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罗技（LOGI）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.的季度营收约是罗技的1.2倍（$1.7B vs $1.4B），罗技净利率更高（17.7% vs 11.9%，领先5.8%），罗技同比增速更快（6.1% vs 5.5%），罗技自由现金流更多（$465.6M vs $377.0M），过去两年罗技的营收复合增速更高（18.5% vs 3.8%）
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
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。
LOGI vs THG — 直观对比
营收规模更大
THG
是对方的1.2倍
$1.4B
营收增速更快
LOGI
高出0.5%
5.5%
净利率更高
LOGI
高出5.8%
11.9%
自由现金流更多
LOGI
多$88.6M
$377.0M
两年增速更快
LOGI
近两年复合增速
3.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.7B |
| 净利润 | $251.0M | $198.5M |
| 毛利率 | 43.2% | — |
| 营业利润率 | 20.1% | 17.3% |
| 净利率 | 17.7% | 11.9% |
| 营收同比 | 6.1% | 5.5% |
| 净利润同比 | 25.4% | 18.2% |
| 每股收益（稀释后） | $1.69 | $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LOGITHG
| Q4 25 | $1.4B | $1.7B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $1.0B | $1.6B |
净利润LOGITHG
| Q4 25 | $251.0M | $198.5M | ||
| Q3 25 | $170.7M | $178.7M | ||
| Q2 25 | $146.0M | $157.1M | ||
| Q1 25 | $144.1M | $128.2M | ||
| Q4 24 | $200.1M | $167.9M | ||
| Q3 24 | $145.5M | $102.1M | ||
| Q2 24 | $141.8M | $40.5M | ||
| Q1 24 | $167.6M | $115.5M |
毛利率LOGITHG
| Q4 25 | 43.2% | — | ||
| Q3 25 | 43.4% | — | ||
| Q2 25 | 41.7% | — | ||
| Q1 25 | 43.1% | — | ||
| Q4 24 | 42.9% | — | ||
| Q3 24 | 43.6% | — | ||
| Q2 24 | 42.8% | — | ||
| Q1 24 | 43.2% | — |
营业利润率LOGITHG
| Q4 25 | 20.1% | 17.3% | ||
| Q3 25 | 16.1% | 14.9% | ||
| Q2 25 | 14.1% | 12.7% | ||
| Q1 25 | 10.5% | 11.6% | ||
| Q4 24 | 17.5% | 16.1% | ||
| Q3 24 | 14.4% | 9.6% | ||
| Q2 24 | 14.1% | 6.2% | ||
| Q1 24 | 12.9% | 9.7% |
净利率LOGITHG
| Q4 25 | 17.7% | 11.9% | ||
| Q3 25 | 14.4% | 10.7% | ||
| Q2 25 | 12.7% | 9.5% | ||
| Q1 25 | 14.3% | 8.0% | ||
| Q4 24 | 14.9% | 10.6% | ||
| Q3 24 | 13.0% | 6.5% | ||
| Q2 24 | 13.0% | 2.6% | ||
| Q1 24 | 16.6% | 7.4% |
每股收益（稀释后）LOGITHG
| Q4 25 | $1.69 | $5.46 | ||
| Q3 25 | $1.15 | $4.90 | ||
| Q2 25 | $0.98 | $4.30 | ||
| Q1 25 | $0.94 | $3.50 | ||
| Q4 24 | $1.32 | $4.60 | ||
| Q3 24 | $0.95 | $2.80 | ||
| Q2 24 | $0.92 | $1.12 | ||
| Q1 24 | $1.07 | $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 | $1.8B | $1.1B |
| 总债务越低越好 | — | $843.3M |
| 股东权益账面价值 | $2.3B | $3.6B |
| 总资产 | $4.1B | $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LOGITHG
| Q4 25 | $1.8B | $1.1B | ||
| Q3 25 | $1.4B | $915.7M | ||
| Q2 25 | $1.5B | $244.1M | ||
