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怡安集团（AON）与Unum Group（UNM）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Unum Group的1.3倍（$4.3B vs $3.2B）。怡安集团净利率更高（39.4% vs 5.4%，领先34.0%）。怡安集团同比增速更快（3.7% vs 0.2%）。怡安集团自由现金流更多（$1.3B vs $320.1M）。过去两年怡安集团的营收复合增速更高（2.8% vs 0.7%）
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。
Unum Group是美国财富500强保险企业，总部位于田纳西州查塔努加，前身为1848年成立的联合相互保险公司，1999年合并后曾用名UnumProvident至2007年。集团现设四大业务板块，覆盖美、英、波兰市场，旗下承保主体包括保罗里维尔人寿保险、普罗维登斯人伤意外险公司等。
AON vs UNM — 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
AON
高出3.5%
0.2%
净利率更高
AON
高出34.0%
5.4%
自由现金流更多
AON
多$1.0B
$320.1M
两年增速更快
AON
近两年复合增速
0.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $3.2B |
| 净利润 | $1.7B | $174.1M |
| 毛利率 | — | — |
| 营业利润率 | 28.1% | 6.7% |
| 净利率 | 39.4% | 5.4% |
| 营收同比 | 3.7% | 0.2% |
| 净利润同比 | 136.5% | -50.1% |
| 每股收益（稀释后） | $7.82 | $1.06 |
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AONUNM
| Q4 25 | $4.3B | $3.2B | ||
| Q3 25 | $4.0B | $3.4B | ||
| Q2 25 | $4.2B | $3.4B | ||
| Q1 25 | $4.7B | $3.1B | ||
| Q4 24 | $4.1B | $3.2B | ||
| Q3 24 | $3.7B | $3.2B | ||
| Q2 24 | $3.8B | $3.2B | ||
| Q1 24 | $4.1B | $3.2B |
净利润AONUNM
| Q4 25 | $1.7B | $174.1M | ||
| Q3 25 | $458.0M | $39.7M | ||
| Q2 25 | $579.0M | $335.6M | ||
| Q1 25 | $965.0M | $189.1M | ||
| Q4 24 | $716.0M | $348.7M | ||
| Q3 24 | $343.0M | $645.7M | ||
| Q2 24 | $524.0M | $389.5M | ||
| Q1 24 | $1.1B | $395.2M |
营业利润率AONUNM
| Q4 25 | 28.1% | 6.7% | ||
| Q3 25 | 20.4% | 1.6% | ||
| Q2 25 | 20.7% | 12.4% | ||
| Q1 25 | 30.9% | 7.9% | ||
| Q4 24 | 26.3% | 13.8% | ||
| Q3 24 | 16.7% | 15.6% | ||
| Q2 24 | 17.4% | 15.3% | ||
| Q1 24 | 36.0% | 15.5% |
净利率AONUNM
| Q4 25 | 39.4% | 5.4% | ||
| Q3 25 | 11.5% | 1.2% | ||
| Q2 25 | 13.9% | 10.0% | ||
| Q1 25 | 20.4% | 6.1% | ||
| Q4 24 | 17.3% | 10.8% | ||
| Q3 24 | 9.2% | 20.1% | ||
| Q2 24 | 13.9% | 12.0% | ||
| Q1 24 | 26.3% | 12.3% |
每股收益（稀释后）AONUNM
| Q4 25 | $7.82 | $1.06 | ||
| Q3 25 | $2.11 | $0.23 | ||
| Q2 25 | $2.66 | $1.92 | ||
| Q1 25 | $4.43 | $1.06 | ||
| Q4 24 | $3.11 | $1.91 | ||
| Q3 24 | $1.57 | $3.46 | ||
| Q2 24 | $2.46 | $2.05 | ||
| Q1 24 | $5.35 | $2.04 |
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 | — |
| 总债务越低越好 | $15.2B | $3.8B |
| 股东权益账面价值 | $9.4B | $11.1B |
| 总资产 | $50.8B | $63.5B |
| 负债/权益比越低杠杆越低 | 1.63× | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资AONUNM
| Q4 25 | $2.8B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $6.4B | — |
总债务AONUNM
