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安达（CB）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
安达的季度营收约是威达信集团的2.3倍（$15.1B vs $6.6B），安达净利率更高（21.3% vs 12.4%，领先8.9%），威达信集团同比增速更快（8.7% vs 6.3%），过去两年安达的营收复合增速更高（8.1% vs 0.9%）
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。
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。
CB vs MRSH — 直观对比
营收规模更大
CB
是对方的2.3倍
$6.6B
营收增速更快
MRSH
高出2.4%
6.3%
净利率更高
CB
高出8.9%
12.4%
两年增速更快
CB
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $15.1B | $6.6B |
| 净利润 | $3.2B | $821.0M |
| 毛利率 | — | — |
| 营业利润率 | 25.0% | 18.5% |
| 净利率 | 21.3% | 12.4% |
| 营收同比 | 6.3% | 8.7% |
| 净利润同比 | 24.7% | 4.2% |
| 每股收益（稀释后） | $8.05 | $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CBMRSH
| Q4 25 | $15.1B | $6.6B | ||
| Q3 25 | $16.1B | $6.4B | ||
| Q2 25 | $14.8B | $7.0B | ||
| Q1 25 | $13.4B | $7.1B | ||
| Q4 24 | $14.2B | $6.1B | ||
| Q3 24 | $14.8B | $5.7B | ||
| Q2 24 | $13.8B | $6.2B | ||
| Q1 24 | $12.9B | $6.5B |
净利润CBMRSH
| Q4 25 | $3.2B | $821.0M | ||
| Q3 25 | $2.8B | $747.0M | ||
| Q2 25 | $3.0B | $1.2B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $2.6B | $788.0M | ||
| Q3 24 | $2.3B | $747.0M | ||
| Q2 24 | $2.2B | $1.1B | ||
| Q1 24 | $2.1B | $1.4B |
营业利润率CBMRSH
| Q4 25 | 25.0% | 18.5% | ||
| Q3 25 | 24.1% | 18.4% | ||
| Q2 25 | 25.0% | 26.2% | ||
| Q1 25 | 12.5% | 28.4% | ||
| Q4 24 | 22.0% | 18.8% | ||
| Q3 24 | 20.2% | 19.4% | ||
| Q2 24 | 19.6% | 26.4% | ||
| Q1 24 | 20.4% | 29.7% |
净利率CBMRSH
| Q4 25 | 21.3% | 12.4% | ||
| Q3 25 | 17.3% | 11.8% | ||
| Q2 25 | 20.0% | 17.4% | ||
| Q1 25 | 10.0% | 19.6% | ||
| Q4 24 | 18.2% | 13.0% | ||
| Q3 24 | 15.7% | 13.1% | ||
| Q2 24 | 16.1% | 18.1% | ||
| Q1 24 | 16.6% | 21.6% |
每股收益（稀释后）CBMRSH
| Q4 25 | $8.05 | $1.68 | ||
| Q3 25 | $6.99 | $1.51 | ||
| Q2 25 | $7.35 | $2.45 | ||
| Q1 25 | $3.29 | $2.79 | ||
| Q4 24 | $6.31 | $1.58 | ||
| Q3 24 | $5.70 | $1.51 | ||
| Q2 24 | $5.46 | $2.27 | ||
| Q1 24 | $5.23 | $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 | — | $2.7B |
| 总债务越低越好 | $15.7B | $19.6B |
| 股东权益账面价值 | $73.8B | $15.3B |
| 总资产 | $272.3B | $58.7B |
| 负债/权益比越低杠杆越低 | 0.21× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资CBMRSH
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.5B |
总债务CBMRSH
| Q4 25 | $15.7B | $19.6B | ||
| Q3 25 | $15.7B | $19.6B | ||
| Q2 25 | $13.5B | $19.6B | ||
| Q1 25 | $14.5B | $19.5B | ||
| Q4 24 | $14.4B | $19.9B | ||
| Q3 24 | $14.6B | $12.8B | ||
| Q2 24 | $13.2B | $12.8B | ||
| Q1 24 | $13.2B | $13.4B |
股东权益CBMRSH
| Q4 25 | $73.8B | $15.3B | ||
| Q3 25 | $71.9B | $15.4B | ||
| Q2 25 | $69.4B | $16.0B | ||
| Q1 25 | $65.7B | $14.3B | ||
| Q4 24 | $64.0B | $13.5B | ||
| Q3 24 | $65.8B | $13.9B | ||
| Q2 24 | $61.0B | $13.6B | ||
| Q1 24 | $60.5B | $12.6B |
总资产CBMRSH
| Q4 25 | $272.3B | $58.7B | ||
| Q3 25 | $270.2B | $58.8B | ||
| Q2 25 | $261.6B | $58.6B | ||
| Q1 25 | $251.8B | $57.0B | ||
| Q4 24 | $246.5B | $56.5B | ||
| Q3 24 | $250.6B | $49.9B | ||
| Q2 24 | $238.6B | $48.6B | ||
| Q1 24 | $234.9B | $47.6B |
负债/权益比CBMRSH
| Q4 25 | 0.21× | 1.28× | ||
| Q3 25 | 0.22× | 1.27× | ||
| Q2 25 | 0.19× | 1.23× | ||
| Q1 25 | 0.22× | 1.37× | ||
| Q4 24 | 0.22× | 1.47× | ||
| Q3 24 | 0.22× | 0.93× | ||
| Q2 24 | 0.22× | 0.94× | ||
| Q1 24 | 0.22× | 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 | $4.1B | $2.2B |
| 自由现金流经营现金流 - 资本支出 | — | $2.1B |
| 自由现金流率自由现金流/营收 | — | 31.2% |
| 资本支出强度资本支出/营收 | — | 1.6% |
| 现金转化率经营现金流/净利润 | 1.26× | 2.63× |
| 过去12个月自由现金流最近4个季度 | — | $5.0B |
8季度趋势，按日历期对齐
经营现金流CBMRSH
| Q4 25 | $4.1B | $2.2B | ||
| Q3 25 | $3.6B | $2.1B | ||
| Q2 25 | $3.6B | $1.7B | ||
| Q1 25 | $1.6B | $-622.0M | ||
| Q4 24 | $4.6B | $2.0B | ||
| Q3 24 | $4.3B | $1.9B | ||
| Q2 24 | $4.1B | $1.2B | ||
| Q1 24 | $3.2B | $-781.0M |
自由现金流CBMRSH
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $-677.0M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $-868.0M |
自由现金流率CBMRSH
| Q4 25 | — | 31.2% | ||
| Q3 25 | — | 31.6% | ||
| Q2 25 | — | 23.1% | ||
| Q1 25 | — | -9.6% | ||
| Q4 24 | — | 31.0% | ||
| Q3 24 | — | 32.3% | ||
| Q2 24 | — | 18.2% | ||
| Q1 24 | — | -13.4% |
资本支出强度CBMRSH
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.3% |
现金转化率CBMRSH
| Q4 25 | 1.26× | 2.63× | ||
| Q3 25 | 1.30× | 2.79× | ||
| Q2 25 | 1.20× | 1.38× | ||
| Q1 25 | 1.18× | -0.45× | ||
| Q4 24 | 1.77× | 2.48× | ||
| Q3 24 | 1.86× | 2.56× | ||
| Q2 24 | 1.83× | 1.08× | ||
| Q1 24 | 1.50× | -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
CB
暂无分部数据
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
