vs
安达（CB）与摩根士丹利（MS）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摩根士丹利的1.4倍（$15.1B vs $10.7B），摩根士丹利净利率更高（52.6% vs 21.3%，领先31.3%），摩根士丹利同比增速更快（16.0% vs 6.3%），过去两年安达的营收复合增速更高（8.1% vs -15.8%）
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。
摩根士丹利是总部位于美国纽约曼哈顿中城百老汇1585号的跨国投资银行及金融服务提供商，在全球42个国家设有办事处，员工超8万名，服务客户涵盖企业、政府、机构及个人。2023年该公司位列美国财富500强第61位，同年位居福布斯全球2000强第30位。
CB vs MS — 直观对比
营收规模更大
CB
是对方的1.4倍
$10.7B
营收增速更快
MS
高出9.7%
6.3%
净利率更高
MS
高出31.3%
21.3%
两年增速更快
CB
近两年复合增速
-15.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.1B | $10.7B |
| 净利润 | $3.2B | $5.6B |
| 毛利率 | — | — |
| 营业利润率 | 25.0% | — |
| 净利率 | 21.3% | 52.6% |
| 营收同比 | 6.3% | 16.0% |
| 净利润同比 | 24.7% | — |
| 每股收益（稀释后） | $8.05 | — |
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CBMS
| Q1 26 | — | $10.7B | ||
| Q4 25 | $15.1B | $17.9B | ||
| Q3 25 | $16.1B | $18.2B | ||
| Q2 25 | $14.8B | $16.8B | ||
| Q1 25 | $13.4B | $17.7B | ||
| Q4 24 | $14.2B | — | ||
| Q3 24 | $14.8B | $15.4B | ||
| Q2 24 | $13.8B | $15.0B |
净利润CBMS
| Q1 26 | — | $5.6B | ||
| Q4 25 | $3.2B | $4.4B | ||
| Q3 25 | $2.8B | $4.6B | ||
| Q2 25 | $3.0B | $3.5B | ||
| Q1 25 | $1.3B | $4.3B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.3B | $3.2B | ||
| Q2 24 | $2.2B | $3.1B |
营业利润率CBMS
| Q1 26 | — | — | ||
| Q4 25 | 25.0% | 32.2% | ||
| Q3 25 | 24.1% | 33.1% | ||
| Q2 25 | 25.0% | 27.5% | ||
| Q1 25 | 12.5% | 31.3% | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 20.2% | 27.4% | ||
| Q2 24 | 19.6% | 27.1% |
净利率CBMS
| Q1 26 | — | 52.6% | ||
| Q4 25 | 21.3% | 24.6% | ||
| Q3 25 | 17.3% | 25.3% | ||
| Q2 25 | 20.0% | 21.1% | ||
| Q1 25 | 10.0% | 24.3% | ||
| Q4 24 | 18.2% | — | ||
| Q3 24 | 15.7% | 20.7% | ||
| Q2 24 | 16.1% | 20.5% |
每股收益（稀释后）CBMS
| Q1 26 | — | — | ||
| Q4 25 | $8.05 | $2.68 | ||
| Q3 25 | $6.99 | $2.80 | ||
| Q2 25 | $7.35 | $2.13 | ||
| Q1 25 | $3.29 | $2.60 | ||
| Q4 24 | $6.31 | — | ||
| Q3 24 | $5.70 | $1.88 | ||
| Q2 24 | $5.46 | $1.82 |
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 | — | — |
| 总债务越低越好 | $15.7B | — |
| 股东权益账面价值 | $73.8B | $5.1M |
| 总资产 | $272.3B | $1581.4B |
| 负债/权益比越低杠杆越低 | 0.21× | — |
8季度趋势，按日历期对齐
现金及短期投资CBMS
| Q1 26 | — | — | ||
| Q4 25 | — | $111.7B | ||
| Q3 25 | — | $103.7B | ||
| Q2 25 | — | $109.1B | ||
| Q1 25 | — | $90.7B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $91.1B | ||
| Q2 24 | — | $90.2B |
总债务CBMS
| Q1 26 | — | — | ||
| Q4 25 | $15.7B | $341.7B | ||
| Q3 25 | $15.7B | $324.1B | ||
| Q2 25 | $13.5B | $320.1B | ||
| Q1 25 | $14.5B | $297.0B | ||
| Q4 24 | $14.4B | — | ||
| Q3 24 | $14.6B | $291.2B | ||
| Q2 24 | $13.2B | $269.9B |
股东权益CBMS
| Q1 26 | — | $5.1M | ||
| Q4 25 | $73.8B | $111.6B | ||
| Q3 25 | $71.9B | $110.0B | ||
| Q2 25 | $69.4B | $108.2B | ||
| Q1 25 | $65.7B | $106.8B | ||
| Q4 24 | $64.0B | — | ||
| Q3 24 | $65.8B | $103.6B | ||
| Q2 24 | $61.0B | $100.7B |
总资产CBMS
| Q1 26 | — | $1581.4B | ||
| Q4 25 | $272.3B | $1420.3B | ||
| Q3 25 | $270.2B | $1364.8B | ||
| Q2 25 | $261.6B | $1353.9B | ||
| Q1 25 | $251.8B | $1300.3B | ||
| Q4 24 | $246.5B | — | ||
| Q3 24 | $250.6B | $1258.0B | ||
| Q2 24 | $238.6B | $1212.4B |
负债/权益比CBMS
| Q1 26 | — | — | ||
| Q4 25 | 0.21× | 3.06× | ||
| Q3 25 | 0.22× | 2.95× | ||
| Q2 25 | 0.19× | 2.96× | ||
| Q1 25 | 0.22× | 2.78× | ||
| Q4 24 | 0.22× | — | ||
| Q3 24 | 0.22× | 2.81× | ||
| Q2 24 | 0.22× | 2.68× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.26× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CBMS
| Q1 26 | — | — | ||
| Q4 25 | $4.1B | $-2.4B | ||
| Q3 25 | $3.6B | $-3.3B | ||
| Q2 25 | $3.6B | $11.8B | ||
| Q1 25 | $1.6B | $-24.0B | ||
| Q4 24 | $4.6B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.1B | — |
现金转化率CBMS
| Q1 26 | — | — | ||
| Q4 25 | 1.26× | -0.55× | ||
| Q3 25 | 1.30× | -0.72× | ||
| Q2 25 | 1.20× | 3.34× | ||
| Q1 25 | 1.18× | -5.56× | ||
| Q4 24 | 1.77× | — | ||
| Q3 24 | 1.86× | — | ||
| Q2 24 | 1.83× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
