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Camping World Holdings, Inc.（CWH）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Camping World Holdings, Inc.的1.4倍（$1.7B vs $1.2B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs -9.3%，领先21.2%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs -2.6%），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% vs -7.2%）
露营世界控股公司是美国知名露营房车行业企业，总部位于伊利诺伊州林肯郡，主营休闲房车销售、房车配件供应及售后维保服务，同时也售卖各类露营装备。目前公司在全美共设有202家线下门店，除线下门店经营外，还通过电话等渠道开展零售业务，2016年10月完成首次公开募股上市，募资2.51亿美元。
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。
CWH vs THG — 直观对比
营收规模更大
THG
是对方的1.4倍
$1.2B
营收增速更快
THG
高出8.1%
-2.6%
净利率更高
THG
高出21.2%
-9.3%
两年增速更快
THG
近两年复合增速
-7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $-109.1M | $198.5M |
| 毛利率 | 28.8% | — |
| 营业利润率 | -4.3% | 17.3% |
| 净利率 | -9.3% | 11.9% |
| 营收同比 | -2.6% | 5.5% |
| 净利润同比 | -83.3% | 18.2% |
| 每股收益（稀释后） | — | $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CWHTHG
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $2.0B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.7B | $1.6B | ||
| Q2 24 | $1.8B | $1.5B | ||
| Q1 24 | $1.4B | $1.6B |
净利润CWHTHG
| Q4 25 | $-109.1M | $198.5M | ||
| Q3 25 | $-40.4M | $178.7M | ||
| Q2 25 | $30.2M | $157.1M | ||
| Q1 25 | $-12.3M | $128.2M | ||
| Q4 24 | $-59.5M | $167.9M | ||
| Q3 24 | $5.5M | $102.1M | ||
| Q2 24 | $9.8M | $40.5M | ||
| Q1 24 | $-22.3M | $115.5M |
毛利率CWHTHG
| Q4 25 | 28.8% | — | ||
| Q3 25 | 28.6% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 30.4% | — | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.9% | — | ||
| Q2 24 | 30.3% | — | ||
| Q1 24 | 29.5% | — |
营业利润率CWHTHG
| Q4 25 | -4.3% | 17.3% | ||
| Q3 25 | 4.4% | 14.9% | ||
| Q2 25 | 6.6% | 12.7% | ||
| Q1 25 | 1.5% | 11.6% | ||
| Q4 24 | -1.3% | 16.1% | ||
| Q3 24 | 3.7% | 9.6% | ||
| Q2 24 | 5.3% | 6.2% | ||
| Q1 24 | 0.3% | 9.7% |
净利率CWHTHG
| Q4 25 | -9.3% | 11.9% | ||
| Q3 25 | -2.2% | 10.7% | ||
| Q2 25 | 1.5% | 9.5% | ||
| Q1 25 | -0.9% | 8.0% | ||
| Q4 24 | -4.9% | 10.6% | ||
| Q3 24 | 0.3% | 6.5% | ||
| Q2 24 | 0.5% | 2.6% | ||
| Q1 24 | -1.6% | 7.4% |
每股收益（稀释后）CWHTHG
| Q4 25 | — | $5.46 | ||
| Q3 25 | — | $4.90 | ||
| Q2 25 | — | $4.30 | ||
| Q1 25 | — | $3.50 | ||
| Q4 24 | — | $4.60 | ||
| Q3 24 | — | $2.80 | ||
| Q2 24 | — | $1.12 | ||
| Q1 24 | — | $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 | $215.0M | $1.1B |
| 总债务越低越好 | $1.5B | $843.3M |
| 股东权益账面价值 | $228.6M | $3.6B |
| 总资产 | $5.0B | $16.9B |
| 负债/权益比越低杠杆越低 | 6.44× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资CWHTHG
| Q4 25 | $215.0M | $1.1B | ||
| Q3 25 | $230.5M | $915.7M | ||
