vs
帕森斯公司（PSN）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帕森斯公司的1.8倍（$2.9B vs $1.6B），韦莱韬悦净利率更高（25.5% vs 3.5%，领先22.0%），韦莱韬悦同比增速更快（-3.5% vs -7.5%），韦莱韬悦自由现金流更多（$708.0M vs $135.6M），过去两年韦莱韬悦的营收复合增速更高（12.0% vs 2.2%）
帕森斯公司是一家总部位于美国弗吉尼亚州尚蒂利的跨国企业，1944年成立，核心业务覆盖国防、情报、基础设施工程领域，深耕技术研发，在全球30多个国家为政府及私营部门客户提供专业解决方案。
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。
PSN vs WTW — 直观对比
营收规模更大
WTW
是对方的1.8倍
$1.6B
营收增速更快
WTW
高出4.0%
-7.5%
净利率更高
WTW
高出22.0%
3.5%
自由现金流更多
WTW
多$572.4M
$135.6M
两年增速更快
WTW
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.9B |
| 净利润 | $55.6M | $735.0M |
| 毛利率 | 23.0% | — |
| 营业利润率 | 6.6% | 35.3% |
| 净利率 | 3.5% | 25.5% |
| 营收同比 | -7.5% | -3.5% |
| 净利润同比 | -72.4% | -41.0% |
| 每股收益（稀释后） | $0.51 | $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PSNWTW
| Q4 25 | $1.6B | $2.9B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.6B | $2.2B | ||
| Q1 25 | $1.6B | $2.2B | ||
| Q4 24 | $1.7B | $3.0B | ||
| Q3 24 | $1.8B | $2.2B | ||
| Q2 24 | $1.7B | $2.2B | ||
| Q1 24 | $1.5B | $2.3B |
净利润PSNWTW
| Q4 25 | $55.6M | $735.0M | ||
| Q3 25 | $64.1M | $304.0M | ||
| Q2 25 | $55.2M | $331.0M | ||
| Q1 25 | $66.2M | $235.0M | ||
| Q4 24 | $201.3M | $1.2B | ||
| Q3 24 | $72.0M | $-1.7B | ||
| Q2 24 | $69.2M | $141.0M | ||
| Q1 24 | $-107.4M | $190.0M |
毛利率PSNWTW
| Q4 25 | 23.0% | — | ||
| Q3 25 | 22.2% | — | ||
| Q2 25 | 22.0% | — | ||
| Q1 25 | 22.8% | — | ||
| Q4 24 | 21.3% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 21.0% | — | ||
| Q1 24 | 21.2% | — |
营业利润率PSNWTW
| Q4 25 | 6.6% | 35.3% | ||
| Q3 25 | 6.7% | 18.7% | ||
| Q2 25 | 6.0% | 16.6% | ||
| Q1 25 | 7.0% | 19.8% | ||
| Q4 24 | 5.8% | 30.2% | ||
| Q3 24 | 6.4% | -34.2% | ||
| Q2 24 | 6.7% | 9.6% | ||
| Q1 24 | 6.6% | 12.2% |
净利率PSNWTW
| Q4 25 | 3.5% | 25.5% | ||
| Q3 25 | 4.0% | 13.6% | ||
| Q2 25 | 3.5% | 14.9% | ||
| Q1 25 | 4.3% | 10.8% | ||
| Q4 24 | 11.6% | 41.7% | ||
| Q3 24 | 4.0% | -74.8% | ||
| Q2 24 | 4.1% | 6.4% | ||
| Q1 24 | -7.0% | 8.3% |
每股收益（稀释后）PSNWTW
| Q4 25 | $0.51 | $7.50 | ||
| Q3 25 | $0.59 | $3.11 | ||
| Q2 25 | $0.50 | $3.32 | ||
| Q1 25 | $0.60 | $2.33 | ||
| Q4 24 | $1.85 | $12.29 | ||
| Q3 24 | $0.65 | $-16.44 | ||
| Q2 24 | $0.63 | $1.36 | ||
| Q1 24 | $-1.01 | $1.83 |
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 | $466.4M | $3.2B |
| 总债务越低越好 | $1.2B | $9.7B |
| 股东权益账面价值 | $2.6B | $8.0B |
| 总资产 | $5.8B | $29.5B |
| 负债/权益比越低杠杆越低 | 0.47× | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资PSNWTW
| Q4 25 | $466.4M | $3.2B | ||
| Q3 25 | $422.6M | $1.9B | ||
| Q2 25 | $411.3M | $2.0B | ||
| Q1 25 | $269.7M | $1.5B | ||
| Q4 24 | $453.5M | $1.9B | ||
| Q3 24 | $558.8M | $1.4B | ||
| Q2 24 | $528.5M | $1.2B | ||
| Q1 24 | $423.1M | $1.9B |
总债务PSNWTW
