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威达信集团（MRSH）与特灵科技（TT）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特灵科技的1.3倍（$6.6B vs $5.1B），威达信集团净利率更高（12.4% vs 11.5%，领先1.0%），威达信集团同比增速更快（8.7% vs 5.5%），过去两年特灵科技的营收复合增速更高（10.5% 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。
特灵科技是一家注册地位于爱尔兰的企业，核心业务覆盖采暖、通风、空调及制冷系统领域。品牌历史可追溯至150多年前，历经多次并购与分拆：2008年暖通空调厂商特灵被美国工业工具制造商英格索兰收购，2020年工具业务分拆独立为英格索兰，剩余业务正式更名特灵科技。
MRSH vs TT — 直观对比
营收规模更大
MRSH
是对方的1.3倍
$5.1B
营收增速更快
MRSH
高出3.2%
5.5%
净利率更高
MRSH
高出1.0%
11.5%
两年增速更快
TT
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.6B | $5.1B |
| 净利润 | $821.0M | $591.3M |
| 毛利率 | — | — |
| 营业利润率 | 18.5% | 15.9% |
| 净利率 | 12.4% | 11.5% |
| 营收同比 | 8.7% | 5.5% |
| 净利润同比 | 4.2% | -2.2% |
| 每股收益（稀释后） | $1.68 | $2.64 |
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MRSHTT
| Q4 25 | $6.6B | $5.1B | ||
| Q3 25 | $6.4B | $5.7B | ||
| Q2 25 | $7.0B | $5.7B | ||
| Q1 25 | $7.1B | $4.7B | ||
| Q4 24 | $6.1B | $4.9B | ||
| Q3 24 | $5.7B | $5.4B | ||
| Q2 24 | $6.2B | $5.3B | ||
| Q1 24 | $6.5B | $4.2B |
净利润MRSHTT
| Q4 25 | $821.0M | $591.3M | ||
| Q3 25 | $747.0M | $847.6M | ||
| Q2 25 | $1.2B | $874.8M | ||
| Q1 25 | $1.4B | $604.9M | ||
| Q4 24 | $788.0M | $604.3M | ||
| Q3 24 | $747.0M | $772.0M | ||
| Q2 24 | $1.1B | $755.3M | ||
| Q1 24 | $1.4B | $436.3M |
毛利率MRSHTT
| Q4 25 | — | — | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 37.6% | ||
| Q1 25 | — | 35.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 36.3% | ||
| Q2 24 | — | 36.5% | ||
| Q1 24 | — | 34.6% |
营业利润率MRSHTT
| Q4 25 | 18.5% | 15.9% | ||
| Q3 25 | 18.4% | 20.3% | ||
| Q2 25 | 26.2% | 20.3% | ||
| Q1 25 | 28.4% | 17.5% | ||
| Q4 24 | 18.8% | 16.6% | ||
| Q3 24 | 19.4% | 18.8% | ||
| Q2 24 | 26.4% | 19.5% | ||
| Q1 24 | 29.7% | 15.0% |
净利率MRSHTT
| Q4 25 | 12.4% | 11.5% | ||
| Q3 25 | 11.8% | 14.8% | ||
| Q2 25 | 17.4% | 15.2% | ||
| Q1 25 | 19.6% | 12.9% | ||
| Q4 24 | 13.0% | 12.4% | ||
| Q3 24 | 13.1% | 14.2% | ||
| Q2 24 | 18.1% | 14.2% | ||
| Q1 24 | 21.6% | 10.3% |
每股收益（稀释后）MRSHTT
| Q4 25 | $1.68 | $2.64 | ||
| Q3 25 | $1.51 | $3.78 | ||
| Q2 25 | $2.45 | $3.89 | ||
| Q1 25 | $2.79 | $2.67 | ||
| Q4 24 | $1.58 | $2.65 | ||
| Q3 24 | $1.51 | $3.39 | ||
| Q2 24 | $2.27 | $3.30 | ||
| Q1 24 | $2.82 | $1.90 |
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 | $1.8B |
| 总债务越低越好 | $19.6B | $4.6B |
| 股东权益账面价值 | $15.3B | $8.6B |
| 总资产 | $58.7B | $21.4B |
| 负债/权益比越低杠杆越低 | 1.28× | 0.54× |
8季度趋势，按日历期对齐
现金及短期投资MRSHTT
