vs
鲍德温（BWIN）与CORVEL CORP（CRVL）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CORVEL CORP的1.5倍（$344.6M vs $235.6M）。CORVEL CORP净利率更高（10.3% vs -7.5%，领先17.8%）。鲍德温同比增速更快（5.5% vs 3.4%）。CORVEL CORP自由现金流更多（$35.2M vs $-84.0K）。过去两年CORVEL CORP的营收复合增速更高（6.6% vs -4.5%）
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。
Corvel Corp是一家总部位于美国的综合解决方案供应商，核心业务涵盖工伤赔偿、医疗管理与风险缓释，服务客户包括保险公司、自保雇主及公共部门机构，可帮助客户控制医疗成本、提升护理效果、优化行政运营流程。
BWIN vs CRVL — 直观对比
营收规模更大
BWIN
是对方的1.5倍
$235.6M
营收增速更快
BWIN
高出2.1%
3.4%
净利率更高
CRVL
高出17.8%
-7.5%
自由现金流更多
CRVL
多$35.3M
$-84.0K
两年增速更快
CRVL
近两年复合增速
-4.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $344.6M | $235.6M |
| 净利润 | $-25.9M | $24.2M |
| 毛利率 | — | 23.3% |
| 营业利润率 | -3.8% | 13.7% |
| 净利率 | -7.5% | 10.3% |
| 营收同比 | 5.5% | 3.4% |
| 净利润同比 | -28.3% | 1.7% |
| 每股收益（稀释后） | $-0.38 | $0.47 |
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BWINCRVL
| Q4 25 | $344.6M | $235.6M | ||
| Q3 25 | $362.3M | $239.6M | ||
| Q2 25 | $376.2M | $234.7M | ||
| Q1 25 | $410.5M | $231.5M | ||
| Q4 24 | $326.7M | $228.0M | ||
| Q3 24 | $335.2M | $224.4M | ||
| Q2 24 | $337.1M | $211.7M | ||
| Q1 24 | $378.1M | $207.2M |
净利润BWINCRVL
| Q4 25 | $-25.9M | $24.2M | ||
| Q3 25 | $-18.7M | $27.9M | ||
| Q2 25 | $-3.2M | $27.2M | ||
| Q1 25 | $13.9M | $26.4M | ||
| Q4 24 | $-20.2M | $23.8M | ||
| Q3 24 | $-8.4M | $23.4M | ||
| Q2 24 | $-17.6M | $21.6M | ||
| Q1 24 | $21.6M | $19.5M |
毛利率BWINCRVL
| Q4 25 | — | 23.3% | ||
| Q3 25 | — | 24.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 25.0% | ||
| Q4 24 | — | 23.2% | ||
| Q3 24 | — | 22.6% | ||
| Q2 24 | — | 22.7% | ||
| Q1 24 | — | 20.9% |
营业利润率BWINCRVL
| Q4 25 | -3.8% | 13.7% | ||
| Q3 25 | 0.9% | 15.0% | ||
| Q2 25 | 7.4% | 15.0% | ||
| Q1 25 | 13.6% | 14.4% | ||
| Q4 24 | -1.7% | 13.5% | ||
| Q3 24 | 4.6% | 12.8% | ||
| Q2 24 | 4.9% | 13.2% | ||
| Q1 24 | 9.1% | 10.9% |
净利率BWINCRVL
| Q4 25 | -7.5% | 10.3% | ||
| Q3 25 | -5.2% | 11.6% | ||
| Q2 25 | -0.8% | 11.6% | ||
| Q1 25 | 3.4% | 11.4% | ||
| Q4 24 | -6.2% | 10.4% | ||
| Q3 24 | -2.5% | 10.4% | ||
| Q2 24 | -5.2% | 10.2% | ||
| Q1 24 | 5.7% | 9.4% |
每股收益（稀释后）BWINCRVL
| Q4 25 | $-0.38 | $0.47 | ||
| Q3 25 | $-0.27 | $0.54 | ||
| Q2 25 | $-0.05 | $0.52 | ||
| Q1 25 | $0.20 | $-1.23 | ||
| Q4 24 | $-0.31 | $0.46 | ||
| Q3 24 | $-0.13 | $1.35 | ||
| Q2 24 | $-0.28 | $1.25 | ||
| Q1 24 | $0.33 | $1.12 |
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 | $123.7M | $230.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $600.2M | $375.7M |
