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威达信集团（MRSH）与网飞（NFLX）财务数据对比。点击上方公司名可切换其他公司
网飞的季度营收约是威达信集团的1.9倍（$12.2B vs $6.6B），网飞净利率更高（43.1% vs 12.4%，领先30.7%），网飞同比增速更快（16.2% vs 8.7%），网飞自由现金流更多（$5.1B vs $2.1B），过去两年网飞的营收复合增速更高（13.2% vs 0.9%）
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。
网飞是来自美国的会员制点播流媒体服务平台，主要提供不同品类的原创及引进电影、电视剧内容，业务覆盖全球众多国家和地区，支持多语言服务，致力于为全球用户提供多元优质的视听娱乐体验。
MRSH vs NFLX — 直观对比
营收规模更大
NFLX
是对方的1.9倍
$6.6B
营收增速更快
NFLX
高出7.5%
8.7%
净利率更高
NFLX
高出30.7%
12.4%
自由现金流更多
NFLX
多$3.0B
$2.1B
两年增速更快
NFLX
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.6B | $12.2B |
| 净利润 | $821.0M | $5.3B |
| 毛利率 | — | 51.9% |
| 营业利润率 | 18.5% | 32.3% |
| 净利率 | 12.4% | 43.1% |
| 营收同比 | 8.7% | 16.2% |
| 净利润同比 | 4.2% | 82.8% |
| 每股收益（稀释后） | $1.68 | $1.23 |
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MRSHNFLX
| Q1 26 | — | $12.2B | ||
| Q4 25 | $6.6B | $12.1B | ||
| Q3 25 | $6.4B | $11.5B | ||
| Q2 25 | $7.0B | $11.1B | ||
| Q1 25 | $7.1B | $10.5B | ||
| Q4 24 | $6.1B | $10.2B | ||
| Q3 24 | $5.7B | $9.8B | ||
| Q2 24 | $6.2B | $9.6B |
净利润MRSHNFLX
| Q1 26 | — | $5.3B | ||
| Q4 25 | $821.0M | $2.4B | ||
| Q3 25 | $747.0M | $2.5B | ||
| Q2 25 | $1.2B | $3.1B | ||
| Q1 25 | $1.4B | $2.9B | ||
| Q4 24 | $788.0M | $1.9B | ||
| Q3 24 | $747.0M | $2.4B | ||
| Q2 24 | $1.1B | $2.1B |
毛利率MRSHNFLX
| Q1 26 | — | 51.9% | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 46.4% | ||
| Q2 25 | — | 51.9% | ||
| Q1 25 | — | 50.1% | ||
| Q4 24 | — | 43.7% | ||
| Q3 24 | — | 47.9% | ||
| Q2 24 | — | 45.9% |
营业利润率MRSHNFLX
| Q1 26 | — | 32.3% | ||
| Q4 25 | 18.5% | 24.5% | ||
| Q3 25 | 18.4% | 28.2% | ||
| Q2 25 | 26.2% | 34.1% | ||
| Q1 25 | 28.4% | 31.7% | ||
| Q4 24 | 18.8% | 22.2% | ||
| Q3 24 | 19.4% | 29.6% | ||
| Q2 24 | 26.4% | 27.2% |
净利率MRSHNFLX
| Q1 26 | — | 43.1% | ||
| Q4 25 | 12.4% | 20.1% | ||
| Q3 25 | 11.8% | 22.1% | ||
| Q2 25 | 17.4% | 28.2% | ||
| Q1 25 | 19.6% | 27.4% | ||
| Q4 24 | 13.0% | 18.2% | ||
| Q3 24 | 13.1% | 24.1% | ||
| Q2 24 | 18.1% | 22.5% |
每股收益（稀释后）MRSHNFLX
| Q1 26 | — | $1.23 | ||
| Q4 25 | $1.68 | $-17.14 | ||
| Q3 25 | $1.51 | $5.87 | ||
| Q2 25 | $2.45 | $7.19 | ||
| Q1 25 | $2.79 | $0.66 | ||
| Q4 24 | $1.58 | $4.27 | ||
| Q3 24 | $1.51 | $5.40 | ||
| Q2 24 | $2.27 | $4.88 |
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 | $2.7B | $12.3B |
| 总债务越低越好 | $19.6B | $13.4B |
| 股东权益账面价值 | $15.3B | $31.1B |
| 总资产 | $58.7B | $61.0B |
| 负债/权益比越低杠杆越低 | 1.28× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资MRSHNFLX
| Q1 26 | — | $12.3B | ||
| Q4 25 | $2.7B | $9.1B | ||
| Q3 25 | $2.5B | $9.3B | ||
| Q2 25 | $1.7B | $8.4B | ||
| Q1 25 | $1.6B | $8.4B | ||
| Q4 24 | $2.4B | $9.6B | ||
