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约翰迪尔（DE）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
约翰迪尔的季度营收约是威达信集团的1.9倍（$12.4B vs $6.6B），威达信集团净利率更高（12.4% vs 8.6%，领先3.9%），约翰迪尔同比增速更快（11.2% vs 8.7%），约翰迪尔自由现金流更多（$3.5B vs $2.1B），过去两年威达信集团的营收复合增速更高（0.9% vs 0.9%）
迪尔公司（商用品牌为约翰迪尔）是美国大型制造企业，核心业务涵盖农业机械、重型设备、林业机械、柴油发动机、重型设备传动系统及园艺养护设备的研发生产，同时配套提供金融服务及相关衍生业务，在全球农机与重工领域拥有领先市场地位。
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。
DE vs MRSH — 直观对比
营收规模更大
DE
是对方的1.9倍
$6.6B
营收增速更快
DE
高出2.5%
8.7%
净利率更高
MRSH
高出3.9%
8.6%
自由现金流更多
DE
多$1.4B
$2.1B
两年增速更快
MRSH
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $12.4B | $6.6B |
| 净利润 | $1.1B | $821.0M |
| 毛利率 | — | — |
| 营业利润率 | 11.5% | 18.5% |
| 净利率 | 8.6% | 12.4% |
| 营收同比 | 11.2% | 8.7% |
| 净利润同比 | -14.5% | 4.2% |
| 每股收益（稀释后） | $3.92 | $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DEMRSH
| Q4 25 | $12.4B | $6.6B | ||
| Q3 25 | $12.0B | $6.4B | ||
| Q2 25 | $12.8B | $7.0B | ||
| Q1 25 | $8.5B | $7.1B | ||
| Q4 24 | $11.1B | $6.1B | ||
| Q3 24 | $13.2B | $5.7B | ||
| Q2 24 | $15.2B | $6.2B | ||
| Q1 24 | $12.2B | $6.5B |
净利润DEMRSH
| Q4 25 | $1.1B | $821.0M | ||
| Q3 25 | $1.3B | $747.0M | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $869.0M | $1.4B | ||
| Q4 24 | $1.2B | $788.0M | ||
| Q3 24 | $1.7B | $747.0M | ||
| Q2 24 | $2.4B | $1.1B | ||
| Q1 24 | $1.8B | $1.4B |
营业利润率DEMRSH
| Q4 25 | 11.5% | 18.5% | ||
| Q3 25 | 13.3% | 18.4% | ||
| Q2 25 | 18.3% | 26.2% | ||
| Q1 25 | 10.5% | 28.4% | ||
| Q4 24 | 13.6% | 18.8% | ||
| Q3 24 | 17.9% | 19.4% | ||
| Q2 24 | 20.5% | 26.4% | ||
| Q1 24 | 18.2% | 29.7% |
净利率DEMRSH
| Q4 25 | 8.6% | 12.4% | ||
| Q3 25 | 10.7% | 11.8% | ||
| Q2 25 | 14.1% | 17.4% | ||
| Q1 25 | 10.2% | 19.6% | ||
| Q4 24 | 11.2% | 13.0% | ||
| Q3 24 | 13.2% | 13.1% | ||
| Q2 24 | 15.6% | 18.1% | ||
| Q1 24 | 14.4% | 21.6% |
每股收益（稀释后）DEMRSH
| Q4 25 | $3.92 | $1.68 | ||
| Q3 25 | $4.75 | $1.51 | ||
| Q2 25 | $6.64 | $2.45 | ||
| Q1 25 | $3.19 | $2.79 | ||
| Q4 24 | $4.57 | $1.58 | ||
| Q3 24 | $6.29 | $1.51 | ||
| Q2 24 | $8.53 | $2.27 | ||
| Q1 24 | $6.23 | $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 | $8.3B | $2.7B |
| 总债务越低越好 | — | $19.6B |
| 股东权益账面价值 | $25.9B | $15.3B |
| 总资产 | $106.0B | $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DEMRSH
| Q4 25 | $8.3B | $2.7B | ||
| Q3 25 | $8.6B | $2.5B | ||
| Q2 25 | $8.0B | $1.7B | ||
| Q1 25 | $6.6B | $1.6B | ||
| Q4 24 | $7.3B | $2.4B | ||
| Q3 24 | $7.0B | $1.8B | ||
| Q2 24 | $5.6B | $1.7B | ||
| Q1 24 | $5.1B | $1.5B |
总债务DEMRSH
| Q4 25 | — | $19.6B | ||
| Q3 25 | — | $19.6B | ||
| Q2 25 | — | $19.6B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | — | $12.8B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $13.4B |
股东权益DEMRSH
| Q4 25 | $25.9B | $15.3B | ||
