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Accelerant Holdings（ARX）与威达信集团（MRSH）财务数据对比。点击上方公司名可切换其他公司
威达信集团的季度营收约是Accelerant Holdings的24.7倍（$6.6B vs $267.4M）。威达信集团净利率更高（12.4% vs -511.9%，领先524.3%）
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。
威达信集团是总部位于纽约的全球专业服务企业，核心业务涵盖保险经纪、风险管理、再保险服务、人才管理、投资咨询及管理咨询，旗下拥有达信（Marsh）等四大运营子公司，可提供风险建模、定制风险融资方案等多元专业服务。
ARX vs MRSH — 直观对比
营收规模更大
MRSH
是对方的24.7倍
$267.4M
净利率更高
MRSH
高出524.3%
-511.9%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $267.4M | $6.6B |
| 净利润 | $-1.4B | $821.0M |
| 毛利率 | — | — |
| 营业利润率 | -507.7% | 18.5% |
| 净利率 | -511.9% | 12.4% |
| 营收同比 | — | 8.7% |
| 净利润同比 | — | 4.2% |
| 每股收益（稀释后） | $-6.99 | $1.68 |
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ARXMRSH
| Q4 25 | — | $6.6B | ||
| Q3 25 | $267.4M | $6.4B | ||
| Q2 25 | $219.1M | $7.0B | ||
| Q1 25 | — | $7.1B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $5.7B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | $6.5B |
净利润ARXMRSH
| Q4 25 | — | $821.0M | ||
| Q3 25 | $-1.4B | $747.0M | ||
| Q2 25 | $8.8M | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $788.0M | ||
| Q3 24 | — | $747.0M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.4B |
营业利润率ARXMRSH
| Q4 25 | — | 18.5% | ||
| Q3 25 | -507.7% | 18.4% | ||
| Q2 25 | 10.2% | 26.2% | ||
| Q1 25 | — | 28.4% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | 19.4% | ||
| Q2 24 | — | 26.4% | ||
| Q1 24 | — | 29.7% |
净利率ARXMRSH
| Q4 25 | — | 12.4% | ||
| Q3 25 | -511.9% | 11.8% | ||
| Q2 25 | 4.0% | 17.4% | ||
| Q1 25 | — | 19.6% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 18.1% | ||
| Q1 24 | — | 21.6% |
每股收益（稀释后）ARXMRSH
| Q4 25 | — | $1.68 | ||
| Q3 25 | $-6.99 | $1.51 | ||
| Q2 25 | $0.04 | $2.45 | ||
| Q1 25 | — | $2.79 | ||
| Q4 24 | — | $1.58 | ||
| Q3 24 | — | $1.51 | ||
| Q2 24 | — | $2.27 | ||
| Q1 24 | — | $2.82 |
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 | $2.7B |
| 总债务越低越好 | $121.9M | $19.6B |
| 股东权益账面价值 | $676.1M | $15.3B |
| 总资产 | $7.9B | $58.7B |
| 负债/权益比越低杠杆越低 | 0.18× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资ARXMRSH
| Q4 25 | — | $2.7B | ||
| Q3 25 | $1.6B | $2.5B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.5B |
总债务ARXMRSH
| Q4 25 | — | $19.6B | ||
| Q3 25 | $121.9M | $19.6B | ||
| Q2 25 | $126.7M | $19.6B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $13.4B |
股东权益ARXMRSH
| Q4 25 | — | $15.3B | ||
| Q3 25 | $676.1M | $15.4B | ||
| Q2 25 | $346.2M | $16.0B | ||
| Q1 25 | — | $14.3B | ||
| Q4 24 | — | $13.5B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.6B | ||
| Q1 24 | — | $12.6B |
总资产ARXMRSH
| Q4 25 | — | $58.7B | ||
| Q3 25 | $7.9B | $58.8B | ||
| Q2 25 | $7.5B | $58.6B | ||
| Q1 25 | — | $57.0B | ||
| Q4 24 | — | $56.5B | ||
| Q3 24 | — | $49.9B | ||
| Q2 24 | — | $48.6B | ||
| Q1 24 | — | $47.6B |
负债/权益比ARXMRSH
| Q4 25 | — | 1.28× | ||
| Q3 25 | 0.18× | 1.27× | ||
| Q2 25 | 0.37× | 1.23× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 0.94× | ||
| Q1 24 | — | 1.06× |
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 | $2.2B |
| 自由现金流经营现金流 - 资本支出 | — | $2.1B |
| 自由现金流率自由现金流/营收 | — | 31.2% |
| 资本支出强度资本支出/营收 | — | 1.6% |
| 现金转化率经营现金流/净利润 | — | 2.63× |
| 过去12个月自由现金流最近4个季度 | — | $5.0B |
8季度趋势，按日历期对齐
经营现金流ARXMRSH
| Q4 25 | — | $2.2B | ||
| Q3 25 | $73.9M | $2.1B | ||
| Q2 25 | $309.3M | $1.7B | ||
| Q1 25 | — | $-622.0M | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $-781.0M |
自由现金流ARXMRSH
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $-677.0M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $-868.0M |
自由现金流率ARXMRSH
| Q4 25 | — | 31.2% | ||
| Q3 25 | — | 31.6% | ||
| Q2 25 | — | 23.1% | ||
| Q1 25 | — | -9.6% | ||
| Q4 24 | — | 31.0% | ||
| Q3 24 | — | 32.3% | ||
| Q2 24 | — | 18.2% | ||
| Q1 24 | — | -13.4% |
资本支出强度ARXMRSH
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.3% |
现金转化率ARXMRSH
| Q4 25 | — | 2.63× | ||
| Q3 25 | — | 2.79× | ||
| Q2 25 | 35.15× | 1.38× | ||
| Q1 25 | — | -0.45× | ||
| Q4 24 | — | 2.48× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 1.08× | ||
| Q1 24 | — | -0.56× |
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% |
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
