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安达（CB）与Salesforce（CRM）财务数据对比。点击上方公司名可切换其他公司
安达的季度营收约是Salesforce的1.5倍（$15.1B vs $10.3B），安达净利率更高（21.3% vs 20.3%，领先1.0%），Salesforce同比增速更快（8.6% vs 6.3%），过去两年安达的营收复合增速更高（8.1% vs 5.1%）
安达是注册地位于苏黎世的跨国保险集团，在纽约证券交易所上市，为标普500指数成分股。作为全球最大的上市财产及意外伤害保险公司，其业务涵盖财产险、意外险、健康险、再保险、寿险等领域，在全球55个国家和地区及伦敦劳合社市场运营。
Salesforce是总部位于美国加利福尼亚州旧金山的云软件企业，提供销售管理、客户服务、营销自动化、电子商务、数据分析、人工智能、代理式AI及应用开发等领域的企业级数字化解决方案，助力企业提升运营效率、优化客户关系管理。
CB vs CRM — 直观对比
营收规模更大
CB
是对方的1.5倍
$10.3B
营收增速更快
CRM
高出2.4%
6.3%
净利率更高
CB
高出1.0%
20.3%
两年增速更快
CB
近两年复合增速
5.1%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.1B | $10.3B |
| 净利润 | $3.2B | $2.1B |
| 毛利率 | — | 78.0% |
| 营业利润率 | 25.0% | 21.3% |
| 净利率 | 21.3% | 20.3% |
| 营收同比 | 6.3% | 8.6% |
| 净利润同比 | 24.7% | 36.6% |
| 每股收益（稀释后） | $8.05 | $2.19 |
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CBCRM
| Q4 25 | $15.1B | $10.3B | ||
| Q3 25 | $16.1B | $10.2B | ||
| Q2 25 | $14.8B | $9.8B | ||
| Q1 25 | $13.4B | $10.0B | ||
| Q4 24 | $14.2B | $9.4B | ||
| Q3 24 | $14.8B | $9.3B | ||
| Q2 24 | $13.8B | $9.1B | ||
| Q1 24 | $12.9B | $9.3B |
净利润CBCRM
| Q4 25 | $3.2B | $2.1B | ||
| Q3 25 | $2.8B | $1.9B | ||
| Q2 25 | $3.0B | $1.5B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $2.6B | $1.5B | ||
| Q3 24 | $2.3B | $1.4B | ||
| Q2 24 | $2.2B | $1.5B | ||
| Q1 24 | $2.1B | $1.4B |
毛利率CBCRM
| Q4 25 | — | 78.0% | ||
| Q3 25 | — | 78.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 77.8% | ||
| Q4 24 | — | 77.7% | ||
| Q3 24 | — | 76.8% | ||
| Q2 24 | — | 76.3% | ||
| Q1 24 | — | 76.9% |
营业利润率CBCRM
| Q4 25 | 25.0% | 21.3% | ||
| Q3 25 | 24.1% | 22.8% | ||
| Q2 25 | 25.0% | 19.8% | ||
| Q1 25 | 12.5% | 18.2% | ||
| Q4 24 | 22.0% | 20.0% | ||
| Q3 24 | 20.2% | 19.1% | ||
| Q2 24 | 19.6% | 18.7% | ||
| Q1 24 | 20.4% | 17.5% |
净利率CBCRM
| Q4 25 | 21.3% | 20.3% | ||
| Q3 25 | 17.3% | 18.4% | ||
| Q2 25 | 20.0% | 15.7% | ||
| Q1 25 | 10.0% | 17.1% | ||
| Q4 24 | 18.2% | 16.2% | ||
| Q3 24 | 15.7% | 15.3% | ||
| Q2 24 | 16.1% | 16.8% | ||
| Q1 24 | 16.6% | 15.6% |
每股收益（稀释后）CBCRM
| Q4 25 | $8.05 | $2.19 | ||
| Q3 25 | $6.99 | $1.96 | ||
| Q2 25 | $7.35 | $1.59 | ||
| Q1 25 | $3.29 | $1.75 | ||
| Q4 24 | $6.31 | $1.58 | ||
| Q3 24 | $5.70 | $1.47 | ||
| Q2 24 | $5.46 | $1.56 | ||
| Q1 24 | $5.23 | $1.47 |
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 | — | $9.0B |
| 总债务越低越好 | $15.7B | $8.4B |
| 股东权益账面价值 | $73.8B | $60.0B |
| 总资产 | $272.3B | $95.1B |
| 负债/权益比越低杠杆越低 | 0.21× | 0.14× |
8季度趋势，按日历期对齐
现金及短期投资CBCRM
| Q4 25 | — | $9.0B | ||
| Q3 25 | — | $10.4B | ||
| Q2 25 | — | $10.9B | ||
| Q1 25 | — | $8.8B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | $7.7B | ||
