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BRUNSWICK CORP（BC）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BRUNSWICK CORP的1.3倍（$1.7B vs $1.3B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs 1.4%，领先10.5%），BRUNSWICK CORP同比增速更快（15.5% vs 5.5%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $83.6M），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% vs -1.1%）
美国Brunswick公司创立于1845年，专注于多品类产品的研发、生产与营销，旗下拥有知名海事品牌水星海事（Mercury Marine）等多个品牌。目前集团在24个国家拥有超1.3万名员工，2024年销售额达52亿美元，全球总部位于伊利诺伊州芝加哥北郊的梅塔瓦。
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。
BC 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
BC
高出10.0%
5.5%
净利率更高
THG
高出10.5%
1.4%
自由现金流更多
THG
多$293.4M
$83.6M
两年增速更快
THG
近两年复合增速
-1.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.7B |
| 净利润 | $18.7M | $198.5M |
| 毛利率 | 23.1% | — |
| 营业利润率 | 3.1% | 17.3% |
| 净利率 | 1.4% | 11.9% |
| 营收同比 | 15.5% | 5.5% |
| 净利润同比 | 122.7% | 18.2% |
| 每股收益（稀释后） | $0.32 | $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BCTHG
| Q4 25 | $1.3B | $1.7B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.4B | $1.6B |
净利润BCTHG
| Q4 25 | $18.7M | $198.5M | ||
| Q3 25 | $-235.5M | $178.7M | ||
| Q2 25 | $59.3M | $157.1M | ||
| Q1 25 | $20.2M | $128.2M | ||
| Q4 24 | $-82.5M | $167.9M | ||
| Q3 24 | $44.6M | $102.1M | ||
| Q2 24 | $100.0M | $40.5M | ||
| Q1 24 | $68.0M | $115.5M |
毛利率BCTHG
| Q4 25 | 23.1% | — | ||
| Q3 25 | 25.8% | — | ||
| Q2 25 | 25.5% | — | ||
| Q1 25 | 24.9% | — | ||
| Q4 24 | 21.9% | — | ||
| Q3 24 | 26.2% | — | ||
| Q2 24 | 27.1% | — | ||
| Q1 24 | 27.4% | — |
营业利润率BCTHG
| Q4 25 | 3.1% | 17.3% | ||
| Q3 25 | -17.8% | 14.9% | ||
| Q2 25 | 7.1% | 12.7% | ||
| Q1 25 | 4.6% | 11.6% | ||
| Q4 24 | -4.8% | 16.1% | ||
| Q3 24 | 7.7% | 9.6% | ||
| Q2 24 | 11.0% | 6.2% | ||
| Q1 24 | 8.1% | 9.7% |
净利率BCTHG
| Q4 25 | 1.4% | 11.9% | ||
| Q3 25 | -17.3% | 10.7% | ||
| Q2 25 | 4.1% | 9.5% | ||
| Q1 25 | 1.7% | 8.0% | ||
| Q4 24 | -7.1% | 10.6% | ||
| Q3 24 | 3.5% | 6.5% | ||
| Q2 24 | 6.9% | 2.6% | ||
| Q1 24 | 5.0% | 7.4% |
每股收益（稀释后）BCTHG
| Q4 25 | $0.32 | $5.46 | ||
| Q3 25 | $-3.59 | $4.90 | ||
| Q2 25 | $0.89 | $4.30 | ||
| Q1 25 | $0.30 | $3.50 | ||
| Q4 24 | $-1.21 | $4.60 | ||
| Q3 24 | $0.67 | $2.80 | ||
| Q2 24 | $1.48 | $1.12 | ||
| Q1 24 | $0.99 | $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 | $256.8M | $1.1B |
| 总债务越低越好 | $2.1B | $843.3M |
| 股东权益账面价值 | $1.6B | $3.6B |
| 总资产 | $5.3B | $16.9B |
| 负债/权益比越低杠杆越低 | 1.30× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资BCTHG
| Q4 25 | $256.8M | $1.1B | ||
| Q3 25 | $297.7M | $915.7M | ||
| Q2 25 | $315.7M | $244.1M | ||
| Q1 25 | $286.7M | $315.1M | ||
| Q4 24 | $269.0M | $435.5M | ||
| Q3 24 | $284.1M | $427.1M | ||
