vs
家得宝（HD）与Progressive Corporation（PGR）财务数据对比。点击上方公司名可切换其他公司
家得宝的季度营收约是Progressive Corporation的1.8倍（$41.4B vs $22.7B），Progressive Corporation净利率更高（13.0% vs 8.7%，领先4.3%），Progressive Corporation同比增速更快（12.2% vs 2.8%），家得宝自由现金流更多（$3.1B vs $3.0B），过去两年Progressive Corporation的营收复合增速更高（14.9% vs 9.0%）
家得宝是美国跨国家装零售巨头，也是美国规模最大的家装零售商，主营工具、建材、家电等产品销售，同时提供燃油、运输租赁等服务。公司总部位于佐治亚州科布县，通信地址设于亚特兰大，2021年员工数达49.06万，营收超1510亿美元。
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。
HD vs PGR — 直观对比
营收规模更大
HD
是对方的1.8倍
$22.7B
营收增速更快
PGR
高出9.4%
2.8%
净利率更高
PGR
高出4.3%
8.7%
自由现金流更多
HD
多$63.0M
$3.0B
两年增速更快
PGR
近两年复合增速
9.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $41.4B | $22.7B |
| 净利润 | $3.6B | $3.0B |
| 毛利率 | 33.4% | — |
| 营业利润率 | 12.9% | 16.2% |
| 净利率 | 8.7% | 13.0% |
| 营收同比 | 2.8% | 12.2% |
| 净利润同比 | -1.3% | 25.3% |
| 每股收益（稀释后） | $3.62 | $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HDPGR
| Q4 25 | $41.4B | $22.7B | ||
| Q3 25 | $45.3B | $22.5B | ||
| Q2 25 | $39.9B | $22.0B | ||
| Q1 25 | $39.7B | $20.4B | ||
| Q4 24 | $40.2B | $20.3B | ||
| Q3 24 | $43.2B | $19.7B | ||
| Q2 24 | $36.4B | $18.1B | ||
| Q1 24 | $34.8B | $17.2B |
净利润HDPGR
| Q4 25 | $3.6B | $3.0B | ||
| Q3 25 | $4.6B | $2.6B | ||
| Q2 25 | $3.4B | $3.2B | ||
| Q1 25 | $3.0B | $2.6B | ||
| Q4 24 | $3.6B | $2.4B | ||
| Q3 24 | $4.6B | $2.3B | ||
| Q2 24 | $3.6B | $1.5B | ||
| Q1 24 | $2.8B | $2.3B |
毛利率HDPGR
| Q4 25 | 33.4% | — | ||
| Q3 25 | 33.4% | — | ||
| Q2 25 | 33.8% | — | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 33.4% | — | ||
| Q3 24 | 33.4% | — | ||
| Q2 24 | 34.1% | — | ||
| Q1 24 | 33.1% | — |
营业利润率HDPGR
| Q4 25 | 12.9% | 16.2% | ||
| Q3 25 | 14.5% | 14.8% | ||
| Q2 25 | 12.9% | 18.1% | ||
| Q1 25 | 11.3% | 15.9% | ||
| Q4 24 | 13.5% | 14.6% | ||
| Q3 24 | 15.1% | 14.9% | ||
| Q2 24 | 13.9% | 10.3% | ||
| Q1 24 | 11.9% | 17.1% |
净利率HDPGR
| Q4 25 | 8.7% | 13.0% | ||
| Q3 25 | 10.1% | 11.6% | ||
| Q2 25 | 8.6% | 14.4% | ||
| Q1 25 | 7.5% | 12.6% | ||
| Q4 24 | 9.1% | 11.6% | ||
| Q3 24 | 10.6% | 11.8% | ||
| Q2 24 | 9.9% | 8.0% | ||
| Q1 24 | 8.1% | 13.5% |
每股收益（稀释后）HDPGR
| Q4 25 | $3.62 | $5.01 | ||
| Q3 25 | $4.58 | $4.45 | ||
| Q2 25 | $3.45 | $5.40 | ||
| Q1 25 | $3.01 | $4.37 | ||
| Q4 24 | $3.67 | $4.01 | ||
| Q3 24 | $4.60 | $3.97 | ||
| Q2 24 | $3.63 | $2.48 | ||
| Q1 24 | $2.83 | $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 | $1.7B | $10.0B |
| 总债务越低越好 | $46.3B | — |
| 股东权益账面价值 | $12.1B | $30.3B |
| 总资产 | $106.3B | $123.0B |
| 负债/权益比越低杠杆越低 | 3.82× | — |
8季度趋势，按日历期对齐
现金及短期投资HDPGR
| Q4 25 | $1.7B | $10.0B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $1.7B | $2.6B | ||
| Q4 24 | $1.5B | $615.0M | ||
| Q3 24 | $1.6B | $757.0M | ||
| Q2 24 | $4.3B | $733.0M | ||
| Q1 24 | $3.8B | $1.3B |
总债务HDPGR
| Q4 25 | $46.3B | — | ||
