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AMERICAN AXLE & MANUFACTURING HOLDINGS INC（AXL）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AMERICAN AXLE & MANUFACTURING HOLDINGS INC的1.2倍（$1.7B vs $1.4B），HANOVER INSURANCE GROUP, INC.净利率更高（11.0% vs -5.4%，领先16.4%），HANOVER INSURANCE GROUP, INC.同比增速更快（6.1% vs 0.2%），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（5.2% vs -7.2%）
美国车桥制造控股有限公司总部位于密歇根州底特律，是一家美国汽车传动轴与动力传动系统零部件及系统制造商，在汽车传动领域拥有成熟的技术与产能，为全球多家车企供应相关核心配件。
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。
AXL vs THG — 直观对比
营收规模更大
THG
是对方的1.2倍
$1.4B
营收增速更快
THG
高出5.9%
0.2%
净利率更高
THG
高出16.4%
-5.4%
两年增速更快
THG
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.7B |
| 净利润 | $-75.3M | $186.8M |
| 毛利率 | 10.2% | — |
| 营业利润率 | -2.4% | 11.1% |
| 净利率 | -5.4% | 11.0% |
| 营收同比 | 0.2% | 6.1% |
| 净利润同比 | -449.6% | 45.7% |
| 每股收益（稀释后） | $-0.62 | — |
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AXLTHG
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.6B | $1.5B |
净利润AXLTHG
| Q1 26 | — | $186.8M | ||
| Q4 25 | $-75.3M | $198.5M | ||
| Q3 25 | $9.2M | $178.7M | ||
| Q2 25 | $39.3M | $157.1M | ||
| Q1 25 | $7.1M | $128.2M | ||
| Q4 24 | $-13.7M | $167.9M | ||
| Q3 24 | $10.0M | $102.1M | ||
| Q2 24 | $18.2M | $40.5M |
毛利率AXLTHG
| Q1 26 | — | — | ||
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.6% | — | ||
| Q2 25 | 13.1% | — | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | 11.2% | — | ||
| Q3 24 | 11.4% | — | ||
| Q2 24 | 13.3% | — |
营业利润率AXLTHG
| Q1 26 | — | 11.1% | ||
| Q4 25 | -2.4% | 17.3% | ||
| Q3 25 | 3.2% | 14.9% | ||
| Q2 25 | 3.6% | 12.7% | ||
| Q1 25 | 3.0% | 11.6% | ||
| Q4 24 | 2.6% | 16.1% | ||
| Q3 24 | 2.8% | 9.6% | ||
| Q2 24 | 5.3% | 6.2% |
净利率AXLTHG
| Q1 26 | — | 11.0% | ||
| Q4 25 | -5.4% | 11.9% | ||
| Q3 25 | 0.6% | 10.7% | ||
| Q2 25 | 2.6% | 9.5% | ||
| Q1 25 | 0.5% | 8.0% | ||
| Q4 24 | -1.0% | 10.6% | ||
| Q3 24 | 0.7% | 6.5% | ||
| Q2 24 | 1.1% | 2.6% |
每股收益（稀释后）AXLTHG
| Q1 26 | — | — | ||
| Q4 25 | $-0.62 | $5.46 | ||
| Q3 25 | $0.07 | $4.90 | ||
| Q2 25 | $0.32 | $4.30 | ||
| Q1 25 | $0.06 | $3.50 | ||
| Q4 24 | $-0.11 | $4.60 | ||
| Q3 24 | $0.08 | $2.80 | ||
| Q2 24 | $0.15 | $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 | $708.9M | $243.5M |
| 总债务越低越好 | $4.0B | $843.8M |
| 股东权益账面价值 | $640.0M | $3.0B |
| 总资产 | $6.7B | $16.5B |
| 负债/权益比越低杠杆越低 | 6.31× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资AXLTHG
| Q1 26 | — | $243.5M | ||
| Q4 25 | $708.9M | $1.1B | ||
| Q3 25 | $714.1M | $915.7M | ||
| Q2 25 | $586.5M | $244.1M | ||
| Q1 25 | $549.2M | $315.1M | ||
| Q4 24 | $552.9M | $435.5M | ||
| Q3 24 | $542.5M | $427.1M | ||
