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汉瑞祥（HSIC）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
汉瑞祥的季度营收约是韦莱韬悦的1.2倍（$3.4B vs $2.9B），韦莱韬悦净利率更高（25.5% vs 2.9%，领先22.6%），汉瑞祥同比增速更快（7.7% vs -3.5%），韦莱韬悦自由现金流更多（$708.0M vs $338.0M），过去两年韦莱韬悦的营收复合增速更高（12.0% vs 4.1%）
汉瑞祥（Henry Schein, Inc.）是美国的医疗保健产品及服务分销商，业务覆盖全球33个国家和地区，是全球面向诊所类牙科及医疗从业者的最大医疗解决方案供应商。公司连续14年入选Ethisphere评选的「全球最具道德企业」榜单，2025年再次登榜。
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。
HSIC vs WTW — 直观对比
营收规模更大
HSIC
是对方的1.2倍
$2.9B
营收增速更快
HSIC
高出11.3%
-3.5%
净利率更高
WTW
高出22.6%
2.9%
自由现金流更多
WTW
多$370.0M
$338.0M
两年增速更快
WTW
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $2.9B |
| 净利润 | $101.0M | $735.0M |
| 毛利率 | 30.9% | — |
| 营业利润率 | 4.7% | 35.3% |
| 净利率 | 2.9% | 25.5% |
| 营收同比 | 7.7% | -3.5% |
| 净利润同比 | 7.4% | -41.0% |
| 每股收益（稀释后） | $0.85 | $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HSICWTW
| Q4 25 | $3.4B | $2.9B | ||
| Q3 25 | $3.3B | $2.2B | ||
| Q2 25 | $3.2B | $2.2B | ||
| Q1 25 | $3.2B | $2.2B | ||
| Q4 24 | $3.2B | $3.0B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.1B | $2.2B | ||
| Q1 24 | $3.2B | $2.3B |
净利润HSICWTW
| Q4 25 | $101.0M | $735.0M | ||
| Q3 25 | $101.0M | $304.0M | ||
| Q2 25 | $86.0M | $331.0M | ||
| Q1 25 | $110.0M | $235.0M | ||
| Q4 24 | $94.0M | $1.2B | ||
| Q3 24 | $99.0M | $-1.7B | ||
| Q2 24 | $104.0M | $141.0M | ||
| Q1 24 | $93.0M | $190.0M |
毛利率HSICWTW
| Q4 25 | 30.9% | — | ||
| Q3 25 | 30.7% | — | ||
| Q2 25 | 31.4% | — | ||
| Q1 25 | 31.6% | — | ||
| Q4 24 | 31.1% | — | ||
| Q3 24 | 31.3% | — | ||
| Q2 24 | 32.5% | — | ||
| Q1 24 | 31.9% | — |
营业利润率HSICWTW
| Q4 25 | 4.7% | 35.3% | ||
| Q3 25 | 4.9% | 18.7% | ||
| Q2 25 | 4.7% | 16.6% | ||
| Q1 25 | 5.5% | 19.8% | ||
| Q4 24 | 4.9% | 30.2% | ||
| Q3 24 | 4.9% | -34.2% | ||
| Q2 24 | 5.1% | 9.6% | ||
| Q1 24 | 4.7% | 12.2% |
净利率HSICWTW
| Q4 25 | 2.9% | 25.5% | ||
| Q3 25 | 3.0% | 13.6% | ||
| Q2 25 | 2.7% | 14.9% | ||
| Q1 25 | 3.5% | 10.8% | ||
| Q4 24 | 2.9% | 41.7% | ||
| Q3 24 | 3.1% | -74.8% | ||
| Q2 24 | 3.3% | 6.4% | ||
| Q1 24 | 2.9% | 8.3% |
每股收益（稀释后）HSICWTW
| Q4 25 | $0.85 | $7.50 | ||
| Q3 25 | $0.84 | $3.11 | ||
| Q2 25 | $0.70 | $3.32 | ||
| Q1 25 | $0.88 | $2.33 | ||
| Q4 24 | $0.75 | $12.29 | ||
| Q3 24 | $0.78 | $-16.44 | ||
| Q2 24 | $0.80 | $1.36 | ||
| Q1 24 | $0.72 | $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 | $156.0M | $3.2B |
| 总债务越低越好 | $2.3B | $9.7B |
| 股东权益账面价值 | $3.2B | $8.0B |
| 总资产 | $11.2B | $29.5B |
| 负债/权益比越低杠杆越低 | 0.71× | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资HSICWTW
| Q4 25 | $156.0M | $3.2B | ||
| Q3 25 | $136.0M | $1.9B | ||
| Q2 25 | $145.0M | $2.0B | ||
| Q1 25 | $127.0M | $1.5B | ||
| Q4 24 | $122.0M | $1.9B | ||
| Q3 24 | $126.0M | $1.4B | ||
| Q2 24 | $138.0M | $1.2B | ||
| Q1 24 | $159.0M | $1.9B |
总债务HSICWTW
