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爱齐科技（ALGN）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
HANOVER INSURANCE GROUP, INC.的季度营收约是爱齐科技的1.6倍（$1.7B vs $1.0B），爱齐科技净利率更高（13.0% vs 11.9%，领先1.1%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs 5.3%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $187.3M），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% vs 2.5%）
爱齐科技是一家全球知名医疗设备企业，主营设计、生产及销售隐适美透明矫治器、iTero口内扫描仪及配套服务，客户覆盖正畸医师、全科牙医，面向修复、美容牙科领域，业务分为透明矫治器、扫描仪及服务两大板块，可满足青少年等不同群体的正畸需求
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。
ALGN vs THG — 直观对比
营收规模更大
THG
是对方的1.6倍
$1.0B
营收增速更快
THG
高出0.3%
5.3%
净利率更高
ALGN
高出1.1%
11.9%
自由现金流更多
THG
多$189.7M
$187.3M
两年增速更快
THG
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.7B |
| 净利润 | $135.8M | $198.5M |
| 毛利率 | 65.3% | — |
| 营业利润率 | 14.8% | 17.3% |
| 净利率 | 13.0% | 11.9% |
| 营收同比 | 5.3% | 5.5% |
| 净利润同比 | 30.8% | 18.2% |
| 每股收益（稀释后） | $1.88 | $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ALGNTHG
| Q4 25 | $1.0B | $1.7B | ||
| Q3 25 | $995.7M | $1.7B | ||
| Q2 25 | $1.0B | $1.7B | ||
| Q1 25 | $979.3M | $1.6B | ||
| Q4 24 | $995.2M | $1.6B | ||
| Q3 24 | $977.9M | $1.6B | ||
| Q2 24 | $1.0B | $1.5B | ||
| Q1 24 | $997.4M | $1.6B |
净利润ALGNTHG
| Q4 25 | $135.8M | $198.5M | ||
| Q3 25 | $56.8M | $178.7M | ||
| Q2 25 | $124.6M | $157.1M | ||
| Q1 25 | $93.2M | $128.2M | ||
| Q4 24 | $103.8M | $167.9M | ||
| Q3 24 | $116.0M | $102.1M | ||
| Q2 24 | $96.6M | $40.5M | ||
| Q1 24 | $105.0M | $115.5M |
毛利率ALGNTHG
| Q4 25 | 65.3% | — | ||
| Q3 25 | 64.2% | — | ||
| Q2 25 | 69.9% | — | ||
| Q1 25 | 69.5% | — | ||
| Q4 24 | 70.0% | — | ||
| Q3 24 | 69.7% | — | ||
| Q2 24 | 70.3% | — | ||
| Q1 24 | 70.0% | — |
营业利润率ALGNTHG
| Q4 25 | 14.8% | 17.3% | ||
| Q3 25 | 9.7% | 14.9% | ||
| Q2 25 | 16.1% | 12.7% | ||
| Q1 25 | 13.4% | 11.6% | ||
| Q4 24 | 14.5% | 16.1% | ||
| Q3 24 | 16.6% | 9.6% | ||
| Q2 24 | 14.3% | 6.2% | ||
| Q1 24 | 15.5% | 9.7% |
净利率ALGNTHG
| Q4 25 | 13.0% | 11.9% | ||
| Q3 25 | 5.7% | 10.7% | ||
| Q2 25 | 12.3% | 9.5% | ||
| Q1 25 | 9.5% | 8.0% | ||
| Q4 24 | 10.4% | 10.6% | ||
| Q3 24 | 11.9% | 6.5% | ||
| Q2 24 | 9.4% | 2.6% | ||
| Q1 24 | 10.5% | 7.4% |
每股收益（稀释后）ALGNTHG
| Q4 25 | $1.88 | $5.46 | ||
| Q3 25 | $0.78 | $4.90 | ||
| Q2 25 | $1.72 | $4.30 | ||
| Q1 25 | $1.27 | $3.50 | ||
| Q4 24 | $1.40 | $4.60 | ||
| Q3 24 | $1.55 | $2.80 | ||
| Q2 24 | $1.28 | $1.12 | ||
| Q1 24 | $1.39 | $3.18 |
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 | $1.1B | $1.1B |
| 总债务越低越好 | — | $843.3M |
| 股东权益账面价值 | $4.0B | $3.6B |
| 总资产 | $6.2B | $16.9B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资ALGNTHG
