vs
安朗杰（ALLE）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.的季度营收约是安朗杰的1.6倍（$1.7B vs $1.0B），安朗杰净利率更高（13.4% vs 11.9%，领先1.5%），安朗杰同比增速更快（9.7% vs 5.5%），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% vs 3.5%）
安朗杰是全球知名的安防产品及解决方案供应商，面向全球生产销售机械与电子类安防产品，包括闭门器、出入口控制设备、锁具、电子门禁系统、考勤与人员效能管理系统、门体系统及相关配件，服务商业、公共机构、住宅等多领域终端用户
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。
ALLE 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
ALLE
高出4.2%
5.5%
净利率更高
ALLE
高出1.5%
11.9%
两年增速更快
THG
近两年复合增速
3.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.7B |
| 净利润 | $138.1M | $198.5M |
| 毛利率 | 44.0% | — |
| 营业利润率 | 18.9% | 17.3% |
| 净利率 | 13.4% | 11.9% |
| 营收同比 | 9.7% | 5.5% |
| 净利润同比 | -6.8% | 18.2% |
| 每股收益（稀释后） | — | $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ALLETHG
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.0B | $1.7B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.0B | $1.7B | ||
| Q1 25 | $941.9M | $1.6B | ||
| Q4 24 | $945.6M | $1.6B | ||
| Q3 24 | $967.1M | $1.6B | ||
| Q2 24 | $965.6M | $1.5B |
净利润ALLETHG
| Q1 26 | $138.1M | — | ||
| Q4 25 | $147.5M | $198.5M | ||
| Q3 25 | $188.4M | $178.7M | ||
| Q2 25 | $159.7M | $157.1M | ||
| Q1 25 | $148.2M | $128.2M | ||
| Q4 24 | $144.1M | $167.9M | ||
| Q3 24 | $174.2M | $102.1M | ||
| Q2 24 | $155.4M | $40.5M |
毛利率ALLETHG
| Q1 26 | 44.0% | — | ||
| Q4 25 | 44.5% | — | ||
| Q3 25 | 45.8% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 44.9% | — | ||
| Q4 24 | 44.1% | — | ||
| Q3 24 | 44.7% | — | ||
| Q2 24 | 44.4% | — |
营业利润率ALLETHG
| Q1 26 | 18.9% | — | ||
| Q4 25 | 20.3% | 17.3% | ||
| Q3 25 | 21.8% | 14.9% | ||
| Q2 25 | 21.5% | 12.7% | ||
| Q1 25 | 20.9% | 11.6% | ||
| Q4 24 | 19.5% | 16.1% | ||
| Q3 24 | 22.2% | 9.6% | ||
| Q2 24 | 21.6% | 6.2% |
净利率ALLETHG
| Q1 26 | 13.4% | — | ||
| Q4 25 | 14.3% | 11.9% | ||
| Q3 25 | 17.6% | 10.7% | ||
| Q2 25 | 15.6% | 9.5% | ||
| Q1 25 | 15.7% | 8.0% | ||
| Q4 24 | 15.2% | 10.6% | ||
| Q3 24 | 18.0% | 6.5% | ||
| Q2 24 | 16.1% | 2.6% |
每股收益（稀释后）ALLETHG
| Q1 26 | — | — | ||
| Q4 25 | $1.70 | $5.46 | ||
| Q3 25 | $2.18 | $4.90 | ||
| Q2 25 | $1.85 | $4.30 | ||
| Q1 25 | $1.71 | $3.50 | ||
| Q4 24 | $1.65 | $4.60 | ||
| Q3 24 | $1.99 | $2.80 | ||
| Q2 24 | $1.77 | $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 | $308.9M | $1.1B |
| 总债务越低越好 | $2.0B | $843.3M |
| 股东权益账面价值 | $2.1B | $3.6B |
| 总资产 | $5.3B | $16.9B |
| 负债/权益比越低杠杆越低 | 0.97× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资ALLETHG
| Q1 26 | $308.9M | — | ||
| Q4 25 | $356.2M | $1.1B | ||
| Q3 25 | $302.7M | $915.7M | ||
| Q2 25 | $656.8M | $244.1M | ||
| Q1 25 | $494.5M | $315.1M | ||
| Q4 24 | $503.8M | $435.5M | ||
| Q3 24 | $878.9M | $427.1M | ||
