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威达信集团（MRSH）与怡安集团（RYAN）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怡安集团的8.9倍（$6.6B vs $738.0M）。威达信集团净利率更高（12.4% vs 1.1%，领先11.4%）。怡安集团同比增速更快（13.6% vs 8.7%）。过去两年怡安集团的营收复合增速更高（17.1% 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。
怡安集团是一家业务横跨英美两国的专业服务企业，目前主要开展两大板块业务：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块则提供健康保险、退休计划、养老金计划与人才咨询相关服务。
MRSH vs RYAN — 直观对比
营收规模更大
MRSH
是对方的8.9倍
$738.0M
营收增速更快
RYAN
高出4.9%
8.7%
净利率更高
MRSH
高出11.4%
1.1%
两年增速更快
RYAN
近两年复合增速
0.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.6B | $738.0M |
| 净利润 | $821.0M | $8.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.5% | 12.4% |
| 净利率 | 12.4% | 1.1% |
| 营收同比 | 8.7% | 13.6% |
| 净利润同比 | 4.2% | -42.0% |
| 每股收益（稀释后） | $1.68 | — |
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MRSHRYAN
| Q4 25 | $6.6B | $738.0M | ||
| Q3 25 | $6.4B | $739.6M | ||
| Q2 25 | $7.0B | $840.9M | ||
| Q1 25 | $7.1B | $676.1M | ||
| Q4 24 | $6.1B | $649.4M | ||
| Q3 24 | $5.7B | $588.1M | ||
| Q2 24 | $6.2B | $680.2M | ||
| Q1 24 | $6.5B | $537.9M |
净利润MRSHRYAN
| Q4 25 | $821.0M | $8.0M | ||
| Q3 25 | $747.0M | $31.1M | ||
| Q2 25 | $1.2B | $52.0M | ||
| Q1 25 | $1.4B | $-27.6M | ||
| Q4 24 | $788.0M | $13.8M | ||
| Q3 24 | $747.0M | $17.6M | ||
| Q2 24 | $1.1B | $46.8M | ||
| Q1 24 | $1.4B | $16.5M |
营业利润率MRSHRYAN
| Q4 25 | 18.5% | 12.4% | ||
| Q3 25 | 18.4% | 15.0% | ||
| Q2 25 | 26.2% | 22.7% | ||
| Q1 25 | 28.4% | 14.8% | ||
| Q4 24 | 18.8% | 16.8% | ||
| Q3 24 | 19.4% | 13.9% | ||
| Q2 24 | 26.4% | 24.2% | ||
| Q1 24 | 29.7% | 13.5% |
净利率MRSHRYAN
| Q4 25 | 12.4% | 1.1% | ||
| Q3 25 | 11.8% | 4.2% | ||
| Q2 25 | 17.4% | 6.2% | ||
| Q1 25 | 19.6% | -4.1% | ||
| Q4 24 | 13.0% | 2.1% | ||
| Q3 24 | 13.1% | 3.0% | ||
| Q2 24 | 18.1% | 6.9% | ||
| Q1 24 | 21.6% | 3.1% |
每股收益（稀释后）MRSHRYAN
| Q4 25 | $1.68 | — | ||
| Q3 25 | $1.51 | — | ||
| Q2 25 | $2.45 | — | ||
| Q1 25 | $2.79 | — | ||
| Q4 24 | $1.58 | — | ||
| Q3 24 | $1.51 | — | ||
| Q2 24 | $2.27 | — | ||
| Q1 24 | $2.82 | — |
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 | $158.3M |
| 总债务越低越好 | $19.6B | $3.3B |
| 股东权益账面价值 | $15.3B | $648.1M |
| 总资产 | $58.7B | $10.6B |
| 负债/权益比越低杠杆越低 | 1.28× | 5.16× |
8季度趋势，按日历期对齐
现金及短期投资MRSHRYAN
| Q4 25 | $2.7B | $158.3M | ||
| Q3 25 | $2.5B | $153.5M | ||
| Q2 25 | $1.7B | $172.6M | ||
| Q1 25 | $1.6B | $203.5M | ||
| Q4 24 | $2.4B | $540.2M | ||
| Q3 24 | $1.8B | $235.2M | ||
| Q2 24 | $1.7B | $1.7B | ||
| Q1 24 | $1.5B | $1.6B |
总债务MRSHRYAN
