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欧特克（ADSK）与HANOVER INSURANCE GROUP, INC.（THG）财务数据对比。点击上方公司名可切换其他公司
欧特克的季度营收约是HANOVER INSURANCE GROUP, INC.的1.2倍（$2.0B vs $1.7B），欧特克净利率更高（16.1% vs 11.9%，领先4.3%），欧特克同比增速更快（19.4% vs 5.5%），欧特克自由现金流更多（$972.0M vs $377.0M），过去两年欧特克的营收复合增速更高（17.5% vs 3.8%）
欧特克是美国跨国软件企业，总部位于加利福尼亚州旧金山，在全球各地设有办事处，美国境内亦于俄勒冈、科罗拉多、得克萨斯、密歇根等多州布局办公网点，为建筑、工程、施工、制造、传媒、教育、娱乐等多领域客户提供专业软件产品及配套服务。
汉诺威保险集团是总部位于美国马萨诸塞州伍斯特市的保险企业，1852年成立时主营财产责任保险，以原名公开上市交易，直至上世纪90年代初更名为Allmerica财产意外伤害保险公司。
ADSK vs THG — 直观对比
营收规模更大
ADSK
是对方的1.2倍
$1.7B
营收增速更快
ADSK
高出13.9%
5.5%
净利率更高
ADSK
高出4.3%
11.9%
自由现金流更多
ADSK
多$595.0M
$377.0M
两年增速更快
ADSK
近两年复合增速
3.8%
损益表 — Q4 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.7B |
| 净利润 | $316.0M | $198.5M |
| 毛利率 | 91.5% | — |
| 营业利润率 | 22.0% | 17.3% |
| 净利率 | 16.1% | 11.9% |
| 营收同比 | 19.4% | 5.5% |
| 净利润同比 | 4.3% | 18.2% |
| 每股收益（稀释后） | $1.47 | $5.46 |
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ADSKTHG
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $1.6B | $1.7B | ||
| Q1 25 | $1.6B | $1.6B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B |
净利润ADSKTHG
| Q1 26 | $316.0M | — | ||
| Q4 25 | $343.0M | $198.5M | ||
| Q3 25 | $313.0M | $178.7M | ||
| Q2 25 | $152.0M | $157.1M | ||
| Q1 25 | $303.0M | $128.2M | ||
| Q4 24 | $275.0M | $167.9M | ||
| Q3 24 | $282.0M | $102.1M | ||
| Q2 24 | $252.0M | $40.5M |
毛利率ADSKTHG
| Q1 26 | 91.5% | — | ||
| Q4 25 | 91.1% | — | ||
| Q3 25 | 91.0% | — | ||
| Q2 25 | 90.2% | — | ||
| Q1 25 | 90.6% | — | ||
| Q4 24 | 90.6% | — | ||
| Q3 24 | 90.7% | — | ||
| Q2 24 | 90.3% | — |
营业利润率ADSKTHG
| Q1 26 | 22.0% | — | ||
| Q4 25 | 25.4% | 17.3% | ||
| Q3 25 | 25.2% | 14.9% | ||
| Q2 25 | 14.3% | 12.7% | ||
| Q1 25 | 22.3% | 11.6% | ||
| Q4 24 | 22.0% | 16.1% | ||
| Q3 24 | 22.8% | 9.6% | ||
| Q2 24 | 21.1% | 6.2% |
净利率ADSKTHG
| Q1 26 | 16.1% | — | ||
| Q4 25 | 18.5% | 11.9% | ||
| Q3 25 | 17.8% | 10.7% | ||
| Q2 25 | 9.3% | 9.5% | ||
| Q1 25 | 18.5% | 8.0% | ||
| Q4 24 | 17.5% | 10.6% | ||
| Q3 24 | 18.7% | 6.5% | ||
| Q2 24 | 17.8% | 2.6% |
每股收益（稀释后）ADSKTHG
| Q1 26 | $1.47 | — | ||
| Q4 25 | $1.60 | $5.46 | ||
| Q3 25 | $1.46 | $4.90 | ||
| Q2 25 | $0.70 | $4.30 | ||
| Q1 25 | $1.39 | $3.50 | ||
| Q4 24 | $1.27 | $4.60 | ||
| Q3 24 | $1.30 | $2.80 | ||
| Q2 24 | $1.16 | $1.12 |
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 | $2.6B | $1.1B |
| 总债务越低越好 | $2.5B | $843.3M |
| 股东权益账面价值 | $3.0B | $3.6B |
| 总资产 | $12.5B | $16.9B |
| 负债/权益比越低杠杆越低 | 0.82× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资ADSKTHG
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.3B | $1.1B | ||
| Q3 25 | $2.2B | $915.7M | ||
| Q2 25 | $2.0B | $244.1M | ||
| Q1 25 | $1.9B | $315.1M | ||
| Q4 24 | $1.7B | $435.5M | ||
| Q3 24 | $1.9B | $427.1M | ||
| Q2 24 | $2.0B | $337.6M |
总债务ADSKTHG
| Q1 26 | $2.5B | — | ||
