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Hagerty, Inc.（HGTY）与威达信集团（MRSH）财务数据对比。点击上方公司名可切换其他公司
威达信集团的季度营收约是Hagerty, Inc.的43.7倍（$6.6B vs $150.8M）。Hagerty, Inc.净利率更高（18.9% vs 12.4%，领先6.5%）。Hagerty, Inc.同比增速更快（30.7% vs 8.7%）。威达信集团自由现金流更多（$2.1B vs $23.1M）。过去两年Hagerty, Inc.的营收复合增速更高（12.1% vs 0.9%）
哈格蒂（Hagerty, Inc.）是美国知名汽车生活方式及会员服务企业，同时是全球规模最大的经典老爷车特种保险供应商，总部位于密歇根州特拉弗斯城，业务范围覆盖加拿大、德国及英国市场。
威达信集团是总部位于纽约的全球专业服务企业，核心业务涵盖保险经纪、风险管理、再保险服务、人才管理、投资咨询及管理咨询，旗下拥有达信（Marsh）等四大运营子公司，可提供风险建模、定制风险融资方案等多元专业服务。
HGTY vs MRSH — 直观对比
营收规模更大
MRSH
是对方的43.7倍
$150.8M
营收增速更快
HGTY
高出22.0%
8.7%
净利率更高
HGTY
高出6.5%
12.4%
自由现金流更多
MRSH
多$2.0B
$23.1M
两年增速更快
HGTY
近两年复合增速
0.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $150.8M | $6.6B |
| 净利润 | $28.6M | $821.0M |
| 毛利率 | — | — |
| 营业利润率 | 26.3% | 18.5% |
| 净利率 | 18.9% | 12.4% |
| 营收同比 | 30.7% | 8.7% |
| 净利润同比 | 238.4% | 4.2% |
| 每股收益（稀释后） | — | $1.68 |
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HGTYMRSH
| Q4 25 | $150.8M | $6.6B | ||
| Q3 25 | $190.0M | $6.4B | ||
| Q2 25 | $188.5M | $7.0B | ||
| Q1 25 | $148.4M | $7.1B | ||
| Q4 24 | $115.4M | $6.1B | ||
| Q3 24 | $157.7M | $5.7B | ||
| Q2 24 | $155.6M | $6.2B | ||
| Q1 24 | $120.1M | $6.5B |
净利润HGTYMRSH
| Q4 25 | $28.6M | $821.0M | ||
| Q3 25 | $46.2M | $747.0M | ||
| Q2 25 | $47.2M | $1.2B | ||
| Q1 25 | $27.3M | $1.4B | ||
| Q4 24 | $8.4M | $788.0M | ||
| Q3 24 | $19.0M | $747.0M | ||
| Q2 24 | $42.7M | $1.1B | ||
| Q1 24 | $8.2M | $1.4B |
营业利润率HGTYMRSH
| Q4 25 | 26.3% | 18.5% | ||
| Q3 25 | 18.1% | 18.4% | ||
| Q2 25 | 25.3% | 26.2% | ||
| Q1 25 | 17.3% | 28.4% | ||
| Q4 24 | 5.2% | 18.8% | ||
| Q3 24 | 6.4% | 19.4% | ||
| Q2 24 | 24.5% | 26.4% | ||
| Q1 24 | 10.2% | 29.7% |
净利率HGTYMRSH
| Q4 25 | 18.9% | 12.4% | ||
| Q3 25 | 24.3% | 11.8% | ||
| Q2 25 | 25.0% | 17.4% | ||
| Q1 25 | 18.4% | 19.6% | ||
| Q4 24 | 7.3% | 13.0% | ||
| Q3 24 | 12.1% | 13.1% | ||
| Q2 24 | 27.4% | 18.1% | ||
| Q1 24 | 6.8% | 21.6% |
每股收益（稀释后）HGTYMRSH
| Q4 25 | — | $1.68 | ||
| Q3 25 | — | $1.51 | ||
| Q2 25 | — | $2.45 | ||
| Q1 25 | — | $2.79 | ||
| Q4 24 | — | $1.58 | ||
| Q3 24 | — | $1.51 | ||
| Q2 24 | — | $2.27 | ||
| Q1 24 | — | $2.82 |
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 | $160.2M | $2.7B |
| 总债务越低越好 | $177.9M | $19.6B |
| 股东权益账面价值 | $221.3M | $15.3B |
| 总资产 | $2.1B | $58.7B |
| 负债/权益比越低杠杆越低 | 0.80× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资HGTYMRSH
| Q4 25 | $160.2M | $2.7B | ||
| Q3 25 | $290.5M | $2.5B | ||
| Q2 25 | $259.6M | $1.7B | ||
| Q1 25 | $232.7M | $1.6B | ||
| Q4 24 | $178.7M | $2.4B | ||
| Q3 24 | $208.9M | $1.8B | ||
| Q2 24 | $186.4M | $1.7B | ||
| Q1 24 | $131.2M | $1.5B |
总债务HGTYMRSH
| Q4 25 | $177.9M | $19.6B | ||
| Q3 25 | $104.4M | $19.6B | ||
