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威达信集团（MRSH）与Ross Stores（ROST）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Ross Stores的1.2倍（$6.6B vs $5.6B），威达信集团净利率更高（12.4% vs 9.1%，领先3.3%），Ross Stores同比增速更快（10.4% vs 8.7%），威达信集团自由现金流更多（$2.1B vs $617.8M），过去两年威达信集团的营收复合增速更高（0.9% vs -3.6%）
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。
Ross Stores, Inc.是美国知名折扣百货连锁集团，旗下核心品牌为Ross Dress for Less，总部位于加利福尼亚州都柏林，是美国规模最大的平价零售商。截至2024年7月，集团在全美43个州、华盛顿特区、波多黎各及关岛共运营1795家门店，暂未覆盖新英格兰地区及阿拉斯加，另拥有门店数超353家的折扣零售品牌DD's Discounts。
MRSH vs ROST — 直观对比
营收规模更大
MRSH
是对方的1.2倍
$5.6B
营收增速更快
ROST
高出1.7%
8.7%
净利率更高
MRSH
高出3.3%
9.1%
自由现金流更多
MRSH
多$1.4B
$617.8M
两年增速更快
MRSH
近两年复合增速
-3.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.6B | $5.6B |
| 净利润 | $821.0M | $511.9M |
| 毛利率 | — | 28.0% |
| 营业利润率 | 18.5% | 11.6% |
| 净利率 | 12.4% | 9.1% |
| 营收同比 | 8.7% | 10.4% |
| 净利润同比 | 4.2% | 4.7% |
| 每股收益（稀释后） | $1.68 | $1.58 |
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MRSHROST
| Q4 25 | $6.6B | $5.6B | ||
| Q3 25 | $6.4B | $5.5B | ||
| Q2 25 | $7.0B | $5.0B | ||
| Q1 25 | $7.1B | $5.9B | ||
| Q4 24 | $6.1B | $5.1B | ||
| Q3 24 | $5.7B | $5.3B | ||
| Q2 24 | $6.2B | $4.9B | ||
| Q1 24 | $6.5B | $6.0B |
净利润MRSHROST
| Q4 25 | $821.0M | $511.9M | ||
| Q3 25 | $747.0M | $508.0M | ||
| Q2 25 | $1.2B | $479.2M | ||
| Q1 25 | $1.4B | $586.8M | ||
| Q4 24 | $788.0M | $488.8M | ||
| Q3 24 | $747.0M | $527.1M | ||
| Q2 24 | $1.1B | $488.0M | ||
| Q1 24 | $1.4B | $609.7M |
毛利率MRSHROST
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 27.6% | ||
| Q2 25 | — | 28.2% | ||
| Q1 25 | — | 26.5% | ||
| Q4 24 | — | 28.3% | ||
| Q3 24 | — | 28.3% | ||
| Q2 24 | — | 28.1% | ||
| Q1 24 | — | 27.3% |
营业利润率MRSHROST
| Q4 25 | 18.5% | 11.6% | ||
| Q3 25 | 18.4% | 11.5% | ||
| Q2 25 | 26.2% | 12.2% | ||
| Q1 25 | 28.4% | 12.4% | ||
| Q4 24 | 18.8% | 11.9% | ||
| Q3 24 | 19.4% | 12.5% | ||
| Q2 24 | 26.4% | 12.2% | ||
| Q1 24 | 29.7% | 13.2% |
净利率MRSHROST
| Q4 25 | 12.4% | 9.1% | ||
| Q3 25 | 11.8% | 9.2% | ||
| Q2 25 | 17.4% | 9.6% | ||
| Q1 25 | 19.6% | 9.9% | ||
| Q4 24 | 13.0% | 9.6% | ||
| Q3 24 | 13.1% | 10.0% | ||
| Q2 24 | 18.1% | 10.0% | ||
| Q1 24 | 21.6% | 10.1% |
每股收益（稀释后）MRSHROST
| Q4 25 | $1.68 | $1.58 | ||
| Q3 25 | $1.51 | $1.56 | ||
| Q2 25 | $2.45 | $1.47 | ||
| Q1 25 | $2.79 | $1.79 | ||
| Q4 24 | $1.58 | $1.48 | ||
| Q3 24 | $1.51 | $1.59 | ||
| Q2 24 | $2.27 | $1.46 | ||
| Q1 24 | $2.82 | $1.82 |
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 | $4.1B |
| 总债务越低越好 | $19.6B | $1.5B |
| 股东权益账面价值 | $15.3B | $5.9B |
| 总资产 | $58.7B | $15.4B |
| 负债/权益比越低杠杆越低 | 1.28× | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资MRSHROST
| Q4 25 | $2.7B | $4.1B | ||
| Q3 25 | $2.5B | $3.8B | ||
| Q2 25 | $1.7B | $3.8B | ||
| Q1 25 | $1.6B | $4.7B | ||
