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CoStar Group（CSGP）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CoStar Group的1.9倍（$1.7B vs $899.9M），HANOVER INSURANCE GROUP, INC.净利率更高（11.0% vs 5.2%，领先5.8%），CoStar Group同比增速更快（26.9% vs 6.1%），过去两年CoStar Group的营收复合增速更高（17.1% vs 5.2%）
CoStar Group是1987年成立的美国商业地产服务商，总部位于弗吉尼亚州阿灵顿，业务覆盖北美、欧洲地区，为商业地产行业提供信息、分析及营销解决方案，旗下运营CoStar线上数据库、新闻网站及Apartments.com、Homes.com等多个线上平台。
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。
CSGP vs THG — 直观对比
营收规模更大
THG
是对方的1.9倍
$899.9M
营收增速更快
CSGP
高出20.7%
6.1%
净利率更高
THG
高出5.8%
5.2%
两年增速更快
CSGP
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $1.7B |
| 净利润 | $46.5M | $186.8M |
| 毛利率 | 78.6% | — |
| 营业利润率 | 5.5% | 11.1% |
| 净利率 | 5.2% | 11.0% |
| 营收同比 | 26.9% | 6.1% |
| 净利润同比 | -22.2% | 45.7% |
| 每股收益（稀释后） | $0.12 | — |
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CSGPTHG
| Q1 26 | — | $1.7B | ||
| Q4 25 | $899.9M | $1.7B | ||
| Q3 25 | $833.6M | $1.7B | ||
| Q2 25 | $781.3M | $1.7B | ||
| Q1 25 | $732.2M | $1.6B | ||
| Q4 24 | $709.4M | $1.6B | ||
| Q3 24 | $692.6M | $1.6B | ||
| Q2 24 | $677.8M | $1.5B |
净利润CSGPTHG
| Q1 26 | — | $186.8M | ||
| Q4 25 | $46.5M | $198.5M | ||
| Q3 25 | $-30.9M | $178.7M | ||
| Q2 25 | $6.2M | $157.1M | ||
| Q1 25 | $-14.8M | $128.2M | ||
| Q4 24 | $59.8M | $167.9M | ||
| Q3 24 | $53.0M | $102.1M | ||
| Q2 24 | $19.2M | $40.5M |
毛利率CSGPTHG
| Q1 26 | — | — | ||
| Q4 25 | 78.6% | — | ||
| Q3 25 | 79.3% | — | ||
| Q2 25 | 78.5% | — | ||
| Q1 25 | 79.1% | — | ||
| Q4 24 | 80.1% | — | ||
| Q3 24 | 79.7% | — | ||
| Q2 24 | 80.0% | — |
营业利润率CSGPTHG
| Q1 26 | — | 11.1% | ||
| Q4 25 | 5.5% | 17.3% | ||
| Q3 25 | -6.1% | 14.9% | ||
| Q2 25 | -3.5% | 12.7% | ||
| Q1 25 | -5.8% | 11.6% | ||
| Q4 24 | 5.6% | 16.1% | ||
| Q3 24 | 3.4% | 9.6% | ||
| Q2 24 | -2.4% | 6.2% |
净利率CSGPTHG
| Q1 26 | — | 11.0% | ||
| Q4 25 | 5.2% | 11.9% | ||
| Q3 25 | -3.7% | 10.7% | ||
| Q2 25 | 0.8% | 9.5% | ||
| Q1 25 | -2.0% | 8.0% | ||
| Q4 24 | 8.4% | 10.6% | ||
| Q3 24 | 7.7% | 6.5% | ||
| Q2 24 | 2.8% | 2.6% |
每股收益（稀释后）CSGPTHG
| Q1 26 | — | — | ||
| Q4 25 | $0.12 | $5.46 | ||
| Q3 25 | $-0.07 | $4.90 | ||
| Q2 25 | $0.01 | $4.30 | ||
| Q1 25 | $-0.04 | $3.50 | ||
| Q4 24 | $0.14 | $4.60 | ||
| Q3 24 | $0.13 | $2.80 | ||
| Q2 24 | $0.05 | $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 | $1.6B | $243.5M |
| 总债务越低越好 | $140.0M | $843.8M |
| 股东权益账面价值 | $8.3B | $3.0B |
| 总资产 | $10.5B | $16.5B |
| 负债/权益比越低杠杆越低 | 0.02× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资CSGPTHG
| Q1 26 | — | $243.5M | ||
| Q4 25 | $1.6B | $1.1B | ||
| Q3 25 | $1.9B | $915.7M | ||
| Q2 25 | $3.6B | $244.1M | ||
| Q1 25 | $3.7B | $315.1M | ||