| 总资产 | $3.9B | $644.8M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BWINCRVL
| Q4 25 | $123.7M | $230.0M | ||
| Q3 25 | $89.7M | $207.5M | ||
| Q2 25 | $105.7M | $202.0M | ||
| Q1 25 | $81.8M | $170.6M | ||
| Q4 24 | $90.0M | $162.9M | ||
| Q3 24 | $181.8M | $138.3M | ||
| Q2 24 | $208.3M | $131.9M | ||
| Q1 24 | $112.1M | $105.6M |
股东权益BWINCRVL
| Q4 25 | $600.2M | $375.7M | ||
| Q3 25 | $619.7M | $362.8M | ||
| Q2 25 | $630.8M | $342.5M | ||
| Q1 25 | $619.6M | $322.0M | ||
| Q4 24 | $583.2M | $300.9M | ||
| Q3 24 | $595.4M | $282.8M | ||
| Q2 24 | $590.9M | $263.9M | ||
| Q1 24 | $597.9M | $247.6M |
总资产BWINCRVL
| Q4 25 | $3.9B | $644.8M | ||
| Q3 25 | $3.8B | $611.7M | ||
| Q2 25 | $3.7B | $597.4M | ||
| Q1 25 | $3.5B | $546.0M | ||
| Q4 24 | $3.5B | $538.8M | ||
| Q3 24 | $3.5B | $518.6M | ||
| Q2 24 | $3.7B | $486.2M | ||
| Q1 24 | $3.5B | $454.7M |
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 | $10.3M | $46.1M |
| 自由现金流经营现金流 - 资本支出 | $-84.0K | $35.2M |
| 自由现金流率自由现金流/营收 | -0.0% | 14.9% |
| 资本支出强度资本支出/营收 | 3.0% | 4.7% |
| 现金转化率经营现金流/净利润 | — | 1.91× |
| 过去12个月自由现金流最近4个季度 | $-68.9M | $104.3M |
8季度趋势，按日历期对齐
经营现金流BWINCRVL
| Q4 25 | $10.3M | $46.1M | ||
| Q3 25 | $41.0M | $25.0M | ||
| Q2 25 | $-16.7M | $55.0M | ||
| Q1 25 | $-64.0M | $22.9M | ||
| Q4 24 | $-2.3M | $41.6M | ||
| Q3 24 | $32.4M | $22.3M | ||
| Q2 24 | $18.3M | $40.4M | ||
| Q1 24 | $3.0M | $15.2M |
自由现金流BWINCRVL
| Q4 25 | $-84.0K | $35.2M | ||
| Q3 25 | $32.2M | $15.3M | ||
| Q2 25 | $-28.1M | $39.5M | ||
| Q1 25 | $-72.9M | $14.3M | ||
| Q4 24 | $-14.5M | $32.1M | ||
| Q3 24 | $22.2M | $12.4M | ||
| Q2 24 | $7.8M | $32.8M | ||
| Q1 24 | $-5.1M | $5.2M |
自由现金流率BWINCRVL
| Q4 25 | -0.0% | 14.9% | ||
| Q3 25 | 8.9% | 6.4% | ||
| Q2 25 | -7.5% | 16.8% | ||
| Q1 25 | -17.8% | 6.2% | ||
| Q4 24 | -4.4% | 14.1% | ||
| Q3 24 | 6.6% | 5.5% | ||
| Q2 24 | 2.3% | 15.5% | ||
| Q1 24 | -1.4% | 2.5% |
资本支出强度BWINCRVL
| Q4 25 | 3.0% | 4.7% | ||
| Q3 25 | 2.4% | 4.1% | ||
| Q2 25 | 3.0% | 6.6% | ||
| Q1 25 | 2.2% | 3.7% | ||
| Q4 24 | 3.7% | 4.2% | ||
| Q3 24 | 3.0% | 4.4% | ||
| Q2 24 | 3.1% | 3.6% | ||
| Q1 24 | 2.2% | 4.8% |
现金转化率BWINCRVL
| Q4 25 | — | 1.91× | ||
| Q3 25 | — | 0.90× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | -4.59× | 0.87× | ||
| Q4 24 | — | 1.75× | ||
| Q3 24 | — | 0.95× | ||
| Q2 24 | — | 1.87× | ||
| Q1 24 | 0.14× | 0.78× |
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
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% |
CRVL
| Patient Management Services | $146.1M | 62% |
| Network Solutions Services | $89.6M | 38% |
