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Fidelity National Financial, Inc.（FNF）与怡安集团（RYAN）财务数据对比。点击上方公司名可切换其他公司
怡安集团的季度营收约是Fidelity National Financial, Inc.的1.4倍（$738.0M vs $544.0M），怡安集团净利率更高（1.1% vs -21.5%，领先22.6%），怡安集团同比增速更快（13.6% vs 10.3%），过去两年怡安集团的营收复合增速更高（17.1% vs 13.7%）
富达国民金融是美国财富500强企业，主要面向房地产与抵押贷款行业提供产权保险及交割服务，2019年其产权及房地产业务相关年度营收约为84.69亿美元，是全球领先的产权保险服务供应商。
怡安集团是一家业务横跨英美两国的专业服务企业，目前主要开展两大板块业务：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块则提供健康保险、退休计划、养老金计划与人才咨询相关服务。
FNF vs RYAN — 直观对比
营收规模更大
RYAN
是对方的1.4倍
$544.0M
营收增速更快
RYAN
高出3.3%
10.3%
净利率更高
RYAN
高出22.6%
-21.5%
两年增速更快
RYAN
近两年复合增速
13.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $544.0M | $738.0M |
| 净利润 | $-117.0M | $8.0M |
| 毛利率 | — | — |
| 营业利润率 | 82.9% | 12.4% |
| 净利率 | -21.5% | 1.1% |
| 营收同比 | 10.3% | 13.6% |
| 净利润同比 | -126.0% | -42.0% |
| 每股收益（稀释后） | $-0.44 | — |
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FNFRYAN
| Q4 25 | $544.0M | $738.0M | ||
| Q3 25 | $553.0M | $739.6M | ||
| Q2 25 | $547.0M | $840.9M | ||
| Q1 25 | $455.0M | $676.1M | ||
| Q4 24 | $493.0M | $649.4M | ||
| Q3 24 | $506.0M | $588.1M | ||
| Q2 24 | $504.0M | $680.2M | ||
| Q1 24 | $421.0M | $537.9M |
净利润FNFRYAN
| Q4 25 | $-117.0M | $8.0M | ||
| Q3 25 | $358.0M | $31.1M | ||
| Q2 25 | $278.0M | $52.0M | ||
| Q1 25 | $83.0M | $-27.6M | ||
| Q4 24 | $450.0M | $13.8M | ||
| Q3 24 | $266.0M | $17.6M | ||
| Q2 24 | $306.0M | $46.8M | ||
| Q1 24 | $248.0M | $16.5M |
营业利润率FNFRYAN
| Q4 25 | 82.9% | 12.4% | ||
| Q3 25 | 81.9% | 15.0% | ||
| Q2 25 | 69.8% | 22.7% | ||
| Q1 25 | 24.4% | 14.8% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | 61.9% | 13.9% | ||
| Q2 24 | 90.9% | 24.2% | ||
| Q1 24 | 78.6% | 13.5% |
净利率FNFRYAN
| Q4 25 | -21.5% | 1.1% | ||
| Q3 25 | 64.7% | 4.2% | ||
| Q2 25 | 50.8% | 6.2% | ||
| Q1 25 | 18.2% | -4.1% | ||
| Q4 24 | 91.3% | 2.1% | ||
| Q3 24 | 52.6% | 3.0% | ||
| Q2 24 | 60.7% | 6.9% | ||
| Q1 24 | 58.9% | 3.1% |
每股收益（稀释后）FNFRYAN
| Q4 25 | $-0.44 | — | ||
| Q3 25 | $1.33 | — | ||
| Q2 25 | $1.02 | — | ||
| Q1 25 | $0.30 | — | ||
| Q4 24 | $1.65 | — | ||
| Q3 24 | $0.97 | — | ||
| Q2 24 | $1.12 | — | ||
| Q1 24 | $0.91 | — |
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 | $2.6B | $158.3M |
| 总债务越低越好 | $4.4B | $3.3B |
| 股东权益账面价值 | $7.4B | $648.1M |
| 总资产 | $109.0B | $10.6B |
| 负债/权益比越低杠杆越低 | 0.59× | 5.16× |
8季度趋势，按日历期对齐
现金及短期投资FNFRYAN
| Q4 25 | $2.6B | $158.3M | ||
| Q3 25 | $3.5B | $153.5M | ||
| Q2 25 | $3.3B | $172.6M | ||
| Q1 25 | $4.5B | $203.5M | ||
| Q4 24 | $3.5B | $540.2M | ||
| Q3 24 | $5.0B | $235.2M | ||
| Q2 24 | $4.9B | $1.7B | ||
| Q1 24 | $3.5B | $1.6B |
总债务FNFRYAN
| Q4 25 | $4.4B | $3.3B | ||
| Q3 25 | $4.4B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | $3.3B | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $3.9B | — |
股东权益FNFRYAN
| Q4 25 | $7.4B | $648.1M | ||
| Q3 25 | $8.4B | $630.5M | ||
| Q2 25 | $7.9B | $610.1M | ||
| Q1 25 | $7.9B | $542.5M | ||
| Q4 24 | $7.8B | $627.7M | ||
| Q3 24 | $8.1B | $632.8M | ||
| Q2 24 | $7.3B | $605.9M | ||
| Q1 24 | $7.1B | $554.4M |
总资产FNFRYAN
| Q4 25 | $109.0B | $10.6B | ||
| Q3 25 | $106.6B | $9.9B | ||
| Q2 25 | $102.3B | $10.6B | ||
| Q1 25 | $98.2B | $9.9B | ||
| Q4 24 | $95.4B | $9.6B | ||
| Q3 24 | $94.7B | $8.5B | ||
| Q2 24 | $88.8B | $8.3B | ||
| Q1 24 | $84.5B | $7.1B |
负债/权益比FNFRYAN
| Q4 25 | 0.59× | 5.16× | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.56× | 5.22× | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 0.55× | — |
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 | $1.5B | $263.2M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 现金转化率经营现金流/净利润 | — | 32.99× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FNFRYAN
| Q4 25 | $1.5B | $263.2M | ||
| Q3 25 | $1.3B | $169.7M | ||
| Q2 25 | $1.9B | $353.6M | ||
| Q1 25 | $1.1B | $-142.8M | ||
| Q4 24 | $1.5B | $259.6M | ||
| Q3 24 | $2.4B | $100.9M | ||
| Q2 24 | $1.4B | $270.8M | ||
| Q1 24 | $1.6B | $-116.5M |
自由现金流FNFRYAN
| Q4 25 | — | — | ||
| Q3 25 | — | $167.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-143.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率FNFRYAN
| Q4 25 | — | — | ||
| Q3 25 | — | 22.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度FNFRYAN
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
现金转化率FNFRYAN
| Q4 25 | — | 32.99× | ||
| Q3 25 | 3.66× | 5.46× | ||
| Q2 25 | 6.82× | 6.80× | ||
| Q1 25 | 13.43× | — | ||
| Q4 24 | 3.32× | 18.88× | ||
| Q3 24 | 8.89× | 5.74× | ||
| Q2 24 | 4.45× | 5.79× | ||
| Q1 24 | 6.42× | -7.05× |
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
FNF
| Escrow Fees | $241.0M | 44% |
| Other Title Related Fees And Income | $182.0M | 33% |
| Service Link Excluding Title Premiums Escrow Fees And Subservicing Fees | $87.0M | 16% |
| Insurance Contracts Home Warranty | $31.0M | 6% |
RYAN
| Wholesale Brokerage | $385.7M | 52% |
| Underwriting Management | $268.3M | 36% |
| Binding Authorities | $84.0M | 11% |