| Q4 25 | $2.5B | $843.3M | ||
| Q3 25 | $2.5B | $843.0M | ||
| Q2 25 | $2.3B | $347.8M | ||
| Q1 25 | $2.3B | $722.5M | ||
| Q4 24 | $2.3B | $722.3M | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益ADSKTHG
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $3.6B | ||
| Q3 25 | $2.7B | $3.4B | ||
| Q2 25 | $2.6B | $3.2B | ||
| Q1 25 | $2.6B | $3.0B | ||
| Q4 24 | $2.6B | $2.8B | ||
| Q3 24 | $2.5B | $2.9B | ||
| Q2 24 | $2.2B | $2.6B |
总资产ADSKTHG
| Q1 26 | $12.5B | — | ||
| Q4 25 | $11.2B | $16.9B | ||
| Q3 25 | $10.9B | $16.8B | ||
| Q2 25 | $10.6B | $15.7B | ||
| Q1 25 | $10.8B | $15.5B | ||
| Q4 24 | $10.1B | $15.3B | ||
| Q3 24 | $10.0B | $15.4B | ||
| Q2 24 | $9.8B | $14.9B |
负债/权益比ADSKTHG
| Q1 26 | 0.82× | — | ||
| Q4 25 | 0.86× | 0.24× | ||
| Q3 25 | 0.92× | 0.25× | ||
| Q2 25 | 0.88× | 0.11× | ||
| Q1 25 | 0.88× | 0.24× | ||
| Q4 24 | 0.88× | 0.25× | ||
| Q3 24 | 0.93× | — | ||
| Q2 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 | $989.0M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $972.0M | $377.0M |
| 自由现金流率自由现金流/营收 | 49.7% | 22.6% |
| 资本支出强度资本支出/营收 | 0.9% | 0.1% |
| 现金转化率经营现金流/净利润 | 3.13× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $2.4B | $1.2B |
8季度趋势，按日历期对齐
经营现金流ADSKTHG
| Q1 26 | $989.0M | — | ||
| Q4 25 | $439.0M | $378.2M | ||
| Q3 25 | $460.0M | $554.4M | ||
| Q2 25 | $564.0M | $206.6M | ||
| Q1 25 | $692.0M | $38.9M | ||
| Q4 24 | $209.0M | $213.5M | ||
| Q3 24 | $212.0M | $394.7M | ||
| Q2 24 | $494.0M | $139.5M |
自由现金流ADSKTHG
| Q1 26 | $972.0M | — | ||
| Q4 25 | $430.0M | $377.0M | ||
| Q3 25 | $451.0M | $551.4M | ||
| Q2 25 | $556.0M | $204.9M | ||
| Q1 25 | $678.0M | $37.1M | ||
| Q4 24 | $199.0M | $210.5M | ||
| Q3 24 | $203.0M | $392.3M | ||
| Q2 24 | $487.0M | $137.3M |
自由现金流率ADSKTHG
| Q1 26 | 49.7% | — | ||
| Q4 25 | 23.2% | 22.6% | ||
| Q3 25 | 25.6% | 33.1% | ||
| Q2 25 | 34.0% | 12.4% | ||
| Q1 25 | 41.4% | 2.3% | ||
| Q4 24 | 12.7% | 13.3% | ||
| Q3 24 | 13.5% | 25.1% | ||
| Q2 24 | 34.4% | 8.9% |
资本支出强度ADSKTHG
| Q1 26 | 0.9% | — | ||
| Q4 25 | 0.5% | 0.1% | ||
| Q3 25 | 0.5% | 0.2% | ||
| Q2 25 | 0.5% | 0.1% | ||
| Q1 25 | 0.9% | 0.1% | ||
| Q4 24 | 0.6% | 0.2% | ||
| Q3 24 | 0.6% | 0.2% | ||
| Q2 24 | 0.5% | 0.1% |
现金转化率ADSKTHG
| Q1 26 | 3.13× | — | ||
| Q4 25 | 1.28× | 1.91× | ||
| Q3 25 | 1.47× | 3.10× | ||
| Q2 25 | 3.71× | 1.32× | ||
| Q1 25 | 2.28× | 0.30× | ||
| Q4 24 | 0.76× | 1.27× | ||
| Q3 24 | 0.75× | 3.87× | ||
| Q2 24 | 1.96× | 3.44× |
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
ADSK
| Sales Channel Through Intermediary | $602.0M | 31% |
| Auto CA Dand Auto CADLT Family | $478.0M | 24% |
| Manufacturing | $381.0M | 19% |
| Make | $218.0M | 11% |
| Other | $130.0M | 7% |
| Other Research And Development | $129.0M | 7% |
| Maintenance | $8.0M | 0% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
