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伯克希尔·哈撒韦（HEI）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.的季度营收约是伯克希尔·哈撒韦的1.4倍（$1.7B vs $1.2B），伯克希尔·哈撒韦净利率更高（15.6% vs 11.9%，领先3.7%），伯克希尔·哈撒韦同比增速更快（19.3% vs 5.5%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $268.5M），过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% vs 3.8%）
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
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。
HEI 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
HEI
高出13.8%
5.5%
净利率更高
HEI
高出3.7%
11.9%
自由现金流更多
THG
多$108.5M
$268.5M
两年增速更快
HEI
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $188.3M | $198.5M |
| 毛利率 | 40.2% | — |
| 营业利润率 | 23.1% | 17.3% |
| 净利率 | 15.6% | 11.9% |
| 营收同比 | 19.3% | 5.5% |
| 净利润同比 | 34.8% | 18.2% |
| 每股收益（稀释后） | $1.32 | $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HEITHG
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $992.2M | $1.6B | ||
| Q2 24 | $955.4M | $1.5B | ||
| Q1 24 | $896.4M | $1.6B |
净利润HEITHG
| Q4 25 | $188.3M | $198.5M | ||
| Q3 25 | $177.3M | $178.7M | ||
| Q2 25 | $156.8M | $157.1M | ||
| Q1 25 | $168.0M | $128.2M | ||
| Q4 24 | $139.7M | $167.9M | ||
| Q3 24 | $136.6M | $102.1M | ||
| Q2 24 | $123.1M | $40.5M | ||
| Q1 24 | $114.7M | $115.5M |
毛利率HEITHG
| Q4 25 | 40.2% | — | ||
| Q3 25 | 39.8% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.9% | — | ||
| Q3 24 | 39.2% | — | ||
| Q2 24 | 38.9% | — | ||
| Q1 24 | 38.7% | — |
营业利润率HEITHG
| Q4 25 | 23.1% | 17.3% | ||
| Q3 25 | 23.1% | 14.9% | ||
| Q2 25 | 22.6% | 12.7% | ||
| Q1 25 | 22.0% | 11.6% | ||
| Q4 24 | 21.6% | 16.1% | ||
| Q3 24 | 21.8% | 9.6% | ||
| Q2 24 | 21.9% | 6.2% | ||
| Q1 24 | 20.1% | 9.7% |
净利率HEITHG
| Q4 25 | 15.6% | 11.9% | ||
| Q3 25 | 15.5% | 10.7% | ||
| Q2 25 | 14.3% | 9.5% | ||
| Q1 25 | 16.3% | 8.0% | ||
| Q4 24 | 13.8% | 10.6% | ||
| Q3 24 | 13.8% | 6.5% | ||
| Q2 24 | 12.9% | 2.6% | ||
| Q1 24 | 12.8% | 7.4% |
每股收益（稀释后）HEITHG
| Q4 25 | $1.32 | $5.46 | ||
| Q3 25 | $1.26 | $4.90 | ||
| Q2 25 | $1.12 | $4.30 | ||
| Q1 25 | $1.20 | $3.50 | ||
| Q4 24 | $1.00 | $4.60 | ||
| Q3 24 | $0.97 | $2.80 | ||
| Q2 24 | $0.88 | $1.12 | ||
| Q1 24 | $0.82 | $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 | $217.8M | $1.1B |
| 总债务越低越好 | $2.2B | $843.3M |
| 股东权益账面价值 | $4.3B | $3.6B |
| 总资产 | $8.5B | $16.9B |
| 负债/权益比越低杠杆越低 | 0.50× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资HEITHG
| Q4 25 | $217.8M | $1.1B | ||
| Q3 25 | $261.9M | $915.7M | ||
| Q2 25 | $242.3M | $244.1M | ||
| Q1 25 | $165.5M | $315.1M | ||
| Q4 24 | $162.1M | $435.5M | ||
| Q3 24 | $202.9M | $427.1M | ||
| Q2 24 | $204.2M | $337.6M | ||
