vs
Accelerant Holdings（ARX）与鲍德温（BWIN）财务数据对比。点击上方公司名可切换其他公司
鲍德温的季度营收约是Accelerant Holdings的1.3倍（$344.6M vs $267.4M）。鲍德温净利率更高（-7.5% vs -511.9%，领先504.4%）
Accelerant Holdings是一家全球特种保险与再保险科技平台，依托先进数据分析和风险评估工具，为保险公司、总代理及承保合作伙伴提供定制化风险解决方案，优化承保流程，业务覆盖北美及欧洲的商业和特种保险领域。
鲍德温钢琴是美国知名钢琴品牌，曾是美国最大的键盘乐器制造商，主打 slogan 为「美国人最喜爱的钢琴」。2001年起成为吉普森品牌旗下子公司，2008年12月停止美国本土生产，将钢琴制造生产线迁至中国。
ARX vs BWIN — 直观对比
营收规模更大
BWIN
是对方的1.3倍
$267.4M
净利率更高
BWIN
高出504.4%
-511.9%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $267.4M | $344.6M |
| 净利润 | $-1.4B | $-25.9M |
| 毛利率 | — | — |
| 营业利润率 | -507.7% | -3.8% |
| 净利率 | -511.9% | -7.5% |
| 营收同比 | — | 5.5% |
| 净利润同比 | — | -28.3% |
| 每股收益（稀释后） | $-6.99 | $-0.38 |
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ARXBWIN
| Q4 25 | — | $344.6M | ||
| Q3 25 | $267.4M | $362.3M | ||
| Q2 25 | $219.1M | $376.2M | ||
| Q1 25 | — | $410.5M | ||
| Q4 24 | — | $326.7M | ||
| Q3 24 | — | $335.2M | ||
| Q2 24 | — | $337.1M | ||
| Q1 24 | — | $378.1M |
净利润ARXBWIN
| Q4 25 | — | $-25.9M | ||
| Q3 25 | $-1.4B | $-18.7M | ||
| Q2 25 | $8.8M | $-3.2M | ||
| Q1 25 | — | $13.9M | ||
| Q4 24 | — | $-20.2M | ||
| Q3 24 | — | $-8.4M | ||
| Q2 24 | — | $-17.6M | ||
| Q1 24 | — | $21.6M |
营业利润率ARXBWIN
| Q4 25 | — | -3.8% | ||
| Q3 25 | -507.7% | 0.9% | ||
| Q2 25 | 10.2% | 7.4% | ||
| Q1 25 | — | 13.6% | ||
| Q4 24 | — | -1.7% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | — | 9.1% |
净利率ARXBWIN
| Q4 25 | — | -7.5% | ||
| Q3 25 | -511.9% | -5.2% | ||
| Q2 25 | 4.0% | -0.8% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | -6.2% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | -5.2% | ||
| Q1 24 | — | 5.7% |
每股收益（稀释后）ARXBWIN
| Q4 25 | — | $-0.38 | ||
| Q3 25 | $-6.99 | $-0.27 | ||
| Q2 25 | $0.04 | $-0.05 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-0.31 | ||
| Q3 24 | — | $-0.13 | ||
| Q2 24 | — | $-0.28 | ||
| Q1 24 | — | $0.33 |
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 | $1.6B | $123.7M |
| 总债务越低越好 | $121.9M | — |
| 股东权益账面价值 | $676.1M | $600.2M |
| 总资产 | $7.9B | $3.9B |
| 负债/权益比越低杠杆越低 | 0.18× | — |
8季度趋势，按日历期对齐
现金及短期投资ARXBWIN
| Q4 25 | — | $123.7M | ||
| Q3 25 | $1.6B | $89.7M | ||
| Q2 25 | $1.4B | $105.7M | ||
| Q1 25 | — | $81.8M | ||
| Q4 24 | — | $90.0M | ||
| Q3 24 | — | $181.8M | ||
| Q2 24 | — | $208.3M | ||
| Q1 24 | — | $112.1M |
总债务ARXBWIN
| Q4 25 | — | — | ||
| Q3 25 | $121.9M | — | ||
| Q2 25 | $126.7M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ARXBWIN
| Q4 25 | — | $600.2M | ||
| Q3 25 | $676.1M | $619.7M | ||
| Q2 25 | $346.2M | $630.8M | ||
| Q1 25 | — | $619.6M | ||
| Q4 24 | — | $583.2M | ||
| Q3 24 | — | $595.4M | ||
| Q2 24 | — | $590.9M | ||
| Q1 24 | — | $597.9M |
总资产ARXBWIN
| Q4 25 | — | $3.9B | ||
| Q3 25 | $7.9B | $3.8B | ||
| Q2 25 | $7.5B | $3.7B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $3.5B |
负债/权益比ARXBWIN
| Q4 25 | — | — | ||
| Q3 25 | 0.18× | — | ||
| Q2 25 | 0.37× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $73.9M | $10.3M |
| 自由现金流经营现金流 - 资本支出 | — | $-84.0K |
| 自由现金流率自由现金流/营收 | — | -0.0% |
| 资本支出强度资本支出/营收 | — | 3.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-68.9M |
8季度趋势，按日历期对齐
经营现金流ARXBWIN
| Q4 25 | — | $10.3M | ||
| Q3 25 | $73.9M | $41.0M | ||
| Q2 25 | $309.3M | $-16.7M | ||
| Q1 25 | — | $-64.0M | ||
| Q4 24 | — | $-2.3M | ||
| Q3 24 | — | $32.4M | ||
| Q2 24 | — | $18.3M | ||
| Q1 24 | — | $3.0M |
自由现金流ARXBWIN
| Q4 25 | — | $-84.0K | ||
| Q3 25 | — | $32.2M | ||
| Q2 25 | — | $-28.1M | ||
| Q1 25 | — | $-72.9M | ||
| Q4 24 | — | $-14.5M | ||
| Q3 24 | — | $22.2M | ||
| Q2 24 | — | $7.8M | ||
| Q1 24 | — | $-5.1M |
自由现金流率ARXBWIN
| Q4 25 | — | -0.0% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | — | -7.5% | ||
| Q1 25 | — | -17.8% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -1.4% |
资本支出强度ARXBWIN
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | 3.1% | ||
| Q1 24 | — | 2.2% |
现金转化率ARXBWIN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 35.15× | — | ||
| Q1 25 | — | -4.59× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.14× |
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
ARX
| Underwriting Segment | $117.6M | 44% |
| Exchange Services Segment | $85.0M | 32% |
| Other | $64.8M | 24% |
BWIN
| Insurance Advisory Solutions | $157.9M | 46% |
| Underwriting Capacity Technology Solutions | $129.5M | 38% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
