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Cincinnati Financial（CINF）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
Cincinnati Financial的季度营收约是华纳音乐集团的1.5倍（$2.8B vs $1.8B），Cincinnati Financial净利率更高（9.6% vs 9.6%，领先0.0%），华纳音乐集团同比增速更快（10.4% vs -1.7%），过去两年华纳音乐集团的营收复合增速更高（11.0% vs 5.2%）
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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
CINF vs WMG — 直观对比
营收规模更大
CINF
是对方的1.5倍
$1.8B
营收增速更快
WMG
高出12.2%
-1.7%
净利率更高
CINF
高出0.0%
9.6%
两年增速更快
WMG
近两年复合增速
5.2%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.8B |
| 净利润 | $274.0M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | — | 15.7% |
| 净利率 | 9.6% | 9.6% |
| 营收同比 | -1.7% | 10.4% |
| 净利润同比 | 404.4% | -25.4% |
| 每股收益（稀释后） | — | — |
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CINFWMG
| Q1 26 | $2.8B | — | ||
| Q4 25 | $3.1B | $1.8B | ||
| Q3 25 | $3.7B | $1.9B | ||
| Q2 25 | $3.2B | $1.7B | ||
| Q1 25 | $2.6B | $1.5B | ||
| Q4 24 | $2.5B | $1.7B | ||
| Q3 24 | $3.3B | $1.6B | ||
| Q2 24 | $2.5B | $1.6B |
净利润CINFWMG
| Q1 26 | $274.0M | — | ||
| Q4 25 | $676.0M | $176.0M | ||
| Q3 25 | $1.1B | $109.0M | ||
| Q2 25 | $685.0M | $-16.0M | ||
| Q1 25 | $-90.0M | $36.0M | ||
| Q4 24 | $405.0M | $236.0M | ||
| Q3 24 | $820.0M | $41.0M | ||
| Q2 24 | $312.0M | $139.0M |
毛利率CINFWMG
| Q1 26 | — | — | ||
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% |
营业利润率CINFWMG
| Q1 26 | — | — | ||
| Q4 25 | 27.2% | 15.7% | ||
| Q3 25 | 37.9% | 7.7% | ||
| Q2 25 | 26.3% | 10.0% | ||
| Q1 25 | -5.0% | 11.3% | ||
| Q4 24 | 18.9% | 12.8% | ||
| Q3 24 | 31.3% | 8.8% | ||
| Q2 24 | 15.2% | 13.3% |
净利率CINFWMG
| Q1 26 | 9.6% | — | ||
| Q4 25 | 21.9% | 9.6% | ||
| Q3 25 | 30.1% | 5.8% | ||
| Q2 25 | 21.1% | -0.9% | ||
| Q1 25 | -3.5% | 2.4% | ||
| Q4 24 | 16.0% | 14.2% | ||
| Q3 24 | 24.7% | 2.5% | ||
| Q2 24 | 12.3% | 8.9% |
每股收益（稀释后）CINFWMG
| Q1 26 | — | — | ||
| Q4 25 | $4.29 | — | ||
| Q3 25 | $7.11 | — | ||
| Q2 25 | $4.34 | — | ||
| Q1 25 | $-0.57 | — | ||
| Q4 24 | $2.57 | — | ||
| Q3 24 | $5.20 | — | ||
| Q2 24 | $1.98 | — |
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 | $1.2B | $751.0M |
| 总债务越低越好 | $816.0M | $4.4B |
| 股东权益账面价值 | $15.7B | $720.0M |
| 总资产 | $41.2B | $10.0B |
| 负债/权益比越低杠杆越低 | 0.05× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资CINFWMG
| Q1 26 | $1.2B | — | ||
| Q4 25 | $148.0M | $751.0M | ||
| Q3 25 | $1.6B | $532.0M | ||
| Q2 25 | $1.1B | $527.0M | ||
| Q1 25 | $1.1B | $637.0M | ||
| Q4 24 | $1.3B | $802.0M | ||
| Q3 24 | $1.8B | $694.0M | ||
| Q2 24 | $771.0M | $607.0M |
总债务CINFWMG
| Q1 26 | $816.0M | — | ||
