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艾伯维（ARGX）与WHITE MOUNTAINS INSURANCE GROUP LTD（WTM）财务数据对比。点击上方公司名可切换其他公司
艾伯维的季度营收约是WHITE MOUNTAINS INSURANCE GROUP LTD的1.5倍（$2.5B vs $1.6B），WHITE MOUNTAINS INSURANCE GROUP LTD净利率更高（52.1% vs 35.5%，领先16.6%），WHITE MOUNTAINS INSURANCE GROUP LTD同比增速更快（348.0% vs 83.2%）
艾伯维是总部位于美国伊利诺伊州北芝加哥的制药企业，研发生产的药物覆盖多种疾病治疗领域，可满足多元临床需求，致力于为全球不同病症的患者提供可靠的治疗方案选择。
怀特山保险集团是一家多元化保险及相关金融服务控股企业，总部位于百慕大汉密尔顿，1999年10月25日从美国特拉华州迁册至当前注册地，大部分业务通过旗下保险子公司及其他关联机构开展，覆盖多个保险及金融服务细分赛道。
ARGX vs WTM — 直观对比
营收规模更大
ARGX
是对方的1.5倍
$1.6B
营收增速更快
WTM
高出264.8%
83.2%
净利率更高
WTM
高出16.6%
35.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.6B |
| 净利润 | $877.2M | $835.8M |
| 毛利率 | 89.5% | 97.1% |
| 营业利润率 | 28.9% | 56.2% |
| 净利率 | 35.5% | 52.1% |
| 营收同比 | 83.2% | 348.0% |
| 净利润同比 | 1.3% | 741.0% |
| 每股收益（稀释后） | $13.25 | $325.02 |
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ARGXWTM
| Q4 25 | $2.5B | $1.6B | ||
| Q3 25 | — | $864.2M | ||
| Q2 25 | $1.8B | $689.2M | ||
| Q1 25 | — | $577.8M | ||
| Q4 24 | $1.4B | $358.0M | ||
| Q3 24 | — | $839.1M | ||
| Q2 24 | $901.9M | $395.4M | ||
| Q1 24 | — | $647.3M |
净利润ARGXWTM
| Q4 25 | $877.2M | $835.8M | ||
| Q3 25 | — | $113.8M | ||
| Q2 25 | $414.8M | $122.9M | ||
| Q1 25 | — | $33.9M | ||
| Q4 24 | $865.6M | $-130.4M | ||
| Q3 24 | — | $179.0M | ||
| Q2 24 | $-32.5M | $-54.6M | ||
| Q1 24 | — | $236.4M |
毛利率ARGXWTM
| Q4 25 | 89.5% | 97.1% | ||
| Q3 25 | — | 93.6% | ||
| Q2 25 | 89.2% | 93.8% | ||
| Q1 25 | — | 98.7% | ||
| Q4 24 | 90.2% | 97.9% | ||
| Q3 24 | — | 99.1% | ||
| Q2 24 | 89.4% | 98.2% | ||
| Q1 24 | — | 98.8% |
营业利润率ARGXWTM
| Q4 25 | 28.9% | 56.2% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | 19.2% | 25.6% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | 8.7% | -33.7% | ||
| Q3 24 | — | 28.5% | ||
| Q2 24 | -15.4% | -8.8% | ||
| Q1 24 | — | 35.9% |
净利率ARGXWTM
| Q4 25 | 35.5% | 52.1% | ||
| Q3 25 | — | 13.2% | ||
| Q2 25 | 23.4% | 17.8% | ||
| Q1 25 | — | 5.9% | ||
| Q4 24 | 64.1% | -36.4% | ||
| Q3 24 | — | 21.3% | ||
| Q2 24 | -3.6% | -13.8% | ||
| Q1 24 | — | 36.5% |
每股收益（稀释后）ARGXWTM
| Q4 25 | $13.25 | $325.02 | ||
| Q3 25 | — | $44.18 | ||
| Q2 25 | $6.32 | $47.75 | ||
| Q1 25 | — | $13.19 | ||
| Q4 24 | $13.33 | $-50.98 | ||
| Q3 24 | — | $69.68 | ||
| Q2 24 | $-0.55 | $-21.24 | ||
| Q1 24 | — | $92.33 |
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 | $3.5B | — |
| 总债务越低越好 | — | $837.0M |
| 股东权益账面价值 | $7.3B | $5.4B |
| 总资产 | $8.7B | $12.3B |
| 负债/权益比越低杠杆越低 | — | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资ARGXWTM
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | — | — |
总债务ARGXWTM
| Q4 25 | — | $837.0M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $694.6M | ||
| Q1 25 | — | $676.1M | ||
| Q4 24 | — | $562.5M | ||
| Q3 24 | — | $544.9M | ||
| Q2 24 | $11.0M | $530.2M | ||
| Q1 24 | — | $532.1M |
股东权益ARGXWTM
| Q4 25 | $7.3B | $5.4B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | $6.1B | $4.6B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | $5.5B | $4.5B | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | $4.3B | $4.4B | ||
| Q1 24 | — | $4.5B |
总资产ARGXWTM
| Q4 25 | $8.7B | $12.3B | ||
| Q3 25 | — | $12.3B | ||
| Q2 25 | $7.2B | $11.8B | ||
| Q1 25 | — | $11.0B | ||
| Q4 24 | $6.2B | $9.9B | ||
| Q3 24 | — | $10.3B | ||
| Q2 24 | $4.8B | $10.2B | ||
| Q1 24 | — | $9.6B |
负债/权益比ARGXWTM
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.18× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | 0.00× | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $323.3M | $53.9M |
| 自由现金流经营现金流 - 资本支出 | $322.4M | — |
| 自由现金流率自由现金流/营收 | 13.0% | — |
| 资本支出强度资本支出/营收 | 0.0% | — |
| 现金转化率经营现金流/净利润 | 0.37× | 0.06× |
| 过去12个月自由现金流最近4个季度 | $594.5M | — |
8季度趋势，按日历期对齐
经营现金流ARGXWTM
| Q4 25 | $323.3M | $53.9M | ||
| Q3 25 | — | $359.3M | ||
| Q2 25 | $361.8M | $177.5M | ||
| Q1 25 | — | $-40.2M | ||
| Q4 24 | $41.9M | $64.1M | ||
| Q3 24 | — | $269.4M | ||
| Q2 24 | $-124.7M | $216.8M | ||
| Q1 24 | — | $36.5M |
自由现金流ARGXWTM
| Q4 25 | $322.4M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $356.6M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $40.9M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-125.5M | — | ||
| Q1 24 | — | — |
自由现金流率ARGXWTM
| Q4 25 | 13.0% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 20.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -13.9% | — | ||
| Q1 24 | — | — |
资本支出强度ARGXWTM
| Q4 25 | 0.0% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | — | — |
现金转化率ARGXWTM
| Q4 25 | 0.37× | 0.06× | ||
| Q3 25 | — | 3.16× | ||
| Q2 25 | 0.87× | 1.44× | ||
| Q1 25 | — | -1.19× | ||
| Q4 24 | 0.05× | — | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.15× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
