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艾仕得（AXTA）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.的季度营收约是艾仕得的1.3倍（$1.7B vs $1.3B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs 4.8%，领先7.1%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs -3.7%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $286.0M），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% vs -1.2%）
艾仕得是源自美国的专业涂料供应商，总部位于宾夕法尼亚州费城，注册地为百慕大。公司主营乘用车、商用车、工业场景及修补用途涂料的研发与生产，业务覆盖全球130个国家，拥有近1.3万名员工，服务超10万家客户。
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。
AXTA vs THG — 直观对比
营收规模更大
THG
是对方的1.3倍
$1.3B
营收增速更快
THG
高出9.3%
-3.7%
净利率更高
THG
高出7.1%
4.8%
自由现金流更多
THG
多$91.0M
$286.0M
两年增速更快
THG
近两年复合增速
-1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.7B |
| 净利润 | $60.0M | $198.5M |
| 毛利率 | 33.4% | — |
| 营业利润率 | 12.8% | 17.3% |
| 净利率 | 4.8% | 11.9% |
| 营收同比 | -3.7% | 5.5% |
| 净利润同比 | -56.2% | 18.2% |
| 每股收益（稀释后） | $0.28 | $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AXTATHG
| Q4 25 | $1.3B | $1.7B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.3B | $1.6B |
净利润AXTATHG
| Q4 25 | $60.0M | $198.5M | ||
| Q3 25 | $110.0M | $178.7M | ||
| Q2 25 | $109.0M | $157.1M | ||
| Q1 25 | $99.0M | $128.2M | ||
| Q4 24 | $137.0M | $167.9M | ||
| Q3 24 | $101.0M | $102.1M | ||
| Q2 24 | $112.0M | $40.5M | ||
| Q1 24 | $41.0M | $115.5M |
毛利率AXTATHG
| Q4 25 | 33.4% | — | ||
| Q3 25 | 34.9% | — | ||
| Q2 25 | 35.0% | — | ||
| Q1 25 | 34.3% | — | ||
| Q4 24 | 34.1% | — | ||
| Q3 24 | 35.0% | — | ||
| Q2 24 | 34.0% | — | ||
| Q1 24 | 33.2% | — |
营业利润率AXTATHG
| Q4 25 | 12.8% | 17.3% | ||
| Q3 25 | 15.8% | 14.9% | ||
| Q2 25 | 14.8% | 12.7% | ||
| Q1 25 | 13.9% | 11.6% | ||
| Q4 24 | 14.3% | 16.1% | ||
| Q3 24 | 14.6% | 9.6% | ||
| Q2 24 | 15.2% | 6.2% | ||
| Q1 24 | 9.4% | 9.7% |
净利率AXTATHG
| Q4 25 | 4.8% | 11.9% | ||
| Q3 25 | 8.5% | 10.7% | ||
| Q2 25 | 8.4% | 9.5% | ||
| Q1 25 | 7.8% | 8.0% | ||
| Q4 24 | 10.5% | 10.6% | ||
| Q3 24 | 7.7% | 6.5% | ||
| Q2 24 | 8.3% | 2.6% | ||
| Q1 24 | 3.2% | 7.4% |
每股收益（稀释后）AXTATHG
| Q4 25 | $0.28 | $5.46 | ||
| Q3 25 | $0.51 | $4.90 | ||
| Q2 25 | $0.50 | $4.30 | ||
| Q1 25 | $0.45 | $3.50 | ||
| Q4 24 | $0.63 | $4.60 | ||
| Q3 24 | $0.46 | $2.80 | ||
| Q2 24 | $0.51 | $1.12 | ||
| Q1 24 | $0.18 | $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 | $657.0M | $1.1B |
| 总债务越低越好 | $3.2B | $843.3M |
| 股东权益账面价值 | $2.3B | $3.6B |
| 总资产 | $7.6B | $16.9B |
| 负债/权益比越低杠杆越低 | 1.36× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资AXTATHG
| Q4 25 | $657.0M | $1.1B | ||
| Q3 25 | $606.0M | $915.7M | ||
| Q2 25 | $625.0M | $244.1M | ||
| Q1 25 | $575.0M | $315.1M | ||
| Q4 24 | $593.0M | $435.5M | ||
| Q3 24 | $567.0M | $427.1M | ||
| Q2 24 | $840.0M | $337.6M | ||
| Q1 24 | $624.0M | $264.6M |