| Q2 24 | $494.5M | $337.6M | ||
| Q1 24 | $548.4M | $264.6M |
总债务BCTHG
| Q4 25 | $2.1B | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | $2.4B | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BCTHG
| Q4 25 | $1.6B | $3.6B | ||
| Q3 25 | $1.6B | $3.4B | ||
| Q2 25 | $1.9B | $3.2B | ||
| Q1 25 | $1.9B | $3.0B | ||
| Q4 24 | $1.9B | $2.8B | ||
| Q3 24 | $2.0B | $2.9B | ||
| Q2 24 | $2.0B | $2.6B | ||
| Q1 24 | $2.0B | $2.5B |
总资产BCTHG
| Q4 25 | $5.3B | $16.9B | ||
| Q3 25 | $5.4B | $16.8B | ||
| Q2 25 | $5.8B | $15.7B | ||
| Q1 25 | $5.9B | $15.5B | ||
| Q4 24 | $5.7B | $15.3B | ||
| Q3 24 | $6.0B | $15.4B | ||
| Q2 24 | $6.4B | $14.9B | ||
| Q1 24 | $6.5B | $14.6B |
负债/权益比BCTHG
| Q4 25 | 1.30× | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 1.25× | 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 | $132.9M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $83.6M | $377.0M |
| 自由现金流率自由现金流/营收 | 6.3% | 22.6% |
| 资本支出强度资本支出/营收 | 3.7% | 0.1% |
| 现金转化率经营现金流/净利润 | 7.11× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $396.3M | $1.2B |
8季度趋势，按日历期对齐
经营现金流BCTHG
| Q4 25 | $132.9M | $378.2M | ||
| Q3 25 | $140.4M | $554.4M | ||
| Q2 25 | $316.2M | $206.6M | ||
| Q1 25 | $-27.4M | $38.9M | ||
| Q4 24 | $306.4M | $213.5M | ||
| Q3 24 | $67.4M | $394.7M | ||
| Q2 24 | $211.0M | $139.5M | ||
| Q1 24 | $-153.4M | $58.7M |
自由现金流BCTHG
| Q4 25 | $83.6M | $377.0M | ||
| Q3 25 | $106.5M | $551.4M | ||
| Q2 25 | $271.3M | $204.9M | ||
| Q1 25 | $-65.1M | $37.1M | ||
| Q4 24 | $276.1M | $210.5M | ||
| Q3 24 | $31.4M | $392.3M | ||
| Q2 24 | $163.9M | $137.3M | ||
| Q1 24 | $-207.4M | $56.1M |
自由现金流率BCTHG
| Q4 25 | 6.3% | 22.6% | ||
| Q3 25 | 7.8% | 33.1% | ||
| Q2 25 | 18.7% | 12.4% | ||
| Q1 25 | -5.3% | 2.3% | ||
| Q4 24 | 23.9% | 13.3% | ||
| Q3 24 | 2.5% | 25.1% | ||
| Q2 24 | 11.4% | 8.9% | ||
| Q1 24 | -15.2% | 3.6% |
资本支出强度BCTHG
| Q4 25 | 3.7% | 0.1% | ||
| Q3 25 | 2.5% | 0.2% | ||
| Q2 25 | 3.1% | 0.1% | ||
| Q1 25 | 3.1% | 0.1% | ||
| Q4 24 | 2.6% | 0.2% | ||
| Q3 24 | 2.8% | 0.2% | ||
| Q2 24 | 3.3% | 0.1% | ||
| Q1 24 | 4.0% | 0.2% |
现金转化率BCTHG
| Q4 25 | 7.11× | 1.91× | ||
| Q3 25 | — | 3.10× | ||
| Q2 25 | 5.33× | 1.32× | ||
| Q1 25 | -1.36× | 0.30× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | 1.51× | 3.87× | ||
| Q2 24 | 2.11× | 3.44× | ||
| Q1 24 | -2.26× | 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
BC
| Engine Partsand Accessories | $532.4M | 40% |
| Navico Group | $452.9M | 34% |
| Recreational Fiberglass Boats | $111.6M | 8% |
| Saltwater Fishing Boats | $85.7M | 6% |
| Controls Riggingand Propellers | $78.3M | 6% |
| Business Acceleration | $48.1M | 4% |
| Sterndrive Engine | $32.6M | 2% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
