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鲍德温（BWIN）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鲍德温的19.1倍（$6.6B vs $344.6M）。威达信集团净利率更高（12.4% vs -7.5%，领先20.0%）。威达信集团同比增速更快（8.7% vs 5.5%）。威达信集团自由现金流更多（$2.1B vs $-84.0K）。过去两年威达信集团的营收复合增速更高（0.9% 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。
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。
BWIN vs MRSH — 直观对比
营收规模更大
MRSH
是对方的19.1倍
$344.6M
营收增速更快
MRSH
高出3.2%
5.5%
净利率更高
MRSH
高出20.0%
-7.5%
自由现金流更多
MRSH
多$2.1B
$-84.0K
两年增速更快
MRSH
近两年复合增速
-4.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $344.6M | $6.6B |
| 净利润 | $-25.9M | $821.0M |
| 毛利率 | — | — |
| 营业利润率 | -3.8% | 18.5% |
| 净利率 | -7.5% | 12.4% |
| 营收同比 | 5.5% | 8.7% |
| 净利润同比 | -28.3% | 4.2% |
| 每股收益（稀释后） | $-0.38 | $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BWINMRSH
| Q4 25 | $344.6M | $6.6B | ||
| Q3 25 | $362.3M | $6.4B | ||
| Q2 25 | $376.2M | $7.0B | ||
| Q1 25 | $410.5M | $7.1B | ||
| Q4 24 | $326.7M | $6.1B | ||
| Q3 24 | $335.2M | $5.7B | ||
| Q2 24 | $337.1M | $6.2B | ||
| Q1 24 | $378.1M | $6.5B |
净利润BWINMRSH
| Q4 25 | $-25.9M | $821.0M | ||
| Q3 25 | $-18.7M | $747.0M | ||
| Q2 25 | $-3.2M | $1.2B | ||
| Q1 25 | $13.9M | $1.4B | ||
| Q4 24 | $-20.2M | $788.0M | ||
| Q3 24 | $-8.4M | $747.0M | ||
| Q2 24 | $-17.6M | $1.1B | ||
| Q1 24 | $21.6M | $1.4B |
营业利润率BWINMRSH
| Q4 25 | -3.8% | 18.5% | ||
| Q3 25 | 0.9% | 18.4% | ||
| Q2 25 | 7.4% | 26.2% | ||
| Q1 25 | 13.6% | 28.4% | ||
| Q4 24 | -1.7% | 18.8% | ||
| Q3 24 | 4.6% | 19.4% | ||
| Q2 24 | 4.9% | 26.4% | ||
| Q1 24 | 9.1% | 29.7% |
净利率BWINMRSH
| Q4 25 | -7.5% | 12.4% | ||
| Q3 25 | -5.2% | 11.8% | ||
| Q2 25 | -0.8% | 17.4% | ||
| Q1 25 | 3.4% | 19.6% | ||
| Q4 24 | -6.2% | 13.0% | ||
| Q3 24 | -2.5% | 13.1% | ||
| Q2 24 | -5.2% | 18.1% | ||
| Q1 24 | 5.7% | 21.6% |
每股收益（稀释后）BWINMRSH
| Q4 25 | $-0.38 | $1.68 | ||
| Q3 25 | $-0.27 | $1.51 | ||
| Q2 25 | $-0.05 | $2.45 | ||
| Q1 25 | $0.20 | $2.79 | ||
| Q4 24 | $-0.31 | $1.58 | ||
| Q3 24 | $-0.13 | $1.51 | ||
| Q2 24 | $-0.28 | $2.27 | ||
| Q1 24 | $0.33 | $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 | $123.7M | $2.7B |
| 总债务越低越好 | — | $19.6B |
| 股东权益账面价值 | $600.2M | $15.3B |
| 总资产 | $3.9B | $58.7B |
| 负债/权益比越低杠杆越低 | — | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资BWINMRSH
| Q4 25 | $123.7M | $2.7B | ||
| Q3 25 | $89.7M | $2.5B | ||
| Q2 25 | $105.7M | $1.7B | ||
| Q1 25 | $81.8M | $1.6B | ||
| Q4 24 | $90.0M | $2.4B | ||