| Q2 24 | $519.9M | $337.6M |
总债务AXLTHG
| Q1 26 | — | $843.8M | ||
| Q4 25 | $4.0B | $843.3M | ||
| Q3 25 | $2.6B | $843.0M | ||
| Q2 25 | $2.6B | $347.8M | ||
| Q1 25 | $2.6B | $722.5M | ||
| Q4 24 | $2.6B | $722.3M | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.7B | — |
股东权益AXLTHG
| Q1 26 | — | $3.0B | ||
| Q4 25 | $640.0M | $3.6B | ||
| Q3 25 | $718.4M | $3.4B | ||
| Q2 25 | $673.0M | $3.2B | ||
| Q1 25 | $596.3M | $3.0B | ||
| Q4 24 | $562.8M | $2.8B | ||
| Q3 24 | $616.3M | $2.9B | ||
| Q2 24 | $609.6M | $2.6B |
总资产AXLTHG
| Q1 26 | — | $16.5B | ||
| Q4 25 | $6.7B | $16.9B | ||
| Q3 25 | $5.3B | $16.8B | ||
| Q2 25 | $5.3B | $15.7B | ||
| Q1 25 | $5.1B | $15.5B | ||
| Q4 24 | $5.1B | $15.3B | ||
| Q3 24 | $5.3B | $15.4B | ||
| Q2 24 | $5.3B | $14.9B |
负债/权益比AXLTHG
| Q1 26 | — | 0.28× | ||
| Q4 25 | 6.31× | 0.24× | ||
| Q3 25 | 3.61× | 0.25× | ||
| Q2 25 | 3.86× | 0.11× | ||
| Q1 25 | 4.38× | 0.24× | ||
| Q4 24 | 4.58× | 0.25× | ||
| Q3 24 | 4.28× | — | ||
| Q2 24 | 4.42× | — |
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 | $120.5M | — |
| 自由现金流经营现金流 - 资本支出 | $54.7M | — |
| 自由现金流率自由现金流/营收 | 4.0% | — |
| 资本支出强度资本支出/营收 | 4.8% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $155.1M | — |
8季度趋势，按日历期对齐
经营现金流AXLTHG
| Q1 26 | — | — | ||
| Q4 25 | $120.5M | $378.2M | ||
| Q3 25 | $143.3M | $554.4M | ||
| Q2 25 | $91.9M | $206.6M | ||
| Q1 25 | $55.9M | $38.9M | ||
| Q4 24 | $151.2M | $213.5M | ||
| Q3 24 | $143.6M | $394.7M | ||
| Q2 24 | $142.8M | $139.5M |
自由现金流AXLTHG
| Q1 26 | — | — | ||
| Q4 25 | $54.7M | $377.0M | ||
| Q3 25 | $79.2M | $551.4M | ||
| Q2 25 | $34.6M | $204.9M | ||
| Q1 25 | $-13.4M | $37.1M | ||
| Q4 24 | $73.2M | $210.5M | ||
| Q3 24 | $70.4M | $392.3M | ||
| Q2 24 | $94.0M | $137.3M |
自由现金流率AXLTHG
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 22.6% | ||
| Q3 25 | 5.3% | 33.1% | ||
| Q2 25 | 2.3% | 12.4% | ||
| Q1 25 | -0.9% | 2.3% | ||
| Q4 24 | 5.3% | 13.3% | ||
| Q3 24 | 4.7% | 25.1% | ||
| Q2 24 | 5.8% | 8.9% |
资本支出强度AXLTHG
| Q1 26 | — | — | ||
| Q4 25 | 4.8% | 0.1% | ||
| Q3 25 | 4.3% | 0.2% | ||
| Q2 25 | 3.7% | 0.1% | ||
| Q1 25 | 4.9% | 0.1% | ||
| Q4 24 | 5.6% | 0.2% | ||
| Q3 24 | 4.9% | 0.2% | ||
| Q2 24 | 3.0% | 0.1% |
现金转化率AXLTHG
| Q1 26 | — | — | ||
| Q4 25 | — | 1.91× | ||
| Q3 25 | 15.58× | 3.10× | ||
| Q2 25 | 2.34× | 1.32× | ||
| Q1 25 | 7.87× | 0.30× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | 14.36× | 3.87× | ||
| Q2 24 | 7.85× | 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
AXL
| Driveline | $748.4M | 54% |
| Other | $345.7M | 25% |
| Metal Forming | $289.8M | 21% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
