vs
国际香精香料（IFF）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
韦莱韬悦的季度营收约是国际香精香料的1.1倍（$2.9B vs $2.6B），韦莱韬悦净利率更高（25.5% vs 0.2%，领先25.3%），韦莱韬悦同比增速更快（-3.5% vs -6.6%），韦莱韬悦自由现金流更多（$708.0M vs $130.0M），过去两年韦莱韬悦的营收复合增速更高（12.0% vs -5.5%）
国际香精香料（IFF）是美国知名企业，业务覆盖风味、质感、香氛、营养、酶制剂、菌种、大豆蛋白、益生菌等多品类产品研发，产品行销全球。公司总部位于纽约，在44个国家设有创意、销售及生产基地，是标普500指数成分股企业。
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。
IFF vs WTW — 直观对比
营收规模更大
WTW
是对方的1.1倍
$2.6B
营收增速更快
WTW
高出3.0%
-6.6%
净利率更高
WTW
高出25.3%
0.2%
自由现金流更多
WTW
多$578.0M
$130.0M
两年增速更快
WTW
近两年复合增速
-5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $2.9B |
| 净利润 | $5.0M | $735.0M |
| 毛利率 | 34.4% | — |
| 营业利润率 | 3.7% | 35.3% |
| 净利率 | 0.2% | 25.5% |
| 营收同比 | -6.6% | -3.5% |
| 净利润同比 | 110.9% | -41.0% |
| 每股收益（稀释后） | $0.03 | $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IFFWTW
| Q4 25 | $2.6B | $2.9B | ||
| Q3 25 | $2.7B | $2.2B | ||
| Q2 25 | $2.8B | $2.2B | ||
| Q1 25 | $2.8B | $2.2B | ||
| Q4 24 | $2.8B | $3.0B | ||
| Q3 24 | $2.9B | $2.2B | ||
| Q2 24 | $2.9B | $2.2B | ||
| Q1 24 | $2.9B | $2.3B |
净利润IFFWTW
| Q4 25 | $5.0M | $735.0M | ||
| Q3 25 | $40.0M | $304.0M | ||
| Q2 25 | $612.0M | $331.0M | ||
| Q1 25 | $-1.0B | $235.0M | ||
| Q4 24 | $-46.0M | $1.2B | ||
| Q3 24 | $59.0M | $-1.7B | ||
| Q2 24 | $170.0M | $141.0M | ||
| Q1 24 | $60.0M | $190.0M |
毛利率IFFWTW
| Q4 25 | 34.4% | — | ||
| Q3 25 | 36.5% | — | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 36.4% | — | ||
| Q4 24 | 35.4% | — | ||
| Q3 24 | 36.0% | — | ||
| Q2 24 | 37.0% | — | ||
| Q1 24 | 35.3% | — |
营业利润率IFFWTW
| Q4 25 | 3.7% | 35.3% | ||
| Q3 25 | 8.4% | 18.7% | ||
| Q2 25 | 7.2% | 16.6% | ||
| Q1 25 | -31.8% | 19.8% | ||
| Q4 24 | 4.6% | 30.2% | ||
| Q3 24 | 8.5% | -34.2% | ||
| Q2 24 | 6.6% | 9.6% | ||
| Q1 24 | 6.9% | 12.2% |
净利率IFFWTW
| Q4 25 | 0.2% | 25.5% | ||
| Q3 25 | 1.5% | 13.6% | ||
| Q2 25 | 22.1% | 14.9% | ||
| Q1 25 | -35.8% | 10.8% | ||
| Q4 24 | -1.7% | 41.7% | ||
| Q3 24 | 2.0% | -74.8% | ||
| Q2 24 | 5.9% | 6.4% | ||
| Q1 24 | 2.1% | 8.3% |
每股收益（稀释后）IFFWTW
| Q4 25 | $0.03 | $7.50 | ||
| Q3 25 | $0.16 | $3.11 | ||
| Q2 25 | $2.38 | $3.32 | ||
| Q1 25 | $-3.98 | $2.33 | ||
| Q4 24 | $-0.17 | $12.29 | ||
| Q3 24 | $0.23 | $-16.44 | ||
| Q2 24 | $0.66 | $1.36 | ||
| Q1 24 | $0.23 | $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 | $590.0M | $3.2B |
| 总债务越低越好 | $5.6B | $9.7B |
| 股东权益账面价值 | $14.2B | $8.0B |
| 总资产 | $25.5B | $29.5B |
| 负债/权益比越低杠杆越低 | 0.40× | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资IFFWTW
| Q4 25 | $590.0M | $3.2B | ||
| Q3 25 | $621.0M | $1.9B | ||
| Q2 25 | $816.0M | $2.0B | ||
| Q1 25 | $613.0M | $1.5B | ||
| Q4 24 | $469.0M | $1.9B | ||
