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BJ's Wholesale Club Holdings, Inc.（BJ）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BJ's Wholesale Club Holdings, Inc.的1.2倍（$6.6B vs $5.3B），威达信集团净利率更高（12.4% vs 2.8%，领先9.6%），威达信集团同比增速更快（8.7% vs 4.9%），威达信集团自由现金流更多（$2.1B vs $-13.7M），过去两年威达信集团的营收复合增速更高（0.9% vs -0.1%）
BJ's Wholesale Club Holdings是美国区域型会员制仓储连锁商超，总部位于马萨诸塞州马尔伯勒，业务覆盖美国东部地区及俄亥俄、密歇根、肯塔基州路易斯维尔、印第安纳、田纳西、佛罗里达、阿拉巴马等地，主要竞争对手为好市多和山姆会员店。
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。
BJ vs MRSH — 直观对比
营收规模更大
MRSH
是对方的1.2倍
$5.3B
营收增速更快
MRSH
高出3.8%
4.9%
净利率更高
MRSH
高出9.6%
2.8%
自由现金流更多
MRSH
多$2.1B
$-13.7M
两年增速更快
MRSH
近两年复合增速
-0.1%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $6.6B |
| 净利润 | $152.1M | $821.0M |
| 毛利率 | 19.0% | — |
| 营业利润率 | 4.1% | 18.5% |
| 净利率 | 2.8% | 12.4% |
| 营收同比 | 4.9% | 8.7% |
| 净利润同比 | -2.4% | 4.2% |
| 每股收益（稀释后） | $1.15 | $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BJMRSH
| Q4 25 | $5.3B | $6.6B | ||
| Q3 25 | $5.4B | $6.4B | ||
| Q2 25 | $5.2B | $7.0B | ||
| Q1 25 | $5.3B | $7.1B | ||
| Q4 24 | $5.1B | $6.1B | ||
| Q3 24 | $5.2B | $5.7B | ||
| Q2 24 | $4.9B | $6.2B | ||
| Q1 24 | $5.4B | $6.5B |
净利润BJMRSH
| Q4 25 | $152.1M | $821.0M | ||
| Q3 25 | $150.7M | $747.0M | ||
| Q2 25 | $149.8M | $1.2B | ||
| Q1 25 | $122.7M | $1.4B | ||
| Q4 24 | $155.7M | $788.0M | ||
| Q3 24 | $145.0M | $747.0M | ||
| Q2 24 | $111.0M | $1.1B | ||
| Q1 24 | $145.9M | $1.4B |
毛利率BJMRSH
| Q4 25 | 19.0% | — | ||
| Q3 25 | 18.7% | — | ||
| Q2 25 | 18.8% | — | ||
| Q1 25 | 18.0% | — | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 18.0% | — | ||
| Q1 24 | 18.0% | — |
营业利润率BJMRSH
| Q4 25 | 4.1% | 18.5% | ||
| Q3 25 | 4.0% | 18.4% | ||
| Q2 25 | 4.0% | 26.2% | ||
| Q1 25 | 3.4% | 28.4% | ||
| Q4 24 | 4.5% | 18.8% | ||
| Q3 24 | 3.9% | 19.4% | ||
| Q2 24 | 3.3% | 26.4% | ||
| Q1 24 | 4.0% | 29.7% |
净利率BJMRSH
| Q4 25 | 2.8% | 12.4% | ||
| Q3 25 | 2.8% | 11.8% | ||
| Q2 25 | 2.9% | 17.4% | ||
| Q1 25 | 2.3% | 19.6% | ||
| Q4 24 | 3.1% | 13.0% | ||
| Q3 24 | 2.8% | 13.1% | ||
| Q2 24 | 2.3% | 18.1% | ||
| Q1 24 | 2.7% | 21.6% |
每股收益（稀释后）BJMRSH
| Q4 25 | $1.15 | $1.68 | ||
| Q3 25 | $1.14 | $1.51 | ||
| Q2 25 | $1.13 | $2.45 | ||
| Q1 25 | $0.92 | $2.79 | ||
| Q4 24 | $1.17 | $1.58 | ||
| Q3 24 | $1.08 | $1.51 | ||
| Q2 24 | $0.83 | $2.27 | ||
| Q1 24 | $1.09 | $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 | $45.1M | $2.7B |
| 总债务越低越好 | $399.0M | $19.6B |
| 股东权益账面价值 | $2.2B | $15.3B |
| 总资产 | $7.5B | $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BJMRSH
| Q4 25 | $45.1M | $2.7B | ||
| Q3 25 | $47.3M | $2.5B | ||
| Q2 25 | $39.5M | $1.7B | ||
| Q1 25 | $28.3M | $1.6B | ||
| Q4 24 | $33.9M | $2.4B | ||
| Q3 24 | $38.1M | $1.8B | ||
