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First American Financial Corp（FAF）与OLD REPUBLIC INTERNATIONAL CORP（ORI）财务数据对比。点击上方公司名可切换其他公司
OLD REPUBLIC INTERNATIONAL CORP的季度营收约是First American Financial Corp的1.2倍（$2.4B vs $2.0B），OLD REPUBLIC INTERNATIONAL CORP净利率更高（13.8% vs 10.3%，领先3.4%），First American Financial Corp同比增速更快（21.6% vs 6.7%），过去两年First American Financial Corp的营收复合增速更高（19.9% vs 13.2%）
第一美国金融公司是美国知名金融服务企业，主要面向房地产及抵押贷款行业开展业务，核心服务涵盖产权保险、房产交易与抵押业务相关的交割结算服务，在全球地产金融服务领域具备成熟的服务能力与较高的行业认可度。
Old Republic International Corp是一家总部位于美国伊利诺伊州芝加哥的保险企业，核心业务覆盖财产保险、产权保险两大领域，深耕行业多年，具备成熟的风险防控能力与完善的服务体系，可为各类客户提供专业可靠的保险产品及相关解决方案。
FAF vs ORI — 直观对比
营收规模更大
ORI
是对方的1.2倍
$2.0B
营收增速更快
FAF
高出14.9%
6.7%
净利率更高
ORI
高出3.4%
10.3%
两年增速更快
FAF
近两年复合增速
13.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $2.4B |
| 净利润 | $211.9M | $330.0M |
| 毛利率 | — | — |
| 营业利润率 | 14.0% | — |
| 净利率 | 10.3% | 13.8% |
| 营收同比 | 21.6% | 6.7% |
| 净利润同比 | 192.7% | 34.7% |
| 每股收益（稀释后） | $2.04 | — |
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FAFORI
| Q1 26 | — | $2.4B | ||
| Q4 25 | $2.0B | $2.4B | ||
| Q3 25 | $2.0B | $2.4B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.7B | $2.0B | ||
| Q3 24 | $1.4B | $2.3B | ||
| Q2 24 | $1.6B | $1.9B |
净利润FAFORI
| Q1 26 | — | $330.0M | ||
| Q4 25 | $211.9M | $206.5M | ||
| Q3 25 | $189.6M | $279.5M | ||
| Q2 25 | $146.1M | $204.4M | ||
| Q1 25 | $74.2M | $245.0M | ||
| Q4 24 | $72.4M | $105.3M | ||
| Q3 24 | $-104.0M | $338.9M | ||
| Q2 24 | $116.0M | $91.8M |
营业利润率FAFORI
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | — | ||
| Q3 25 | 12.5% | 14.6% | ||
| Q2 25 | 10.6% | 11.8% | ||
| Q1 25 | 6.1% | 14.6% | ||
| Q4 24 | 5.9% | — | ||
| Q3 24 | -10.3% | 18.2% | ||
| Q2 24 | 9.4% | 6.1% |
净利率FAFORI
| Q1 26 | — | 13.8% | ||
| Q4 25 | 10.3% | 8.6% | ||
| Q3 25 | 9.6% | 11.5% | ||
| Q2 25 | 7.9% | 9.3% | ||
| Q1 25 | 4.7% | 11.6% | ||
| Q4 24 | 4.3% | 5.3% | ||
| Q3 24 | -7.4% | 14.5% | ||
| Q2 24 | 7.2% | 4.9% |
每股收益（稀释后）FAFORI
| Q1 26 | — | — | ||
| Q4 25 | $2.04 | $0.82 | ||
| Q3 25 | $1.84 | $1.11 | ||
| Q2 25 | $1.41 | $0.81 | ||
| Q1 25 | $0.71 | $0.98 | ||
| Q4 24 | $0.70 | $0.42 | ||
| Q3 24 | $-1.00 | $1.32 | ||
| Q2 24 | $1.11 | $0.35 |
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 | $1.4B | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.5B | $5.9M |
| 总资产 | $16.2B | $29.6M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资FAFORI
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.0B | — |
股东权益FAFORI
| Q1 26 | — | $5.9M | ||
| Q4 25 | $5.5B | $5.9B | ||
| Q3 25 | $5.3B | $6.4B | ||
| Q2 25 | $5.1B | $6.2B | ||
| Q1 25 | $5.0B | $5.9B | ||
| Q4 24 | $4.9B | $5.6B | ||
| Q3 24 | $5.1B | $6.4B | ||
| Q2 24 | $4.8B | $6.0B |
总资产FAFORI
| Q1 26 | — | $29.6M | ||
| Q4 25 | $16.2B | $29.9B | ||
| Q3 25 | $17.6B | $30.3B | ||
| Q2 25 | $16.3B | $29.3B | ||
| Q1 25 | $15.5B | $28.0B | ||
| Q4 24 | $14.9B | $27.8B | ||
| Q3 24 | $16.6B | $28.8B | ||
| Q2 24 | $15.2B | $27.5B |
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 | $369.3M | — |
| 自由现金流经营现金流 - 资本支出 | $324.5M | — |
| 自由现金流率自由现金流/营收 | 15.8% | — |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 现金转化率经营现金流/净利润 | 1.74× | — |
| 过去12个月自由现金流最近4个季度 | $762.5M | — |
8季度趋势，按日历期对齐
经营现金流FAFORI
| Q1 26 | — | — | ||
| Q4 25 | $369.3M | $234.9M | ||
| Q3 25 | $272.5M | $563.9M | ||
| Q2 25 | $361.8M | $133.8M | ||
| Q1 25 | $-52.8M | $231.7M | ||
| Q4 24 | $324.6M | $361.7M | ||
| Q3 24 | $236.9M | $474.8M | ||
| Q2 24 | $266.7M | $236.5M |
自由现金流FAFORI
| Q1 26 | — | — | ||
| Q4 25 | $324.5M | — | ||
| Q3 25 | $223.1M | — | ||
| Q2 25 | $309.4M | — | ||
| Q1 25 | $-94.5M | — | ||
| Q4 24 | $266.2M | — | ||
| Q3 24 | $185.4M | — | ||
| Q2 24 | $210.0M | — |
自由现金流率FAFORI
| Q1 26 | — | — | ||
| Q4 25 | 15.8% | — | ||
| Q3 25 | 11.3% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | 13.2% | — | ||
| Q2 24 | 13.0% | — |
资本支出强度FAFORI
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | — | ||
| Q3 25 | 2.5% | — | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 3.5% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 3.5% | — |
现金转化率FAFORI
| Q1 26 | — | — | ||
| Q4 25 | 1.74× | 1.14× | ||
| Q3 25 | 1.44× | 2.02× | ||
| Q2 25 | 2.48× | 0.65× | ||
| Q1 25 | -0.71× | 0.95× | ||
| Q4 24 | 4.48× | 3.43× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | 2.30× | 2.58× |
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
FAF
| Title Insurance And Services | $1.9B | 94% |
| Home Warranty | $110.3M | 5% |
ORI
| operating | $2.2B | 92% |
| Other | $201.8M | 8% |
