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威达信集团（MRSH）与信安金融集团（PFG）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信安金融集团的1.4倍（$6.6B vs $4.6B），威达信集团净利率更高（12.4% vs 11.3%，领先1.2%），威达信集团同比增速更快（8.7% vs -3.7%），过去两年信安金融集团的营收复合增速更高（6.3% 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。
信安金融集团（股票代码：PFG）是总部位于美国艾奥瓦州得梅因的全球性金融服务企业，核心业务涵盖投资管理、保险服务两大板块，在全球多个区域开展业务，为机构客户和个人用户提供专业定制化的金融解决方案，在行业内拥有较高知名度。
MRSH vs PFG — 直观对比
营收规模更大
MRSH
是对方的1.4倍
$4.6B
营收增速更快
MRSH
高出12.4%
-3.7%
净利率更高
MRSH
高出1.2%
11.3%
两年增速更快
PFG
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.6B | $4.6B |
| 净利润 | $821.0M | $517.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.5% | — |
| 净利率 | 12.4% | 11.3% |
| 营收同比 | 8.7% | -3.7% |
| 净利润同比 | 4.2% | -42.9% |
| 每股收益（稀释后） | $1.68 | $2.30 |
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MRSHPFG
| Q4 25 | $6.6B | $4.6B | ||
| Q3 25 | $6.4B | $3.7B | ||
| Q2 25 | $7.0B | $3.7B | ||
| Q1 25 | $7.1B | $3.7B | ||
| Q4 24 | $6.1B | $4.8B | ||
| Q3 24 | $5.7B | $3.0B | ||
| Q2 24 | $6.2B | $4.3B | ||
| Q1 24 | $6.5B | $4.1B |
净利润MRSHPFG
| Q4 25 | $821.0M | $517.0M | ||
| Q3 25 | $747.0M | $213.8M | ||
| Q2 25 | $1.2B | $406.2M | ||
| Q1 25 | $1.4B | $48.1M | ||
| Q4 24 | $788.0M | $905.4M | ||
| Q3 24 | $747.0M | $-220.0M | ||
| Q2 24 | $1.1B | $353.1M | ||
| Q1 24 | $1.4B | $532.5M |
营业利润率MRSHPFG
| Q4 25 | 18.5% | — | ||
| Q3 25 | 18.4% | — | ||
| Q2 25 | 26.2% | — | ||
| Q1 25 | 28.4% | — | ||
| Q4 24 | 18.8% | — | ||
| Q3 24 | 19.4% | — | ||
| Q2 24 | 26.4% | — | ||
| Q1 24 | 29.7% | — |
净利率MRSHPFG
| Q4 25 | 12.4% | 11.3% | ||
| Q3 25 | 11.8% | 5.8% | ||
| Q2 25 | 17.4% | 11.1% | ||
| Q1 25 | 19.6% | 1.3% | ||
| Q4 24 | 13.0% | 19.1% | ||
| Q3 24 | 13.1% | -7.3% | ||
| Q2 24 | 18.1% | 8.2% | ||
| Q1 24 | 21.6% | 13.1% |
每股收益（稀释后）MRSHPFG
| Q4 25 | $1.68 | $2.30 | ||
| Q3 25 | $1.51 | $0.95 | ||
| Q2 25 | $2.45 | $1.79 | ||
| Q1 25 | $2.79 | $0.21 | ||
| Q4 24 | $1.58 | $3.92 | ||
| Q3 24 | $1.51 | $-0.95 | ||
| Q2 24 | $2.27 | $1.49 | ||
| Q1 24 | $2.82 | $2.22 |
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 | $4.4B |
| 总债务越低越好 | $19.6B | $3.9B |
| 股东权益账面价值 | $15.3B | $11.9B |
| 总资产 | $58.7B | $341.4B |
| 负债/权益比越低杠杆越低 | 1.28× | 0.33× |
8季度趋势，按日历期对齐
现金及短期投资MRSHPFG
| Q4 25 | $2.7B | $4.4B | ||
| Q3 25 | $2.5B | $5.1B | ||
| Q2 25 | $1.7B | $3.7B | ||
| Q1 25 | $1.6B | $3.9B | ||
| Q4 24 | $2.4B | $4.2B | ||
| Q3 24 | $1.8B | $6.2B | ||
| Q2 24 | $1.7B | $4.8B | ||
| Q1 24 | $1.5B | $4.2B |
总债务MRSHPFG
| Q4 25 | $19.6B | $3.9B | ||
| Q3 25 | $19.6B | $3.9B | ||
| Q2 25 | $19.6B | $3.9B | ||
| Q1 25 | $19.5B | $4.3B | ||
| Q4 24 | $19.9B | $4.0B | ||
| Q3 24 | $12.8B | $3.9B | ||
| Q2 24 | $12.8B | $3.9B | ||