| Q4 25 | $2.7B | $1.8B | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.4B | $1.6B | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.5B | — |
总债务MRSHTT
| Q4 25 | $19.6B | $4.6B | ||
| Q3 25 | $19.6B | — | ||
| Q2 25 | $19.6B | — | ||
| Q1 25 | $19.5B | — | ||
| Q4 24 | $19.9B | $4.8B | ||
| Q3 24 | $12.8B | — | ||
| Q2 24 | $12.8B | — | ||
| Q1 24 | $13.4B | — |
股东权益MRSHTT
| Q4 25 | $15.3B | $8.6B | ||
| Q3 25 | $15.4B | $8.3B | ||
| Q2 25 | $16.0B | $7.8B | ||
| Q1 25 | $14.3B | $7.5B | ||
| Q4 24 | $13.5B | $7.5B | ||
| Q3 24 | $13.9B | $7.6B | ||
| Q2 24 | $13.6B | $6.9B | ||
| Q1 24 | $12.6B | $6.9B |
总资产MRSHTT
| Q4 25 | $58.7B | $21.4B | ||
| Q3 25 | $58.8B | $21.4B | ||
| Q2 25 | $58.6B | $21.0B | ||
| Q1 25 | $57.0B | $20.1B | ||
| Q4 24 | $56.5B | $20.1B | ||
| Q3 24 | $49.9B | $20.9B | ||
| Q2 24 | $48.6B | $20.2B | ||
| Q1 24 | $47.6B | $19.3B |
负债/权益比MRSHTT
| Q4 25 | 1.28× | 0.54× | ||
| Q3 25 | 1.27× | — | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | 1.47× | 0.64× | ||
| 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 | — |
| 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× | 1.96× |
| 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MRSHTT
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.1B | $1.0B | ||
| Q2 25 | $1.7B | $692.1M | ||
| Q1 25 | $-622.0M | $339.5M | ||
| Q4 24 | $2.0B | $899.9M | ||
| Q3 24 | $1.9B | $1.3B | ||
| Q2 24 | $1.2B | $695.9M | ||
| Q1 24 | $-781.0M | $247.2M |
自由现金流MRSHTT
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.0B | $935.6M | ||
| Q2 25 | $1.6B | $602.2M | ||
| Q1 25 | $-677.0M | $220.6M | ||
| Q4 24 | $1.9B | $774.3M | ||
| Q3 24 | $1.8B | $1.2B | ||
| Q2 24 | $1.1B | $623.0M | ||
| Q1 24 | $-868.0M | $163.4M |
自由现金流率MRSHTT
| Q4 25 | 31.2% | — | ||
| Q3 25 | 31.6% | 16.3% | ||
| Q2 25 | 23.1% | 10.5% | ||
| Q1 25 | -9.6% | 4.7% | ||
| Q4 24 | 31.0% | 15.9% | ||
| Q3 24 | 32.3% | 22.3% | ||
| Q2 24 | 18.2% | 11.7% | ||
| Q1 24 | -13.4% | 3.9% |
资本支出强度MRSHTT
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.1% | 1.2% | ||
| Q2 25 | 0.8% | 1.6% | ||
| Q1 25 | 0.8% | 2.5% | ||
| Q4 24 | 1.3% | 2.6% | ||
| Q3 24 | 1.3% | 1.6% | ||
| Q2 24 | 1.3% | 1.4% | ||
| Q1 24 | 1.3% | 2.0% |
现金转化率MRSHTT
| Q4 25 | 2.63× | 1.96× | ||
| Q3 25 | 2.79× | 1.18× | ||
| Q2 25 | 1.38× | 0.79× | ||
| Q1 25 | -0.45× | 0.56× | ||
| Q4 24 | 2.48× | 1.49× | ||
| Q3 24 | 2.56× | 1.69× | ||
| Q2 24 | 1.08× | 0.92× | ||
| Q1 24 | -0.56× | 0.57× |
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% |
TT
| Services | $2.8B | 55% |
| Other | $2.3B | 45% |
