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Expeditors International（EXPD）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
Expeditors International的季度营收约是HANOVER INSURANCE GROUP, INC.的1.7倍（$2.9B vs $1.7B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs 7.0%，领先4.8%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs -3.3%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $270.3M），过去两年Expeditors International的营收复合增速更高（13.8% vs 3.8%）
美国财富500强物流服务企业，总部位于华盛顿州贝尔维尤，依托覆盖六大洲100余个国家超340个网点的全球网络及统一集成的技术系统，为客户提供高度优化的定制化供应链解决方案。
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。
EXPD vs THG — 直观对比
营收规模更大
EXPD
是对方的1.7倍
$1.7B
营收增速更快
THG
高出8.9%
-3.3%
净利率更高
THG
高出4.8%
7.0%
自由现金流更多
THG
多$106.7M
$270.3M
两年增速更快
EXPD
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $1.7B |
| 净利润 | $200.7M | $198.5M |
| 毛利率 | — | — |
| 营业利润率 | 8.8% | 17.3% |
| 净利率 | 7.0% | 11.9% |
| 营收同比 | -3.3% | 5.5% |
| 净利润同比 | -14.9% | 18.2% |
| 每股收益（稀释后） | $1.50 | $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EXPDTHG
| Q4 25 | $2.9B | $1.7B | ||
| Q3 25 | $2.9B | $1.7B | ||
| Q2 25 | $2.7B | $1.7B | ||
| Q1 25 | $2.7B | $1.6B | ||
| Q4 24 | $3.0B | $1.6B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $2.4B | $1.5B | ||
| Q1 24 | $2.2B | $1.6B |
净利润EXPDTHG
| Q4 25 | $200.7M | $198.5M | ||
| Q3 25 | $222.3M | $178.7M | ||
| Q2 25 | $183.6M | $157.1M | ||
| Q1 25 | $203.8M | $128.2M | ||
| Q4 24 | $235.9M | $167.9M | ||
| Q3 24 | $229.6M | $102.1M | ||
| Q2 24 | $175.5M | $40.5M | ||
| Q1 24 | $169.2M | $115.5M |
营业利润率EXPDTHG
| Q4 25 | 8.8% | 17.3% | ||
| Q3 25 | 10.0% | 14.9% | ||
| Q2 25 | 9.3% | 12.7% | ||
| Q1 25 | 10.0% | 11.6% | ||
| Q4 24 | 10.2% | 16.1% | ||
| Q3 24 | 10.1% | 9.6% | ||
| Q2 24 | 9.2% | 6.2% | ||
| Q1 24 | 9.7% | 9.7% |
净利率EXPDTHG
| Q4 25 | 7.0% | 11.9% | ||
| Q3 25 | 7.7% | 10.7% | ||
| Q2 25 | 6.9% | 9.5% | ||
| Q1 25 | 7.6% | 8.0% | ||
| Q4 24 | 8.0% | 10.6% | ||
| Q3 24 | 7.7% | 6.5% | ||
| Q2 24 | 7.2% | 2.6% | ||
| Q1 24 | 7.7% | 7.4% |
每股收益（稀释后）EXPDTHG
| Q4 25 | $1.50 | $5.46 | ||
| Q3 25 | $1.64 | $4.90 | ||
| Q2 25 | $1.34 | $4.30 | ||
| Q1 25 | $1.47 | $3.50 | ||
| Q4 24 | $1.68 | $4.60 | ||
| Q3 24 | $1.63 | $2.80 | ||
| Q2 24 | $1.24 | $1.12 | ||
| Q1 24 | $1.17 | $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 | $1.3B | $1.1B |
| 总债务越低越好 | — | $843.3M |
| 股东权益账面价值 | $2.4B | $3.6B |
| 总资产 | $4.9B | $16.9B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资EXPDTHG
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.2B | $915.7M | ||