| Q2 24 | $747.5M | $337.6M |
总债务ALLETHG
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $843.3M | ||
| Q3 25 | $2.1B | $843.0M | ||
| Q2 25 | $2.1B | $347.8M | ||
| Q1 25 | $2.0B | $722.5M | ||
| Q4 24 | $2.0B | $722.3M | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.4B | — |
股东权益ALLETHG
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $1.9B | $3.4B | ||
| Q2 25 | $1.8B | $3.2B | ||
| Q1 25 | $1.6B | $3.0B | ||
| Q4 24 | $1.5B | $2.8B | ||
| Q3 24 | $1.6B | $2.9B | ||
| Q2 24 | $1.4B | $2.6B |
总资产ALLETHG
| Q1 26 | $5.3B | — | ||
| Q4 25 | $5.2B | $16.9B | ||
| Q3 25 | $5.2B | $16.8B | ||
| Q2 25 | $4.9B | $15.7B | ||
| Q1 25 | $4.6B | $15.5B | ||
| Q4 24 | $4.5B | $15.3B | ||
| Q3 24 | $5.0B | $15.4B | ||
| Q2 24 | $4.8B | $14.9B |
负债/权益比ALLETHG
| Q1 26 | 0.97× | — | ||
| Q4 25 | 0.96× | 0.24× | ||
| Q3 25 | 1.07× | 0.25× | ||
| Q2 25 | 1.16× | 0.11× | ||
| Q1 25 | 1.24× | 0.24× | ||
| Q4 24 | 1.33× | 0.25× | ||
| Q3 24 | 1.53× | — | ||
| Q2 24 | 1.69× | — |
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 | $101.3M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | — | $377.0M |
| 自由现金流率自由现金流/营收 | — | 22.6% |
| 资本支出强度资本支出/营收 | 2.0% | 0.1% |
| 现金转化率经营现金流/净利润 | 0.73× | 1.91× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流ALLETHG
| Q1 26 | $101.3M | — | ||
| Q4 25 | $240.1M | $378.2M | ||
| Q3 25 | $229.5M | $554.4M | ||
| Q2 25 | $209.7M | $206.6M | ||
| Q1 25 | $104.5M | $38.9M | ||
| Q4 24 | $219.0M | $213.5M | ||
| Q3 24 | $231.9M | $394.7M | ||
| Q2 24 | $173.0M | $139.5M |
自由现金流ALLETHG
| Q1 26 | — | — | ||
| Q4 25 | $200.5M | $377.0M | ||
| Q3 25 | $209.8M | $551.4M | ||
| Q2 25 | $192.0M | $204.9M | ||
| Q1 25 | $83.4M | $37.1M | ||
| Q4 24 | $194.9M | $210.5M | ||
| Q3 24 | $212.0M | $392.3M | ||
| Q2 24 | $152.1M | $137.3M |
自由现金流率ALLETHG
| Q1 26 | — | — | ||
| Q4 25 | 19.4% | 22.6% | ||
| Q3 25 | 19.6% | 33.1% | ||
| Q2 25 | 18.8% | 12.4% | ||
| Q1 25 | 8.9% | 2.3% | ||
| Q4 24 | 20.6% | 13.3% | ||
| Q3 24 | 21.9% | 25.1% | ||
| Q2 24 | 15.8% | 8.9% |
资本支出强度ALLETHG
| Q1 26 | 2.0% | — | ||
| Q4 25 | 3.8% | 0.1% | ||
| Q3 25 | 1.8% | 0.2% | ||
| Q2 25 | 1.7% | 0.1% | ||
| Q1 25 | 2.2% | 0.1% | ||
| Q4 24 | 2.5% | 0.2% | ||
| Q3 24 | 2.1% | 0.2% | ||
| Q2 24 | 2.2% | 0.1% |
现金转化率ALLETHG
| Q1 26 | 0.73× | — | ||
| Q4 25 | 1.63× | 1.91× | ||
| Q3 25 | 1.22× | 3.10× | ||
| Q2 25 | 1.31× | 1.32× | ||
| Q1 25 | 0.71× | 0.30× | ||
| Q4 24 | 1.52× | 1.27× | ||
| Q3 24 | 1.33× | 3.87× | ||
| Q2 24 | 1.11× | 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
ALLE
| Allegion Americas | $809.9M | 78% |
| Allegion International | $223.7M | 22% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
