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通用磨坊（GIS）与韦莱韬悦（WTW）财务数据对比。点击上方公司名可切换其他公司
通用磨坊的季度营收约是韦莱韬悦的1.7倍（$4.9B vs $2.9B），韦莱韬悦净利率更高（25.5% vs 8.5%，领先17.0%），韦莱韬悦同比增速更快（-3.5% vs -7.2%），韦莱韬悦自由现金流更多（$708.0M vs $675.7M），过去两年韦莱韬悦的营收复合增速更高（12.0% vs -2.4%）
通用磨坊是美国知名跨国消费食品企业，主营品牌包装食品的生产与营销，产品通过零售渠道面向大众发售。公司发源于明尼阿波利斯市密西西比河畔的圣安东尼瀑布区域，最初以大型面粉加工业务闻名，现总部位于明尼阿波利斯市郊的明尼苏达州金谷市。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
GIS vs WTW — 直观对比
营收规模更大
GIS
是对方的1.7倍
$2.9B
营收增速更快
WTW
高出3.7%
-7.2%
净利率更高
WTW
高出17.0%
8.5%
自由现金流更多
WTW
多$32.3M
$675.7M
两年增速更快
WTW
近两年复合增速
-2.4%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $2.9B |
| 净利润 | $413.0M | $735.0M |
| 毛利率 | 34.8% | — |
| 营业利润率 | 15.0% | 35.3% |
| 净利率 | 8.5% | 25.5% |
| 营收同比 | -7.2% | -3.5% |
| 净利润同比 | -48.1% | -41.0% |
| 每股收益（稀释后） | $0.78 | $7.50 |
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GISWTW
| Q4 25 | $4.9B | $2.9B | ||
| Q3 25 | $4.5B | $2.2B | ||
| Q2 25 | $4.6B | $2.2B | ||
| Q1 25 | $4.8B | $2.2B | ||
| Q4 24 | $5.2B | $3.0B | ||
| Q3 24 | $4.8B | $2.2B | ||
| Q2 24 | $4.7B | $2.2B | ||
| Q1 24 | $5.1B | $2.3B |
净利润GISWTW
| Q4 25 | $413.0M | $735.0M | ||
| Q3 25 | $1.2B | $304.0M | ||
| Q2 25 | $294.0M | $331.0M | ||
| Q1 25 | $625.6M | $235.0M | ||
| Q4 24 | $795.7M | $1.2B | ||
| Q3 24 | $579.9M | $-1.7B | ||
| Q2 24 | $557.5M | $141.0M | ||
| Q1 24 | $670.1M | $190.0M |
毛利率GISWTW
| Q4 25 | 34.8% | — | ||
| Q3 25 | 33.9% | — | ||
| Q2 25 | 32.4% | — | ||
| Q1 25 | 33.9% | — | ||
| Q4 24 | 36.9% | — | ||
| Q3 24 | 34.8% | — | ||
| Q2 24 | 35.8% | — | ||
| Q1 24 | 33.5% | — |
营业利润率GISWTW
| Q4 25 | 15.0% | 35.3% | ||
| Q3 25 | 38.2% | 18.7% | ||
| Q2 25 | 11.1% | 16.6% | ||
| Q1 25 | 18.4% | 19.8% | ||
| Q4 24 | 20.6% | 30.2% | ||
| Q3 24 | 17.2% | -34.2% | ||
| Q2 24 | 16.5% | 9.6% | ||
| Q1 24 | 17.9% | 12.2% |
净利率GISWTW
| Q4 25 | 8.5% | 25.5% | ||
| Q3 25 | 26.7% | 13.6% | ||
| Q2 25 | 6.5% | 14.9% | ||
| Q1 25 | 12.9% | 10.8% | ||
| Q4 24 | 15.2% | 41.7% | ||
| Q3 24 | 12.0% | -74.8% | ||
| Q2 24 | 11.8% | 6.4% | ||
| Q1 24 | 13.1% | 8.3% |
每股收益（稀释后）GISWTW
| Q4 25 | $0.78 | $7.50 | ||
| Q3 25 | $2.22 | $3.11 | ||
| Q2 25 | $0.53 | $3.32 | ||
| Q1 25 | $1.12 | $2.33 | ||
| Q4 24 | $1.42 | $12.29 | ||
| Q3 24 | $1.03 | $-16.44 | ||
| Q2 24 | $0.98 | $1.36 | ||
| Q1 24 | $1.17 | $1.83 |
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 | $683.4M | $3.2B |
| 总债务越低越好 | $12.2B | $9.7B |
| 股东权益账面价值 | $9.3B | $8.0B |
| 总资产 | $32.5B | $29.5B |
| 负债/权益比越低杠杆越低 | 1.31× | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资GISWTW
| Q4 25 | $683.4M | $3.2B | ||
| Q3 25 | $952.9M | $1.9B | ||
| Q2 25 | $363.9M | $2.0B | ||
| Q1 25 | $521.3M | $1.5B | ||
| Q4 24 | $2.3B | $1.9B | ||
| Q3 24 | $468.1M | $1.4B | ||
| Q2 24 | $418.0M | $1.2B | ||
| Q1 24 | $588.6M | $1.9B |
总债务GISWTW
| Q4 25 | $12.2B | $9.7B | ||
| Q3 25 | $12.2B | — | ||
