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Cincinnati Financial（CINF）与Progressive Corporation（PGR）财务数据对比。点击上方公司名可切换其他公司
Progressive Corporation的季度营收约是Cincinnati Financial的7.4倍（$22.7B vs $3.1B）。Cincinnati Financial净利率更高（21.9% vs 13.0%，领先8.9%）。Cincinnati Financial同比增速更快（21.8% vs 12.2%）。Progressive Corporation自由现金流更多（$3.0B vs $939.0M）。过去两年Progressive Corporation的营收复合增速更高（14.9% vs 2.6%）
辛辛那提金融公司主营财产与意外伤害保险，通过旗下辛辛那提保险公司、辛辛那提赔偿公司及辛辛那提意外伤害保险公司运营核心业务。目前该公司在美国国内财险保费市场占比达1.01%，按市场份额计算位列美国第20大保险公司。
美国Progressive Corporation是1937年由杰克·格林与约瑟夫·M·刘易斯联合创立的保险公司，总部位于俄亥俄州梅菲尔德，是美国第二大汽车保险服务商，仅次于州立农业保险。其业务覆盖乘用车、摩托车、房车、船只、商用车等险种，同时通过合作机构提供家财险、寿险、宠物险等多元保险产品。
CINF vs PGR — 直观对比
营收规模更大
PGR
是对方的7.4倍
$3.1B
营收增速更快
CINF
高出9.6%
12.2%
净利率更高
CINF
高出8.9%
13.0%
自由现金流更多
PGR
多$2.1B
$939.0M
两年增速更快
PGR
近两年复合增速
2.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $22.7B |
| 净利润 | $676.0M | $3.0B |
| 毛利率 | — | — |
| 营业利润率 | 27.2% | 16.2% |
| 净利率 | 21.9% | 13.0% |
| 营收同比 | 21.8% | 12.2% |
| 净利润同比 | 66.9% | 25.3% |
| 每股收益（稀释后） | $4.29 | $5.01 |
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CINFPGR
| Q4 25 | $3.1B | $22.7B | ||
| Q3 25 | $3.7B | $22.5B | ||
| Q2 25 | $3.2B | $22.0B | ||
| Q1 25 | $2.6B | $20.4B | ||
| Q4 24 | $2.5B | $20.3B | ||
| Q3 24 | $3.3B | $19.7B | ||
| Q2 24 | $2.5B | $18.1B | ||
| Q1 24 | $2.9B | $17.2B |
净利润CINFPGR
| Q4 25 | $676.0M | $3.0B | ||
| Q3 25 | $1.1B | $2.6B | ||
| Q2 25 | $685.0M | $3.2B | ||
| Q1 25 | $-90.0M | $2.6B | ||
| Q4 24 | $405.0M | $2.4B | ||
| Q3 24 | $820.0M | $2.3B | ||
| Q2 24 | $312.0M | $1.5B | ||
| Q1 24 | $755.0M | $2.3B |
营业利润率CINFPGR
| Q4 25 | 27.2% | 16.2% | ||
| Q3 25 | 37.9% | 14.8% | ||
| Q2 25 | 26.3% | 18.1% | ||
| Q1 25 | -5.0% | 15.9% | ||
| Q4 24 | 18.9% | 14.6% | ||
| Q3 24 | 31.3% | 14.9% | ||
| Q2 24 | 15.2% | 10.3% | ||
| Q1 24 | 32.5% | 17.1% |
净利率CINFPGR
| Q4 25 | 21.9% | 13.0% | ||
| Q3 25 | 30.1% | 11.6% | ||
| Q2 25 | 21.1% | 14.4% | ||
| Q1 25 | -3.5% | 12.6% | ||
| Q4 24 | 16.0% | 11.6% | ||
| Q3 24 | 24.7% | 11.8% | ||
| Q2 24 | 12.3% | 8.0% | ||
| Q1 24 | 25.7% | 13.5% |
每股收益（稀释后）CINFPGR
| Q4 25 | $4.29 | $5.01 | ||
| Q3 25 | $7.11 | $4.45 | ||
| Q2 25 | $4.34 | $5.40 | ||
| Q1 25 | $-0.57 | $4.37 | ||
| Q4 24 | $2.57 | $4.01 | ||
| Q3 24 | $5.20 | $3.97 | ||
| Q2 24 | $1.98 | $2.48 | ||
| Q1 24 | $4.78 | $3.94 |
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 | $148.0M | $10.0B |
| 总债务越低越好 | $861.0M | — |
| 股东权益账面价值 | $15.9B | $30.3B |
| 总资产 | $41.0B | $123.0B |
| 负债/权益比越低杠杆越低 | 0.05× | — |
8季度趋势，按日历期对齐
现金及短期投资CINFPGR
| Q4 25 | $148.0M | $10.0B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $1.1B | $2.1B | ||
| Q1 25 | $1.1B | $2.6B | ||
| Q4 24 | $1.3B | $615.0M | ||
| Q3 24 | $1.8B | $757.0M | ||
| Q2 24 | $771.0M | $733.0M | ||
| Q1 24 | $619.0M | $1.3B |
总债务CINFPGR
| Q4 25 | $861.0M | — | ||