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.0B | $915.7M | ||
| Q2 25 | $901.2M | $244.1M | ||
| Q1 25 | $873.0M | $315.1M | ||
| Q4 24 | $1.0B | $435.5M | ||
| Q3 24 | $1.0B | $427.1M | ||
| Q2 24 | $761.4M | $337.6M | ||
| Q1 24 | $865.8M | $264.6M |
总债务ALGNTHG
| Q4 25 | — | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | — | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ALGNTHG
| Q4 25 | $4.0B | $3.6B | ||
| Q3 25 | $4.0B | $3.4B | ||
| Q2 25 | $3.9B | $3.2B | ||
| Q1 25 | $3.8B | $3.0B | ||
| Q4 24 | $3.9B | $2.8B | ||
| Q3 24 | $3.9B | $2.9B | ||
| Q2 24 | $3.8B | $2.6B | ||
| Q1 24 | $3.8B | $2.5B |
总资产ALGNTHG
| Q4 25 | $6.2B | $16.9B | ||
| Q3 25 | $6.2B | $16.8B | ||
| Q2 25 | $6.2B | $15.7B | ||
| Q1 25 | $6.1B | $15.5B | ||
| Q4 24 | $6.2B | $15.3B | ||
| Q3 24 | $6.4B | $15.4B | ||
| Q2 24 | $6.2B | $14.9B | ||
| Q1 24 | $6.2B | $14.6B |
负债/权益比ALGNTHG
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $223.2M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $187.3M | $377.0M |
| 自由现金流率自由现金流/营收 | 17.9% | 22.6% |
| 资本支出强度资本支出/营收 | 3.4% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.64× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $490.8M | $1.2B |
8季度趋势，按日历期对齐
经营现金流ALGNTHG
| Q4 25 | $223.2M | $378.2M | ||
| Q3 25 | $188.7M | $554.4M | ||
| Q2 25 | $128.7M | $206.6M | ||
| Q1 25 | $52.7M | $38.9M | ||
| Q4 24 | $286.1M | $213.5M | ||
| Q3 24 | $263.7M | $394.7M | ||
| Q2 24 | $159.8M | $139.5M | ||
| Q1 24 | $28.7M | $58.7M |
自由现金流ALGNTHG
| Q4 25 | $187.3M | $377.0M | ||
| Q3 25 | $169.0M | $551.4M | ||
| Q2 25 | $107.2M | $204.9M | ||
| Q1 25 | $27.4M | $37.1M | ||
| Q4 24 | $263.1M | $210.5M | ||
| Q3 24 | $233.9M | $392.3M | ||
| Q2 24 | $106.4M | $137.3M | ||
| Q1 24 | $19.3M | $56.1M |
自由现金流率ALGNTHG
| Q4 25 | 17.9% | 22.6% | ||
| Q3 25 | 17.0% | 33.1% | ||
| Q2 25 | 10.6% | 12.4% | ||
| Q1 25 | 2.8% | 2.3% | ||
| Q4 24 | 26.4% | 13.3% | ||
| Q3 24 | 23.9% | 25.1% | ||
| Q2 24 | 10.3% | 8.9% | ||
| Q1 24 | 1.9% | 3.6% |
资本支出强度ALGNTHG
| Q4 25 | 3.4% | 0.1% | ||
| Q3 25 | 2.0% | 0.2% | ||
| Q2 25 | 2.1% | 0.1% | ||
| Q1 25 | 2.6% | 0.1% | ||
| Q4 24 | 2.3% | 0.2% | ||
| Q3 24 | 3.0% | 0.2% | ||
| Q2 24 | 5.2% | 0.1% | ||
| Q1 24 | 0.9% | 0.2% |
现金转化率ALGNTHG
| Q4 25 | 1.64× | 1.91× | ||
| Q3 25 | 3.33× | 3.10× | ||
| Q2 25 | 1.03× | 1.32× | ||
| Q1 25 | 0.57× | 0.30× | ||
| Q4 24 | 2.76× | 1.27× | ||
| Q3 24 | 2.27× | 3.87× | ||
| Q2 24 | 1.66× | 3.44× | ||
| Q1 24 | 0.27× | 0.51× |
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
ALGN
| Systems And Services | $789.6M | 75% |
| Other | $258.0M | 25% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
