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Equitable Holdings, Inc.（EQH）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Equitable Holdings, Inc.的2.0倍（$6.6B vs $3.3B）。威达信集团净利率更高（12.4% vs 6.6%，领先5.9%）。威达信集团同比增速更快（8.7% vs -9.5%）。过去两年Equitable Holdings, Inc.的营收复合增速更高（21.2% vs 0.9%）
Equitable Holdings, Inc.是美国领先的金融服务与保险企业，1859年由亨利·鲍德温·海德创立，业务覆盖保险、财富管理等多元金融领域，拥有逾百年发展历史，在全球金融服务市场具备深厚的行业积淀与广泛的客户基础。
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。
EQH vs MRSH — 直观对比
营收规模更大
MRSH
是对方的2.0倍
$3.3B
营收增速更快
MRSH
高出18.2%
-9.5%
净利率更高
MRSH
高出5.9%
6.6%
两年增速更快
EQH
近两年复合增速
0.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $6.6B |
| 净利润 | $215.0M | $821.0M |
| 毛利率 | — | — |
| 营业利润率 | 10.5% | 18.5% |
| 净利率 | 6.6% | 12.4% |
| 营收同比 | -9.5% | 8.7% |
| 净利润同比 | -76.1% | 4.2% |
| 每股收益（稀释后） | $0.69 | $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EQHMRSH
| Q4 25 | $3.3B | $6.6B | ||
| Q3 25 | $1.4B | $6.4B | ||
| Q2 25 | $2.4B | $7.0B | ||
| Q1 25 | $4.6B | $7.1B | ||
| Q4 24 | $3.6B | $6.1B | ||
| Q3 24 | $3.1B | $5.7B | ||
| Q2 24 | $3.5B | $6.2B | ||
| Q1 24 | $2.2B | $6.5B |
净利润EQHMRSH
| Q4 25 | $215.0M | $821.0M | ||
| Q3 25 | $-1.3B | $747.0M | ||
| Q2 25 | $-349.0M | $1.2B | ||
| Q1 25 | $63.0M | $1.4B | ||
| Q4 24 | $899.0M | $788.0M | ||
| Q3 24 | $-134.0M | $747.0M | ||
| Q2 24 | $428.0M | $1.1B | ||
| Q1 24 | $114.0M | $1.4B |
营业利润率EQHMRSH
| Q4 25 | 10.5% | 18.5% | ||
| Q3 25 | -93.0% | 18.4% | ||
| Q2 25 | -15.4% | 26.2% | ||
| Q1 25 | 3.8% | 28.4% | ||
| Q4 24 | 33.1% | 18.8% | ||
| Q3 24 | -0.5% | 19.4% | ||
| Q2 24 | 19.4% | 26.4% | ||
| Q1 24 | 11.1% | 29.7% |
净利率EQHMRSH
| Q4 25 | 6.6% | 12.4% | ||
| Q3 25 | -90.3% | 11.8% | ||
| Q2 25 | -14.8% | 17.4% | ||
| Q1 25 | 1.4% | 19.6% | ||
| Q4 24 | 24.8% | 13.0% | ||
| Q3 24 | -4.4% | 13.1% | ||
| Q2 24 | 12.2% | 18.1% | ||
| Q1 24 | 5.1% | 21.6% |
每股收益（稀释后）EQHMRSH
| Q4 25 | $0.69 | $1.68 | ||
| Q3 25 | $-4.47 | $1.51 | ||
| Q2 25 | $-1.21 | $2.45 | ||
| Q1 25 | $0.16 | $2.79 | ||
| Q4 24 | $2.72 | $1.58 | ||
| Q3 24 | $-0.47 | $1.51 | ||
| Q2 24 | $1.23 | $2.27 | ||
| Q1 24 | $0.30 | $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 | $12.5B | $2.7B |
| 总债务越低越好 | — | $19.6B |
| 股东权益账面价值 | $-74.0M | $15.3B |
| 总资产 | $318.0B | $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EQHMRSH
| Q4 25 | $12.5B | $2.7B | ||
| Q3 25 | $13.6B | $2.5B | ||
| Q2 25 | $15.0B | $1.7B | ||
| Q1 25 | $8.2B | $1.6B | ||
| Q4 24 | $7.0B | $2.4B | ||
| Q3 24 | $9.6B | $1.8B | ||
| Q2 24 | $9.7B | $1.7B | ||
| Q1 24 | $10.4B | $1.5B |
总债务EQHMRSH
| 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EQHMRSH
| Q4 25 | $-74.0M | $15.3B | ||
| Q3 25 | $148.0M | $15.4B | ||
| Q2 25 | $1.1B | $16.0B | ||
| Q1 25 | $2.4B | $14.3B | ||
| Q4 24 | $1.6B | $13.5B | ||
| Q3 24 | $3.2B | $13.9B | ||
| Q2 24 | $1.6B | $13.6B | ||
| Q1 24 | $2.0B | $12.6B |
总资产EQHMRSH
| Q4 25 | $318.0B | $58.7B | ||
| Q3 25 | $314.4B | $58.8B | ||
| Q2 25 | $303.1B | $58.6B | ||
| Q1 25 | $287.4B | $57.0B | ||
| Q4 24 | $295.9B | $56.5B | ||
| Q3 24 | $299.0B | $49.9B | ||
| Q2 24 | $287.8B | $48.6B | ||
| Q1 24 | $285.6B | $47.6B |
负债/权益比EQHMRSH
| 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 | $-154.0M | $2.2B |
| 自由现金流经营现金流 - 资本支出 | — | $2.1B |
| 自由现金流率自由现金流/营收 | — | 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 | -0.72× | 2.63× |
| 过去12个月自由现金流最近4个季度 | — | $5.0B |
8季度趋势，按日历期对齐
经营现金流EQHMRSH
| Q4 25 | $-154.0M | $2.2B | ||
| Q3 25 | $369.0M | $2.1B | ||
| Q2 25 | $341.0M | $1.7B | ||
| Q1 25 | $158.0M | $-622.0M | ||
| Q4 24 | $400.0M | $2.0B | ||
| Q3 24 | $683.0M | $1.9B | ||
| Q2 24 | $892.0M | $1.2B | ||
| Q1 24 | $31.0M | $-781.0M |
自由现金流EQHMRSH
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $-677.0M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $-868.0M |
自由现金流率EQHMRSH
| Q4 25 | — | 31.2% | ||
| Q3 25 | — | 31.6% | ||
| Q2 25 | — | 23.1% | ||
| Q1 25 | — | -9.6% | ||
| Q4 24 | — | 31.0% | ||
| Q3 24 | — | 32.3% | ||
| Q2 24 | — | 18.2% | ||
| Q1 24 | — | -13.4% |
资本支出强度EQHMRSH
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.3% |
现金转化率EQHMRSH
| Q4 25 | -0.72× | 2.63× | ||
| Q3 25 | — | 2.79× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | 2.51× | -0.45× | ||
| Q4 24 | 0.44× | 2.48× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | 2.08× | 1.08× | ||
| Q1 24 | 0.27× | -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
EQH
| Other | $1.5B | 46% |
| Asset Management | $1.2B | 37% |
| Wealth Management | $545.0M | 17% |
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
