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OLD REPUBLIC INTERNATIONAL CORP（ORI）与韦莱韬悦（WTW）财务数据对比。点击上方公司名可切换其他公司
韦莱韬悦的季度营收约是OLD REPUBLIC INTERNATIONAL CORP的1.2倍（$2.9B vs $2.4B），韦莱韬悦净利率更高（25.5% vs 13.8%，领先11.8%），OLD REPUBLIC INTERNATIONAL CORP同比增速更快（6.7% vs -3.5%），过去两年OLD REPUBLIC INTERNATIONAL CORP的营收复合增速更高（13.2% vs 12.0%）
Old Republic International Corp是一家总部位于美国伊利诺伊州芝加哥的保险企业，核心业务覆盖财产保险、产权保险两大领域，深耕行业多年，具备成熟的风险防控能力与完善的服务体系，可为各类客户提供专业可靠的保险产品及相关解决方案。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
ORI vs WTW — 直观对比
营收规模更大
WTW
是对方的1.2倍
$2.4B
营收增速更快
ORI
高出10.3%
-3.5%
净利率更高
WTW
高出11.8%
13.8%
两年增速更快
ORI
近两年复合增速
12.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $2.9B |
| 净利润 | $330.0M | $735.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 35.3% |
| 净利率 | 13.8% | 25.5% |
| 营收同比 | 6.7% | -3.5% |
| 净利润同比 | 34.7% | -41.0% |
| 每股收益（稀释后） | — | $7.50 |
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ORIWTW
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.4B | $2.9B | ||
| Q3 25 | $2.4B | $2.2B | ||
| Q2 25 | $2.2B | $2.2B | ||
| Q1 25 | $2.1B | $2.2B | ||
| Q4 24 | $2.0B | $3.0B | ||
| Q3 24 | $2.3B | $2.2B | ||
| Q2 24 | $1.9B | $2.2B |
净利润ORIWTW
| Q1 26 | $330.0M | — | ||
| Q4 25 | $206.5M | $735.0M | ||
| Q3 25 | $279.5M | $304.0M | ||
| Q2 25 | $204.4M | $331.0M | ||
| Q1 25 | $245.0M | $235.0M | ||
| Q4 24 | $105.3M | $1.2B | ||
| Q3 24 | $338.9M | $-1.7B | ||
| Q2 24 | $91.8M | $141.0M |
营业利润率ORIWTW
| Q1 26 | — | — | ||
| Q4 25 | — | 35.3% | ||
| Q3 25 | 14.6% | 18.7% | ||
| Q2 25 | 11.8% | 16.6% | ||
| Q1 25 | 14.6% | 19.8% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | 18.2% | -34.2% | ||
| Q2 24 | 6.1% | 9.6% |
净利率ORIWTW
| Q1 26 | 13.8% | — | ||
| Q4 25 | 8.6% | 25.5% | ||
| Q3 25 | 11.5% | 13.6% | ||
| Q2 25 | 9.3% | 14.9% | ||
| Q1 25 | 11.6% | 10.8% | ||
| Q4 24 | 5.3% | 41.7% | ||
| Q3 24 | 14.5% | -74.8% | ||
| Q2 24 | 4.9% | 6.4% |
每股收益（稀释后）ORIWTW
| Q1 26 | — | — | ||
| Q4 25 | $0.82 | $7.50 | ||
| Q3 25 | $1.11 | $3.11 | ||
| Q2 25 | $0.81 | $3.32 | ||
| Q1 25 | $0.98 | $2.33 | ||
| Q4 24 | $0.42 | $12.29 | ||
| Q3 24 | $1.32 | $-16.44 | ||
| Q2 24 | $0.35 | $1.36 |
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 | — | $3.2B |
| 总债务越低越好 | — | $9.7B |
| 股东权益账面价值 | $5.9M | $8.0B |
| 总资产 | $29.6M | $29.5B |
| 负债/权益比越低杠杆越低 | — | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资ORIWTW
| Q1 26 | — | — | ||
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.2B |
总债务ORIWTW
| Q1 26 | — | — | ||
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ORIWTW
| Q1 26 | $5.9M | — | ||
| Q4 25 | $5.9B | $8.0B | ||
| Q3 25 | $6.4B | $7.7B | ||
| Q2 25 | $6.2B | $8.1B | ||
| Q1 25 | $5.9B | $8.1B | ||
| Q4 24 | $5.6B | $7.9B | ||
| Q3 24 | $6.4B | $7.5B | ||
| Q2 24 | $6.0B | $9.3B |
总资产ORIWTW
| Q1 26 | $29.6M | — | ||
| Q4 25 | $29.9B | $29.5B | ||
| Q3 25 | $30.3B | $27.4B | ||
| Q2 25 | $29.3B | $28.5B | ||
| Q1 25 | $28.0B | $28.1B | ||
| Q4 24 | $27.8B | $27.7B | ||
| Q3 24 | $28.8B | $27.2B | ||
| Q2 24 | $27.5B | $29.6B |
负债/权益比ORIWTW
| Q1 26 | — | — | ||
| Q4 25 | — | 1.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $771.0M |
| 自由现金流经营现金流 - 资本支出 | — | $708.0M |
| 自由现金流率自由现金流/营收 | — | 24.6% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.05× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流ORIWTW
| Q1 26 | — | — | ||
| Q4 25 | $234.9M | $771.0M | ||
| Q3 25 | $563.9M | $678.0M | ||
| Q2 25 | $133.8M | $361.0M | ||
| Q1 25 | $231.7M | $-35.0M | ||
| Q4 24 | $361.7M | $599.0M | ||
| Q3 24 | $474.8M | $482.0M | ||
| Q2 24 | $236.5M | $407.0M |
自由现金流ORIWTW
| Q1 26 | — | — | ||
| Q4 25 | — | $708.0M | ||
| Q3 25 | — | $621.0M | ||
| Q2 25 | — | $303.0M | ||
| Q1 25 | — | $-86.0M | ||
| Q4 24 | — | $543.0M | ||
| Q3 24 | — | $419.0M | ||
| Q2 24 | — | $341.0M |
自由现金流率ORIWTW
| Q1 26 | — | — | ||
| Q4 25 | — | 24.6% | ||
| Q3 25 | — | 27.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | -3.9% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 18.7% | ||
| Q2 24 | — | 15.4% |
资本支出强度ORIWTW
| Q1 26 | — | — | ||
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.0% |
现金转化率ORIWTW
| Q1 26 | — | — | ||
| Q4 25 | 1.14× | 1.05× | ||
| Q3 25 | 2.02× | 2.23× | ||
| Q2 25 | 0.65× | 1.09× | ||
| Q1 25 | 0.95× | -0.15× | ||
| Q4 24 | 3.43× | 0.48× | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 2.58× | 2.89× |
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
ORI
| operating | $2.2B | 92% |
| Other | $201.8M | 8% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