| Q4 25 | $1.2B | $9.7B | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $785.2M | — | ||
| Q4 24 | $784.1M | $8.6B | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
股东权益PSNWTW
| Q4 25 | $2.6B | $8.0B | ||
| Q3 25 | $2.6B | $7.7B | ||
| Q2 25 | $2.5B | $8.1B | ||
| Q1 25 | $2.5B | $8.1B | ||
| Q4 24 | $2.4B | $7.9B | ||
| Q3 24 | $2.3B | $7.5B | ||
| Q2 24 | $2.2B | $9.3B | ||
| Q1 24 | $2.1B | $9.5B |
总资产PSNWTW
| Q4 25 | $5.8B | $29.5B | ||
| Q3 25 | $5.7B | $27.4B | ||
| Q2 25 | $5.7B | $28.5B | ||
| Q1 25 | $5.4B | $28.1B | ||
| Q4 24 | $5.5B | $27.7B | ||
| Q3 24 | $5.4B | $27.2B | ||
| Q2 24 | $5.2B | $29.6B | ||
| Q1 24 | $5.1B | $30.2B |
负债/权益比PSNWTW
| Q4 25 | 0.47× | 1.21× | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.49× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | 1.08× | ||
| Q3 24 | 0.49× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.58× | — |
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 | $167.5M | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $135.6M | $708.0M |
| 自由现金流率自由现金流/营收 | 8.5% | 24.6% |
| 资本支出强度资本支出/营收 | 2.0% | 2.2% |
| 现金转化率经营现金流/净利润 | 3.01× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $410.4M | $1.5B |
8季度趋势，按日历期对齐
经营现金流PSNWTW
| Q4 25 | $167.5M | $771.0M | ||
| Q3 25 | $162.8M | $678.0M | ||
| Q2 25 | $159.8M | $361.0M | ||
| Q1 25 | $-11.8M | $-35.0M | ||
| Q4 24 | $126.8M | $599.0M | ||
| Q3 24 | $299.0M | $482.0M | ||
| Q2 24 | $161.2M | $407.0M | ||
| Q1 24 | $-63.4M | $24.0M |
自由现金流PSNWTW
| Q4 25 | $135.6M | $708.0M | ||
| Q3 25 | $149.7M | $621.0M | ||
| Q2 25 | $150.4M | $303.0M | ||
| Q1 25 | $-25.3M | $-86.0M | ||
| Q4 24 | $108.0M | $543.0M | ||
| Q3 24 | $287.3M | $419.0M | ||
| Q2 24 | $152.0M | $341.0M | ||
| Q1 24 | $-72.9M | $-36.0M |
自由现金流率PSNWTW
| Q4 25 | 8.5% | 24.6% | ||
| Q3 25 | 9.2% | 27.7% | ||
| Q2 25 | 9.5% | 13.7% | ||
| Q1 25 | -1.6% | -3.9% | ||
| Q4 24 | 6.2% | 18.2% | ||
| Q3 24 | 15.9% | 18.7% | ||
| Q2 24 | 9.1% | 15.4% | ||
| Q1 24 | -4.7% | -1.6% |
资本支出强度PSNWTW
| Q4 25 | 2.0% | 2.2% | ||
| Q3 25 | 0.8% | 2.5% | ||
| Q2 25 | 0.6% | 2.6% | ||
| Q1 25 | 0.9% | 2.3% | ||
| Q4 24 | 1.1% | 1.9% | ||
| Q3 24 | 0.6% | 2.8% | ||
| Q2 24 | 0.6% | 3.0% | ||
| Q1 24 | 0.6% | 2.6% |
现金转化率PSNWTW
| Q4 25 | 3.01× | 1.05× | ||
| Q3 25 | 2.54× | 2.23× | ||
| Q2 25 | 2.89× | 1.09× | ||
| Q1 25 | -0.18× | -0.15× | ||
| Q4 24 | 0.63× | 0.48× | ||
| Q3 24 | 4.16× | — | ||
| Q2 24 | 2.33× | 2.89× | ||
| Q1 24 | — | 0.13× |
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
PSN
| Unconsolidated Joint Ventures | $582.1M | 36% |
| Defense And Intelligence | $502.8M | 31% |
| Engineered Systems | $281.4M | 18% |
| Consolidated Joint Ventures | $216.7M | 14% |
| TRS Group Inc | $9.4M | 1% |
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% |
