.6B | $6.6B | ||
| Q2 25 | $54.0B | $6.0B | ||
| Q1 25 | $50.3B | — | ||
| Q4 24 | $49.0B | $6.0B | ||
| Q3 24 | $49.9B | $5.7B | ||
| Q2 24 | $51.5B | $5.6B | ||
| Q1 24 | $40.8B | $5.7B |
负债/权益比AONULTA
| Q4 25 | 1.63× | — | ||
| Q3 25 | — | — | ||
| 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 | $5.6M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $-81.6M |
| 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% | 3.1% |
| 现金转化率经营现金流/净利润 | 0.83× | 0.02× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $-92.2M |
8季度趋势，按日历期对齐
经营现金流AONULTA
| Q4 25 | $1.4B | $5.6M | ||
| Q3 25 | $1.1B | $96.5M | ||
| Q2 25 | $796.0M | $220.0M | ||
| Q1 25 | $140.0M | — | ||
| Q4 24 | $1.2B | $-56.8M | ||
| Q3 24 | $1.0B | $199.5M | ||
| Q2 24 | $513.0M | $159.3M | ||
| Q1 24 | $309.0M | $1.1B |
自由现金流AONULTA
| Q4 25 | $1.3B | $-81.6M | ||
| Q3 25 | $1.1B | $19.6M | ||
| Q2 25 | $732.0M | $141.0M | ||
| Q1 25 | $84.0M | — | ||
| Q4 24 | $1.1B | $-171.1M | ||
| Q3 24 | $951.0M | $104.3M | ||
| Q2 24 | $460.0M | $68.3M | ||
| Q1 24 | $261.0M | $994.0M |
自由现金流率AONULTA
| Q4 25 | 30.8% | -2.9% | ||
| Q3 25 | 27.0% | 0.7% | ||
| Q2 25 | 17.6% | 4.9% | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 27.6% | -6.8% | ||
| Q3 24 | 25.6% | 4.1% | ||
| Q2 24 | 12.2% | 2.5% | ||
| Q1 24 | 6.4% | 28.0% |
资本支出强度AONULTA
| Q4 25 | 1.7% | 3.1% | ||
| Q3 25 | 1.7% | 2.8% | ||
| Q2 25 | 1.5% | 2.8% | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.3% | 4.5% | ||
| Q3 24 | 1.7% | 3.7% | ||
| Q2 24 | 1.4% | 3.3% | ||
| Q1 24 | 1.2% | 3.5% |
现金转化率AONULTA
| Q4 25 | 0.83× | 0.02× | ||
| Q3 25 | 2.51× | 0.37× | ||
| Q2 25 | 1.37× | 0.72× | ||
| Q1 25 | 0.15× | — | ||
| Q4 24 | 1.68× | -0.23× | ||
| Q3 24 | 2.95× | 0.79× | ||
| Q2 24 | 0.98× | 0.51× | ||
| Q1 24 | 0.29× | 2.84× |
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% |
ULTA
暂无分部数据