| Q3 25 | $25.2B | $15.4B | ||
| Q2 25 | $24.3B | $16.0B | ||
| Q1 25 | $22.5B | $14.3B | ||
| Q4 24 | $22.8B | $13.5B | ||
| Q3 24 | $23.1B | $13.9B | ||
| Q2 24 | $22.7B | $13.6B | ||
| Q1 24 | $22.1B | $12.6B |
总资产DEMRSH
| Q4 25 | $106.0B | $58.7B | ||
| Q3 25 | $107.8B | $58.8B | ||
| Q2 25 | $106.3B | $58.6B | ||
| Q1 25 | $103.1B | $57.0B | ||
| Q4 24 | $107.3B | $56.5B | ||
| Q3 24 | $107.8B | $49.9B | ||
| Q2 24 | $105.6B | $48.6B | ||
| Q1 24 | $101.4B | $47.6B |
负债/权益比DEMRSH
| Q4 25 | — | 1.28× | ||
| Q3 25 | — | 1.27× | ||
| Q2 25 | — | 1.23× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 0.94× | ||
| Q1 24 | — | 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 | $4.0B | $2.2B |
| 自由现金流经营现金流 - 资本支出 | $3.5B | $2.1B |
| 自由现金流率自由现金流/营收 | 28.1% | 31.2% |
| 资本支出强度资本支出/营收 | 4.1% | 1.6% |
| 现金转化率经营现金流/净利润 | 3.75× | 2.63× |
| 过去12个月自由现金流最近4个季度 | $6.1B | $5.0B |
8季度趋势，按日历期对齐
经营现金流DEMRSH
| Q4 25 | $4.0B | $2.2B | ||
| Q3 25 | $2.9B | $2.1B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $-1.1B | $-622.0M | ||
| Q4 24 | $5.1B | $2.0B | ||
| Q3 24 | $3.2B | $1.9B | ||
| Q2 24 | $1.9B | $1.2B | ||
| Q1 24 | $-908.0M | $-781.0M |
自由现金流DEMRSH
| Q4 25 | $3.5B | $2.1B | ||
| Q3 25 | $2.6B | $2.0B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $-1.5B | $-677.0M | ||
| Q4 24 | $4.5B | $1.9B | ||
| Q3 24 | $2.9B | $1.8B | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $-1.3B | $-868.0M |
自由现金流率DEMRSH
| Q4 25 | 28.1% | 31.2% | ||
| Q3 25 | 21.6% | 31.6% | ||
| Q2 25 | 11.7% | 23.1% | ||
| Q1 25 | -17.4% | -9.6% | ||
| Q4 24 | 40.3% | 31.0% | ||
| Q3 24 | 21.8% | 32.3% | ||
| Q2 24 | 9.8% | 18.2% | ||
| Q1 24 | -10.4% | -13.4% |
资本支出强度DEMRSH
| Q4 25 | 4.1% | 1.6% | ||
| Q3 25 | 2.5% | 1.1% | ||
| Q2 25 | 1.6% | 0.8% | ||
| Q1 25 | 4.1% | 0.8% | ||
| Q4 24 | 5.4% | 1.3% | ||
| Q3 24 | 2.5% | 1.3% | ||
| Q2 24 | 2.3% | 1.3% | ||
| Q1 24 | 3.0% | 1.3% |
现金转化率DEMRSH
| Q4 25 | 3.75× | 2.63× | ||
| Q3 25 | 2.25× | 2.79× | ||
| Q2 25 | 0.94× | 1.38× | ||
| Q1 25 | -1.30× | -0.45× | ||
| Q4 24 | 4.09× | 2.48× | ||
| Q3 24 | 1.84× | 2.56× | ||
| Q2 24 | 0.78× | 1.08× | ||
| Q1 24 | -0.52× | -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
DE
| Production And Precision Agriculture Segment | $2.0B | 16% |
| Construction And Forestry Segment | $2.0B | 16% |
| Small Agriculture | $1.8B | 15% |
| Financial Service | $1.5B | 12% |
| Construction Equipment | $1.4B | 11% |
| Small Agriculture And Turf Segment | $1.2B | 9% |
| Roadbuilding | $994.0M | 8% |
| Compact Construction Equipment | $564.0M | 5% |
| Forestry | $352.0M | 3% |
| Other | $300.0M | 2% |
| Other Products And Services | $146.0M | 1% |
| Financial Products | $80.0M | 1% |
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