| Q1 24 | $13.4B | $3.9B |
股东权益MRSHPFG
| Q4 25 | $15.3B | $11.9B | ||
| Q3 25 | $15.4B | $11.7B | ||
| Q2 25 | $16.0B | $11.4B | ||
| Q1 25 | $14.3B | $11.2B | ||
| Q4 24 | $13.5B | $11.1B | ||
| Q3 24 | $13.9B | $11.2B | ||
| Q2 24 | $13.6B | $11.0B | ||
| Q1 24 | $12.6B | $11.2B |
总资产MRSHPFG
| Q4 25 | $58.7B | $341.4B | ||
| Q3 25 | $58.8B | $334.5B | ||
| Q2 25 | $58.6B | $323.1B | ||
| Q1 25 | $57.0B | $313.0B | ||
| Q4 24 | $56.5B | $313.7B | ||
| Q3 24 | $49.9B | $322.9B | ||
| Q2 24 | $48.6B | $308.8B | ||
| Q1 24 | $47.6B | $308.7B |
负债/权益比MRSHPFG
| Q4 25 | 1.28× | 0.33× | ||
| Q3 25 | 1.27× | 0.34× | ||
| Q2 25 | 1.23× | 0.34× | ||
| Q1 25 | 1.37× | 0.39× | ||
| Q4 24 | 1.47× | 0.36× | ||
| Q3 24 | 0.93× | 0.35× | ||
| Q2 24 | 0.94× | 0.36× | ||
| Q1 24 | 1.06× | 0.35× |
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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $2.1B | — |
| 自由现金流率自由现金流/营收 | 31.2% | — |
| 资本支出强度资本支出/营收 | 1.6% | — |
| 现金转化率经营现金流/净利润 | 2.63× | 3.37× |
| 过去12个月自由现金流最近4个季度 | $5.0B | — |
8季度趋势，按日历期对齐
经营现金流MRSHPFG
| Q4 25 | $2.2B | $1.7B | ||
| Q3 25 | $2.1B | $1.0B | ||
| Q2 25 | $1.7B | $811.9M | ||
| Q1 25 | $-622.0M | $977.3M | ||
| Q4 24 | $2.0B | $1.5B | ||
| Q3 24 | $1.9B | $1.1B | ||
| Q2 24 | $1.2B | $1.4B | ||
| Q1 24 | $-781.0M | $584.2M |
自由现金流MRSHPFG
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $-677.0M | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $-868.0M | — |
自由现金流率MRSHPFG
| Q4 25 | 31.2% | — | ||
| Q3 25 | 31.6% | — | ||
| Q2 25 | 23.1% | — | ||
| Q1 25 | -9.6% | — | ||
| Q4 24 | 31.0% | — | ||
| Q3 24 | 32.3% | — | ||
| Q2 24 | 18.2% | — | ||
| Q1 24 | -13.4% | — |
资本支出强度MRSHPFG
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.3% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.3% | — |
现金转化率MRSHPFG
| Q4 25 | 2.63× | 3.37× | ||
| Q3 25 | 2.79× | 4.70× | ||
| Q2 25 | 1.38× | 2.00× | ||
| Q1 25 | -0.45× | 20.32× | ||
| Q4 24 | 2.48× | 1.61× | ||
| Q3 24 | 2.56× | — | ||
| Q2 24 | 1.08× | 4.05× | ||
| Q1 24 | -0.56× | 1.10× |
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% |
PFG
| Segment Retirement And Income Solutions | $1.6B | 36% |
| Segment Benefits And Protection | $1.1B | 23% |
| Other | $582.8M | 13% |
| Segment Principal Asset Management | $465.6M | 10% |
| Subsegment Investment Management | $449.4M | 10% |
| Administrative Service | $152.2M | 3% |
| Subsegment International Pension | $91.2M | 2% |
| Segment Corporate | $73.0M | 2% |
| Subsegment Life Insurance | $26.1M | 1% |
| Financial Service Other | $25.1M | 1% |
| Residential Mortgage | $7.4M | 0% |
| Subsegment Specialty Benefits | $3.7M | 0% |
| Deposit Account | $3.4M | 0% |
| Commission Income | $1.8M | 0% |