| Q4 24 | $4.7B | $435.5M | ||
| Q3 24 | — | $427.1M | ||
| Q2 24 | — | $337.6M |
总债务CSGPTHG
| Q1 26 | — | $843.8M | ||
| Q4 25 | $140.0M | $843.3M | ||
| Q3 25 | $1.0B | $843.0M | ||
| Q2 25 | $1.0B | $347.8M | ||
| Q1 25 | $1.0B | $722.5M | ||
| Q4 24 | $1.0B | $722.3M | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — |
股东权益CSGPTHG
| Q1 26 | — | $3.0B | ||
| Q4 25 | $8.3B | $3.6B | ||
| Q3 25 | $8.6B | $3.4B | ||
| Q2 25 | $8.6B | $3.2B | ||
| Q1 25 | $8.6B | $3.0B | ||
| Q4 24 | $7.6B | $2.8B | ||
| Q3 24 | $7.5B | $2.9B | ||
| Q2 24 | $7.4B | $2.6B |
总资产CSGPTHG
| Q1 26 | — | $16.5B | ||
| Q4 25 | $10.5B | $16.9B | ||
| Q3 25 | $10.8B | $16.8B | ||
| Q2 25 | $10.5B | $15.7B | ||
| Q1 25 | $10.4B | $15.5B | ||
| Q4 24 | $9.3B | $15.3B | ||
| Q3 24 | $9.1B | $15.4B | ||
| Q2 24 | $9.1B | $14.9B |
负债/权益比CSGPTHG
| Q1 26 | — | 0.28× | ||
| Q4 25 | 0.02× | 0.24× | ||
| Q3 25 | 0.12× | 0.25× | ||
| Q2 25 | 0.12× | 0.11× | ||
| Q1 25 | 0.12× | 0.24× | ||
| Q4 24 | 0.13× | 0.25× | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — |
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 | $162.1M | — |
| 自由现金流经营现金流 - 资本支出 | $101.3M | — |
| 自由现金流率自由现金流/营收 | 11.3% | — |
| 资本支出强度资本支出/营收 | 6.8% | — |
| 现金转化率经营现金流/净利润 | 3.49× | — |
| 过去12个月自由现金流最近4个季度 | $123.0M | — |
8季度趋势，按日历期对齐
经营现金流CSGPTHG
| Q1 26 | — | — | ||
| Q4 25 | $162.1M | $378.2M | ||
| Q3 25 | $68.2M | $554.4M | ||
| Q2 25 | $146.5M | $206.6M | ||
| Q1 25 | $53.2M | $38.9M | ||
| Q4 24 | $94.6M | $213.5M | ||
| Q3 24 | $100.3M | $394.7M | ||
| Q2 24 | $58.1M | $139.5M |
自由现金流CSGPTHG
| Q1 26 | — | — | ||
| Q4 25 | $101.3M | $377.0M | ||
| Q3 25 | $-5.5M | $551.4M | ||
| Q2 25 | $27.7M | $204.9M | ||
| Q1 25 | $-500.0K | $37.1M | ||
| Q4 24 | $25.2M | $210.5M | ||
| Q3 24 | $40.2M | $392.3M | ||
| Q2 24 | $-14.7M | $137.3M |
自由现金流率CSGPTHG
| Q1 26 | — | — | ||
| Q4 25 | 11.3% | 22.6% | ||
| Q3 25 | -0.7% | 33.1% | ||
| Q2 25 | 3.5% | 12.4% | ||
| Q1 25 | -0.1% | 2.3% | ||
| Q4 24 | 3.6% | 13.3% | ||
| Q3 24 | 5.8% | 25.1% | ||
| Q2 24 | -2.2% | 8.9% |
资本支出强度CSGPTHG
| Q1 26 | — | — | ||
| Q4 25 | 6.8% | 0.1% | ||
| Q3 25 | 8.8% | 0.2% | ||
| Q2 25 | 15.2% | 0.1% | ||
| Q1 25 | 7.3% | 0.1% | ||
| Q4 24 | 9.8% | 0.2% | ||
| Q3 24 | 8.7% | 0.2% | ||
| Q2 24 | 10.7% | 0.1% |
现金转化率CSGPTHG
| Q1 26 | — | — | ||
| Q4 25 | 3.49× | 1.91× | ||
| Q3 25 | — | 3.10× | ||
| Q2 25 | 23.63× | 1.32× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | 1.58× | 1.27× | ||
| Q3 24 | 1.89× | 3.87× | ||
| Q2 24 | 3.03× | 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
CSGP
| Co Star | $503.8M | 56% |
| Other | $283.0M | 31% |
| Loop Net | $94.7M | 11% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
