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天弘科技（CLS）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天弘科技的1.6倍（$6.6B vs $4.0B），威达信集团净利率更高（12.4% vs 5.2%，领先7.2%），天弘科技同比增速更快（52.8% vs 8.7%），威达信集团自由现金流更多（$2.1B vs $137.9M），过去两年天弘科技的营收复合增速更高（35.4% vs 0.9%）
天弘科技（Celestica Inc.）是总部位于加拿大安大略省多伦多的跨国电子制造服务（EMS）企业，业务涵盖设计、生产制造、硬件平台搭建及供应链服务，目前在全球15个国家设有50个运营站点，为各行业客户提供专业的电子产业链相关解决方案。
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。
CLS vs MRSH — 直观对比
营收规模更大
MRSH
是对方的1.6倍
$4.0B
营收增速更快
CLS
高出44.1%
8.7%
净利率更高
MRSH
高出7.2%
5.2%
自由现金流更多
MRSH
多$1.9B
$137.9M
两年增速更快
CLS
近两年复合增速
0.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $6.6B |
| 净利润 | $212.3M | $821.0M |
| 毛利率 | 10.8% | — |
| 营业利润率 | 6723.5% | 18.5% |
| 净利率 | 5.2% | 12.4% |
| 营收同比 | 52.8% | 8.7% |
| 净利润同比 | 146.3% | 4.2% |
| 每股收益（稀释后） | $1.83 | $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CLSMRSH
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.7B | $6.6B | ||
| Q3 25 | $3.2B | $6.4B | ||
| Q2 25 | $2.9B | $7.0B | ||
| Q1 25 | $2.6B | $7.1B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | $2.5B | $5.7B | ||
| Q2 24 | $2.4B | $6.2B |
净利润CLSMRSH
| Q1 26 | $212.3M | — | ||
| Q4 25 | $267.5M | $821.0M | ||
| Q3 25 | $267.8M | $747.0M | ||
| Q2 25 | $211.0M | $1.2B | ||
| Q1 25 | $86.2M | $1.4B | ||
| Q4 24 | — | $788.0M | ||
| Q3 24 | $89.5M | $747.0M | ||
| Q2 24 | $95.0M | $1.1B |
毛利率CLSMRSH
| Q1 26 | 10.8% | — | ||
| Q4 25 | 11.8% | — | ||
| Q3 25 | 13.0% | — | ||
| Q2 25 | 12.8% | — | ||
| Q1 25 | 10.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 10.4% | — | ||
| Q2 24 | 10.6% | — |
营业利润率CLSMRSH
| Q1 26 | 6723.5% | — | ||
| Q4 25 | 8.6% | 18.5% | ||
| Q3 25 | 10.2% | 18.4% | ||
| Q2 25 | 9.4% | 26.2% | ||
| Q1 25 | 4.9% | 28.4% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | 5.5% | 19.4% | ||
| Q2 24 | 5.6% | 26.4% |
净利率CLSMRSH
| Q1 26 | 5.2% | — | ||
| Q4 25 | 7.3% | 12.4% | ||
| Q3 25 | 8.4% | 11.8% | ||
| Q2 25 | 7.3% | 17.4% | ||
| Q1 25 | 3.3% | 19.6% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | 3.6% | 13.1% | ||
| Q2 24 | 4.0% | 18.1% |
每股收益（稀释后）CLSMRSH
| Q1 26 | $1.83 | — | ||
| Q4 25 | $2.29 | $1.68 | ||
| Q3 25 | $2.31 | $1.51 | ||
| Q2 25 | $1.82 | $2.45 | ||
| Q1 25 | $0.74 | $2.79 | ||
| Q4 24 | — | $1.58 | ||
| Q3 24 | $0.75 | $1.51 | ||
| Q2 24 | $0.80 | $2.27 |
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 | $378.0M | $2.7B |
| 总债务越低越好 | — | $19.6B |
| 股东权益账面价值 | $2.1B | $15.3B |
| 总资产 | $8260.0B | $58.7B |
| 负债/权益比越低杠杆越低 | — | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资CLSMRSH
| Q1 26 | $378.0M | — | ||
| Q4 25 | $595.6M | $2.7B | ||
| Q3 25 | $305.9M | $2.5B | ||