| Q4 25 | $19.6B | $3.3B | ||
| Q3 25 | $19.6B | — | ||
| Q2 25 | $19.6B | — | ||
| Q1 25 | $19.5B | — | ||
| Q4 24 | $19.9B | $3.3B | ||
| Q3 24 | $12.8B | — | ||
| Q2 24 | $12.8B | — | ||
| Q1 24 | $13.4B | — |
股东权益MRSHRYAN
| Q4 25 | $15.3B | $648.1M | ||
| Q3 25 | $15.4B | $630.5M | ||
| Q2 25 | $16.0B | $610.1M | ||
| Q1 25 | $14.3B | $542.5M | ||
| Q4 24 | $13.5B | $627.7M | ||
| Q3 24 | $13.9B | $632.8M | ||
| Q2 24 | $13.6B | $605.9M | ||
| Q1 24 | $12.6B | $554.4M |
总资产MRSHRYAN
| Q4 25 | $58.7B | $10.6B | ||
| Q3 25 | $58.8B | $9.9B | ||
| Q2 25 | $58.6B | $10.6B | ||
| Q1 25 | $57.0B | $9.9B | ||
| Q4 24 | $56.5B | $9.6B | ||
| Q3 24 | $49.9B | $8.5B | ||
| Q2 24 | $48.6B | $8.3B | ||
| Q1 24 | $47.6B | $7.1B |
负债/权益比MRSHRYAN
| Q4 25 | 1.28× | 5.16× | ||
| Q3 25 | 1.27× | — | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | 1.47× | 5.22× | ||
| Q3 24 | 0.93× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | 1.06× | — |
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 | $263.2M |
| 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% | 0.0% |
| 现金转化率经营现金流/净利润 | 2.63× | 32.99× |
| 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MRSHRYAN
| Q4 25 | $2.2B | $263.2M | ||
| Q3 25 | $2.1B | $169.7M | ||
| Q2 25 | $1.7B | $353.6M | ||
| Q1 25 | $-622.0M | $-142.8M | ||
| Q4 24 | $2.0B | $259.6M | ||
| Q3 24 | $1.9B | $100.9M | ||
| Q2 24 | $1.2B | $270.8M | ||
| Q1 24 | $-781.0M | $-116.5M |
自由现金流MRSHRYAN
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.0B | $167.3M | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $-677.0M | $-143.5M | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $-868.0M | — |
自由现金流率MRSHRYAN
| Q4 25 | 31.2% | — | ||
| Q3 25 | 31.6% | 22.6% | ||
| Q2 25 | 23.1% | — | ||
| Q1 25 | -9.6% | -21.2% | ||
| Q4 24 | 31.0% | — | ||
| Q3 24 | 32.3% | — | ||
| Q2 24 | 18.2% | — | ||
| Q1 24 | -13.4% | — |
资本支出强度MRSHRYAN
| Q4 25 | 1.6% | 0.0% | ||
| Q3 25 | 1.1% | 0.3% | ||
| Q2 25 | 0.8% | 0.0% | ||
| Q1 25 | 0.8% | 0.1% | ||
| Q4 24 | 1.3% | 0.0% | ||
| Q3 24 | 1.3% | 0.0% | ||
| Q2 24 | 1.3% | 0.0% | ||
| Q1 24 | 1.3% | 0.0% |
现金转化率MRSHRYAN
| Q4 25 | 2.63× | 32.99× | ||
| Q3 25 | 2.79× | 5.46× | ||
| Q2 25 | 1.38× | 6.80× | ||
| Q1 25 | -0.45× | — | ||
| Q4 24 | 2.48× | 18.88× | ||
| Q3 24 | 2.56× | 5.74× | ||
| Q2 24 | 1.08× | 5.79× | ||
| Q1 24 | -0.56× | -7.05× |
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% |
RYAN
| Wholesale Brokerage | $385.7M | 52% |
| Underwriting Management | $268.3M | 36% |
| Binding Authorities | $84.0M | 11% |