| Q2 25 | $1.2B | $244.1M | ||
| Q1 25 | $1.3B | $315.1M | ||
| Q4 24 | $1.1B | $435.5M | ||
| Q3 24 | $1.3B | $427.1M | ||
| Q2 24 | $1.3B | $337.6M | ||
| Q1 24 | $1.4B | $264.6M |
总债务EXPDTHG
| Q4 25 | — | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | — | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益EXPDTHG
| Q4 25 | $2.4B | $3.6B | ||
| Q3 25 | $2.3B | $3.4B | ||
| Q2 25 | $2.2B | $3.2B | ||
| Q1 25 | $2.3B | $3.0B | ||
| Q4 24 | $2.2B | $2.8B | ||
| Q3 24 | $2.4B | $2.9B | ||
| Q2 24 | $2.2B | $2.6B | ||
| Q1 24 | $2.2B | $2.5B |
总资产EXPDTHG
| Q4 25 | $4.9B | $16.9B | ||
| Q3 25 | $4.8B | $16.8B | ||
| Q2 25 | $4.8B | $15.7B | ||
| Q1 25 | $4.8B | $15.5B | ||
| Q4 24 | $4.8B | $15.3B | ||
| Q3 24 | $5.2B | $15.4B | ||
| Q2 24 | $4.8B | $14.9B | ||
| Q1 24 | $4.5B | $14.6B |
负债/权益比EXPDTHG
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $283.3M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $270.3M | $377.0M |
| 自由现金流率自由现金流/营收 | 9.5% | 22.6% |
| 资本支出强度资本支出/营收 | 0.5% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.41× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $953.4M | $1.2B |
8季度趋势，按日历期对齐
经营现金流EXPDTHG
| Q4 25 | $283.3M | $378.2M | ||
| Q3 25 | $201.4M | $554.4M | ||
| Q2 25 | $179.2M | $206.6M | ||
| Q1 25 | $342.6M | $38.9M | ||
| Q4 24 | $249.7M | $213.5M | ||
| Q3 24 | $90.0M | $394.7M | ||
| Q2 24 | $126.8M | $139.5M | ||
| Q1 24 | $256.9M | $58.7M |
自由现金流EXPDTHG
| Q4 25 | $270.3M | $377.0M | ||
| Q3 25 | $190.3M | $551.4M | ||
| Q2 25 | $163.3M | $204.9M | ||
| Q1 25 | $329.5M | $37.1M | ||
| Q4 24 | $239.7M | $210.5M | ||
| Q3 24 | $77.7M | $392.3M | ||
| Q2 24 | $118.8M | $137.3M | ||
| Q1 24 | $246.7M | $56.1M |
自由现金流率EXPDTHG
| Q4 25 | 9.5% | 22.6% | ||
| Q3 25 | 6.6% | 33.1% | ||
| Q2 25 | 6.2% | 12.4% | ||
| Q1 25 | 12.4% | 2.3% | ||
| Q4 24 | 8.1% | 13.3% | ||
| Q3 24 | 2.6% | 25.1% | ||
| Q2 24 | 4.9% | 8.9% | ||
| Q1 24 | 11.2% | 3.6% |
资本支出强度EXPDTHG
| Q4 25 | 0.5% | 0.1% | ||
| Q3 25 | 0.4% | 0.2% | ||
| Q2 25 | 0.6% | 0.1% | ||
| Q1 25 | 0.5% | 0.1% | ||
| Q4 24 | 0.3% | 0.2% | ||
| Q3 24 | 0.4% | 0.2% | ||
| Q2 24 | 0.3% | 0.1% | ||
| Q1 24 | 0.5% | 0.2% |
现金转化率EXPDTHG
| Q4 25 | 1.41× | 1.91× | ||
| Q3 25 | 0.91× | 3.10× | ||
| Q2 25 | 0.98× | 1.32× | ||
| Q1 25 | 1.68× | 0.30× | ||
| Q4 24 | 1.06× | 1.27× | ||
| Q3 24 | 0.39× | 3.87× | ||
| Q2 24 | 0.72× | 3.44× | ||
| Q1 24 | 1.52× | 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
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
