vs
Maplebear Inc.（CART）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Maplebear Inc.的1.7倍（$1.7B vs $992.0M），HANOVER INSURANCE GROUP, INC.净利率更高（11.0% vs 8.2%，领先2.8%），Maplebear Inc.同比增速更快（12.3% vs 6.1%），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 5.2%）
Maplebear Inc. 以Instacart为品牌开展业务，是总部位于美国旧金山的零售媒体及配送企业，在美国和加拿大运营生鲜杂货配送与自提服务。用户可通过官网及移动应用从合作商户订购食品杂货，在法律允许的地区还可选购酒类商品，所有订单由专属采购专员负责拣选、打包并配送上门。
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。
CART vs THG — 直观对比
营收规模更大
THG
是对方的1.7倍
$992.0M
营收增速更快
CART
高出6.2%
6.1%
净利率更高
THG
高出2.8%
8.2%
两年增速更快
CART
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.7B |
| 净利润 | $81.0M | $186.8M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 11.1% |
| 净利率 | 8.2% | 11.0% |
| 营收同比 | 12.3% | 6.1% |
| 净利润同比 | -45.3% | 45.7% |
| 每股收益（稀释后） | $0.31 | — |
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CARTTHG
| Q1 26 | — | $1.7B | ||
| Q4 25 | $992.0M | $1.7B | ||
| Q3 25 | $939.0M | $1.7B | ||
| Q2 25 | $914.0M | $1.7B | ||
| Q1 25 | $897.0M | $1.6B | ||
| Q4 24 | $883.0M | $1.6B | ||
| Q3 24 | $852.0M | $1.6B | ||
| Q2 24 | $823.0M | $1.5B |
净利润CARTTHG
| Q1 26 | — | $186.8M | ||
| Q4 25 | $81.0M | $198.5M | ||
| Q3 25 | $144.0M | $178.7M | ||
| Q2 25 | $116.0M | $157.1M | ||
| Q1 25 | $106.0M | $128.2M | ||
| Q4 24 | $148.0M | $167.9M | ||
| Q3 24 | $118.0M | $102.1M | ||
| Q2 24 | $61.0M | $40.5M |
毛利率CARTTHG
| Q1 26 | — | — | ||
| Q4 25 | 72.3% | — | ||
| Q3 25 | 73.7% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 74.8% | — | ||
| Q4 24 | 75.2% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 75.7% | — |
营业利润率CARTTHG
| Q1 26 | — | 11.1% | ||
| Q4 25 | 9.9% | 17.3% | ||
| Q3 25 | 17.7% | 14.9% | ||
| Q2 25 | 13.6% | 12.7% | ||
| Q1 25 | 12.3% | 11.6% | ||
| Q4 24 | 17.6% | 16.1% | ||
| Q3 24 | 16.2% | 9.6% | ||
| Q2 24 | 6.3% | 6.2% |
净利率CARTTHG
| Q1 26 | — | 11.0% | ||
| Q4 25 | 8.2% | 11.9% | ||
| Q3 25 | 15.3% | 10.7% | ||
| Q2 25 | 12.7% | 9.5% | ||
| Q1 25 | 11.8% | 8.0% | ||
| Q4 24 | 16.8% | 10.6% | ||
| Q3 24 | 13.8% | 6.5% | ||
| Q2 24 | 7.4% | 2.6% |
每股收益（稀释后）CARTTHG
| Q1 26 | — | — | ||
| Q4 25 | $0.31 | $5.46 | ||
| Q3 25 | $0.51 | $4.90 | ||
| Q2 25 | $0.41 | $4.30 | ||
| Q1 25 | $0.37 | $3.50 | ||
| Q4 24 | $0.53 | $4.60 | ||
| Q3 24 | $0.42 | $2.80 | ||
| Q2 24 | $0.20 | $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 | $687.0M | $243.5M |
| 总债务越低越好 | — | $843.8M |
| 股东权益账面价值 | $2.5B | $3.0B |
| 总资产 | $3.7B | $16.5B |
| 负债/权益比越低杠杆越低 | — | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资CARTTHG
| Q1 26 | — | $243.5M | ||
