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C.H. Robinson（CHRW）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
威达信集团的季度营收约是C.H. Robinson的1.7倍（$6.6B vs $3.9B），威达信集团净利率更高（12.4% vs 3.5%，领先9.0%），威达信集团同比增速更快（8.7% vs -6.5%），威达信集团自由现金流更多（$2.1B vs $302.4M），过去两年威达信集团的营收复合增速更高（0.9% vs -5.8%）
C.H. Robinson是美国知名第三方物流与运输服务企业，业务涵盖货运代理、运输管理、中介经纪及仓储服务，可提供整车、零担、空运、多式联运、海运等多种运输解决方案，满足全球客户差异化物流需求。
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。
CHRW vs MRSH — 直观对比
营收规模更大
MRSH
是对方的1.7倍
$3.9B
营收增速更快
MRSH
高出15.2%
-6.5%
净利率更高
MRSH
高出9.0%
3.5%
自由现金流更多
MRSH
多$1.8B
$302.4M
两年增速更快
MRSH
近两年复合增速
-5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $6.6B |
| 净利润 | $136.3M | $821.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.6% | 18.5% |
| 净利率 | 3.5% | 12.4% |
| 营收同比 | -6.5% | 8.7% |
| 净利润同比 | -8.7% | 4.2% |
| 每股收益（稀释后） | $1.12 | $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CHRWMRSH
| Q4 25 | $3.9B | $6.6B | ||
| Q3 25 | $4.1B | $6.4B | ||
| Q2 25 | $4.1B | $7.0B | ||
| Q1 25 | $4.0B | $7.1B | ||
| Q4 24 | $4.2B | $6.1B | ||
| Q3 24 | $4.6B | $5.7B | ||
| Q2 24 | $4.5B | $6.2B | ||
| Q1 24 | $4.4B | $6.5B |
净利润CHRWMRSH
| Q4 25 | $136.3M | $821.0M | ||
| Q3 25 | $163.0M | $747.0M | ||
| Q2 25 | $152.5M | $1.2B | ||
| Q1 25 | $135.3M | $1.4B | ||
| Q4 24 | $149.3M | $788.0M | ||
| Q3 24 | $97.2M | $747.0M | ||
| Q2 24 | $126.3M | $1.1B | ||
| Q1 24 | $92.9M | $1.4B |
营业利润率CHRWMRSH
| Q4 25 | 4.6% | 18.5% | ||
| Q3 25 | 5.3% | 18.4% | ||
| Q2 25 | 5.2% | 26.2% | ||
| Q1 25 | 4.4% | 28.4% | ||
| Q4 24 | 4.4% | 18.8% | ||
| Q3 24 | 3.9% | 19.4% | ||
| Q2 24 | 4.0% | 26.4% | ||
| Q1 24 | 2.9% | 29.7% |
净利率CHRWMRSH
| Q4 25 | 3.5% | 12.4% | ||
| Q3 25 | 3.9% | 11.8% | ||
| Q2 25 | 3.7% | 17.4% | ||
| Q1 25 | 3.3% | 19.6% | ||
| Q4 24 | 3.6% | 13.0% | ||
| Q3 24 | 2.1% | 13.1% | ||
| Q2 24 | 2.8% | 18.1% | ||
| Q1 24 | 2.1% | 21.6% |
每股收益（稀释后）CHRWMRSH
| Q4 25 | $1.12 | $1.68 | ||
| Q3 25 | $1.34 | $1.51 | ||
| Q2 25 | $1.26 | $2.45 | ||
| Q1 25 | $1.11 | $2.79 | ||
| Q4 24 | $1.23 | $1.58 | ||
| Q3 24 | $0.80 | $1.51 | ||
| Q2 24 | $1.05 | $2.27 | ||
| Q1 24 | $0.78 | $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 | $160.9M | $2.7B |
| 总债务越低越好 | $1.1B | $19.6B |
| 股东权益账面价值 | $1.8B | $15.3B |
| 总资产 | $5.1B | $58.7B |
| 负债/权益比越低杠杆越低 | 0.59× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资CHRWMRSH
| Q4 25 | $160.9M | $2.7B | ||
| Q3 25 | $136.8M | $2.5B | ||
| Q2 25 | $156.0M | $1.7B | ||
| Q1 25 | $129.9M | $1.6B | ||
| Q4 24 | $145.8M | $2.4B | ||
| Q3 24 | $131.7M | $1.8B | ||
| Q2 24 | $113.2M | $1.7B | ||
| Q1 24 | $121.8M | $1.5B |
总债务CHRWMRSH
| Q4 25 | $1.1B | $19.6B | ||
| Q3 25 | $1.2B | $19.6B | ||
