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MERCURY GENERAL CORP（MCY）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MERCURY GENERAL CORP的1.1倍（$1.7B vs $1.5B），MERCURY GENERAL CORP净利率更高（13.2% vs 11.9%，领先1.3%），MERCURY GENERAL CORP同比增速更快（12.4% vs 5.5%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $273.9M），过去两年MERCURY GENERAL CORP的营收复合增速更高（9.8% vs 3.8%）
水星通用集团是一家综合性保险机构，业务覆盖个人车险、房主保险、租客保险及商业保险等多个品类，其中车险与房主保险是公司的核心经营板块。
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。
MCY vs THG — 直观对比
营收规模更大
THG
是对方的1.1倍
$1.5B
营收增速更快
MCY
高出6.9%
5.5%
净利率更高
MCY
高出1.3%
11.9%
自由现金流更多
THG
多$103.1M
$273.9M
两年增速更快
MCY
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.7B |
| 净利润 | $202.5M | $198.5M |
| 毛利率 | 99.7% | — |
| 营业利润率 | 16.2% | 17.3% |
| 净利率 | 13.2% | 11.9% |
| 营收同比 | 12.4% | 5.5% |
| 净利润同比 | 100.4% | 18.2% |
| 每股收益（稀释后） | $3.66 | $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MCYTHG
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.3B | $1.5B | ||
| Q1 24 | $1.3B | $1.6B |
净利润MCYTHG
| Q4 25 | $202.5M | $198.5M | ||
| Q3 25 | $280.4M | $178.7M | ||
| Q2 25 | $166.5M | $157.1M | ||
| Q1 25 | $-108.3M | $128.2M | ||
| Q4 24 | $101.1M | $167.9M | ||
| Q3 24 | $230.9M | $102.1M | ||
| Q2 24 | $62.6M | $40.5M | ||
| Q1 24 | $73.5M | $115.5M |
毛利率MCYTHG
| Q4 25 | 99.7% | — | ||
| Q3 25 | 99.8% | — | ||
| Q2 25 | 99.8% | — | ||
| Q1 25 | 99.7% | — | ||
| Q4 24 | 99.7% | — | ||
| Q3 24 | 99.8% | — | ||
| Q2 24 | 99.8% | — | ||
| Q1 24 | 99.7% | — |
营业利润率MCYTHG
| Q4 25 | 16.2% | 17.3% | ||
| Q3 25 | 22.1% | 14.9% | ||
| Q2 25 | 14.0% | 12.7% | ||
| Q1 25 | -10.2% | 11.6% | ||
| Q4 24 | 9.0% | 16.1% | ||
| Q3 24 | 18.8% | 9.6% | ||
| Q2 24 | 5.8% | 6.2% | ||
| Q1 24 | 7.0% | 9.7% |
净利率MCYTHG
| Q4 25 | 13.2% | 11.9% | ||
| Q3 25 | 17.7% | 10.7% | ||
| Q2 25 | 11.3% | 9.5% | ||
| Q1 25 | -7.8% | 8.0% | ||
| Q4 24 | 7.4% | 10.6% | ||
| Q3 24 | 15.1% | 6.5% | ||
| Q2 24 | 4.8% | 2.6% | ||
| Q1 24 | 5.8% | 7.4% |
每股收益（稀释后）MCYTHG
| Q4 25 | $3.66 | $5.46 | ||
| Q3 25 | $5.06 | $4.90 | ||
| Q2 25 | $3.01 | $4.30 | ||
| Q1 25 | $-1.96 | $3.50 | ||
| Q4 24 | $1.82 | $4.60 | ||
| Q3 24 | $4.17 | $2.80 | ||
| Q2 24 | $1.13 | $1.12 | ||
| Q1 24 | $1.33 | $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 | — | $1.1B |
| 总债务越低越好 | $575.0M | $843.3M |
| 股东权益账面价值 | $2.4B | $3.6B |
| 总资产 | $9.6B | $16.9B |
| 负债/权益比越低杠杆越低 | 0.24× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资MCYTHG
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $915.7M | ||
| Q2 25 | — | $244.1M | ||