| Q1 25 | $1.5B | $315.1M | ||
| Q4 24 | $1.5B | $435.5M | ||
| Q3 24 | $1.4B | $427.1M | ||
| Q2 24 | $1.5B | $337.6M | ||
| Q1 24 | $1.5B | $264.6M |
总债务LOGITHG
| 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LOGITHG
| Q4 25 | $2.3B | $3.6B | ||
| Q3 25 | $2.1B | $3.4B | ||
| Q2 25 | $2.2B | $3.2B | ||
| Q1 25 | $2.1B | $3.0B | ||
| Q4 24 | $2.1B | $2.8B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $2.2B | $2.6B | ||
| Q1 24 | $2.2B | $2.5B |
总资产LOGITHG
| Q4 25 | $4.1B | $16.9B | ||
| Q3 25 | $3.7B | $16.8B | ||
| Q2 25 | $3.7B | $15.7B | ||
| Q1 25 | $3.5B | $15.5B | ||
| Q4 24 | $3.7B | $15.3B | ||
| Q3 24 | $3.6B | $15.4B | ||
| Q2 24 | $3.7B | $14.9B | ||
| Q1 24 | $3.6B | $14.6B |
负债/权益比LOGITHG
| 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 | $480.5M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $465.6M | $377.0M |
| 自由现金流率自由现金流/营收 | 32.8% | 22.6% |
| 资本支出强度资本支出/营收 | 1.0% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.91× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $903.6M | $1.2B |
8季度趋势，按日历期对齐
经营现金流LOGITHG
| Q4 25 | $480.5M | $378.2M | ||
| Q3 25 | $228.8M | $554.4M | ||
| Q2 25 | $125.0M | $206.6M | ||
| Q1 25 | $129.7M | $38.9M | ||
| Q4 24 | $370.9M | $213.5M | ||
| Q3 24 | $166.0M | $394.7M | ||
| Q2 24 | $176.0M | $139.5M | ||
| Q1 24 | $239.1M | $58.7M |
自由现金流LOGITHG
| Q4 25 | $465.6M | $377.0M | ||
| Q3 25 | $212.3M | $551.4M | ||
| Q2 25 | $108.8M | $204.9M | ||
| Q1 25 | $116.9M | $37.1M | ||
| Q4 24 | $356.6M | $210.5M | ||
| Q3 24 | $151.5M | $392.3M | ||
| Q2 24 | $161.4M | $137.3M | ||
| Q1 24 | $228.8M | $56.1M |
自由现金流率LOGITHG
| Q4 25 | 32.8% | 22.6% | ||
| Q3 25 | 17.9% | 33.1% | ||
| Q2 25 | 9.5% | 12.4% | ||
| Q1 25 | 11.6% | 2.3% | ||
| Q4 24 | 26.6% | 13.3% | ||
| Q3 24 | 13.6% | 25.1% | ||
| Q2 24 | 14.8% | 8.9% | ||
| Q1 24 | 22.6% | 3.6% |
资本支出强度LOGITHG
| Q4 25 | 1.0% | 0.1% | ||
| Q3 25 | 1.4% | 0.2% | ||
| Q2 25 | 1.4% | 0.1% | ||
| Q1 25 | 1.3% | 0.1% | ||
| Q4 24 | 1.1% | 0.2% | ||
| Q3 24 | 1.3% | 0.2% | ||
| Q2 24 | 1.3% | 0.1% | ||
| Q1 24 | 1.0% | 0.2% |
现金转化率LOGITHG
| Q4 25 | 1.91× | 1.91× | ||
| Q3 25 | 1.34× | 3.10× | ||
| Q2 25 | 0.86× | 1.32× | ||
| Q1 25 | 0.90× | 0.30× | ||
| Q4 24 | 1.85× | 1.27× | ||
| Q3 24 | 1.14× | 3.87× | ||
| Q2 24 | 1.24× | 3.44× | ||
| Q1 24 | 1.43× | 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
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
