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塞拉尼斯（CE）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
塞拉尼斯的季度营收约是HANOVER INSURANCE GROUP, INC.的1.3倍（$2.2B vs $1.7B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs 0.6%，领先11.2%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs -7.0%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $168.0M），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% vs -8.1%）
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
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。
CE vs THG — 直观对比
营收规模更大
CE
是对方的1.3倍
$1.7B
营收增速更快
THG
高出12.5%
-7.0%
净利率更高
THG
高出11.2%
0.6%
自由现金流更多
THG
多$209.0M
$168.0M
两年增速更快
THG
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.7B |
| 净利润 | $14.0M | $198.5M |
| 毛利率 | 19.1% | — |
| 营业利润率 | 4.0% | 17.3% |
| 净利率 | 0.6% | 11.9% |
| 营收同比 | -7.0% | 5.5% |
| 净利润同比 | 100.7% | 18.2% |
| 每股收益（稀释后） | $0.13 | $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CETHG
| Q4 25 | $2.2B | $1.7B | ||
| Q3 25 | $2.4B | $1.7B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.4B | $1.6B | ||
| Q4 24 | $2.4B | $1.6B | ||
| Q3 24 | $2.6B | $1.6B | ||
| Q2 24 | $2.7B | $1.5B | ||
| Q1 24 | $2.6B | $1.6B |
净利润CETHG
| Q4 25 | $14.0M | $198.5M | ||
| Q3 25 | $-1.4B | $178.7M | ||
| Q2 25 | $199.0M | $157.1M | ||
| Q1 25 | $-21.0M | $128.2M | ||
| Q4 24 | $-1.9B | $167.9M | ||
| Q3 24 | $116.0M | $102.1M | ||
| Q2 24 | $155.0M | $40.5M | ||
| Q1 24 | $121.0M | $115.5M |
毛利率CETHG
| Q4 25 | 19.1% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 19.9% | — | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 23.5% | — | ||
| Q2 24 | 24.2% | — | ||
| Q1 24 | 21.2% | — |
营业利润率CETHG
| Q4 25 | 4.0% | 17.3% | ||
| Q3 25 | -52.7% | 14.9% | ||
| Q2 25 | 9.2% | 12.7% | ||
| Q1 25 | 7.0% | 11.6% | ||
| Q4 24 | -59.3% | 16.1% | ||
| Q3 24 | 9.4% | 9.6% | ||
| Q2 24 | 9.4% | 6.2% | ||
| Q1 24 | 8.0% | 9.7% |
净利率CETHG
| Q4 25 | 0.6% | 11.9% | ||
| Q3 25 | -56.1% | 10.7% | ||
| Q2 25 | 7.9% | 9.5% | ||
| Q1 25 | -0.9% | 8.0% | ||
| Q4 24 | -80.8% | 10.6% | ||
| Q3 24 | 4.4% | 6.5% | ||
| Q2 24 | 5.8% | 2.6% | ||
| Q1 24 | 4.6% | 7.4% |
每股收益（稀释后）CETHG
| Q4 25 | $0.13 | $5.46 | ||
| Q3 25 | $-12.39 | $4.90 | ||
| Q2 25 | $1.81 | $4.30 | ||
| Q1 25 | $-0.19 | $3.50 | ||
| Q4 24 | $-17.50 | $4.60 | ||
| Q3 24 | $1.06 | $2.80 | ||
| Q2 24 | $1.41 | $1.12 | ||
| Q1 24 | $1.10 | $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 | — | $1.1B |
| 总债务越低越好 | $11.4B | $843.3M |
| 股东权益账面价值 | $4.0B | $3.6B |
| 总资产 | $21.7B | $16.9B |
| 负债/权益比越低杠杆越低 | 2.81× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资CETHG
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $915.7M | ||
| Q2 25 | — | $244.1M | ||