| Q4 25 | $687.0M | $1.1B | ||
| Q3 25 | $1.7B | $915.7M | ||
| Q2 25 | $1.6B | $244.1M | ||
| Q1 25 | $1.6B | $315.1M | ||
| Q4 24 | $1.4B | $435.5M | ||
| Q3 24 | $1.3B | $427.1M | ||
| Q2 24 | $1.4B | $337.6M |
总债务CARTTHG
| Q1 26 | — | $843.8M | ||
| Q4 25 | — | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | — | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CARTTHG
| Q1 26 | — | $3.0B | ||
| Q4 25 | $2.5B | $3.6B | ||
| Q3 25 | $3.5B | $3.4B | ||
| Q2 25 | $3.3B | $3.2B | ||
| Q1 25 | $3.2B | $3.0B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $2.9B | $2.9B | ||
| Q2 24 | $3.0B | $2.6B |
总资产CARTTHG
| Q1 26 | — | $16.5B | ||
| Q4 25 | $3.7B | $16.9B | ||
| Q3 25 | $4.5B | $16.8B | ||
| Q2 25 | $4.4B | $15.7B | ||
| Q1 25 | $4.3B | $15.5B | ||
| Q4 24 | $4.1B | $15.3B | ||
| Q3 24 | $3.9B | $15.4B | ||
| Q2 24 | $4.0B | $14.9B |
负债/权益比CARTTHG
| Q1 26 | — | 0.28× | ||
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 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 | $183.0M | — |
| 自由现金流经营现金流 - 资本支出 | $171.0M | — |
| 自由现金流率自由现金流/营收 | 17.2% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 现金转化率经营现金流/净利润 | 2.26× | — |
| 过去12个月自由现金流最近4个季度 | $910.0M | — |
8季度趋势，按日历期对齐
经营现金流CARTTHG
| Q1 26 | — | — | ||
| Q4 25 | $183.0M | $378.2M | ||
| Q3 25 | $287.0M | $554.4M | ||
| Q2 25 | $203.0M | $206.6M | ||
| Q1 25 | $298.0M | $38.9M | ||
| Q4 24 | $153.0M | $213.5M | ||
| Q3 24 | $185.0M | $394.7M | ||
| Q2 24 | $244.0M | $139.5M |
自由现金流CARTTHG
| Q1 26 | — | — | ||
| Q4 25 | $171.0M | $377.0M | ||
| Q3 25 | $272.0M | $551.4M | ||
| Q2 25 | $187.0M | $204.9M | ||
| Q1 25 | $280.0M | $37.1M | ||
| Q4 24 | $141.0M | $210.5M | ||
| Q3 24 | $171.0M | $392.3M | ||
| Q2 24 | $220.0M | $137.3M |
自由现金流率CARTTHG
| Q1 26 | — | — | ||
| Q4 25 | 17.2% | 22.6% | ||
| Q3 25 | 29.0% | 33.1% | ||
| Q2 25 | 20.5% | 12.4% | ||
| Q1 25 | 31.2% | 2.3% | ||
| Q4 24 | 16.0% | 13.3% | ||
| Q3 24 | 20.1% | 25.1% | ||
| Q2 24 | 26.7% | 8.9% |
资本支出强度CARTTHG
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 0.1% | ||
| Q3 25 | 1.6% | 0.2% | ||
| Q2 25 | 1.8% | 0.1% | ||
| Q1 25 | 2.0% | 0.1% | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 1.6% | 0.2% | ||
| Q2 24 | 2.9% | 0.1% |
现金转化率CARTTHG
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | 1.91× | ||
| Q3 25 | 1.99× | 3.10× | ||
| Q2 25 | 1.75× | 1.32× | ||
| Q1 25 | 2.81× | 0.30× | ||
| Q4 24 | 1.03× | 1.27× | ||
| Q3 24 | 1.57× | 3.87× | ||
| Q2 24 | 4.00× | 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
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
