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威达信集团（MRSH）与梯瓦制药（TEVA）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梯瓦制药的1.4倍（$6.6B vs $4.7B），威达信集团净利率更高（12.4% vs 10.2%，领先2.2%），梯瓦制药同比增速更快（11.4% vs 8.7%），威达信集团自由现金流更多（$2.1B vs $1.0B），过去两年梯瓦制药的营收复合增速更高（11.1% 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。
梯瓦制药工业有限公司是以色列跨国制药企业，核心业务聚焦仿制药研发生产，同时布局品牌药、药用活性成分（API）业务，也小范围开展合同生产服务及对外授权合作相关业务。
MRSH vs TEVA — 直观对比
营收规模更大
MRSH
是对方的1.4倍
$4.7B
营收增速更快
TEVA
高出2.7%
8.7%
净利率更高
MRSH
高出2.2%
10.2%
自由现金流更多
MRSH
多$1.0B
$1.0B
两年增速更快
TEVA
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.6B | $4.7B |
| 净利润 | $821.0M | $481.0M |
| 毛利率 | — | 56.4% |
| 营业利润率 | 18.5% | 6.4% |
| 净利率 | 12.4% | 10.2% |
| 营收同比 | 8.7% | 11.4% |
| 净利润同比 | 4.2% | 321.7% |
| 每股收益（稀释后） | $1.68 | $0.42 |
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MRSHTEVA
| Q4 25 | $6.6B | $4.7B | ||
| Q3 25 | $6.4B | $4.5B | ||
| Q2 25 | $7.0B | $4.2B | ||
| Q1 25 | $7.1B | $3.9B | ||
| Q4 24 | $6.1B | $4.2B | ||
| Q3 24 | $5.7B | $4.3B | ||
| Q2 24 | $6.2B | $4.2B | ||
| Q1 24 | $6.5B | $3.8B |
净利润MRSHTEVA
| Q4 25 | $821.0M | $481.0M | ||
| Q3 25 | $747.0M | $433.0M | ||
| Q2 25 | $1.2B | $282.0M | ||
| Q1 25 | $1.4B | $214.0M | ||
| Q4 24 | $788.0M | $-217.0M | ||
| Q3 24 | $747.0M | $-437.0M | ||
| Q2 24 | $1.1B | $-846.0M | ||
| Q1 24 | $1.4B | $-139.0M |
毛利率MRSHTEVA
| Q4 25 | — | 56.4% | ||
| Q3 25 | — | 51.4% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 48.2% | ||
| Q4 24 | — | 50.2% | ||
| Q3 24 | — | 49.6% | ||
| Q2 24 | — | 48.6% | ||
| Q1 24 | — | 46.4% |
营业利润率MRSHTEVA
| Q4 25 | 18.5% | 6.4% | ||
| Q3 25 | 18.4% | 19.7% | ||
| Q2 25 | 26.2% | 10.9% | ||
| Q1 25 | 28.4% | 13.3% | ||
| Q4 24 | 18.8% | -0.7% | ||
| Q3 24 | 19.4% | -1.2% | ||
| Q2 24 | 26.4% | -0.1% | ||
| Q1 24 | 29.7% | -5.7% |
净利率MRSHTEVA
| Q4 25 | 12.4% | 10.2% | ||
| Q3 25 | 11.8% | 9.7% | ||
| Q2 25 | 17.4% | 6.8% | ||
| Q1 25 | 19.6% | 5.5% | ||
| Q4 24 | 13.0% | -5.1% | ||
| Q3 24 | 13.1% | -10.1% | ||
| Q2 24 | 18.1% | -20.3% | ||
| Q1 24 | 21.6% | -3.6% |
每股收益（稀释后）MRSHTEVA
| Q4 25 | $1.68 | $0.42 | ||
| Q3 25 | $1.51 | $0.37 | ||
| Q2 25 | $2.45 | $0.24 | ||
| Q1 25 | $2.79 | $0.18 | ||
| Q4 24 | $1.58 | $-0.19 | ||
| Q3 24 | $1.51 | $-0.39 | ||
| Q2 24 | $2.27 | $-0.75 | ||
| Q1 24 | $2.82 | $-0.12 |
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 | $3.6B |
| 总债务越低越好 | $19.6B | — |
| 股东权益账面价值 | $15.3B | $7.9B |
| 总资产 | $58.7B | $40.7B |
| 负债/权益比越低杠杆越低 | 1.28× | — |
8季度趋势，按日历期对齐
现金及短期投资MRSHTEVA
| Q4 25 | $2.7B | $3.6B | ||
| Q3 25 | $2.5B | $2.2B | ||
| Q2 25 | $1.7B | $2.2B | ||
| Q1 25 | $1.6B | $1.7B | ||
| Q4 24 | $2.4B | $3.3B | ||
| Q3 24 | $1.8B | $3.3B | ||
| Q2 24 | $1.7B | $2.3B | ||
| Q1 24 | $1.5B | $3.0B |
总债务MRSHTEVA