| Q1 24 | $196.3M | $264.6M |
总债务HEITHG
| Q4 25 | $2.2B | $843.3M | ||
| Q3 25 | $2.4B | $843.0M | ||
| Q2 25 | $2.3B | $347.8M | ||
| Q1 25 | $2.3B | $722.5M | ||
| Q4 24 | $2.2B | $722.3M | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.5B | — |
股东权益HEITHG
| Q4 25 | $4.3B | $3.6B | ||
| Q3 25 | $4.1B | $3.4B | ||
| Q2 25 | $4.0B | $3.2B | ||
| Q1 25 | $3.7B | $3.0B | ||
| Q4 24 | $3.6B | $2.8B | ||
| Q3 24 | $3.5B | $2.9B | ||
| Q2 24 | $3.4B | $2.6B | ||
| Q1 24 | $3.3B | $2.5B |
总资产HEITHG
| Q4 25 | $8.5B | $16.9B | ||
| Q3 25 | $8.5B | $16.8B | ||
| Q2 25 | $8.1B | $15.7B | ||
| Q1 25 | $7.9B | $15.5B | ||
| Q4 24 | $7.6B | $15.3B | ||
| Q3 24 | $7.4B | $15.4B | ||
| Q2 24 | $7.4B | $14.9B | ||
| Q1 24 | $7.3B | $14.6B |
负债/权益比HEITHG
| Q4 25 | 0.50× | 0.24× | ||
| Q3 25 | 0.59× | 0.25× | ||
| Q2 25 | 0.57× | 0.11× | ||
| Q1 25 | 0.63× | 0.24× | ||
| Q4 24 | 0.61× | 0.25× | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.70× | — | ||
| Q1 24 | 0.76× | — |
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 | $295.3M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $377.0M |
| 自由现金流率自由现金流/营收 | 22.2% | 22.6% |
| 资本支出强度资本支出/营收 | 2.2% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.57× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $861.4M | $1.2B |
8季度趋势，按日历期对齐
经营现金流HEITHG
| Q4 25 | $295.3M | $378.2M | ||
| Q3 25 | $231.2M | $554.4M | ||
| Q2 25 | $204.7M | $206.6M | ||
| Q1 25 | $203.0M | $38.9M | ||
| Q4 24 | $205.6M | $213.5M | ||
| Q3 24 | $214.0M | $394.7M | ||
| Q2 24 | $141.1M | $139.5M | ||
| Q1 24 | $111.7M | $58.7M |
自由现金流HEITHG
| Q4 25 | $268.5M | $377.0M | ||
| Q3 25 | $218.5M | $551.4M | ||
| Q2 25 | $188.7M | $204.9M | ||
| Q1 25 | $185.7M | $37.1M | ||
| Q4 24 | $189.5M | $210.5M | ||
| Q3 24 | $198.1M | $392.3M | ||
| Q2 24 | $128.2M | $137.3M | ||
| Q1 24 | $98.3M | $56.1M |
自由现金流率HEITHG
| Q4 25 | 22.2% | 22.6% | ||
| Q3 25 | 19.0% | 33.1% | ||
| Q2 25 | 17.2% | 12.4% | ||
| Q1 25 | 18.0% | 2.3% | ||
| Q4 24 | 18.7% | 13.3% | ||
| Q3 24 | 20.0% | 25.1% | ||
| Q2 24 | 13.4% | 8.9% | ||
| Q1 24 | 11.0% | 3.6% |
资本支出强度HEITHG
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 1.1% | 0.2% | ||
| Q2 25 | 1.5% | 0.1% | ||
| Q1 25 | 1.7% | 0.1% | ||
| Q4 24 | 1.6% | 0.2% | ||
| Q3 24 | 1.6% | 0.2% | ||
| Q2 24 | 1.4% | 0.1% | ||
| Q1 24 | 1.5% | 0.2% |
现金转化率HEITHG
| Q4 25 | 1.57× | 1.91× | ||
| Q3 25 | 1.30× | 3.10× | ||
| Q2 25 | 1.31× | 1.32× | ||
| Q1 25 | 1.21× | 0.30× | ||
| Q4 24 | 1.47× | 1.27× | ||
| Q3 24 | 1.57× | 3.87× | ||
| Q2 24 | 1.15× | 3.44× | ||
| Q1 24 | 0.97× | 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
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
