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高德纳（IT）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
高德纳的季度营收约是HANOVER INSURANCE GROUP, INC.的1.0倍（$1.8B vs $1.7B），高德纳净利率更高（13.8% vs 11.9%，领先1.9%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs 2.2%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $270.7M），过去两年高德纳的营收复合增速更高（9.1% vs 3.8%）
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
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。
IT vs THG — 直观对比
营收规模更大
IT
是对方的1.0倍
$1.7B
营收增速更快
THG
高出3.3%
2.2%
净利率更高
IT
高出1.9%
11.9%
自由现金流更多
THG
多$106.3M
$270.7M
两年增速更快
IT
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.7B |
| 净利润 | $242.2M | $198.5M |
| 毛利率 | 67.8% | — |
| 营业利润率 | 19.1% | 17.3% |
| 净利率 | 13.8% | 11.9% |
| 营收同比 | 2.2% | 5.5% |
| 净利润同比 | -39.2% | 18.2% |
| 每股收益（稀释后） | $3.36 | $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ITTHG
| Q4 25 | $1.8B | $1.7B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.5B | $1.6B | ||
| Q4 24 | $1.7B | $1.6B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $1.5B | $1.6B |
净利润ITTHG
| Q4 25 | $242.2M | $198.5M | ||
| Q3 25 | $35.4M | $178.7M | ||
| Q2 25 | $240.8M | $157.1M | ||
| Q1 25 | $210.9M | $128.2M | ||
| Q4 24 | $398.6M | $167.9M | ||
| Q3 24 | $415.0M | $102.1M | ||
| Q2 24 | $229.5M | $40.5M | ||
| Q1 24 | $210.5M | $115.5M |
毛利率ITTHG
| Q4 25 | 67.8% | — | ||
| Q3 25 | 69.3% | — | ||
| Q2 25 | 68.6% | — | ||
| Q1 25 | 69.4% | — | ||
| Q4 24 | 66.8% | — | ||
| Q3 24 | 68.4% | — | ||
| Q2 24 | 68.6% | — | ||
| Q1 24 | 69.4% | — |
营业利润率ITTHG
| Q4 25 | 19.1% | 17.3% | ||
| Q3 25 | 5.7% | 14.9% | ||
| Q2 25 | 19.4% | 12.7% | ||
| Q1 25 | 18.1% | 11.6% | ||
| Q4 24 | 18.5% | 16.1% | ||
| Q3 24 | 16.6% | 9.6% | ||
| Q2 24 | 20.0% | 6.2% | ||
| Q1 24 | 18.6% | 9.7% |
净利率ITTHG
| Q4 25 | 13.8% | 11.9% | ||
| Q3 25 | 2.3% | 10.7% | ||
| Q2 25 | 14.3% | 9.5% | ||
| Q1 25 | 13.7% | 8.0% | ||
| Q4 24 | 23.2% | 10.6% | ||
| Q3 24 | 28.0% | 6.5% | ||
| Q2 24 | 14.4% | 2.6% | ||
| Q1 24 | 14.3% | 7.4% |
每股收益（稀释后）ITTHG
| Q4 25 | $3.36 | $5.46 | ||
| Q3 25 | $0.47 | $4.90 | ||
| Q2 25 | $3.11 | $4.30 | ||
| Q1 25 | $2.71 | $3.50 | ||
| Q4 24 | $5.08 | $4.60 | ||
| Q3 24 | $5.32 | $2.80 | ||
| Q2 24 | $2.93 | $1.12 | ||
| Q1 24 | $2.67 | $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 | $1.7B | $1.1B |
| 总债务越低越好 | — | $843.3M |
| 股东权益账面价值 | $319.9M | $3.6B |
| 总资产 | $8.1B | $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ITTHG