| Q1 25 | — | $315.1M | ||
| Q4 24 | — | $435.5M | ||
| Q3 24 | — | $427.1M | ||
| Q2 24 | — | $337.6M | ||
| Q1 24 | — | $264.6M |
总债务CETHG
| Q4 25 | $11.4B | $843.3M | ||
| Q3 25 | $11.7B | $843.0M | ||
| Q2 25 | $12.7B | $347.8M | ||
| Q1 25 | $12.4B | $722.5M | ||
| Q4 24 | $11.1B | $722.3M | ||
| Q3 24 | $11.3B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.0B | — |
股东权益CETHG
| Q4 25 | $4.0B | $3.6B | ||
| Q3 25 | $4.0B | $3.4B | ||
| Q2 25 | $5.3B | $3.2B | ||
| Q1 25 | $5.2B | $3.0B | ||
| Q4 24 | $5.2B | $2.8B | ||
| Q3 24 | $7.3B | $2.9B | ||
| Q2 24 | $7.2B | $2.6B | ||
| Q1 24 | $7.1B | $2.5B |
总资产CETHG
| Q4 25 | $21.7B | $16.9B | ||
| Q3 25 | $22.2B | $16.8B | ||
| Q2 25 | $23.7B | $15.7B | ||
| Q1 25 | $23.2B | $15.5B | ||
| Q4 24 | $22.9B | $15.3B | ||
| Q3 24 | $25.9B | $15.4B | ||
| Q2 24 | $25.8B | $14.9B | ||
| Q1 24 | $26.0B | $14.6B |
负债/权益比CETHG
| Q4 25 | 2.81× | 0.24× | ||
| Q3 25 | 2.95× | 0.25× | ||
| Q2 25 | 2.41× | 0.11× | ||
| Q1 25 | 2.39× | 0.24× | ||
| Q4 24 | 2.14× | 0.25× | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.54× | — | ||
| Q1 24 | 1.56× | — |
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 | $252.0M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $377.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 22.6% |
| 资本支出强度资本支出/营收 | 3.8% | 0.1% |
| 现金转化率经营现金流/净利润 | 18.00× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流CETHG
| Q4 25 | $252.0M | $378.2M | ||
| Q3 25 | $447.0M | $554.4M | ||
| Q2 25 | $410.0M | $206.6M | ||
| Q1 25 | $37.0M | $38.9M | ||
| Q4 24 | $494.0M | $213.5M | ||
| Q3 24 | $79.0M | $394.7M | ||
| Q2 24 | $292.0M | $139.5M | ||
| Q1 24 | $101.0M | $58.7M |
自由现金流CETHG
| Q4 25 | $168.0M | $377.0M | ||
| Q3 25 | $383.0M | $551.4M | ||
| Q2 25 | $317.0M | $204.9M | ||
| Q1 25 | $-65.0M | $37.1M | ||
| Q4 24 | $389.0M | $210.5M | ||
| Q3 24 | $-9.0M | $392.3M | ||
| Q2 24 | $187.0M | $137.3M | ||
| Q1 24 | $-36.0M | $56.1M |
自由现金流率CETHG
| Q4 25 | 7.6% | 22.6% | ||
| Q3 25 | 15.8% | 33.1% | ||
| Q2 25 | 12.5% | 12.4% | ||
| Q1 25 | -2.7% | 2.3% | ||
| Q4 24 | 16.4% | 13.3% | ||
| Q3 24 | -0.3% | 25.1% | ||
| Q2 24 | 7.1% | 8.9% | ||
| Q1 24 | -1.4% | 3.6% |
资本支出强度CETHG
| Q4 25 | 3.8% | 0.1% | ||
| Q3 25 | 2.6% | 0.2% | ||
| Q2 25 | 3.7% | 0.1% | ||
| Q1 25 | 4.3% | 0.1% | ||
| Q4 24 | 4.4% | 0.2% | ||
| Q3 24 | 3.3% | 0.2% | ||
| Q2 24 | 4.0% | 0.1% | ||
| Q1 24 | 5.2% | 0.2% |
现金转化率CETHG
| Q4 25 | 18.00× | 1.91× | ||
| Q3 25 | — | 3.10× | ||
| Q2 25 | 2.06× | 1.32× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | 0.68× | 3.87× | ||
| Q2 24 | 1.88× | 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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