| Q4 25 | $2.3B | $9.7B | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.8B | $8.6B | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $2.0B | — |
股东权益HSICWTW
| Q4 25 | $3.2B | $8.0B | ||
| Q3 25 | $3.4B | $7.7B | ||
| Q2 25 | $3.4B | $8.1B | ||
| Q1 25 | $3.3B | $8.1B | ||
| Q4 24 | $3.4B | $7.9B | ||
| Q3 24 | $3.5B | $7.5B | ||
| Q2 24 | $3.5B | $9.3B | ||
| Q1 24 | $3.6B | $9.5B |
总资产HSICWTW
| Q4 25 | $11.2B | $29.5B | ||
| Q3 25 | $11.1B | $27.4B | ||
| Q2 25 | $10.9B | $28.5B | ||
| Q1 25 | $10.5B | $28.1B | ||
| Q4 24 | $10.2B | $27.7B | ||
| Q3 24 | $10.6B | $27.2B | ||
| Q2 24 | $10.3B | $29.6B | ||
| Q1 24 | $10.1B | $30.2B |
负债/权益比HSICWTW
| Q4 25 | 0.71× | 1.21× | ||
| Q3 25 | 0.64× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.54× | 1.08× | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.56× | — |
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 | $381.0M | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $338.0M | $708.0M |
| 自由现金流率自由现金流/营收 | 9.8% | 24.6% |
| 资本支出强度资本支出/营收 | 1.3% | 2.2% |
| 现金转化率经营现金流/净利润 | 3.77× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $573.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流HSICWTW
| Q4 25 | $381.0M | $771.0M | ||
| Q3 25 | $174.0M | $678.0M | ||
| Q2 25 | $120.0M | $361.0M | ||
| Q1 25 | $37.0M | $-35.0M | ||
| Q4 24 | $204.0M | $599.0M | ||
| Q3 24 | $151.0M | $482.0M | ||
| Q2 24 | $296.0M | $407.0M | ||
| Q1 24 | $197.0M | $24.0M |
自由现金流HSICWTW
| Q4 25 | $338.0M | $708.0M | ||
| Q3 25 | $141.0M | $621.0M | ||
| Q2 25 | $88.0M | $303.0M | ||
| Q1 25 | $6.0M | $-86.0M | ||
| Q4 24 | $168.0M | $543.0M | ||
| Q3 24 | $117.0M | $419.0M | ||
| Q2 24 | $259.0M | $341.0M | ||
| Q1 24 | $156.0M | $-36.0M |
自由现金流率HSICWTW
| Q4 25 | 9.8% | 24.6% | ||
| Q3 25 | 4.2% | 27.7% | ||
| Q2 25 | 2.7% | 13.7% | ||
| Q1 25 | 0.2% | -3.9% | ||
| Q4 24 | 5.3% | 18.2% | ||
| Q3 24 | 3.7% | 18.7% | ||
| Q2 24 | 8.3% | 15.4% | ||
| Q1 24 | 4.9% | -1.6% |
资本支出强度HSICWTW
| Q4 25 | 1.3% | 2.2% | ||
| Q3 25 | 1.0% | 2.5% | ||
| Q2 25 | 1.0% | 2.6% | ||
| Q1 25 | 1.0% | 2.3% | ||
| Q4 24 | 1.1% | 1.9% | ||
| Q3 24 | 1.1% | 2.8% | ||
| Q2 24 | 1.2% | 3.0% | ||
| Q1 24 | 1.3% | 2.6% |
现金转化率HSICWTW
| Q4 25 | 3.77× | 1.05× | ||
| Q3 25 | 1.72× | 2.23× | ||
| Q2 25 | 1.40× | 1.09× | ||
| Q1 25 | 0.34× | -0.15× | ||
| Q4 24 | 2.17× | 0.48× | ||
| Q3 24 | 1.53× | — | ||
| Q2 24 | 2.85× | 2.89× | ||
| Q1 24 | 2.12× | 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
HSIC
| Global Dental Merchandise | $1.2B | 35% |
| Global Medical | $1.1B | 31% |
| Global Dental Equipment | $536.0M | 16% |
| Global Specialty Products | $422.0M | 12% |
| Global Technology | $173.0M | 5% |
| Global Value Added Services | $64.0M | 2% |
| Equity Method Investee | $14.0M | 0% |
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% |