| Q3 25 | $858.0M | — | ||
| Q2 25 | $859.0M | — | ||
| Q1 25 | $853.0M | — | ||
| Q4 24 | $850.0M | — | ||
| Q3 24 | $849.0M | — | ||
| Q2 24 | $849.0M | — | ||
| Q1 24 | $848.0M | — |
股东权益CINFPGR
| Q4 25 | $15.9B | $30.3B | ||
| Q3 25 | $15.4B | $35.4B | ||
| Q2 25 | $14.3B | $32.6B | ||
| Q1 25 | $13.7B | $29.0B | ||
| Q4 24 | $13.9B | $25.6B | ||
| Q3 24 | $13.8B | $27.2B | ||
| Q2 24 | $12.8B | $23.3B | ||
| Q1 24 | $12.7B | $21.8B |
总资产CINFPGR
| Q4 25 | $41.0B | $123.0B | ||
| Q3 25 | $40.6B | $121.5B | ||
| Q2 25 | $38.8B | $115.5B | ||
| Q1 25 | $37.3B | $111.4B | ||
| Q4 24 | $36.5B | $105.7B | ||
| Q3 24 | $37.0B | $105.2B | ||
| Q2 24 | $34.8B | $97.9B | ||
| Q1 24 | $33.7B | $94.1B |
负债/权益比CINFPGR
| Q4 25 | 0.05× | — | ||
| Q3 25 | 0.06× | — | ||
| Q2 25 | 0.06× | — | ||
| Q1 25 | 0.06× | — | ||
| Q4 24 | 0.06× | — | ||
| Q3 24 | 0.06× | — | ||
| Q2 24 | 0.07× | — | ||
| Q1 24 | 0.07× | — |
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 | $947.0M | $3.2B |
| 自由现金流经营现金流 - 资本支出 | $939.0M | $3.0B |
| 自由现金流率自由现金流/营收 | 30.4% | 13.4% |
| 资本支出强度资本支出/营收 | 0.3% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.40× | 1.07× |
| 过去12个月自由现金流最近4个季度 | $3.1B | $17.2B |
8季度趋势，按日历期对齐
经营现金流CINFPGR
| Q4 25 | $947.0M | $3.2B | ||
| Q3 25 | $1.1B | $5.2B | ||
| Q2 25 | $741.0M | $4.0B | ||
| Q1 25 | $310.0M | $5.1B | ||
| Q4 24 | $642.0M | $3.0B | ||
| Q3 24 | $912.0M | $4.6B | ||
| Q2 24 | $742.0M | $3.3B | ||
| Q1 24 | $353.0M | $4.2B |
自由现金流CINFPGR
| Q4 25 | $939.0M | $3.0B | ||
| Q3 25 | $1.1B | $5.1B | ||
| Q2 25 | $737.0M | $3.9B | ||
| Q1 25 | $307.0M | $5.1B | ||
| Q4 24 | $638.0M | $2.9B | ||
| Q3 24 | $906.0M | $4.6B | ||
| Q2 24 | $737.0M | $3.2B | ||
| Q1 24 | $346.0M | $4.2B |
自由现金流率CINFPGR
| Q4 25 | 30.4% | 13.4% | ||
| Q3 25 | 29.8% | 22.8% | ||
| Q2 25 | 22.7% | 17.9% | ||
| Q1 25 | 12.0% | 24.9% | ||
| Q4 24 | 25.1% | 14.3% | ||
| Q3 24 | 27.3% | 23.1% | ||
| Q2 24 | 29.0% | 17.6% | ||
| Q1 24 | 11.8% | 24.3% |
资本支出强度CINFPGR
| Q4 25 | 0.3% | 0.5% | ||
| Q3 25 | 0.1% | 0.3% | ||
| Q2 25 | 0.1% | 0.5% | ||
| Q1 25 | 0.1% | 0.3% | ||
| Q4 24 | 0.2% | 0.5% | ||
| Q3 24 | 0.2% | 0.3% | ||
| Q2 24 | 0.2% | 0.4% | ||
| Q1 24 | 0.2% | 0.3% |
现金转化率CINFPGR
| Q4 25 | 1.40× | 1.07× | ||
| Q3 25 | 0.99× | 1.99× | ||
| Q2 25 | 1.08× | 1.27× | ||
| Q1 25 | — | 2.00× | ||
| Q4 24 | 1.59× | 1.28× | ||
| Q3 24 | 1.11× | 1.97× | ||
| Q2 24 | 2.38× | 2.24× | ||
| Q1 24 | 0.47× | 1.82× |
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
CINF
| Commercial Lines Insurance | $1.2B | 40% |
| Personal Lines Insurance | $860.0M | 28% |
| Investment Segment Of CINF | $488.0M | 16% |
| Other | $224.0M | 7% |
| Excessand Surplus Lines Insurance | $189.0M | 6% |
| Life Insurance | $86.0M | 3% |
PGR
| Other | $11.9B | 52% |
| Commercial Lines Segment | $10.9B | 48% |
| Other Indemnity | $2.0M | 0% |