| Q4 25 | $1.7B | $1.1B | ||
| Q3 25 | $1.4B | $915.7M | ||
| Q2 25 | $2.2B | $244.1M | ||
| Q1 25 | $2.1B | $315.1M | ||
| Q4 24 | $1.9B | $435.5M | ||
| Q3 24 | $1.8B | $427.1M | ||
| Q2 24 | $1.2B | $337.6M | ||
| Q1 24 | $1.2B | $264.6M |
总债务ITTHG
| 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ITTHG
| Q4 25 | $319.9M | $3.6B | ||
| Q3 25 | $556.6M | $3.4B | ||
| Q2 25 | $1.5B | $3.2B | ||
| Q1 25 | $1.5B | $3.0B | ||
| Q4 24 | $1.4B | $2.8B | ||
| Q3 24 | $1.1B | $2.9B | ||
| Q2 24 | $646.7M | $2.6B | ||
| Q1 24 | $718.2M | $2.5B |
总资产ITTHG
| Q4 25 | $8.1B | $16.9B | ||
| Q3 25 | $7.2B | $16.8B | ||
| Q2 25 | $8.3B | $15.7B | ||
| Q1 25 | $8.5B | $15.5B | ||
| Q4 24 | $8.5B | $15.3B | ||
| Q3 24 | $7.8B | $15.4B | ||
| Q2 24 | $7.4B | $14.9B | ||
| Q1 24 | $7.7B | $14.6B |
负债/权益比ITTHG
| 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 | $294.5M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $270.7M | $377.0M |
| 自由现金流率自由现金流/营收 | 15.4% | 22.6% |
| 资本支出强度资本支出/营收 | 1.4% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.22× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流ITTHG
| Q4 25 | $294.5M | $378.2M | ||
| Q3 25 | $298.7M | $554.4M | ||
| Q2 25 | $383.6M | $206.6M | ||
| Q1 25 | $313.5M | $38.9M | ||
| Q4 24 | $335.4M | $213.5M | ||
| Q3 24 | $590.8M | $394.7M | ||
| Q2 24 | $370.0M | $139.5M | ||
| Q1 24 | $188.8M | $58.7M |
自由现金流ITTHG
| Q4 25 | $270.7M | $377.0M | ||
| Q3 25 | $269.3M | $551.4M | ||
| Q2 25 | $347.3M | $204.9M | ||
| Q1 25 | $287.9M | $37.1M | ||
| Q4 24 | $311.4M | $210.5M | ||
| Q3 24 | $565.0M | $392.3M | ||
| Q2 24 | $340.6M | $137.3M | ||
| Q1 24 | $166.2M | $56.1M |
自由现金流率ITTHG
| Q4 25 | 15.4% | 22.6% | ||
| Q3 25 | 17.7% | 33.1% | ||
| Q2 25 | 20.6% | 12.4% | ||
| Q1 25 | 18.8% | 2.3% | ||
| Q4 24 | 18.2% | 13.3% | ||
| Q3 24 | 38.1% | 25.1% | ||
| Q2 24 | 21.4% | 8.9% | ||
| Q1 24 | 11.3% | 3.6% |
资本支出强度ITTHG
| Q4 25 | 1.4% | 0.1% | ||
| Q3 25 | 1.9% | 0.2% | ||
| Q2 25 | 2.1% | 0.1% | ||
| Q1 25 | 1.7% | 0.1% | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 1.7% | 0.2% | ||
| Q2 24 | 1.8% | 0.1% | ||
| Q1 24 | 1.5% | 0.2% |
现金转化率ITTHG
| Q4 25 | 1.22× | 1.91× | ||
| Q3 25 | 8.45× | 3.10× | ||
| Q2 25 | 1.59× | 1.32× | ||
| Q1 25 | 1.49× | 0.30× | ||
| Q4 24 | 0.84× | 1.27× | ||
| Q3 24 | 1.42× | 3.87× | ||
| Q2 24 | 1.61× | 3.44× | ||
| Q1 24 | 0.90× | 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
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