| Q3 24 | $1.8B | $9.2B | ||
| Q2 24 | $1.7B | $6.7B |
总债务MRSHNFLX
| Q1 26 | — | $13.4B | ||
| Q4 25 | $19.6B | $13.5B | ||
| Q3 25 | $19.6B | $14.5B | ||
| Q2 25 | $19.6B | $14.5B | ||
| Q1 25 | $19.5B | $14.0B | ||
| Q4 24 | $19.9B | $13.8B | ||
| Q3 24 | $12.8B | $14.2B | ||
| Q2 24 | $12.8B | $12.2B |
股东权益MRSHNFLX
| Q1 26 | — | $31.1B | ||
| Q4 25 | $15.3B | $26.6B | ||
| Q3 25 | $15.4B | $26.0B | ||
| Q2 25 | $16.0B | $25.0B | ||
| Q1 25 | $14.3B | $24.0B | ||
| Q4 24 | $13.5B | $24.7B | ||
| Q3 24 | $13.9B | $22.7B | ||
| Q2 24 | $13.6B | $22.1B |
总资产MRSHNFLX
| Q1 26 | — | $61.0B | ||
| Q4 25 | $58.7B | $55.6B | ||
| Q3 25 | $58.8B | $54.9B | ||
| Q2 25 | $58.6B | $53.1B | ||
| Q1 25 | $57.0B | $52.1B | ||
| Q4 24 | $56.5B | $53.6B | ||
| Q3 24 | $49.9B | $52.3B | ||
| Q2 24 | $48.6B | $49.1B |
负债/权益比MRSHNFLX
| Q1 26 | — | 0.43× | ||
| Q4 25 | 1.28× | 0.51× | ||
| Q3 25 | 1.27× | 0.56× | ||
| Q2 25 | 1.23× | 0.58× | ||
| Q1 25 | 1.37× | 0.58× | ||
| Q4 24 | 1.47× | 0.56× | ||
| Q3 24 | 0.93× | 0.62× | ||
| Q2 24 | 0.94× | 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 | $2.2B | $5.3B |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $5.1B |
| 自由现金流率自由现金流/营收 | 31.2% | 41.6% |
| 资本支出强度资本支出/营收 | 1.6% | 1.6% |
| 现金转化率经营现金流/净利润 | 2.63× | 1.00× |
| 过去12个月自由现金流最近4个季度 | $5.0B | $11.9B |
8季度趋势，按日历期对齐
经营现金流MRSHNFLX
| Q1 26 | — | $5.3B | ||
| Q4 25 | $2.2B | $2.1B | ||
| Q3 25 | $2.1B | $2.8B | ||
| Q2 25 | $1.7B | $2.4B | ||
| Q1 25 | $-622.0M | $2.8B | ||
| Q4 24 | $2.0B | $1.5B | ||
| Q3 24 | $1.9B | $2.3B | ||
| Q2 24 | $1.2B | $1.3B |
自由现金流MRSHNFLX
| Q1 26 | — | $5.1B | ||
| Q4 25 | $2.1B | $1.9B | ||
| Q3 25 | $2.0B | $2.7B | ||
| Q2 25 | $1.6B | $2.3B | ||
| Q1 25 | $-677.0M | $2.7B | ||
| Q4 24 | $1.9B | $1.4B | ||
| Q3 24 | $1.8B | $2.2B | ||
| Q2 24 | $1.1B | $1.2B |
自由现金流率MRSHNFLX
| Q1 26 | — | 41.6% | ||
| Q4 25 | 31.2% | 15.5% | ||
| Q3 25 | 31.6% | 23.1% | ||
| Q2 25 | 23.1% | 20.5% | ||
| Q1 25 | -9.6% | 25.2% | ||
| Q4 24 | 31.0% | 13.5% | ||
| Q3 24 | 32.3% | 22.3% | ||
| Q2 24 | 18.2% | 12.7% |
资本支出强度MRSHNFLX
| Q1 26 | — | 1.6% | ||
| Q4 25 | 1.6% | 2.0% | ||
| Q3 25 | 1.1% | 1.4% | ||
| Q2 25 | 0.8% | 1.4% | ||
| Q1 25 | 0.8% | 1.2% | ||
| Q4 24 | 1.3% | 1.5% | ||
| Q3 24 | 1.3% | 1.3% | ||
| Q2 24 | 1.3% | 0.8% |
现金转化率MRSHNFLX
| Q1 26 | — | 1.00× | ||
| Q4 25 | 2.63× | 0.87× | ||
| Q3 25 | 2.79× | 1.11× | ||
| Q2 25 | 1.38× | 0.78× | ||
| Q1 25 | -0.45× | 0.97× | ||
| Q4 24 | 2.48× | 0.82× | ||
| Q3 24 | 2.56× | 0.98× | ||
| Q2 24 | 1.08× | 0.60× |
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
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
NFLX
暂无分部数据