| Q2 25 | $313.8M | $1.7B | ||
| Q1 25 | $303.0M | $1.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.7B |
总债务CLSMRSH
| Q1 26 | — | — | ||
| Q4 25 | $750.5M | $19.6B | ||
| Q3 25 | $756.7M | $19.6B | ||
| Q2 25 | $848.6M | $19.6B | ||
| Q1 25 | $915.0M | $19.5B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B |
股东权益CLSMRSH
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.2B | $15.3B | ||
| Q3 25 | $2.0B | $15.4B | ||
| Q2 25 | $1.8B | $16.0B | ||
| Q1 25 | $1.6B | $14.3B | ||
| Q4 24 | — | $13.5B | ||
| Q3 24 | $1.8B | $13.9B | ||
| Q2 24 | $1.8B | $13.6B |
总资产CLSMRSH
| Q1 26 | $8260.0B | — | ||
| Q4 25 | $7.2B | $58.7B | ||
| Q3 25 | $6.6B | $58.8B | ||
| Q2 25 | $6.2B | $58.6B | ||
| Q1 25 | $5.8B | $57.0B | ||
| Q4 24 | — | $56.5B | ||
| Q3 24 | — | $49.9B | ||
| Q2 24 | — | $48.6B |
负债/权益比CLSMRSH
| Q1 26 | — | — | ||
| Q4 25 | 0.34× | 1.28× | ||
| Q3 25 | 0.37× | 1.27× | ||
| Q2 25 | 0.48× | 1.23× | ||
| Q1 25 | 0.59× | 1.37× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 0.94× |
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 | $356.3M | $2.2B |
| 自由现金流经营现金流 - 资本支出 | $137.9M | $2.1B |
| 自由现金流率自由现金流/营收 | 3.4% | 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 | 1.68× | 2.63× |
| 过去12个月自由现金流最近4个季度 | $502.6M | $5.0B |
8季度趋势，按日历期对齐
经营现金流CLSMRSH
| Q1 26 | $356.3M | — | ||
| Q4 25 | $250.6M | $2.2B | ||
| Q3 25 | $126.2M | $2.1B | ||
| Q2 25 | $152.4M | $1.7B | ||
| Q1 25 | $130.3M | $-622.0M | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $122.8M | $1.9B | ||
| Q2 24 | $99.6M | $1.2B |
自由现金流CLSMRSH
| Q1 26 | $137.9M | — | ||
| Q4 25 | $155.9M | $2.1B | ||
| Q3 25 | $88.9M | $2.0B | ||
| Q2 25 | $119.9M | $1.6B | ||
| Q1 25 | $93.6M | $-677.0M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $76.8M | $1.8B | ||
| Q2 24 | $62.7M | $1.1B |
自由现金流率CLSMRSH
| Q1 26 | 3.4% | — | ||
| Q4 25 | 4.3% | 31.2% | ||
| Q3 25 | 2.8% | 31.6% | ||
| Q2 25 | 4.1% | 23.1% | ||
| Q1 25 | 3.5% | -9.6% | ||
| Q4 24 | — | 31.0% | ||
| Q3 24 | 3.1% | 32.3% | ||
| Q2 24 | 2.6% | 18.2% |
资本支出强度CLSMRSH
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 1.6% | ||
| Q3 25 | 1.2% | 1.1% | ||
| Q2 25 | 1.1% | 0.8% | ||
| Q1 25 | 1.4% | 0.8% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | 1.8% | 1.3% | ||
| Q2 24 | 1.5% | 1.3% |
现金转化率CLSMRSH
| Q1 26 | 1.68× | — | ||
| Q4 25 | 0.94× | 2.63× | ||
| Q3 25 | 0.47× | 2.79× | ||
| Q2 25 | 0.72× | 1.38× | ||
| Q1 25 | 1.51× | -0.45× | ||
| Q4 24 | — | 2.48× | ||
| Q3 24 | 1.37× | 2.56× | ||
| Q2 24 | 1.05× | 1.08× |
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
CLS
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% |