| Q4 25 | $861.0M | $4.4B | ||
| Q3 25 | $858.0M | $4.4B | ||
| Q2 25 | $859.0M | $4.4B | ||
| Q1 25 | $853.0M | $4.3B | ||
| Q4 24 | $850.0M | $4.0B | ||
| Q3 24 | $849.0M | $4.0B | ||
| Q2 24 | $849.0M | $4.0B |
股东权益CINFWMG
| Q1 26 | $15.7B | — | ||
| Q4 25 | $15.9B | $720.0M | ||
| Q3 25 | $15.4B | $647.0M | ||
| Q2 25 | $14.3B | $589.0M | ||
| Q1 25 | $13.7B | $567.0M | ||
| Q4 24 | $13.9B | $545.0M | ||
| Q3 24 | $13.8B | $518.0M | ||
| Q2 24 | $12.8B | $483.0M |
总资产CINFWMG
| Q1 26 | $41.2B | — | ||
| Q4 25 | $41.0B | $10.0B | ||
| Q3 25 | $40.6B | $9.8B | ||
| Q2 25 | $38.8B | $9.8B | ||
| Q1 25 | $37.3B | $9.6B | ||
| Q4 24 | $36.5B | $9.1B | ||
| Q3 24 | $37.0B | $9.2B | ||
| Q2 24 | $34.8B | $8.8B |
负债/权益比CINFWMG
| Q1 26 | 0.05× | — | ||
| Q4 25 | 0.05× | 6.07× | ||
| Q3 25 | 0.06× | 6.75× | ||
| Q2 25 | 0.06× | 7.41× | ||
| Q1 25 | 0.06× | 7.57× | ||
| Q4 24 | 0.06× | 7.26× | ||
| Q3 24 | 0.06× | 7.75× | ||
| Q2 24 | 0.07× | 8.24× |
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 | — | $440.0M |
| 自由现金流经营现金流 - 资本支出 | — | $420.0M |
| 自由现金流率自由现金流/营收 | — | 22.8% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | — | $663.0M |
8季度趋势，按日历期对齐
经营现金流CINFWMG
| Q1 26 | — | — | ||
| Q4 25 | $947.0M | $440.0M | ||
| Q3 25 | $1.1B | $231.0M | ||
| Q2 25 | $741.0M | $46.0M | ||
| Q1 25 | $310.0M | $69.0M | ||
| Q4 24 | $642.0M | $332.0M | ||
| Q3 24 | $912.0M | $304.0M | ||
| Q2 24 | $742.0M | $188.0M |
自由现金流CINFWMG
| Q1 26 | — | — | ||
| Q4 25 | $939.0M | $420.0M | ||
| Q3 25 | $1.1B | $203.0M | ||
| Q2 25 | $737.0M | $7.0M | ||
| Q1 25 | $307.0M | $33.0M | ||
| Q4 24 | $638.0M | $296.0M | ||
| Q3 24 | $906.0M | $271.0M | ||
| Q2 24 | $737.0M | $160.0M |
自由现金流率CINFWMG
| Q1 26 | — | — | ||
| Q4 25 | 30.4% | 22.8% | ||
| Q3 25 | 29.8% | 10.9% | ||
| Q2 25 | 22.7% | 0.4% | ||
| Q1 25 | 12.0% | 2.2% | ||
| Q4 24 | 25.1% | 17.8% | ||
| Q3 24 | 27.3% | 16.6% | ||
| Q2 24 | 29.0% | 10.3% |
资本支出强度CINFWMG
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 1.1% | ||
| Q3 25 | 0.1% | 1.5% | ||
| Q2 25 | 0.1% | 2.3% | ||
| Q1 25 | 0.1% | 2.4% | ||
| Q4 24 | 0.2% | 2.2% | ||
| Q3 24 | 0.2% | 2.0% | ||
| Q2 24 | 0.2% | 1.8% |
现金转化率CINFWMG
| Q1 26 | — | — | ||
| Q4 25 | 1.40× | 2.50× | ||
| Q3 25 | 0.99× | 2.12× | ||
| Q2 25 | 1.08× | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | 1.59× | 1.41× | ||
| Q3 24 | 1.11× | 7.41× | ||
| Q2 24 | 2.38× | 1.35× |
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
| Property casualty | $2.6B | 93% |
| Life | $105.0M | 4% |
| Other | $92.0M | 3% |
| Fee revenues | $1.0M | 0% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