| Q2 25 | $153.4M | $19.6B | ||
| Q1 25 | $132.6M | $19.5B | ||
| Q4 24 | $105.0M | $19.9B | ||
| Q3 24 | $122.9M | $12.8B | ||
| Q2 24 | $98.0M | $12.8B | ||
| Q1 24 | $91.5M | $13.4B |
股东权益HGTYMRSH
| Q4 25 | $221.3M | $15.3B | ||
| Q3 25 | $211.7M | $15.4B | ||
| Q2 25 | $172.3M | $16.0B | ||
| Q1 25 | $162.9M | $14.3B | ||
| Q4 24 | $150.3M | $13.5B | ||
| Q3 24 | $148.3M | $13.9B | ||
| Q2 24 | $94.4M | $13.6B | ||
| Q1 24 | $93.5M | $12.6B |
总资产HGTYMRSH
| Q4 25 | $2.1B | $58.7B | ||
| Q3 25 | $2.2B | $58.8B | ||
| Q2 25 | $2.0B | $58.6B | ||
| Q1 25 | $1.8B | $57.0B | ||
| Q4 24 | $1.7B | $56.5B | ||
| Q3 24 | $1.8B | $49.9B | ||
| Q2 24 | $1.7B | $48.6B | ||
| Q1 24 | $1.6B | $47.6B |
负债/权益比HGTYMRSH
| Q4 25 | 0.80× | 1.28× | ||
| Q3 25 | 0.49× | 1.27× | ||
| Q2 25 | 0.89× | 1.23× | ||
| Q1 25 | 0.81× | 1.37× | ||
| Q4 24 | 0.70× | 1.47× | ||
| Q3 24 | 0.83× | 0.93× | ||
| Q2 24 | 1.04× | 0.94× | ||
| Q1 24 | 0.98× | 1.06× |
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 | $29.1M | $2.2B |
| 自由现金流经营现金流 - 资本支出 | $23.1M | $2.1B |
| 自由现金流率自由现金流/营收 | 15.3% | 31.2% |
| 资本支出强度资本支出/营收 | 4.0% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.02× | 2.63× |
| 过去12个月自由现金流最近4个季度 | $194.5M | $5.0B |
8季度趋势，按日历期对齐
经营现金流HGTYMRSH
| Q4 25 | $29.1M | $2.2B | ||
| Q3 25 | $92.2M | $2.1B | ||
| Q2 25 | $53.9M | $1.7B | ||
| Q1 25 | $43.8M | $-622.0M | ||
| Q4 24 | $-12.6M | $2.0B | ||
| Q3 24 | $67.4M | $1.9B | ||
| Q2 24 | $64.0M | $1.2B | ||
| Q1 24 | $58.2M | $-781.0M |
自由现金流HGTYMRSH
| Q4 25 | $23.1M | $2.1B | ||
| Q3 25 | $85.2M | $2.0B | ||
| Q2 25 | $47.7M | $1.6B | ||
| Q1 25 | $38.4M | $-677.0M | ||
| Q4 24 | $-16.7M | $1.9B | ||
| Q3 24 | $62.0M | $1.8B | ||
| Q2 24 | $56.6M | $1.1B | ||
| Q1 24 | $53.7M | $-868.0M |
自由现金流率HGTYMRSH
| Q4 25 | 15.3% | 31.2% | ||
| Q3 25 | 44.9% | 31.6% | ||
| Q2 25 | 25.3% | 23.1% | ||
| Q1 25 | 25.9% | -9.6% | ||
| Q4 24 | -14.5% | 31.0% | ||
| Q3 24 | 39.3% | 32.3% | ||
| Q2 24 | 36.4% | 18.2% | ||
| Q1 24 | 44.7% | -13.4% |
资本支出强度HGTYMRSH
| Q4 25 | 4.0% | 1.6% | ||
| Q3 25 | 3.7% | 1.1% | ||
| Q2 25 | 3.3% | 0.8% | ||
| Q1 25 | 3.6% | 0.8% | ||
| Q4 24 | 3.5% | 1.3% | ||
| Q3 24 | 3.4% | 1.3% | ||
| Q2 24 | 4.8% | 1.3% | ||
| Q1 24 | 3.8% | 1.3% |
现金转化率HGTYMRSH
| Q4 25 | 1.02× | 2.63× | ||
| Q3 25 | 2.00× | 2.79× | ||
| Q2 25 | 1.14× | 1.38× | ||
| Q1 25 | 1.61× | -0.45× | ||
| Q4 24 | -1.50× | 2.48× | ||
| Q3 24 | 3.55× | 2.56× | ||
| Q2 24 | 1.50× | 1.08× | ||
| Q1 24 | 7.10× | -0.56× |
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
HGTY
暂无分部数据
MRSH
| Marsh Insurance Group | $3.6B | 55% |
| Consulting Segment | $2.6B | 40% |
| Guy Carpenter Reinsurance Group | $179.0M | 3% |
| Other | $175.0M | 3% |
