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威达信集团（MRSH）与派克汉尼汾（PH）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派克汉尼汾的1.3倍（$6.6B vs $5.2B），派克汉尼汾同比增速更快（9.1% vs 8.7%），威达信集团自由现金流更多（$2.1B vs $768.0M），过去两年派克汉尼汾的营收复合增速更高（1.0% 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。
派克汉尼汾（常简称为派克）是一家专注于运动与控制技术的美国企业，前身为派克电器公司，总部坐落于俄亥俄州大克利夫兰都市区的梅菲尔德高地，其技术及产品广泛应用于工业制造、航空航天等多个核心领域。
MRSH vs PH — 直观对比
营收规模更大
MRSH
是对方的1.3倍
$5.2B
营收增速更快
PH
高出0.4%
8.7%
自由现金流更多
MRSH
多$1.3B
$768.0M
两年增速更快
PH
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.6B | $5.2B |
| 净利润 | $821.0M | — |
| 毛利率 | — | 37.3% |
| 营业利润率 | 18.5% | 22.8% |
| 净利率 | 12.4% | — |
| 营收同比 | 8.7% | 9.1% |
| 净利润同比 | 4.2% | — |
| 每股收益（稀释后） | $1.68 | $6.60 |
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MRSHPH
| Q4 25 | $6.6B | $5.2B | ||
| Q3 25 | $6.4B | $5.1B | ||
| Q2 25 | $7.0B | $5.2B | ||
| Q1 25 | $7.1B | $5.0B | ||
| Q4 24 | $6.1B | $4.7B | ||
| Q3 24 | $5.7B | $4.9B | ||
| Q2 24 | $6.2B | $5.2B | ||
| Q1 24 | $6.5B | $5.1B |
净利润MRSHPH
| Q4 25 | $821.0M | — | ||
| Q3 25 | $747.0M | — | ||
| Q2 25 | $1.2B | $923.6M | ||
| Q1 25 | $1.4B | $961.2M | ||
| Q4 24 | $788.0M | $948.6M | ||
| Q3 24 | $747.0M | $698.5M | ||
| Q2 24 | $1.1B | $785.1M | ||
| Q1 24 | $1.4B | $726.7M |
毛利率MRSHPH
| Q4 25 | — | 37.3% | ||
| Q3 25 | — | 37.5% | ||
| Q2 25 | — | 37.3% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 36.3% | ||
| Q3 24 | — | 36.8% | ||
| Q2 24 | — | 35.9% | ||
| Q1 24 | — | 35.4% |
营业利润率MRSHPH
| Q4 25 | 18.5% | 22.8% | ||
| Q3 25 | 18.4% | 23.3% | ||
| Q2 25 | 26.2% | 22.7% | ||
| Q1 25 | 28.4% | 22.3% | ||
| Q4 24 | 18.8% | 20.9% | ||
| Q3 24 | 19.4% | 21.6% | ||
| Q2 24 | 26.4% | 21.1% | ||
| Q1 24 | 29.7% | 20.4% |
净利率MRSHPH
| Q4 25 | 12.4% | — | ||
| Q3 25 | 11.8% | — | ||
| Q2 25 | 17.4% | 17.6% | ||
| Q1 25 | 19.6% | 19.4% | ||
| Q4 24 | 13.0% | 20.0% | ||
| Q3 24 | 13.1% | 14.2% | ||
| Q2 24 | 18.1% | 15.1% | ||
| Q1 24 | 21.6% | 14.3% |
每股收益（稀释后）MRSHPH
| Q4 25 | $1.68 | $6.60 | ||
| Q3 25 | $1.51 | $6.29 | ||
| Q2 25 | $2.45 | $7.16 | ||
| Q1 25 | $2.79 | $7.37 | ||
| Q4 24 | $1.58 | $7.25 | ||
| Q3 24 | $1.51 | $5.34 | ||
| Q2 24 | $2.27 | $6.06 | ||
| Q1 24 | $2.82 | $5.56 |
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 | $427.0M |
| 总债务越低越好 | $19.6B | $7.5B |
| 股东权益账面价值 | $15.3B | $14.3B |
| 总资产 | $58.7B | $30.5B |
| 负债/权益比越低杠杆越低 | 1.28× | 0.52× |
8季度趋势，按日历期对齐
现金及短期投资MRSHPH
| Q4 25 | $2.7B | $427.0M | ||
| Q3 25 | $2.5B | $473.0M | ||
| Q2 25 | $1.7B | $467.0M | ||
| Q1 25 | $1.6B | $408.7M | ||
| Q4 24 | $2.4B | $395.5M | ||
| Q3 24 | $1.8B | $371.1M | ||
| Q2 24 | $1.7B | $422.0M | ||
| Q1 24 | $1.5B | $415.5M |
总债务MRSHPH
| Q4 25 | $19.6B | $7.5B | ||
| Q3 25 | $19.6B | $7.5B | ||
| Q2 25 | $19.6B | $7.5B | ||
| Q1 25 | $19.5B | $7.4B | ||