| Q3 24 | $181.8M | $1.8B | ||
| Q2 24 | $208.3M | $1.7B | ||
| Q1 24 | $112.1M | $1.5B |
总债务BWINMRSH
| Q4 25 | — | $19.6B | ||
| Q3 25 | — | $19.6B | ||
| Q2 25 | — | $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BWINMRSH
| Q4 25 | $600.2M | $15.3B | ||
| Q3 25 | $619.7M | $15.4B | ||
| Q2 25 | $630.8M | $16.0B | ||
| Q1 25 | $619.6M | $14.3B | ||
| Q4 24 | $583.2M | $13.5B | ||
| Q3 24 | $595.4M | $13.9B | ||
| Q2 24 | $590.9M | $13.6B | ||
| Q1 24 | $597.9M | $12.6B |
总资产BWINMRSH
| Q4 25 | $3.9B | $58.7B | ||
| Q3 25 | $3.8B | $58.8B | ||
| Q2 25 | $3.7B | $58.6B | ||
| Q1 25 | $3.5B | $57.0B | ||
| Q4 24 | $3.5B | $56.5B | ||
| Q3 24 | $3.5B | $49.9B | ||
| Q2 24 | $3.7B | $48.6B | ||
| Q1 24 | $3.5B | $47.6B |
负债/权益比BWINMRSH
| Q4 25 | — | 1.28× | ||
| Q3 25 | — | 1.27× | ||
| Q2 25 | — | 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 | $10.3M | $2.2B |
| 自由现金流经营现金流 - 资本支出 | $-84.0K | $2.1B |
| 自由现金流率自由现金流/营收 | -0.0% | 31.2% |
| 资本支出强度资本支出/营收 | 3.0% | 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 | $-68.9M | $5.0B |
8季度趋势，按日历期对齐
经营现金流BWINMRSH
| Q4 25 | $10.3M | $2.2B | ||
| Q3 25 | $41.0M | $2.1B | ||
| Q2 25 | $-16.7M | $1.7B | ||
| Q1 25 | $-64.0M | $-622.0M | ||
| Q4 24 | $-2.3M | $2.0B | ||
| Q3 24 | $32.4M | $1.9B | ||
| Q2 24 | $18.3M | $1.2B | ||
| Q1 24 | $3.0M | $-781.0M |
自由现金流BWINMRSH
| Q4 25 | $-84.0K | $2.1B | ||
| Q3 25 | $32.2M | $2.0B | ||
| Q2 25 | $-28.1M | $1.6B | ||
| Q1 25 | $-72.9M | $-677.0M | ||
| Q4 24 | $-14.5M | $1.9B | ||
| Q3 24 | $22.2M | $1.8B | ||
| Q2 24 | $7.8M | $1.1B | ||
| Q1 24 | $-5.1M | $-868.0M |
自由现金流率BWINMRSH
| Q4 25 | -0.0% | 31.2% | ||
| Q3 25 | 8.9% | 31.6% | ||
| Q2 25 | -7.5% | 23.1% | ||
| Q1 25 | -17.8% | -9.6% | ||
| Q4 24 | -4.4% | 31.0% | ||
| Q3 24 | 6.6% | 32.3% | ||
| Q2 24 | 2.3% | 18.2% | ||
| Q1 24 | -1.4% | -13.4% |
资本支出强度BWINMRSH
| Q4 25 | 3.0% | 1.6% | ||
| Q3 25 | 2.4% | 1.1% | ||
| Q2 25 | 3.0% | 0.8% | ||
| Q1 25 | 2.2% | 0.8% | ||
| Q4 24 | 3.7% | 1.3% | ||
| Q3 24 | 3.0% | 1.3% | ||
| Q2 24 | 3.1% | 1.3% | ||
| Q1 24 | 2.2% | 1.3% |
现金转化率BWINMRSH
| Q4 25 | — | 2.63× | ||
| Q3 25 | — | 2.79× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | -4.59× | -0.45× | ||
| Q4 24 | — | 2.48× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 1.08× | ||
| Q1 24 | 0.14× | -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
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% |
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