| Q2 25 | $12.7B | — | ||
| Q1 25 | $11.8B | — | ||
| Q4 24 | $12.4B | $8.6B | ||
| Q3 24 | $11.4B | — | ||
| Q2 24 | $11.3B | — | ||
| Q1 24 | $11.0B | — |
股东权益GISWTW
| Q4 25 | $9.3B | $8.0B | ||
| Q3 25 | $9.5B | $7.7B | ||
| Q2 25 | $9.2B | $8.1B | ||
| Q1 25 | $9.3B | $8.1B | ||
| Q4 24 | $9.2B | $7.9B | ||
| Q3 24 | $9.3B | $7.5B | ||
| Q2 24 | $9.4B | $9.3B | ||
| Q1 24 | $9.4B | $9.5B |
总资产GISWTW
| Q4 25 | $32.5B | $29.5B | ||
| Q3 25 | $33.0B | $27.4B | ||
| Q2 25 | $33.1B | $28.5B | ||
| Q1 25 | $32.7B | $28.1B | ||
| Q4 24 | $33.4B | $27.7B | ||
| Q3 24 | $31.8B | $27.2B | ||
| Q2 24 | $31.5B | $29.6B | ||
| Q1 24 | $30.9B | $30.2B |
负债/权益比GISWTW
| Q4 25 | 1.31× | 1.21× | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 1.38× | — | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | 1.35× | 1.08× | ||
| Q3 24 | 1.23× | — | ||
| Q2 24 | 1.20× | — | ||
| Q1 24 | 1.17× | — |
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 | $819.3M | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $675.7M | $708.0M |
| 自由现金流率自由现金流/营收 | 13.9% | 24.6% |
| 资本支出强度资本支出/营收 | 3.0% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.98× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $1.8B | $1.5B |
8季度趋势，按日历期对齐
经营现金流GISWTW
| Q4 25 | $819.3M | $771.0M | ||
| Q3 25 | $397.0M | $678.0M | ||
| Q2 25 | $611.6M | $361.0M | ||
| Q1 25 | $531.9M | $-35.0M | ||
| Q4 24 | $1.2B | $599.0M | ||
| Q3 24 | $624.2M | $482.0M | ||
| Q2 24 | $863.7M | $407.0M | ||
| Q1 24 | $943.1M | $24.0M |
自由现金流GISWTW
| Q4 25 | $675.7M | $708.0M | ||
| Q3 25 | $287.5M | $621.0M | ||
| Q2 25 | $391.4M | $303.0M | ||
| Q1 25 | $428.0M | $-86.0M | ||
| Q4 24 | $989.6M | $543.0M | ||
| Q3 24 | $483.9M | $419.0M | ||
| Q2 24 | $575.2M | $341.0M | ||
| Q1 24 | $751.4M | $-36.0M |
自由现金流率GISWTW
| Q4 25 | 13.9% | 24.6% | ||
| Q3 25 | 6.4% | 27.7% | ||
| Q2 25 | 8.6% | 13.7% | ||
| Q1 25 | 8.8% | -3.9% | ||
| Q4 24 | 18.9% | 18.2% | ||
| Q3 24 | 10.0% | 18.7% | ||
| Q2 24 | 12.2% | 15.4% | ||
| Q1 24 | 14.7% | -1.6% |
资本支出强度GISWTW
| Q4 25 | 3.0% | 2.2% | ||
| Q3 25 | 2.4% | 2.5% | ||
| Q2 25 | 4.8% | 2.6% | ||
| Q1 25 | 2.1% | 2.3% | ||
| Q4 24 | 3.1% | 1.9% | ||
| Q3 24 | 2.9% | 2.8% | ||
| Q2 24 | 6.1% | 3.0% | ||
| Q1 24 | 3.8% | 2.6% |
现金转化率GISWTW
| Q4 25 | 1.98× | 1.05× | ||
| Q3 25 | 0.33× | 2.23× | ||
| Q2 25 | 2.08× | 1.09× | ||
| Q1 25 | 0.85× | -0.15× | ||
| Q4 24 | 1.45× | 0.48× | ||
| Q3 24 | 1.08× | — | ||
| Q2 24 | 1.55× | 2.89× | ||
| Q1 24 | 1.41× | 0.13× |
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
GIS
| Snacks | $1.0B | 21% |
| Convenient Meals | $827.0M | 17% |
| Cereal | $791.2M | 16% |
| Dough | $720.9M | 15% |
| Pet | $698.7M | 14% |
| Baking Mixes And Ingredients | $556.0M | 11% |
| Super Premium Ice Cream | $175.8M | 4% |
| Other Product | $73.3M | 2% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