| Q3 25 | $45.9B | — | ||
| Q2 25 | $47.3B | — | ||
| Q1 25 | $48.5B | — | ||
| Q4 24 | $50.1B | — | ||
| Q3 24 | $51.9B | — | ||
| Q2 24 | $42.1B | — | ||
| Q1 24 | $42.7B | — |
股东权益HDPGR
| Q4 25 | $12.1B | $30.3B | ||
| Q3 25 | $10.7B | $35.4B | ||
| Q2 25 | $8.0B | $32.6B | ||
| Q1 25 | $6.6B | $29.0B | ||
| Q4 24 | $5.8B | $25.6B | ||
| Q3 24 | $4.4B | $27.2B | ||
| Q2 24 | $1.8B | $23.3B | ||
| Q1 24 | $1.0B | $21.8B |
总资产HDPGR
| Q4 25 | $106.3B | $123.0B | ||
| Q3 25 | $100.0B | $121.5B | ||
| Q2 25 | $99.2B | $115.5B | ||
| Q1 25 | $96.1B | $111.4B | ||
| Q4 24 | $97.3B | $105.7B | ||
| Q3 24 | $96.8B | $105.2B | ||
| Q2 24 | $79.2B | $97.9B | ||
| Q1 24 | $76.5B | $94.1B |
负债/权益比HDPGR
| Q4 25 | 3.82× | — | ||
| Q3 25 | 4.31× | — | ||
| Q2 25 | 5.95× | — | ||
| Q1 25 | 7.30× | — | ||
| Q4 24 | 8.65× | — | ||
| Q3 24 | 11.74× | — | ||
| Q2 24 | 23.11× | — | ||
| Q1 24 | 40.94× | — |
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 | $4.0B | $3.2B |
| 自由现金流经营现金流 - 资本支出 | $3.1B | $3.0B |
| 自由现金流率自由现金流/营收 | 7.5% | 13.4% |
| 资本支出强度资本支出/营收 | 2.2% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.11× | 1.07× |
| 过去12个月自由现金流最近4个季度 | $13.9B | $17.2B |
8季度趋势，按日历期对齐
经营现金流HDPGR
| Q4 25 | $4.0B | $3.2B | ||
| Q3 25 | $4.6B | $5.2B | ||
| Q2 25 | $4.3B | $4.0B | ||
| Q1 25 | $4.7B | $5.1B | ||
| Q4 24 | $4.2B | $3.0B | ||
| Q3 24 | $5.4B | $4.6B | ||
| Q2 24 | $5.5B | $3.3B | ||
| Q1 24 | $4.7B | $4.2B |
自由现金流HDPGR
| Q4 25 | $3.1B | $3.0B | ||
| Q3 25 | $3.7B | $5.1B | ||
| Q2 25 | $3.5B | $3.9B | ||
| Q1 25 | $3.6B | $5.1B | ||
| Q4 24 | $3.4B | $2.9B | ||
| Q3 24 | $4.7B | $4.6B | ||
| Q2 24 | $4.7B | $3.2B | ||
| Q1 24 | $3.9B | $4.2B |
自由现金流率HDPGR
| Q4 25 | 7.5% | 13.4% | ||
| Q3 25 | 8.2% | 22.8% | ||
| Q2 25 | 8.8% | 17.9% | ||
| Q1 25 | 9.0% | 24.9% | ||
| Q4 24 | 8.5% | 14.3% | ||
| Q3 24 | 10.9% | 23.1% | ||
| Q2 24 | 12.8% | 17.6% | ||
| Q1 24 | 11.1% | 24.3% |
资本支出强度HDPGR
| Q4 25 | 2.2% | 0.5% | ||
| Q3 25 | 2.0% | 0.3% | ||
| Q2 25 | 2.0% | 0.5% | ||
| Q1 25 | 2.8% | 0.3% | ||
| Q4 24 | 2.0% | 0.5% | ||
| Q3 24 | 1.7% | 0.3% | ||
| Q2 24 | 2.3% | 0.4% | ||
| Q1 24 | 2.5% | 0.3% |
现金转化率HDPGR
| Q4 25 | 1.11× | 1.07× | ||
| Q3 25 | 1.02× | 1.99× | ||
| Q2 25 | 1.26× | 1.27× | ||
| Q1 25 | 1.56× | 2.00× | ||
| Q4 24 | 1.16× | 1.28× | ||
| Q3 24 | 1.19× | 1.97× | ||
| Q2 24 | 1.53× | 2.24× | ||
| Q1 24 | 1.69× | 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
HD
| Major Product Line Building Materials | $13.6B | 33% |
| Major Product Line Dcor | $12.9B | 31% |
| Major Product Line Hardlines | $10.9B | 26% |
| Other | $1.5B | 4% |
| Services | $1.5B | 4% |
| GMS Inc | $892.0M | 2% |
PGR
| Other | $11.9B | 52% |
| Commercial Lines Segment | $10.9B | 48% |
| Other Indemnity | $2.0M | 0% |