| Q4 24 | $2.4B | $4.3B | ||
| Q3 24 | $1.8B | $4.7B | ||
| Q2 24 | $1.7B | $4.7B | ||
| Q1 24 | $1.5B | $4.9B |
总债务MRSHROST
| Q4 25 | $19.6B | $1.5B | ||
| Q3 25 | $19.6B | $1.5B | ||
| Q2 25 | $19.6B | $1.5B | ||
| Q1 25 | $19.5B | $2.2B | ||
| Q4 24 | $19.9B | $2.2B | ||
| Q3 24 | $12.8B | $2.5B | ||
| Q2 24 | $12.8B | $2.5B | ||
| Q1 24 | $13.4B | $2.5B |
股东权益MRSHROST
| Q4 25 | $15.3B | $5.9B | ||
| Q3 25 | $15.4B | $5.7B | ||
| Q2 25 | $16.0B | $5.6B | ||
| Q1 25 | $14.3B | $5.5B | ||
| Q4 24 | $13.5B | $5.3B | ||
| Q3 24 | $13.9B | $5.1B | ||
| Q2 24 | $13.6B | $4.9B | ||
| Q1 24 | $12.6B | $4.9B |
总资产MRSHROST
| Q4 25 | $58.7B | $15.4B | ||
| Q3 25 | $58.8B | $14.5B | ||
| Q2 25 | $58.6B | $14.3B | ||
| Q1 25 | $57.0B | $14.9B | ||
| Q4 24 | $56.5B | $14.9B | ||
| Q3 24 | $49.9B | $14.7B | ||
| Q2 24 | $48.6B | $14.5B | ||
| Q1 24 | $47.6B | $14.3B |
负债/权益比MRSHROST
| Q4 25 | 1.28× | 0.26× | ||
| Q3 25 | 1.27× | 0.26× | ||
| Q2 25 | 1.23× | 0.27× | ||
| Q1 25 | 1.37× | 0.40× | ||
| Q4 24 | 1.47× | 0.42× | ||
| Q3 24 | 0.93× | 0.48× | ||
| Q2 24 | 0.94× | 0.50× | ||
| Q1 24 | 1.06× | 0.51× |
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 | $827.1M |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $617.8M |
| 自由现金流率自由现金流/营收 | 31.2% | 11.0% |
| 资本支出强度资本支出/营收 | 1.6% | 3.7% |
| 现金转化率经营现金流/净利润 | 2.63× | 1.62× |
| 过去12个月自由现金流最近4个季度 | $5.0B | $2.0B |
8季度趋势，按日历期对齐
经营现金流MRSHROST
| Q4 25 | $2.2B | $827.1M | ||
| Q3 25 | $2.1B | $668.4M | ||
| Q2 25 | $1.7B | $409.7M | ||
| Q1 25 | $-622.0M | $882.6M | ||
| Q4 24 | $2.0B | $513.4M | ||
| Q3 24 | $1.9B | $592.1M | ||
| Q2 24 | $1.2B | $368.9M | ||
| Q1 24 | $-781.0M | $948.8M |
自由现金流MRSHROST
| Q4 25 | $2.1B | $617.8M | ||
| Q3 25 | $2.0B | $466.6M | ||
| Q2 25 | $1.6B | $202.3M | ||
| Q1 25 | $-677.0M | $676.6M | ||
| Q4 24 | $1.9B | $333.0M | ||
| Q3 24 | $1.8B | $394.6M | ||
| Q2 24 | $1.1B | $232.7M | ||
| Q1 24 | $-868.0M | $726.4M |
自由现金流率MRSHROST
| Q4 25 | 31.2% | 11.0% | ||
| Q3 25 | 31.6% | 8.4% | ||
| Q2 25 | 23.1% | 4.1% | ||
| Q1 25 | -9.6% | 11.4% | ||
| Q4 24 | 31.0% | 6.6% | ||
| Q3 24 | 32.3% | 7.5% | ||
| Q2 24 | 18.2% | 4.8% | ||
| Q1 24 | -13.4% | 12.1% |
资本支出强度MRSHROST
| Q4 25 | 1.6% | 3.7% | ||
| Q3 25 | 1.1% | 3.6% | ||
| Q2 25 | 0.8% | 4.2% | ||
| Q1 25 | 0.8% | 3.5% | ||
| Q4 24 | 1.3% | 3.6% | ||
| Q3 24 | 1.3% | 3.7% | ||
| Q2 24 | 1.3% | 2.8% | ||
| Q1 24 | 1.3% | 3.7% |
现金转化率MRSHROST
| Q4 25 | 2.63× | 1.62× | ||
| Q3 25 | 2.79× | 1.32× | ||
| Q2 25 | 1.38× | 0.85× | ||
| Q1 25 | -0.45× | 1.50× | ||
| Q4 24 | 2.48× | 1.05× | ||
| Q3 24 | 2.56× | 1.12× | ||
| Q2 24 | 1.08× | 0.76× | ||
| Q1 24 | -0.56× | 1.56× |
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% |
ROST
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