| Q4 25 | $19.6B | — | ||
| Q3 25 | $19.6B | — | ||
| Q2 25 | $19.6B | — | ||
| Q1 25 | $19.5B | — | ||
| Q4 24 | $19.9B | — | ||
| Q3 24 | $12.8B | — | ||
| Q2 24 | $12.8B | — | ||
| Q1 24 | $13.4B | — |
股东权益MRSHTEVA
| Q4 25 | $15.3B | $7.9B | ||
| Q3 25 | $15.4B | $7.3B | ||
| Q2 25 | $16.0B | $6.8B | ||
| Q1 25 | $14.3B | $6.3B | ||
| Q4 24 | $13.5B | $5.4B | ||
| Q3 24 | $13.9B | $6.1B | ||
| Q2 24 | $13.6B | $6.4B | ||
| Q1 24 | $12.6B | $7.3B |
总资产MRSHTEVA
| Q4 25 | $58.7B | $40.7B | ||
| Q3 25 | $58.8B | $39.9B | ||
| Q2 25 | $58.6B | $40.1B | ||
| Q1 25 | $57.0B | $38.4B | ||
| Q4 24 | $56.5B | $39.3B | ||
| Q3 24 | $49.9B | $41.8B | ||
| Q2 24 | $48.6B | $41.3B | ||
| Q1 24 | $47.6B | $42.8B |
负债/权益比MRSHTEVA
| Q4 25 | 1.28× | — | ||
| Q3 25 | 1.27× | — | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | 1.47× | — | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $2.1B | $1.0B |
| 自由现金流率自由现金流/营收 | 31.2% | 21.6% |
| 资本支出强度资本支出/营收 | 1.6% | 3.0% |
| 现金转化率经营现金流/净利润 | 2.63× | 2.41× |
| 过去12个月自由现金流最近4个季度 | $5.0B | $1.1B |
8季度趋势，按日历期对齐
经营现金流MRSHTEVA
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.1B | $369.0M | ||
| Q2 25 | $1.7B | $227.0M | ||
| Q1 25 | $-622.0M | $-105.0M | ||
| Q4 24 | $2.0B | $575.0M | ||
| Q3 24 | $1.9B | $693.0M | ||
| Q2 24 | $1.2B | $103.0M | ||
| Q1 24 | $-781.0M | $-124.0M |
自由现金流MRSHTEVA
| Q4 25 | $2.1B | $1.0B | ||
| Q3 25 | $2.0B | $233.0M | ||
| Q2 25 | $1.6B | $131.0M | ||
| Q1 25 | $-677.0M | $-232.0M | ||
| Q4 24 | $1.9B | $446.0M | ||
| Q3 24 | $1.8B | $545.0M | ||
| Q2 24 | $1.1B | $6.0M | ||
| Q1 24 | $-868.0M | $-248.0M |
自由现金流率MRSHTEVA
| Q4 25 | 31.2% | 21.6% | ||
| Q3 25 | 31.6% | 5.2% | ||
| Q2 25 | 23.1% | 3.1% | ||
| Q1 25 | -9.6% | -6.0% | ||
| Q4 24 | 31.0% | 10.5% | ||
| Q3 24 | 32.3% | 12.6% | ||
| Q2 24 | 18.2% | 0.1% | ||
| Q1 24 | -13.4% | -6.5% |
资本支出强度MRSHTEVA
| Q4 25 | 1.6% | 3.0% | ||
| Q3 25 | 1.1% | 3.0% | ||
| Q2 25 | 0.8% | 2.3% | ||
| Q1 25 | 0.8% | 3.3% | ||
| Q4 24 | 1.3% | 3.1% | ||
| Q3 24 | 1.3% | 3.4% | ||
| Q2 24 | 1.3% | 2.3% | ||
| Q1 24 | 1.3% | 3.2% |
现金转化率MRSHTEVA
| Q4 25 | 2.63× | 2.41× | ||
| Q3 25 | 2.79× | 0.85× | ||
| Q2 25 | 1.38× | 0.80× | ||
| Q1 25 | -0.45× | -0.49× | ||
| Q4 24 | 2.48× | — | ||
| Q3 24 | 2.56× | — | ||
| Q2 24 | 1.08× | — | ||
| Q1 24 | -0.56× | — |
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% |
TEVA
| Other | $2.0B | 42% |
| Generics Medicians Including Otc And Biosimilars | $672.0M | 14% |
| Other Products | $608.0M | 13% |
| License | $529.0M | 11% |
| Distribution Service | $366.0M | 8% |
| Other Activities | $227.0M | 5% |
| Ajovy | $106.0M | 2% |
| COPAXONE | $77.0M | 2% |
| Respiratory Product | $65.0M | 1% |
| Uzedy | $55.0M | 1% |
| Bendeka And Treanda | $36.0M | 1% |