| Q4 25 | $15.2B | $3.8B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | $17.0B | $3.5B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.4B |
股东权益AONUNM
| Q4 25 | $9.4B | $11.1B | ||
| Q3 25 | $7.9B | $10.9B | ||
| Q2 25 | $7.8B | $11.3B | ||
| Q1 25 | $7.0B | $11.2B | ||
| Q4 24 | $6.1B | $11.0B | ||
| Q3 24 | $6.2B | $11.0B | ||
| Q2 24 | $5.9B | $10.5B | ||
| Q1 24 | $-133.0M | $10.2B |
总资产AONUNM
| Q4 25 | $50.8B | $63.5B | ||
| Q3 25 | $51.6B | $63.7B | ||
| Q2 25 | $54.0B | $62.8B | ||
| Q1 25 | $50.3B | $62.5B | ||
| Q4 24 | $49.0B | $62.0B | ||
| Q3 24 | $49.9B | $64.1B | ||
| Q2 24 | $51.5B | $62.0B | ||
| Q1 24 | $40.8B | $62.5B |
负债/权益比AONUNM
| Q4 25 | 1.63× | 0.34× | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | 2.78× | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 0.34× |
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 | $357.9M |
| 自由现金流经营现金流 - 资本支出 | $1.3B | $320.1M |
| 自由现金流率自由现金流/营收 | 30.8% | 9.9% |
| 资本支出强度资本支出/营收 | 1.7% | 1.2% |
| 现金转化率经营现金流/净利润 | 0.83× | 2.06× |
| 过去12个月自由现金流最近4个季度 | $3.2B | $555.4M |
8季度趋势，按日历期对齐
经营现金流AONUNM
| Q4 25 | $1.4B | $357.9M | ||
| Q3 25 | $1.1B | $-371.8M | ||
| Q2 25 | $796.0M | $348.0M | ||
| Q1 25 | $140.0M | $353.6M | ||
| Q4 24 | $1.2B | $485.8M | ||
| Q3 24 | $1.0B | $390.0M | ||
| Q2 24 | $513.0M | $339.1M | ||
| Q1 24 | $309.0M | $298.3M |
自由现金流AONUNM
| Q4 25 | $1.3B | $320.1M | ||
| Q3 25 | $1.1B | $-402.6M | ||
| Q2 25 | $732.0M | $320.1M | ||
| Q1 25 | $84.0M | $317.8M | ||
| Q4 24 | $1.1B | $453.8M | ||
| Q3 24 | $951.0M | $352.3M | ||
| Q2 24 | $460.0M | $311.4M | ||
| Q1 24 | $261.0M | $270.0M |
自由现金流率AONUNM
| Q4 25 | 30.8% | 9.9% | ||
| Q3 25 | 27.0% | -11.9% | ||
| Q2 25 | 17.6% | 9.5% | ||
| Q1 25 | 1.8% | 10.3% | ||
| Q4 24 | 27.6% | 14.0% | ||
| Q3 24 | 25.6% | 11.0% | ||
| Q2 24 | 12.2% | 9.6% | ||
| Q1 24 | 6.4% | 8.4% |
资本支出强度AONUNM
| Q4 25 | 1.7% | 1.2% | ||
| Q3 25 | 1.7% | 0.9% | ||
| Q2 25 | 1.5% | 0.8% | ||
| Q1 25 | 1.2% | 1.2% | ||
| Q4 24 | 1.3% | 1.0% | ||
| Q3 24 | 1.7% | 1.2% | ||
| Q2 24 | 1.4% | 0.9% | ||
| Q1 24 | 1.2% | 0.9% |
现金转化率AONUNM
| Q4 25 | 0.83× | 2.06× | ||
| Q3 25 | 2.51× | -9.37× | ||
| Q2 25 | 1.37× | 1.04× | ||
| Q1 25 | 0.15× | 1.87× | ||
| Q4 24 | 1.68× | 1.39× | ||
| Q3 24 | 2.95× | 0.60× | ||
| Q2 24 | 0.98× | 0.87× | ||
| Q1 24 | 0.29× | 0.75× |
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% |
UNM
| Unum Us | $2.0B | 60% |
| Colonial Life | $507.0M | 16% |
| Closed Block | $445.6M | 14% |
| Unum International | $323.0M | 10% |