| Q2 25 | $118.1M | $244.1M | ||
| Q1 25 | $20.9M | $315.1M | ||
| Q4 24 | $208.4M | $435.5M | ||
| Q3 24 | $28.4M | $427.1M | ||
| Q2 24 | $23.7M | $337.6M | ||
| Q1 24 | $29.7M | $264.6M |
总债务CWHTHG
| Q4 25 | $1.5B | $843.3M | ||
| Q3 25 | $1.5B | $843.0M | ||
| Q2 25 | $1.5B | $347.8M | ||
| Q1 25 | $1.5B | $722.5M | ||
| Q4 24 | $1.5B | $722.3M | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.6B | — |
股东权益CWHTHG
| Q4 25 | $228.6M | $3.6B | ||
| Q3 25 | $296.2M | $3.4B | ||
| Q2 25 | $340.5M | $3.2B | ||
| Q1 25 | $310.5M | $3.0B | ||
| Q4 24 | $326.6M | $2.8B | ||
| Q3 24 | $151.6M | $2.9B | ||
| Q2 24 | $149.7M | $2.6B | ||
| Q1 24 | $142.8M | $2.5B |
总资产CWHTHG
| Q4 25 | $5.0B | $16.9B | ||
| Q3 25 | $5.0B | $16.8B | ||
| Q2 25 | $5.2B | $15.7B | ||
| Q1 25 | $5.1B | $15.5B | ||
| Q4 24 | $4.9B | $15.3B | ||
| Q3 24 | $4.7B | $15.4B | ||
| Q2 24 | $5.0B | $14.9B | ||
| Q1 24 | $5.1B | $14.6B |
负债/权益比CWHTHG
| Q4 25 | 6.44× | 0.24× | ||
| Q3 25 | 5.00× | 0.25× | ||
| Q2 25 | 4.42× | 0.11× | ||
| Q1 25 | 4.87× | 0.24× | ||
| Q4 24 | 4.64× | 0.25× | ||
| Q3 24 | 10.09× | — | ||
| Q2 24 | 10.28× | — | ||
| Q1 24 | 11.00× | — |
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 | $-227.2M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | — | $377.0M |
| 自由现金流率自由现金流/营收 | — | 22.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | — | 1.91× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流CWHTHG
| Q4 25 | $-227.2M | $378.2M | ||
| Q3 25 | $139.8M | $554.4M | ||
| Q2 25 | $187.9M | $206.6M | ||
| Q1 25 | $-232.5M | $38.9M | ||
| Q4 24 | $-163.4M | $213.5M | ||
| Q3 24 | $324.2M | $394.7M | ||
| Q2 24 | $152.3M | $139.5M | ||
| Q1 24 | $-68.0M | $58.7M |
自由现金流CWHTHG
| Q4 25 | — | $377.0M | ||
| Q3 25 | — | $551.4M | ||
| Q2 25 | — | $204.9M | ||
| Q1 25 | — | $37.1M | ||
| Q4 24 | — | $210.5M | ||
| Q3 24 | — | $392.3M | ||
| Q2 24 | — | $137.3M | ||
| Q1 24 | — | $56.1M |
自由现金流率CWHTHG
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 8.9% | ||
| Q1 24 | — | 3.6% |
资本支出强度CWHTHG
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.2% |
现金转化率CWHTHG
| Q4 25 | — | 1.91× | ||
| Q3 25 | — | 3.10× | ||
| Q2 25 | 6.22× | 1.32× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | 58.93× | 3.87× | ||
| Q2 24 | 15.59× | 3.44× | ||
| Q1 24 | — | 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
CWH
| New Vehicles | $457.8M | 39% |
| Used Vehicles | $386.5M | 33% |
| Products Service And Other | $160.5M | 14% |
| Finance And Insurance Net | $111.4M | 9% |
| Good Sam Services And Plans | $48.0M | 4% |
| Good Sam Club | $10.5M | 1% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
