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CDW Corporation（CDW）与韦莱韬悦（WTW）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是韦莱韬悦的1.9倍（$5.5B vs $2.9B），CDW Corporation同比增速更快（6.3% vs -3.5%），韦莱韬悦自由现金流更多（$708.0M vs $395.9M），过去两年韦莱韬悦的营收复合增速更高（12.0% vs 6.3%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
CDW vs WTW — 直观对比
营收规模更大
CDW
是对方的1.9倍
$2.9B
营收增速更快
CDW
高出9.8%
-3.5%
自由现金流更多
WTW
多$312.1M
$395.9M
两年增速更快
WTW
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $2.9B |
| 净利润 | — | $735.0M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 35.3% |
| 净利率 | — | 25.5% |
| 营收同比 | 6.3% | -3.5% |
| 净利润同比 | — | -41.0% |
| 每股收益（稀释后） | $2.13 | $7.50 |
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CDWWTW
| Q4 25 | $5.5B | $2.9B | ||
| Q3 25 | $5.7B | $2.2B | ||
| Q2 25 | $6.0B | $2.2B | ||
| Q1 25 | $5.2B | $2.2B | ||
| Q4 24 | $5.2B | $3.0B | ||
| Q3 24 | $5.5B | $2.2B | ||
| Q2 24 | $5.4B | $2.2B | ||
| Q1 24 | $4.9B | $2.3B |
净利润CDWWTW
| Q4 25 | — | $735.0M | ||
| Q3 25 | $291.0M | $304.0M | ||
| Q2 25 | $271.2M | $331.0M | ||
| Q1 25 | $224.9M | $235.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $316.4M | $-1.7B | ||
| Q2 24 | $281.1M | $141.0M | ||
| Q1 24 | $216.1M | $190.0M |
毛利率CDWWTW
| Q4 25 | 22.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 20.8% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 21.8% | — |
营业利润率CDWWTW
| Q4 25 | 7.8% | 35.3% | ||
| Q3 25 | 7.7% | 18.7% | ||
| Q2 25 | 7.0% | 16.6% | ||
| Q1 25 | 7.0% | 19.8% | ||
| Q4 24 | 7.9% | 30.2% | ||
| Q3 24 | 8.7% | -34.2% | ||
| Q2 24 | 8.0% | 9.6% | ||
| Q1 24 | 6.7% | 12.2% |
净利率CDWWTW
| Q4 25 | — | 25.5% | ||
| Q3 25 | 5.1% | 13.6% | ||
| Q2 25 | 4.5% | 14.9% | ||
| Q1 25 | 4.3% | 10.8% | ||
| Q4 24 | — | 41.7% | ||
| Q3 24 | 5.7% | -74.8% | ||
| Q2 24 | 5.2% | 6.4% | ||
| Q1 24 | 4.4% | 8.3% |
每股收益（稀释后）CDWWTW
| Q4 25 | $2.13 | $7.50 | ||
| Q3 25 | $2.21 | $3.11 | ||
| Q2 25 | $2.05 | $3.32 | ||
| Q1 25 | $1.69 | $2.33 | ||
| Q4 24 | $1.97 | $12.29 | ||
| Q3 24 | $2.34 | $-16.44 | ||
| Q2 24 | $2.07 | $1.36 | ||
| Q1 24 | $1.59 | $1.83 |
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 | $618.7M | $3.2B |
| 总债务越低越好 | — | $9.7B |
| 股东权益账面价值 | $2.6B | $8.0B |
| 总资产 | $16.0B | $29.5B |
| 负债/权益比越低杠杆越低 | — | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资CDWWTW
| Q4 25 | $618.7M | $3.2B | ||
| Q3 25 | $452.9M | $1.9B | ||
| Q2 25 | $481.0M | $2.0B | ||
| Q1 25 | $688.1M | $1.5B | ||
| Q4 24 | $717.7M | $1.9B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $665.3M | $1.2B | ||
| Q1 24 | $803.8M | $1.9B |
总债务CDWWTW
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CDWWTW
| Q4 25 | $2.6B | $8.0B | ||
| Q3 25 | $2.5B | $7.7B | ||
| Q2 25 | $2.5B | $8.1B | ||
| Q1 25 | $2.3B | $8.1B | ||
| Q4 24 | $2.4B | $7.9B | ||
| Q3 24 | $2.3B | $7.5B | ||
| Q2 24 | $2.2B | $9.3B | ||
| Q1 24 | $2.1B | $9.5B |
总资产CDWWTW
| Q4 25 | $16.0B | $29.5B | ||
| Q3 25 | $15.2B | $27.4B | ||
| Q2 25 | $15.3B | $28.5B | ||
| Q1 25 | $15.0B | $28.1B | ||
| Q4 24 | $14.7B | $27.7B | ||
| Q3 24 | $14.4B | $27.2B | ||
| Q2 24 | $13.6B | $29.6B | ||
| Q1 24 | $13.2B | $30.2B |
负债/权益比CDWWTW
| Q4 25 | — | 1.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.08× | ||
| 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 | $433.8M | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $708.0M |
| 自由现金流率自由现金流/营收 | 7.2% | 24.6% |
| 资本支出强度资本支出/营收 | 0.7% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.05× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $1.5B |
8季度趋势，按日历期对齐
经营现金流CDWWTW
| Q4 25 | $433.8M | $771.0M | ||
| Q3 25 | $328.3M | $678.0M | ||
| Q2 25 | $155.9M | $361.0M | ||
| Q1 25 | $287.2M | $-35.0M | ||
| Q4 24 | $345.3M | $599.0M | ||
| Q3 24 | $342.1M | $482.0M | ||
| Q2 24 | $149.9M | $407.0M | ||
| Q1 24 | $440.0M | $24.0M |
自由现金流CDWWTW
| Q4 25 | $395.9M | $708.0M | ||
| Q3 25 | $298.5M | $621.0M | ||
| Q2 25 | $133.4M | $303.0M | ||
| Q1 25 | $260.3M | $-86.0M | ||
| Q4 24 | $316.7M | $543.0M | ||
| Q3 24 | $308.5M | $419.0M | ||
| Q2 24 | $119.0M | $341.0M | ||
| Q1 24 | $410.5M | $-36.0M |
自由现金流率CDWWTW
| Q4 25 | 7.2% | 24.6% | ||
| Q3 25 | 5.2% | 27.7% | ||
| Q2 25 | 2.2% | 13.7% | ||
| Q1 25 | 5.0% | -3.9% | ||
| Q4 24 | 6.1% | 18.2% | ||
| Q3 24 | 5.6% | 18.7% | ||
| Q2 24 | 2.2% | 15.4% | ||
| Q1 24 | 8.4% | -1.6% |
资本支出强度CDWWTW
| Q4 25 | 0.7% | 2.2% | ||
| Q3 25 | 0.5% | 2.5% | ||
| Q2 25 | 0.4% | 2.6% | ||
| Q1 25 | 0.5% | 2.3% | ||
| Q4 24 | 0.6% | 1.9% | ||
| Q3 24 | 0.6% | 2.8% | ||
| Q2 24 | 0.6% | 3.0% | ||
| Q1 24 | 0.6% | 2.6% |
现金转化率CDWWTW
| Q4 25 | — | 1.05× | ||
| Q3 25 | 1.13× | 2.23× | ||
| Q2 25 | 0.57× | 1.09× | ||
| Q1 25 | 1.28× | -0.15× | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 0.53× | 2.89× | ||
| Q1 24 | 2.04× | 0.13× |
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
CDW
暂无分部数据
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
