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康宁（GLW）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康宁的1.6倍（$6.6B vs $4.2B），康宁净利率更高（12.8% vs 12.4%，领先0.4%），康宁同比增速更快（20.4% vs 8.7%），威达信集团自由现金流更多（$2.1B vs $620.0M），过去两年康宁的营收复合增速更高（19.0% vs 0.9%）
康宁是1851年成立的美国跨国科技企业，主营玻璃、陶瓷及相关材料技术，产品线涵盖先进光学产品，主要应用于工业与科研领域。20世纪曾推出多款知名消费产品，包括康宁锅、Corelle餐具、Pyrex烘焙玻璃器皿等，广受市场欢迎。
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。
GLW vs MRSH — 直观对比
营收规模更大
MRSH
是对方的1.6倍
$4.2B
营收增速更快
GLW
高出11.7%
8.7%
净利率更高
GLW
高出0.4%
12.4%
自由现金流更多
MRSH
多$1.4B
$620.0M
两年增速更快
GLW
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $6.6B |
| 净利润 | $540.0M | $821.0M |
| 毛利率 | 35.5% | — |
| 营业利润率 | 15.9% | 18.5% |
| 净利率 | 12.8% | 12.4% |
| 营收同比 | 20.4% | 8.7% |
| 净利润同比 | 74.2% | 4.2% |
| 每股收益（稀释后） | $0.61 | $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GLWMRSH
| Q4 25 | $4.2B | $6.6B | ||
| Q3 25 | $4.1B | $6.4B | ||
| Q2 25 | $3.9B | $7.0B | ||
| Q1 25 | $3.5B | $7.1B | ||
| Q4 24 | $3.5B | $6.1B | ||
| Q3 24 | $3.4B | $5.7B | ||
| Q2 24 | $3.3B | $6.2B | ||
| Q1 24 | $3.0B | $6.5B |
净利润GLWMRSH
| Q4 25 | $540.0M | $821.0M | ||
| Q3 25 | $430.0M | $747.0M | ||
| Q2 25 | $469.0M | $1.2B | ||
| Q1 25 | $157.0M | $1.4B | ||
| Q4 24 | $310.0M | $788.0M | ||
| Q3 24 | $-117.0M | $747.0M | ||
| Q2 24 | $104.0M | $1.1B | ||
| Q1 24 | $209.0M | $1.4B |
毛利率GLWMRSH
| Q4 25 | 35.5% | — | ||
| Q3 25 | 37.1% | — | ||
| Q2 25 | 36.0% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 34.2% | — | ||
| Q3 24 | 33.5% | — | ||
| Q2 24 | 29.2% | — | ||
| Q1 24 | 33.4% | — |
营业利润率GLWMRSH
| Q4 25 | 15.9% | 18.5% | ||
| Q3 25 | 14.4% | 18.4% | ||
| Q2 25 | 14.8% | 26.2% | ||
| Q1 25 | 12.9% | 28.4% | ||
| Q4 24 | 11.2% | 18.8% | ||
| Q3 24 | 8.9% | 19.4% | ||
| Q2 24 | 5.7% | 26.4% | ||
| Q1 24 | 8.5% | 29.7% |
净利率GLWMRSH
| Q4 25 | 12.8% | 12.4% | ||
| Q3 25 | 10.5% | 11.8% | ||
| Q2 25 | 12.1% | 17.4% | ||
| Q1 25 | 4.5% | 19.6% | ||
| Q4 24 | 8.9% | 13.0% | ||
| Q3 24 | -3.5% | 13.1% | ||
| Q2 24 | 3.2% | 18.1% | ||
| Q1 24 | 7.0% | 21.6% |
每股收益（稀释后）GLWMRSH
| Q4 25 | $0.61 | $1.68 | ||
| Q3 25 | $0.50 | $1.51 | ||
| Q2 25 | $0.54 | $2.45 | ||
| Q1 25 | $0.18 | $2.79 | ||
| Q4 24 | $0.36 | $1.58 | ||
| Q3 24 | $-0.14 | $1.51 | ||
| Q2 24 | $0.12 | $2.27 | ||
| Q1 24 | $0.24 | $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 | $1.5B | $2.7B |
| 总债务越低越好 | $7.6B | $19.6B |
| 股东权益账面价值 | $11.8B | $15.3B |
| 总资产 | $31.0B | $58.7B |
| 负债/权益比越低杠杆越低 | 0.65× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资GLWMRSH
| Q4 25 | $1.5B | $2.7B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.5B |
总债务GLWMRSH
| Q4 25 | $7.6B | $19.6B | ||
