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荷美尔食品（HRL）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
荷美尔食品的季度营收约是HANOVER INSURANCE GROUP, INC.的1.9倍（$3.2B vs $1.7B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs -1.8%，领先13.6%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs 1.5%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $231.4M），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% vs 3.1%）
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
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。
HRL vs THG — 直观对比
营收规模更大
HRL
是对方的1.9倍
$1.7B
营收增速更快
THG
高出4.0%
1.5%
净利率更高
THG
高出13.6%
-1.8%
自由现金流更多
THG
多$145.6M
$231.4M
两年增速更快
THG
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $1.7B |
| 净利润 | $-56.1M | $198.5M |
| 毛利率 | 14.0% | — |
| 营业利润率 | 0.1% | 17.3% |
| 净利率 | -1.8% | 11.9% |
| 营收同比 | 1.5% | 5.5% |
| 净利润同比 | -125.5% | 18.2% |
| 每股收益（稀释后） | $-0.10 | $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HRLTHG
| Q4 25 | $3.2B | $1.7B | ||
| Q3 25 | $3.0B | $1.7B | ||
| Q2 25 | $2.9B | $1.7B | ||
| Q1 25 | $3.0B | $1.6B | ||
| Q4 24 | $3.1B | $1.6B | ||
| Q3 24 | $2.9B | $1.6B | ||
| Q2 24 | $2.9B | $1.5B | ||
| Q1 24 | $3.0B | $1.6B |
净利润HRLTHG
| Q4 25 | $-56.1M | $198.5M | ||
| Q3 25 | $183.7M | $178.7M | ||
| Q2 25 | $180.0M | $157.1M | ||
| Q1 25 | $170.6M | $128.2M | ||
| Q4 24 | $220.2M | $167.9M | ||
| Q3 24 | $176.7M | $102.1M | ||
| Q2 24 | $189.3M | $40.5M | ||
| Q1 24 | $218.9M | $115.5M |
毛利率HRLTHG
| Q4 25 | 14.0% | — | ||
| Q3 25 | 16.1% | — | ||
| Q2 25 | 16.7% | — | ||
| Q1 25 | 15.9% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 16.8% | — | ||
| Q2 24 | 17.4% | — | ||
| Q1 24 | 17.0% | — |
营业利润率HRLTHG
| Q4 25 | 0.1% | 17.3% | ||
| Q3 25 | 7.9% | 14.9% | ||
| Q2 25 | 8.6% | 12.7% | ||
| Q1 25 | 7.6% | 11.6% | ||
| Q4 24 | 9.4% | 16.1% | ||
| Q3 24 | 8.2% | 9.6% | ||
| Q2 24 | 8.7% | 6.2% | ||
| Q1 24 | 9.5% | 9.7% |
净利率HRLTHG
| Q4 25 | -1.8% | 11.9% | ||
| Q3 25 | 6.1% | 10.7% | ||
| Q2 25 | 6.2% | 9.5% | ||
| Q1 25 | 5.7% | 8.0% | ||
| Q4 24 | 7.0% | 10.6% | ||
| Q3 24 | 6.1% | 6.5% | ||
| Q2 24 | 6.6% | 2.6% | ||
| Q1 24 | 7.3% | 7.4% |
每股收益（稀释后）HRLTHG
| Q4 25 | $-0.10 | $5.46 | ||
| Q3 25 | $0.33 | $4.90 | ||
| Q2 25 | $0.33 | $4.30 | ||
| Q1 25 | $0.31 | $3.50 | ||
| Q4 24 | $0.41 | $4.60 | ||
| Q3 24 | $0.32 | $2.80 | ||
| Q2 24 | $0.34 | $1.12 | ||
| Q1 24 | $0.40 | $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 | $703.6M | $1.1B |
| 总债务越低越好 | $2.9B | $843.3M |
| 股东权益账面价值 | $7.9B | $3.6B |
| 总资产 | $13.4B | $16.9B |
| 负债/权益比越低杠杆越低 | 0.36× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资HRLTHG
| Q4 25 | $703.6M | $1.1B | ||
| Q3 25 | $630.7M | $915.7M | ||
| Q2 25 | $699.0M | $244.1M | ||