总债务AXTATHG
| Q4 25 | $3.2B | $843.3M | ||
| Q3 25 | $3.4B | $843.0M | ||
| Q2 25 | $3.4B | $347.8M | ||
| Q1 25 | $3.4B | $722.5M | ||
| Q4 24 | $3.4B | $722.3M | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.4B | — |
股东权益AXTATHG
| Q4 25 | $2.3B | $3.6B | ||
| Q3 25 | $2.3B | $3.4B | ||
| Q2 25 | $2.3B | $3.2B | ||
| Q1 25 | $2.1B | $3.0B | ||
| Q4 24 | $1.9B | $2.8B | ||
| Q3 24 | $1.9B | $2.9B | ||
| Q2 24 | $1.8B | $2.6B | ||
| Q1 24 | $1.7B | $2.5B |
总资产AXTATHG
| Q4 25 | $7.6B | $16.9B | ||
| Q3 25 | $7.8B | $16.8B | ||
| Q2 25 | $7.8B | $15.7B | ||
| Q1 25 | $7.4B | $15.5B | ||
| Q4 24 | $7.2B | $15.3B | ||
| Q3 24 | $7.5B | $15.4B | ||
| Q2 24 | $7.3B | $14.9B | ||
| Q1 24 | $7.1B | $14.6B |
负债/权益比AXTATHG
| Q4 25 | 1.36× | 0.24× | ||
| Q3 25 | 1.48× | 0.25× | ||
| Q2 25 | 1.50× | 0.11× | ||
| Q1 25 | 1.64× | 0.24× | ||
| Q4 24 | 1.78× | 0.25× | ||
| Q3 24 | 1.84× | — | ||
| Q2 24 | 2.02× | — | ||
| Q1 24 | 1.97× | — |
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 | $344.0M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $286.0M | $377.0M |
| 自由现金流率自由现金流/营收 | 22.7% | 22.6% |
| 资本支出强度资本支出/营收 | 4.6% | 0.1% |
| 现金转化率经营现金流/净利润 | 5.73× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $453.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流AXTATHG
| Q4 25 | $344.0M | $378.2M | ||
| Q3 25 | $137.0M | $554.4M | ||
| Q2 25 | $142.0M | $206.6M | ||
| Q1 25 | $26.0M | $38.9M | ||
| Q4 24 | $234.0M | $213.5M | ||
| Q3 24 | $194.0M | $394.7M | ||
| Q2 24 | $114.0M | $139.5M | ||
| Q1 24 | $34.0M | $58.7M |
自由现金流AXTATHG
| Q4 25 | $286.0M | $377.0M | ||
| Q3 25 | $87.0M | $551.4M | ||
| Q2 25 | $97.0M | $204.9M | ||
| Q1 25 | $-17.0M | $37.1M | ||
| Q4 24 | $172.0M | $210.5M | ||
| Q3 24 | $161.0M | $392.3M | ||
| Q2 24 | $91.0M | $137.3M | ||
| Q1 24 | $12.0M | $56.1M |
自由现金流率AXTATHG
| Q4 25 | 22.7% | 22.6% | ||
| Q3 25 | 6.8% | 33.1% | ||
| Q2 25 | 7.4% | 12.4% | ||
| Q1 25 | -1.3% | 2.3% | ||
| Q4 24 | 13.1% | 13.3% | ||
| Q3 24 | 12.2% | 25.1% | ||
| Q2 24 | 6.7% | 8.9% | ||
| Q1 24 | 0.9% | 3.6% |
资本支出强度AXTATHG
| Q4 25 | 4.6% | 0.1% | ||
| Q3 25 | 3.9% | 0.2% | ||
| Q2 25 | 3.4% | 0.1% | ||
| Q1 25 | 3.4% | 0.1% | ||
| Q4 24 | 4.7% | 0.2% | ||
| Q3 24 | 2.5% | 0.2% | ||
| Q2 24 | 1.7% | 0.1% | ||
| Q1 24 | 1.7% | 0.2% |
现金转化率AXTATHG
| Q4 25 | 5.73× | 1.91× | ||
| Q3 25 | 1.25× | 3.10× | ||
| Q2 25 | 1.30× | 1.32× | ||
| Q1 25 | 0.26× | 0.30× | ||
| Q4 24 | 1.71× | 1.27× | ||
| Q3 24 | 1.92× | 3.87× | ||
| Q2 24 | 1.02× | 3.44× | ||
| Q1 24 | 0.83× | 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
AXTA
| Refinish | $509.0M | 40% |
| Light Vehicle | $372.0M | 29% |
| Industrial | $282.0M | 22% |
| Commercial Vehicle | $99.0M | 8% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