| Q3 25 | $7.4B | $19.6B | ||
| Q2 25 | $6.7B | $19.6B | ||
| Q1 25 | $7.0B | $19.5B | ||
| Q4 24 | $6.9B | $19.9B | ||
| Q3 24 | $7.1B | $12.8B | ||
| Q2 24 | $6.9B | $12.8B | ||
| Q1 24 | $7.0B | $13.4B |
股东权益GLWMRSH
| Q4 25 | $11.8B | $15.3B | ||
| Q3 25 | $11.5B | $15.4B | ||
| Q2 25 | $11.1B | $16.0B | ||
| Q1 25 | $10.7B | $14.3B | ||
| Q4 24 | $10.7B | $13.5B | ||
| Q3 24 | $11.1B | $13.9B | ||
| Q2 24 | $10.6B | $13.6B | ||
| Q1 24 | $11.2B | $12.6B |
总资产GLWMRSH
| Q4 25 | $31.0B | $58.7B | ||
| Q3 25 | $29.9B | $58.8B | ||
| Q2 25 | $28.7B | $58.6B | ||
| Q1 25 | $27.4B | $57.0B | ||
| Q4 24 | $27.7B | $56.5B | ||
| Q3 24 | $28.3B | $49.9B | ||
| Q2 24 | $27.2B | $48.6B | ||
| Q1 24 | $27.6B | $47.6B |
负债/权益比GLWMRSH
| Q4 25 | 0.65× | 1.28× | ||
| Q3 25 | 0.64× | 1.27× | ||
| Q2 25 | 0.60× | 1.23× | ||
| Q1 25 | 0.65× | 1.37× | ||
| Q4 24 | 0.64× | 1.47× | ||
| Q3 24 | 0.64× | 0.93× | ||
| Q2 24 | 0.65× | 0.94× | ||
| Q1 24 | 0.63× | 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 | $1.1B | $2.2B |
| 自由现金流经营现金流 - 资本支出 | $620.0M | $2.1B |
| 自由现金流率自由现金流/营收 | 14.7% | 31.2% |
| 资本支出强度资本支出/营收 | 10.2% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.95× | 2.63× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $5.0B |
8季度趋势，按日历期对齐
经营现金流GLWMRSH
| Q4 25 | $1.1B | $2.2B | ||
| Q3 25 | $784.0M | $2.1B | ||
| Q2 25 | $708.0M | $1.7B | ||
| Q1 25 | $151.0M | $-622.0M | ||
| Q4 24 | $623.0M | $2.0B | ||
| Q3 24 | $699.0M | $1.9B | ||
| Q2 24 | $521.0M | $1.2B | ||
| Q1 24 | $96.0M | $-781.0M |
自由现金流GLWMRSH
| Q4 25 | $620.0M | $2.1B | ||
| Q3 25 | $450.0M | $2.0B | ||
| Q2 25 | $400.0M | $1.6B | ||
| Q1 25 | $-57.0M | $-677.0M | ||
| Q4 24 | $369.0M | $1.9B | ||
| Q3 24 | $482.0M | $1.8B | ||
| Q2 24 | $279.0M | $1.1B | ||
| Q1 24 | $-156.0M | $-868.0M |
自由现金流率GLWMRSH
| Q4 25 | 14.7% | 31.2% | ||
| Q3 25 | 11.0% | 31.6% | ||
| Q2 25 | 10.4% | 23.1% | ||
| Q1 25 | -1.7% | -9.6% | ||
| Q4 24 | 10.5% | 31.0% | ||
| Q3 24 | 14.2% | 32.3% | ||
| Q2 24 | 8.6% | 18.2% | ||
| Q1 24 | -5.2% | -13.4% |
资本支出强度GLWMRSH
| Q4 25 | 10.2% | 1.6% | ||
| Q3 25 | 8.1% | 1.1% | ||
| Q2 25 | 8.0% | 0.8% | ||
| Q1 25 | 6.0% | 0.8% | ||
| Q4 24 | 7.3% | 1.3% | ||
| Q3 24 | 6.4% | 1.3% | ||
| Q2 24 | 7.4% | 1.3% | ||
| Q1 24 | 8.5% | 1.3% |
现金转化率GLWMRSH
| Q4 25 | 1.95× | 2.63× | ||
| Q3 25 | 1.82× | 2.79× | ||
| Q2 25 | 1.51× | 1.38× | ||
| Q1 25 | 0.96× | -0.45× | ||
| Q4 24 | 2.01× | 2.48× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | 5.01× | 1.08× | ||
| Q1 24 | 0.46× | -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
GLW
暂无分部数据
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
