vs
鲍德温（BWIN）与怡安集团（RYAN）财务数据对比。点击上方公司名可切换其他公司
怡安集团的季度营收约是鲍德温的2.1倍（$738.0M vs $344.6M）。怡安集团净利率更高（1.1% vs -7.5%，领先8.6%）。怡安集团同比增速更快（13.6% vs 5.5%）。过去两年怡安集团的营收复合增速更高（17.1% 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。
怡安集团是一家业务横跨英美两国的专业服务企业，目前主要开展两大板块业务：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块则提供健康保险、退休计划、养老金计划与人才咨询相关服务。
BWIN vs RYAN — 直观对比
营收规模更大
RYAN
是对方的2.1倍
$344.6M
营收增速更快
RYAN
高出8.2%
5.5%
净利率更高
RYAN
高出8.6%
-7.5%
两年增速更快
RYAN
近两年复合增速
-4.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $344.6M | $738.0M |
| 净利润 | $-25.9M | $8.0M |
| 毛利率 | — | — |
| 营业利润率 | -3.8% | 12.4% |
| 净利率 | -7.5% | 1.1% |
| 营收同比 | 5.5% | 13.6% |
| 净利润同比 | -28.3% | -42.0% |
| 每股收益（稀释后） | $-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BWINRYAN
| Q4 25 | $344.6M | $738.0M | ||
| Q3 25 | $362.3M | $739.6M | ||
| Q2 25 | $376.2M | $840.9M | ||
| Q1 25 | $410.5M | $676.1M | ||
| Q4 24 | $326.7M | $649.4M | ||
| Q3 24 | $335.2M | $588.1M | ||
| Q2 24 | $337.1M | $680.2M | ||
| Q1 24 | $378.1M | $537.9M |
净利润BWINRYAN
| Q4 25 | $-25.9M | $8.0M | ||
| Q3 25 | $-18.7M | $31.1M | ||
| Q2 25 | $-3.2M | $52.0M | ||
| Q1 25 | $13.9M | $-27.6M | ||
| Q4 24 | $-20.2M | $13.8M | ||
| Q3 24 | $-8.4M | $17.6M | ||
| Q2 24 | $-17.6M | $46.8M | ||
| Q1 24 | $21.6M | $16.5M |
营业利润率BWINRYAN
| Q4 25 | -3.8% | 12.4% | ||
| Q3 25 | 0.9% | 15.0% | ||
| Q2 25 | 7.4% | 22.7% | ||
| Q1 25 | 13.6% | 14.8% | ||
| Q4 24 | -1.7% | 16.8% | ||
| Q3 24 | 4.6% | 13.9% | ||
| Q2 24 | 4.9% | 24.2% | ||
| Q1 24 | 9.1% | 13.5% |
净利率BWINRYAN
| Q4 25 | -7.5% | 1.1% | ||
| Q3 25 | -5.2% | 4.2% | ||
| Q2 25 | -0.8% | 6.2% | ||
| Q1 25 | 3.4% | -4.1% | ||
| Q4 24 | -6.2% | 2.1% | ||
| Q3 24 | -2.5% | 3.0% | ||
| Q2 24 | -5.2% | 6.9% | ||
| Q1 24 | 5.7% | 3.1% |
每股收益（稀释后）BWINRYAN
| Q4 25 | $-0.38 | — | ||
| Q3 25 | $-0.27 | — | ||
| Q2 25 | $-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 | $123.7M | $158.3M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $600.2M | $648.1M |
| 总资产 | $3.9B | $10.6B |
| 负债/权益比越低杠杆越低 | — | 5.16× |
8季度趋势，按日历期对齐
现金及短期投资BWINRYAN
| Q4 25 | $123.7M | $158.3M | ||
| Q3 25 | $89.7M | $153.5M | ||
| Q2 25 | $105.7M | $172.6M | ||
| Q1 25 | $81.8M | $203.5M | ||
| Q4 24 | $90.0M | $540.2M | ||
| Q3 24 | $181.8M | $235.2M | ||
| Q2 24 | $208.3M | $1.7B | ||
| Q1 24 | $112.1M | $1.6B |
总债务BWINRYAN
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BWINRYAN
| Q4 25 | $600.2M | $648.1M | ||
| Q3 25 | $619.7M | $630.5M | ||
| Q2 25 | $630.8M | $610.1M | ||
| Q1 25 | $619.6M | $542.5M | ||
| Q4 24 | $583.2M | $627.7M | ||
| Q3 24 | $595.4M | $632.8M | ||
| Q2 24 | $590.9M | $605.9M | ||
| Q1 24 | $597.9M | $554.4M |
总资产BWINRYAN
| Q4 25 | $3.9B | $10.6B | ||
| Q3 25 | $3.8B | $9.9B | ||
| Q2 25 | $3.7B | $10.6B | ||
| Q1 25 | $3.5B | $9.9B | ||
| Q4 24 | $3.5B | $9.6B | ||
| Q3 24 | $3.5B | $8.5B | ||
| Q2 24 | $3.7B | $8.3B | ||
| Q1 24 | $3.5B | $7.1B |
负债/权益比BWINRYAN
| Q4 25 | — | 5.16× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.22× | ||
| 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 | $10.3M | $263.2M |
| 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% | 0.0% |
| 现金转化率经营现金流/净利润 | — | 32.99× |
| 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BWINRYAN
| Q4 25 | $10.3M | $263.2M | ||
| Q3 25 | $41.0M | $169.7M | ||
| Q2 25 | $-16.7M | $353.6M | ||
| Q1 25 | $-64.0M | $-142.8M | ||
| Q4 24 | $-2.3M | $259.6M | ||
| Q3 24 | $32.4M | $100.9M | ||
| Q2 24 | $18.3M | $270.8M | ||
| Q1 24 | $3.0M | $-116.5M |
自由现金流BWINRYAN
| Q4 25 | $-84.0K | — | ||
| Q3 25 | $32.2M | $167.3M | ||
| Q2 25 | $-28.1M | — | ||
| Q1 25 | $-72.9M | $-143.5M | ||
| Q4 24 | $-14.5M | — | ||
| Q3 24 | $22.2M | — | ||
| Q2 24 | $7.8M | — | ||
| Q1 24 | $-5.1M | — |
自由现金流率BWINRYAN
| Q4 25 | -0.0% | — | ||
| Q3 25 | 8.9% | 22.6% | ||
| Q2 25 | -7.5% | — | ||
| Q1 25 | -17.8% | -21.2% | ||
| Q4 24 | -4.4% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | -1.4% | — |
资本支出强度BWINRYAN
| Q4 25 | 3.0% | 0.0% | ||
| Q3 25 | 2.4% | 0.3% | ||
| Q2 25 | 3.0% | 0.0% | ||
| Q1 25 | 2.2% | 0.1% | ||
| Q4 24 | 3.7% | 0.0% | ||
| Q3 24 | 3.0% | 0.0% | ||
| Q2 24 | 3.1% | 0.0% | ||
| Q1 24 | 2.2% | 0.0% |
现金转化率BWINRYAN
| Q4 25 | — | 32.99× | ||
| Q3 25 | — | 5.46× | ||
| Q2 25 | — | 6.80× | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | 18.88× | ||
| Q3 24 | — | 5.74× | ||
| Q2 24 | — | 5.79× | ||
| Q1 24 | 0.14× | -7.05× |
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% |
RYAN
| Wholesale Brokerage | $385.7M | 52% |
| Underwriting Management | $268.3M | 36% |
| Binding Authorities | $84.0M | 11% |