| Q2 25 | $1.4B | $19.6B | ||
| Q1 25 | $1.4B | $19.5B | ||
| Q4 24 | $1.4B | $19.9B | ||
| Q3 24 | $1.6B | $12.8B | ||
| Q2 24 | $1.6B | $12.8B | ||
| Q1 24 | $1.7B | $13.4B |
股东权益CHRWMRSH
| Q4 25 | $1.8B | $15.3B | ||
| Q3 25 | $1.9B | $15.4B | ||
| Q2 25 | $1.8B | $16.0B | ||
| Q1 25 | $1.7B | $14.3B | ||
| Q4 24 | $1.7B | $13.5B | ||
| Q3 24 | $1.6B | $13.9B | ||
| Q2 24 | $1.5B | $13.6B | ||
| Q1 24 | $1.4B | $12.6B |
总资产CHRWMRSH
| Q4 25 | $5.1B | $58.7B | ||
| Q3 25 | $5.2B | $58.8B | ||
| Q2 25 | $5.3B | $58.6B | ||
| Q1 25 | $5.2B | $57.0B | ||
| Q4 24 | $5.3B | $56.5B | ||
| Q3 24 | $5.6B | $49.9B | ||
| Q2 24 | $5.5B | $48.6B | ||
| Q1 24 | $5.5B | $47.6B |
负债/权益比CHRWMRSH
| Q4 25 | 0.59× | 1.28× | ||
| Q3 25 | 0.64× | 1.27× | ||
| Q2 25 | 0.76× | 1.23× | ||
| Q1 25 | 0.80× | 1.37× | ||
| Q4 24 | 0.80× | 1.47× | ||
| Q3 24 | 0.95× | 0.93× | ||
| Q2 24 | 1.07× | 0.94× | ||
| Q1 24 | 1.19× | 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 | $305.4M | $2.2B |
| 自由现金流经营现金流 - 资本支出 | $302.4M | $2.1B |
| 自由现金流率自由现金流/营收 | 7.7% | 31.2% |
| 资本支出强度资本支出/营收 | 0.1% | 1.6% |
| 现金转化率经营现金流/净利润 | 2.24× | 2.63× |
| 过去12个月自由现金流最近4个季度 | $894.9M | $5.0B |
8季度趋势，按日历期对齐
经营现金流CHRWMRSH
| Q4 25 | $305.4M | $2.2B | ||
| Q3 25 | $275.4M | $2.1B | ||
| Q2 25 | $227.1M | $1.7B | ||
| Q1 25 | $106.5M | $-622.0M | ||
| Q4 24 | $267.9M | $2.0B | ||
| Q3 24 | $108.1M | $1.9B | ||
| Q2 24 | $166.4M | $1.2B | ||
| Q1 24 | $-33.3M | $-781.0M |
自由现金流CHRWMRSH
| Q4 25 | $302.4M | $2.1B | ||
| Q3 25 | $269.5M | $2.0B | ||
| Q2 25 | $219.8M | $1.6B | ||
| Q1 25 | $103.2M | $-677.0M | ||
| Q4 24 | $265.3M | $1.9B | ||
| Q3 24 | $103.3M | $1.8B | ||
| Q2 24 | $159.8M | $1.1B | ||
| Q1 24 | $-41.9M | $-868.0M |
自由现金流率CHRWMRSH
| Q4 25 | 7.7% | 31.2% | ||
| Q3 25 | 6.5% | 31.6% | ||
| Q2 25 | 5.3% | 23.1% | ||
| Q1 25 | 2.5% | -9.6% | ||
| Q4 24 | 6.3% | 31.0% | ||
| Q3 24 | 2.2% | 32.3% | ||
| Q2 24 | 3.6% | 18.2% | ||
| Q1 24 | -1.0% | -13.4% |
资本支出强度CHRWMRSH
| Q4 25 | 0.1% | 1.6% | ||
| Q3 25 | 0.1% | 1.1% | ||
| Q2 25 | 0.2% | 0.8% | ||
| Q1 25 | 0.1% | 0.8% | ||
| Q4 24 | 0.1% | 1.3% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | 0.1% | 1.3% | ||
| Q1 24 | 0.2% | 1.3% |
现金转化率CHRWMRSH
| Q4 25 | 2.24× | 2.63× | ||
| Q3 25 | 1.69× | 2.79× | ||
| Q2 25 | 1.49× | 1.38× | ||
| Q1 25 | 0.79× | -0.45× | ||
| Q4 24 | 1.79× | 2.48× | ||
| Q3 24 | 1.11× | 2.56× | ||
| Q2 24 | 1.32× | 1.08× | ||
| Q1 24 | -0.36× | -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
CHRW
| North American Service Transportation NAST | $2.8B | 72% |
| Global Forwarding | $731.0M | 19% |
| Sourcing | $340.9M | 9% |
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