| Q2 24 | $35.1M | $1.7B | ||
| Q1 24 | $36.0M | $1.5B |
总债务BJMRSH
| Q4 25 | $399.0M | $19.6B | ||
| Q3 25 | $399.0M | $19.6B | ||
| Q2 25 | $398.9M | $19.6B | ||
| Q1 25 | $398.8M | $19.5B | ||
| Q4 24 | $398.7M | $19.9B | ||
| Q3 24 | $398.6M | $12.8B | ||
| Q2 24 | $398.5M | $12.8B | ||
| Q1 24 | $398.4M | $13.4B |
股东权益BJMRSH
| Q4 25 | $2.2B | $15.3B | ||
| Q3 25 | $2.1B | $15.4B | ||
| Q2 25 | $2.0B | $16.0B | ||
| Q1 25 | $1.8B | $14.3B | ||
| Q4 24 | $1.8B | $13.5B | ||
| Q3 24 | $1.7B | $13.9B | ||
| Q2 24 | $1.5B | $13.6B | ||
| Q1 24 | $1.5B | $12.6B |
总资产BJMRSH
| Q4 25 | $7.5B | $58.7B | ||
| Q3 25 | $7.2B | $58.8B | ||
| Q2 25 | $7.2B | $58.6B | ||
| Q1 25 | $7.1B | $57.0B | ||
| Q4 24 | $7.2B | $56.5B | ||
| Q3 24 | $6.9B | $49.9B | ||
| Q2 24 | $6.8B | $48.6B | ||
| Q1 24 | $6.7B | $47.6B |
负债/权益比BJMRSH
| Q4 25 | 0.18× | 1.28× | ||
| Q3 25 | 0.19× | 1.27× | ||
| Q2 25 | 0.20× | 1.23× | ||
| Q1 25 | 0.22× | 1.37× | ||
| Q4 24 | 0.23× | 1.47× | ||
| Q3 24 | 0.24× | 0.93× | ||
| Q2 24 | 0.26× | 0.94× | ||
| Q1 24 | 0.27× | 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 | $181.1M | $2.2B |
| 自由现金流经营现金流 - 资本支出 | $-13.7M | $2.1B |
| 自由现金流率自由现金流/营收 | -0.3% | 31.2% |
| 资本支出强度资本支出/营收 | 3.6% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.19× | 2.63× |
| 过去12个月自由现金流最近4个季度 | $249.6M | $5.0B |
8季度趋势，按日历期对齐
经营现金流BJMRSH
| Q4 25 | $181.1M | $2.2B | ||
| Q3 25 | $249.9M | $2.1B | ||
| Q2 25 | $208.1M | $1.7B | ||
| Q1 25 | $271.9M | $-622.0M | ||
| Q4 24 | $206.8M | $2.0B | ||
| Q3 24 | $221.4M | $1.9B | ||
| Q2 24 | $200.8M | $1.2B | ||
| Q1 24 | $274.4M | $-781.0M |
自由现金流BJMRSH
| Q4 25 | $-13.7M | $2.1B | ||
| Q3 25 | $84.3M | $2.0B | ||
| Q2 25 | $67.6M | $1.6B | ||
| Q1 25 | $111.5M | $-677.0M | ||
| Q4 24 | $18.8M | $1.9B | ||
| Q3 24 | $87.5M | $1.8B | ||
| Q2 24 | $95.1M | $1.1B | ||
| Q1 24 | $155.2M | $-868.0M |
自由现金流率BJMRSH
| Q4 25 | -0.3% | 31.2% | ||
| Q3 25 | 1.6% | 31.6% | ||
| Q2 25 | 1.3% | 23.1% | ||
| Q1 25 | 2.1% | -9.6% | ||
| Q4 24 | 0.4% | 31.0% | ||
| Q3 24 | 1.7% | 32.3% | ||
| Q2 24 | 1.9% | 18.2% | ||
| Q1 24 | 2.9% | -13.4% |
资本支出强度BJMRSH
| Q4 25 | 3.6% | 1.6% | ||
| Q3 25 | 3.1% | 1.1% | ||
| Q2 25 | 2.7% | 0.8% | ||
| Q1 25 | 3.0% | 0.8% | ||
| Q4 24 | 3.7% | 1.3% | ||
| Q3 24 | 2.6% | 1.3% | ||
| Q2 24 | 2.1% | 1.3% | ||
| Q1 24 | 2.2% | 1.3% |
现金转化率BJMRSH
| Q4 25 | 1.19× | 2.63× | ||
| Q3 25 | 1.66× | 2.79× | ||
| Q2 25 | 1.39× | 1.38× | ||
| Q1 25 | 2.22× | -0.45× | ||
| Q4 24 | 1.33× | 2.48× | ||
| Q3 24 | 1.53× | 2.56× | ||
| Q2 24 | 1.81× | 1.08× | ||
| Q1 24 | 1.88× | -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
BJ
| Products | $5.4B | 102% |
| Membership | $129.8M | 2% |
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