| Q1 25 | $866.4M | $315.1M | ||
| Q4 24 | $766.6M | $435.5M | ||
| Q3 24 | $561.9M | $427.1M | ||
| Q2 24 | $1.5B | $337.6M | ||
| Q1 24 | $981.9M | $264.6M |
总债务HRLTHG
| Q4 25 | $2.9B | $843.3M | ||
| Q3 25 | $2.9B | $843.0M | ||
| Q2 25 | $2.9B | $347.8M | ||
| Q1 25 | $2.9B | $722.5M | ||
| Q4 24 | $2.9B | $722.3M | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.4B | — |
股东权益HRLTHG
| Q4 25 | $7.9B | $3.6B | ||
| Q3 25 | $8.1B | $3.4B | ||
| Q2 25 | $8.0B | $3.2B | ||
| Q1 25 | $8.0B | $3.0B | ||
| Q4 24 | $8.0B | $2.8B | ||
| Q3 24 | $7.9B | $2.9B | ||
| Q2 24 | $7.9B | $2.6B | ||
| Q1 24 | $7.8B | $2.5B |
总资产HRLTHG
| Q4 25 | $13.4B | $16.9B | ||
| Q3 25 | $13.5B | $16.8B | ||
| Q2 25 | $13.4B | $15.7B | ||
| Q1 25 | $13.4B | $15.5B | ||
| Q4 24 | $13.4B | $15.3B | ||
| Q3 24 | $13.1B | $15.4B | ||
| Q2 24 | $14.1B | $14.9B | ||
| Q1 24 | $13.5B | $14.6B |
负债/权益比HRLTHG
| Q4 25 | 0.36× | 0.24× | ||
| Q3 25 | 0.35× | 0.25× | ||
| Q2 25 | 0.35× | 0.11× | ||
| Q1 25 | 0.36× | 0.24× | ||
| Q4 24 | 0.36× | 0.25× | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.30× | — |
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 | $322.9M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $231.4M | $377.0M |
| 自由现金流率自由现金流/营收 | 7.3% | 22.6% |
| 资本支出强度资本支出/营收 | 2.9% | 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 | $534.3M | $1.2B |
8季度趋势，按日历期对齐
经营现金流HRLTHG
| Q4 25 | $322.9M | $378.2M | ||
| Q3 25 | $156.7M | $554.4M | ||
| Q2 25 | $56.4M | $206.6M | ||
| Q1 25 | $309.2M | $38.9M | ||
| Q4 24 | $408.6M | $213.5M | ||
| Q3 24 | $218.0M | $394.7M | ||
| Q2 24 | $236.1M | $139.5M | ||
| Q1 24 | $404.0M | $58.7M |
自由现金流HRLTHG
| Q4 25 | $231.4M | $377.0M | ||
| Q3 25 | $84.5M | $551.4M | ||
| Q2 25 | $-18.6M | $204.9M | ||
| Q1 25 | $237.0M | $37.1M | ||
| Q4 24 | $324.8M | $210.5M | ||
| Q3 24 | $152.5M | $392.3M | ||
| Q2 24 | $176.2M | $137.3M | ||
| Q1 24 | $356.8M | $56.1M |
自由现金流率HRLTHG
| Q4 25 | 7.3% | 22.6% | ||
| Q3 25 | 2.8% | 33.1% | ||
| Q2 25 | -0.6% | 12.4% | ||
| Q1 25 | 7.9% | 2.3% | ||
| Q4 24 | 10.4% | 13.3% | ||
| Q3 24 | 5.3% | 25.1% | ||
| Q2 24 | 6.1% | 8.9% | ||
| Q1 24 | 11.9% | 3.6% |
资本支出强度HRLTHG
| Q4 25 | 2.9% | 0.1% | ||
| Q3 25 | 2.4% | 0.2% | ||
| Q2 25 | 2.6% | 0.1% | ||
| Q1 25 | 2.4% | 0.1% | ||
| Q4 24 | 2.7% | 0.2% | ||
| Q3 24 | 2.3% | 0.2% | ||
| Q2 24 | 2.1% | 0.1% | ||
| Q1 24 | 1.6% | 0.2% |
现金转化率HRLTHG
| Q4 25 | — | 1.91× | ||
| Q3 25 | 0.85× | 3.10× | ||
| Q2 25 | 0.31× | 1.32× | ||
| Q1 25 | 1.81× | 0.30× | ||
| Q4 24 | 1.86× | 1.27× | ||
| Q3 24 | 1.23× | 3.87× | ||
| Q2 24 | 1.25× | 3.44× | ||
| Q1 24 | 1.85× | 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
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