| Q1 25 | — | $315.1M | ||
| Q4 24 | — | $435.5M | ||
| Q3 24 | — | $427.1M | ||
| Q2 24 | — | $337.6M | ||
| Q1 24 | — | $264.6M |
总债务MCYTHG
| Q4 25 | $575.0M | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | $575.0M | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MCYTHG
| Q4 25 | $2.4B | $3.6B | ||
| Q3 25 | $2.2B | $3.4B | ||
| Q2 25 | $2.0B | $3.2B | ||
| Q1 25 | $1.8B | $3.0B | ||
| Q4 24 | $1.9B | $2.8B | ||
| Q3 24 | $1.9B | $2.9B | ||
| Q2 24 | $1.6B | $2.6B | ||
| Q1 24 | $1.6B | $2.5B |
总资产MCYTHG
| Q4 25 | $9.6B | $16.9B | ||
| Q3 25 | $9.4B | $16.8B | ||
| Q2 25 | $9.1B | $15.7B | ||
| Q1 25 | $9.0B | $15.5B | ||
| Q4 24 | $8.3B | $15.3B | ||
| Q3 24 | $8.2B | $15.4B | ||
| Q2 24 | $7.7B | $14.9B | ||
| Q1 24 | $7.4B | $14.6B |
负债/权益比MCYTHG
| Q4 25 | 0.24× | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 0.30× | 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 | $287.9M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $273.9M | $377.0M |
| 自由现金流率自由现金流/营收 | 17.8% | 22.6% |
| 资本支出强度资本支出/营收 | 0.9% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.42× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $1.2B |
8季度趋势，按日历期对齐
经营现金流MCYTHG
| Q4 25 | $287.9M | $378.2M | ||
| Q3 25 | $496.4M | $554.4M | ||
| Q2 25 | $371.6M | $206.6M | ||
| Q1 25 | $-68.7M | $38.9M | ||
| Q4 24 | $248.3M | $213.5M | ||
| Q3 24 | $318.1M | $394.7M | ||
| Q2 24 | $278.0M | $139.5M | ||
| Q1 24 | $192.6M | $58.7M |
自由现金流MCYTHG
| Q4 25 | $273.9M | $377.0M | ||
| Q3 25 | $479.5M | $551.4M | ||
| Q2 25 | $357.2M | $204.9M | ||
| Q1 25 | $-81.9M | $37.1M | ||
| Q4 24 | $236.0M | $210.5M | ||
| Q3 24 | $306.2M | $392.3M | ||
| Q2 24 | $266.5M | $137.3M | ||
| Q1 24 | $182.4M | $56.1M |
自由现金流率MCYTHG
| Q4 25 | 17.8% | 22.6% | ||
| Q3 25 | 30.3% | 33.1% | ||
| Q2 25 | 24.2% | 12.4% | ||
| Q1 25 | -5.9% | 2.3% | ||
| Q4 24 | 17.3% | 13.3% | ||
| Q3 24 | 20.0% | 25.1% | ||
| Q2 24 | 20.4% | 8.9% | ||
| Q1 24 | 14.3% | 3.6% |
资本支出强度MCYTHG
| Q4 25 | 0.9% | 0.1% | ||
| Q3 25 | 1.1% | 0.2% | ||
| Q2 25 | 1.0% | 0.1% | ||
| Q1 25 | 0.9% | 0.1% | ||
| Q4 24 | 0.9% | 0.2% | ||
| Q3 24 | 0.8% | 0.2% | ||
| Q2 24 | 0.9% | 0.1% | ||
| Q1 24 | 0.8% | 0.2% |
现金转化率MCYTHG
| Q4 25 | 1.42× | 1.91× | ||
| Q3 25 | 1.77× | 3.10× | ||
| Q2 25 | 2.23× | 1.32× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | 2.46× | 1.27× | ||
| Q3 24 | 1.38× | 3.87× | ||
| Q2 24 | 4.44× | 3.44× | ||
| Q1 24 | 2.62× | 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
MCY
暂无分部数据
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