| Q4 24 | $19.9B | $6.7B | ||
| Q3 24 | $12.8B | $6.7B | ||
| Q2 24 | $12.8B | $7.2B | ||
| Q1 24 | $13.4B | $7.3B |
股东权益MRSHPH
| Q4 25 | $15.3B | $14.3B | ||
| Q3 25 | $15.4B | $13.8B | ||
| Q2 25 | $16.0B | $13.7B | ||
| Q1 25 | $14.3B | $13.4B | ||
| Q4 24 | $13.5B | $13.1B | ||
| Q3 24 | $13.9B | $12.9B | ||
| Q2 24 | $13.6B | $12.1B | ||
| Q1 24 | $12.6B | $11.6B |
总资产MRSHPH
| Q4 25 | $58.7B | $30.5B | ||
| Q3 25 | $58.8B | $30.7B | ||
| Q2 25 | $58.6B | $29.5B | ||
| Q1 25 | $57.0B | $28.9B | ||
| Q4 24 | $56.5B | $28.3B | ||
| Q3 24 | $49.9B | $29.6B | ||
| Q2 24 | $48.6B | $29.3B | ||
| Q1 24 | $47.6B | $29.6B |
负债/权益比MRSHPH
| Q4 25 | 1.28× | 0.52× | ||
| Q3 25 | 1.27× | 0.54× | ||
| Q2 25 | 1.23× | 0.55× | ||
| Q1 25 | 1.37× | 0.55× | ||
| Q4 24 | 1.47× | 0.51× | ||
| Q3 24 | 0.93× | 0.52× | ||
| Q2 24 | 0.94× | 0.59× | ||
| Q1 24 | 1.06× | 0.63× |
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 | $862.0M |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $768.0M |
| 自由现金流率自由现金流/营收 | 31.2% | 14.8% |
| 资本支出强度资本支出/营收 | 1.6% | 1.8% |
| 现金转化率经营现金流/净利润 | 2.63× | — |
| 过去12个月自由现金流最近4个季度 | $5.0B | $3.3B |
8季度趋势，按日历期对齐
经营现金流MRSHPH
| Q4 25 | $2.2B | $862.0M | ||
| Q3 25 | $2.1B | $782.0M | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $-622.0M | $630.0M | ||
| Q4 24 | $2.0B | $934.8M | ||
| Q3 24 | $1.9B | $744.0M | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $-781.0M | $795.1M |
自由现金流MRSHPH
| Q4 25 | $2.1B | $768.0M | ||
| Q3 25 | $2.0B | $693.0M | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $-677.0M | $542.4M | ||
| Q4 24 | $1.9B | $813.6M | ||
| Q3 24 | $1.8B | $648.7M | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $-868.0M | $715.9M |
自由现金流率MRSHPH
| Q4 25 | 31.2% | 14.8% | ||
| Q3 25 | 31.6% | 13.6% | ||
| Q2 25 | 23.1% | 25.5% | ||
| Q1 25 | -9.6% | 10.9% | ||
| Q4 24 | 31.0% | 17.2% | ||
| Q3 24 | 32.3% | 13.2% | ||
| Q2 24 | 18.2% | 21.6% | ||
| Q1 24 | -13.4% | 14.1% |
资本支出强度MRSHPH
| Q4 25 | 1.6% | 1.8% | ||
| Q3 25 | 1.1% | 1.8% | ||
| Q2 25 | 0.8% | 2.5% | ||
| Q1 25 | 0.8% | 1.8% | ||
| Q4 24 | 1.3% | 2.6% | ||
| Q3 24 | 1.3% | 1.9% | ||
| Q2 24 | 1.3% | 2.3% | ||
| Q1 24 | 1.3% | 1.6% |
现金转化率MRSHPH
| Q4 25 | 2.63× | — | ||
| Q3 25 | 2.79× | — | ||
| Q2 25 | 1.38× | 1.59× | ||
| Q1 25 | -0.45× | 0.66× | ||
| Q4 24 | 2.48× | 0.99× | ||
| Q3 24 | 2.56× | 1.07× | ||
| Q2 24 | 1.08× | 1.58× | ||
| Q1 24 | -0.56× | 1.09× |
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% |
PH
| Filtration And Engineered Materials | $1.5B | 28% |
| Other | $1.1B | 22% |
| Motion Systems | $893.0M | 17% |
| Commercial Aftermarket | $619.0M | 12% |
| Commercial Original Equipment Manufacturer | $561.0M | 11% |
| Defense Original Equipment Manufacturer | $305.0M | 6% |
| Defense Aftermarket | $221.0M | 4% |