| Q3 24 | $567.0M | $1.4B | ||
| Q2 24 | $671.0M | $1.2B | ||
| Q1 24 | $732.0M | $1.9B |
总债务IFFWTW
| Q4 25 | $5.6B | $9.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.9B | $8.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IFFWTW
| Q4 25 | $14.2B | $8.0B | ||
| Q3 25 | $14.2B | $7.7B | ||
| Q2 25 | $14.4B | $8.1B | ||
| Q1 25 | $13.2B | $8.1B | ||
| Q4 24 | $13.9B | $7.9B | ||
| Q3 24 | $14.8B | $7.5B | ||
| Q2 24 | $14.3B | $9.3B | ||
| Q1 24 | $14.3B | $9.5B |
总资产IFFWTW
| Q4 25 | $25.5B | $29.5B | ||
| Q3 25 | $25.8B | $27.4B | ||
| Q2 25 | $26.1B | $28.5B | ||
| Q1 25 | $28.3B | $28.1B | ||
| Q4 24 | $28.7B | $27.7B | ||
| Q3 24 | $29.9B | $27.2B | ||
| Q2 24 | $29.5B | $29.6B | ||
| Q1 24 | $30.6B | $30.2B |
负债/权益比IFFWTW
| Q4 25 | 0.40× | 1.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.64× | 1.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $318.0M | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $130.0M | $708.0M |
| 自由现金流率自由现金流/营收 | 5.0% | 24.6% |
| 资本支出强度资本支出/营收 | 7.3% | 2.2% |
| 现金转化率经营现金流/净利润 | 63.60× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $256.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流IFFWTW
| Q4 25 | $318.0M | $771.0M | ||
| Q3 25 | $164.0M | $678.0M | ||
| Q2 25 | $241.0M | $361.0M | ||
| Q1 25 | $127.0M | $-35.0M | ||
| Q4 24 | $368.0M | $599.0M | ||
| Q3 24 | $366.0M | $482.0M | ||
| Q2 24 | $237.0M | $407.0M | ||
| Q1 24 | $99.0M | $24.0M |
自由现金流IFFWTW
| Q4 25 | $130.0M | $708.0M | ||
| Q3 25 | $32.0M | $621.0M | ||
| Q2 25 | $146.0M | $303.0M | ||
| Q1 25 | $-52.0M | $-86.0M | ||
| Q4 24 | $208.0M | $543.0M | ||
| Q3 24 | $263.0M | $419.0M | ||
| Q2 24 | $155.0M | $341.0M | ||
| Q1 24 | $-19.0M | $-36.0M |
自由现金流率IFFWTW
| Q4 25 | 5.0% | 24.6% | ||
| Q3 25 | 1.2% | 27.7% | ||
| Q2 25 | 5.3% | 13.7% | ||
| Q1 25 | -1.8% | -3.9% | ||
| Q4 24 | 7.5% | 18.2% | ||
| Q3 24 | 9.0% | 18.7% | ||
| Q2 24 | 5.4% | 15.4% | ||
| Q1 24 | -0.7% | -1.6% |
资本支出强度IFFWTW
| Q4 25 | 7.3% | 2.2% | ||
| Q3 25 | 4.9% | 2.5% | ||
| Q2 25 | 3.4% | 2.6% | ||
| Q1 25 | 6.3% | 2.3% | ||
| Q4 24 | 5.8% | 1.9% | ||
| Q3 24 | 3.5% | 2.8% | ||
| Q2 24 | 2.8% | 3.0% | ||
| Q1 24 | 4.1% | 2.6% |
现金转化率IFFWTW
| Q4 25 | 63.60× | 1.05× | ||
| Q3 25 | 4.10× | 2.23× | ||
| Q2 25 | 0.39× | 1.09× | ||
| Q1 25 | — | -0.15× | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | 6.20× | — | ||
| Q2 24 | 1.39× | 2.89× | ||
| Q1 24 | 1.65× | 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
IFF
| Food Ingredients | $802.0M | 31% |
| Scent | $610.0M | 24% |
| Other | $589.0M | 23% |
| Taste | $588.0M | 23% |
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% |