| Q2 24 | — | $10.0B | ||
| Q1 24 | — | $8.5B |
总债务CBCRM
| Q4 25 | $15.7B | $8.4B | ||
| Q3 25 | $15.7B | $8.4B | ||
| Q2 25 | $13.5B | $8.4B | ||
| Q1 25 | $14.5B | $8.4B | ||
| Q4 24 | $14.4B | $8.4B | ||
| Q3 24 | $14.6B | $8.4B | ||
| Q2 24 | $13.2B | $9.4B | ||
| Q1 24 | $13.2B | $9.4B |
股东权益CBCRM
| Q4 25 | $73.8B | $60.0B | ||
| Q3 25 | $71.9B | $61.3B | ||
| Q2 25 | $69.4B | $60.7B | ||
| Q1 25 | $65.7B | $61.2B | ||
| Q4 24 | $64.0B | $58.5B | ||
| Q3 24 | $65.8B | $57.6B | ||
| Q2 24 | $61.0B | $59.7B | ||
| Q1 24 | $60.5B | $59.6B |
总资产CBCRM
| Q4 25 | $272.3B | $95.1B | ||
| Q3 25 | $270.2B | $97.6B | ||
| Q2 25 | $261.6B | $98.6B | ||
| Q1 25 | $251.8B | $102.9B | ||
| Q4 24 | $246.5B | $91.4B | ||
| Q3 24 | $250.6B | $92.2B | ||
| Q2 24 | $238.6B | $96.2B | ||
| Q1 24 | $234.9B | $99.8B |
负债/权益比CBCRM
| Q4 25 | 0.21× | 0.14× | ||
| Q3 25 | 0.22× | 0.14× | ||
| Q2 25 | 0.19× | 0.14× | ||
| Q1 25 | 0.22× | 0.14× | ||
| Q4 24 | 0.22× | 0.14× | ||
| Q3 24 | 0.22× | 0.15× | ||
| Q2 24 | 0.22× | 0.16× | ||
| Q1 24 | 0.22× | 0.16× |
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 | $4.1B | $2.3B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 21.2% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | 1.26× | 1.11× |
| 过去12个月自由现金流最近4个季度 | — | $12.9B |
8季度趋势，按日历期对齐
经营现金流CBCRM
| Q4 25 | $4.1B | $2.3B | ||
| Q3 25 | $3.6B | $740.0M | ||
| Q2 25 | $3.6B | $6.5B | ||
| Q1 25 | $1.6B | $4.0B | ||
| Q4 24 | $4.6B | $2.0B | ||
| Q3 24 | $4.3B | $892.0M | ||
| Q2 24 | $4.1B | $6.2B | ||
| Q1 24 | $3.2B | $3.4B |
自由现金流CBCRM
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $605.0M | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $755.0M | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $3.3B |
自由现金流率CBCRM
| Q4 25 | — | 21.2% | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | — | 64.1% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | 66.6% | ||
| Q1 24 | — | 35.1% |
资本支出强度CBCRM
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.6% |
现金转化率CBCRM
| Q4 25 | 1.26× | 1.11× | ||
| Q3 25 | 1.30× | 0.39× | ||
| Q2 25 | 1.20× | 4.20× | ||
| Q1 25 | 1.18× | 2.32× | ||
| Q4 24 | 1.77× | 1.30× | ||
| Q3 24 | 1.86× | 0.62× | ||
| Q2 24 | 1.83× | 4.08× | ||
| Q1 24 | 1.50× | 2.35× |
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
CB
暂无分部数据
CRM
| Agentforce Service | $2.5B | 24% |
| Agentforce Sales | $2.3B | 22% |
| Agentforce360Platform Slack And Other | $2.2B | 21% |
| Agentforce Integration And Agentforce Analytics | $1.4B | 14% |
| Agentforce Marketing And Agentforce Commerce | $1.4B | 13% |
| Professional Servicesand Other | $533.0M | 5% |
