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威达信集团（MRSH）与皇家加勒比集团（RCL）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皇家加勒比集团的1.5倍（$6.6B vs $4.5B），皇家加勒比集团净利率更高（21.3% vs 12.4%，领先8.9%），皇家加勒比集团同比增速更快（11.3% vs 8.7%），过去两年皇家加勒比集团的营收复合增速更高（4.1% 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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
MRSH vs RCL — 直观对比
营收规模更大
MRSH
是对方的1.5倍
$4.5B
营收增速更快
RCL
高出2.6%
8.7%
净利率更高
RCL
高出8.9%
12.4%
两年增速更快
RCL
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.6B | $4.5B |
| 净利润 | $821.0M | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.5% | 26.1% |
| 净利率 | 12.4% | 21.3% |
| 营收同比 | 8.7% | 11.3% |
| 净利润同比 | 4.2% | 29.1% |
| 每股收益（稀释后） | $1.68 | $3.48 |
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MRSHRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $6.6B | $4.3B | ||
| Q3 25 | $6.4B | $5.1B | ||
| Q2 25 | $7.0B | $4.5B | ||
| Q1 25 | $7.1B | $4.0B | ||
| Q4 24 | $6.1B | $3.8B | ||
| Q3 24 | $5.7B | $4.9B | ||
| Q2 24 | $6.2B | $4.1B |
净利润MRSHRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $821.0M | $753.0M | ||
| Q3 25 | $747.0M | $1.6B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.4B | $730.0M | ||
| Q4 24 | $788.0M | $552.0M | ||
| Q3 24 | $747.0M | $1.1B | ||
| Q2 24 | $1.1B | $854.0M |
毛利率MRSHRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
营业利润率MRSHRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 18.5% | 21.9% | ||
| Q3 25 | 18.4% | 33.1% | ||
| Q2 25 | 26.2% | 29.3% | ||
| Q1 25 | 28.4% | 23.6% | ||
| Q4 24 | 18.8% | 16.6% | ||
| Q3 24 | 19.4% | 33.4% | ||
| Q2 24 | 26.4% | 26.7% |
净利率MRSHRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 12.4% | 17.7% | ||
| Q3 25 | 11.8% | 30.6% | ||
| Q2 25 | 17.4% | 26.7% | ||
| Q1 25 | 19.6% | 18.3% | ||
| Q4 24 | 13.0% | 14.7% | ||
| Q3 24 | 13.1% | 22.7% | ||
| Q2 24 | 18.1% | 20.8% |
每股收益（稀释后）MRSHRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $1.68 | $2.76 | ||
| Q3 25 | $1.51 | $5.74 | ||
| Q2 25 | $2.45 | $4.41 | ||
| Q1 25 | $2.79 | $2.70 | ||
| Q4 24 | $1.58 | $2.27 | ||
| Q3 24 | $1.51 | $4.21 | ||
| Q2 24 | $2.27 | $3.11 |
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 | $512.0M |
| 总债务越低越好 | $19.6B | $21.1B |
| 股东权益账面价值 | $15.3B | $10.0B |
| 总资产 | $58.7B | $42.0B |
| 负债/权益比越低杠杆越低 | 1.28× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资MRSHRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $2.7B | $825.0M | ||
| Q3 25 | $2.5B | $432.0M | ||
| Q2 25 | $1.7B | $735.0M | ||
| Q1 25 | $1.6B | $386.0M | ||
| Q4 24 | $2.4B | $388.0M | ||
| Q3 24 | $1.8B | $418.0M | ||
| Q2 24 | $1.7B | $391.0M |
总债务MRSHRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $19.6B | $18.2B | ||
| Q3 25 | $19.6B | $17.2B | ||
| Q2 25 | $19.6B | $17.6B | ||
| Q1 25 | $19.5B | $18.0B | ||
| Q4 24 | $19.9B | $18.5B | ||
| Q3 24 | $12.8B | $19.0B | ||
| Q2 24 | $12.8B | $19.8B |
股东权益MRSHRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $15.3B | $10.0B | ||
| Q3 25 | $15.4B | $10.1B | ||
| Q2 25 | $16.0B | $9.2B | ||
| Q1 25 | $14.3B | $8.0B | ||
| Q4 24 | $13.5B | $7.6B | ||
| Q3 24 | $13.9B | $7.0B | ||
| Q2 24 | $13.6B | $6.0B |
总资产MRSHRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $58.7B | $41.6B | ||
| Q3 25 | $58.8B | $40.1B | ||
| Q2 25 | $58.6B | $38.5B | ||
| Q1 25 | $57.0B | $37.5B | ||
| Q4 24 | $56.5B | $37.1B | ||
| Q3 24 | $49.9B | $37.1B | ||
| Q2 24 | $48.6B | $37.0B |
负债/权益比MRSHRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | 1.28× | 1.81× | ||
| Q3 25 | 1.27× | 1.70× | ||
| Q2 25 | 1.23× | 1.92× | ||
| Q1 25 | 1.37× | 2.26× | ||
| Q4 24 | 1.47× | 2.44× | ||
| Q3 24 | 0.93× | 2.69× | ||
| Q2 24 | 0.94× | 3.29× |
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 | $1.8B |
| 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× | 1.93× |
| 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MRSHRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $2.2B | $1.6B | ||
| Q3 25 | $2.1B | $1.5B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $-622.0M | $1.6B | ||
| Q4 24 | $2.0B | $1.5B | ||
| Q3 24 | $1.9B | $897.0M | ||
| Q2 24 | $1.2B | $1.6B |
自由现金流MRSHRCL
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $116.0M | ||
| Q3 25 | $2.0B | $-989.0M | ||
| Q2 25 | $1.6B | $910.0M | ||
| Q1 25 | $-677.0M | $1.2B | ||
| Q4 24 | $1.9B | $915.0M | ||
| Q3 24 | $1.8B | $563.0M | ||
| Q2 24 | $1.1B | $-567.0M |
自由现金流率MRSHRCL
| Q1 26 | — | — | ||
| Q4 25 | 31.2% | 2.7% | ||
| Q3 25 | 31.6% | -19.2% | ||
| Q2 25 | 23.1% | 20.1% | ||
| Q1 25 | -9.6% | 30.0% | ||
| Q4 24 | 31.0% | 24.3% | ||
| Q3 24 | 32.3% | 11.5% | ||
| Q2 24 | 18.2% | -13.8% |
资本支出强度MRSHRCL
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 35.4% | ||
| Q3 25 | 1.1% | 47.8% | ||
| Q2 25 | 0.8% | 18.4% | ||
| Q1 25 | 0.8% | 10.7% | ||
| Q4 24 | 1.3% | 14.7% | ||
| Q3 24 | 1.3% | 6.8% | ||
| Q2 24 | 1.3% | 52.1% |
现金转化率MRSHRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 2.63× | 2.16× | ||
| Q3 25 | 2.79× | 0.93× | ||
| Q2 25 | 1.38× | 1.44× | ||
| Q1 25 | -0.45× | 2.23× | ||
| Q4 24 | 2.48× | 2.66× | ||
| Q3 24 | 2.56× | 0.81× | ||
| Q2 24 | 1.08× | 1.84× |
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% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
