vs
MERCURY GENERAL CORP（MCY）与WHITE MOUNTAINS INSURANCE GROUP LTD（WTM）财务数据对比。点击上方公司名可切换其他公司
WHITE MOUNTAINS INSURANCE GROUP LTD的季度营收约是MERCURY GENERAL CORP的1.0倍（$1.6B vs $1.5B），WHITE MOUNTAINS INSURANCE GROUP LTD净利率更高（52.1% vs 13.2%，领先38.9%），WHITE MOUNTAINS INSURANCE GROUP LTD同比增速更快（348.0% vs 12.4%），过去两年WHITE MOUNTAINS INSURANCE GROUP LTD的营收复合增速更高（57.4% vs 9.8%）
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。
怀特山保险集团是一家多元化保险及相关金融服务控股企业，总部位于百慕大汉密尔顿，1999年10月25日从美国特拉华州迁册至当前注册地，大部分业务通过旗下保险子公司及其他关联机构开展，覆盖多个保险及金融服务细分赛道。
MCY vs WTM — 直观对比
营收规模更大
WTM
是对方的1.0倍
$1.5B
营收增速更快
WTM
高出335.6%
12.4%
净利率更高
WTM
高出38.9%
13.2%
两年增速更快
WTM
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.6B |
| 净利润 | $202.5M | $835.8M |
| 毛利率 | 99.7% | 97.1% |
| 营业利润率 | 16.2% | 56.2% |
| 净利率 | 13.2% | 52.1% |
| 营收同比 | 12.4% | 348.0% |
| 净利润同比 | 100.4% | 741.0% |
| 每股收益（稀释后） | $3.66 | $325.02 |
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MCYWTM
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.6B | $864.2M | ||
| Q2 25 | $1.5B | $689.2M | ||
| Q1 25 | $1.4B | $577.8M | ||
| Q4 24 | $1.4B | $358.0M | ||
| Q3 24 | $1.5B | $839.1M | ||
| Q2 24 | $1.3B | $395.4M | ||
| Q1 24 | $1.3B | $647.3M |
净利润MCYWTM
| Q4 25 | $202.5M | $835.8M | ||
| Q3 25 | $280.4M | $113.8M | ||
| Q2 25 | $166.5M | $122.9M | ||
| Q1 25 | $-108.3M | $33.9M | ||
| Q4 24 | $101.1M | $-130.4M | ||
| Q3 24 | $230.9M | $179.0M | ||
| Q2 24 | $62.6M | $-54.6M | ||
| Q1 24 | $73.5M | $236.4M |
毛利率MCYWTM
| Q4 25 | 99.7% | 97.1% | ||
| Q3 25 | 99.8% | 93.6% | ||
| Q2 25 | 99.8% | 93.8% | ||
| Q1 25 | 99.7% | 98.7% | ||
| Q4 24 | 99.7% | 97.9% | ||
| Q3 24 | 99.8% | 99.1% | ||
| Q2 24 | 99.8% | 98.2% | ||
| Q1 24 | 99.7% | 98.8% |
营业利润率MCYWTM
| Q4 25 | 16.2% | 56.2% | ||
| Q3 25 | 22.1% | 20.7% | ||
| Q2 25 | 14.0% | 25.6% | ||
| Q1 25 | -10.2% | 12.5% | ||
| Q4 24 | 9.0% | -33.7% | ||
| Q3 24 | 18.8% | 28.5% | ||
| Q2 24 | 5.8% | -8.8% | ||
| Q1 24 | 7.0% | 35.9% |
净利率MCYWTM
| Q4 25 | 13.2% | 52.1% | ||
| Q3 25 | 17.7% | 13.2% | ||
| Q2 25 | 11.3% | 17.8% | ||
| Q1 25 | -7.8% | 5.9% | ||
| Q4 24 | 7.4% | -36.4% | ||
| Q3 24 | 15.1% | 21.3% | ||
| Q2 24 | 4.8% | -13.8% | ||
| Q1 24 | 5.8% | 36.5% |
每股收益（稀释后）MCYWTM
| Q4 25 | $3.66 | $325.02 | ||
| Q3 25 | $5.06 | $44.18 | ||
| Q2 25 | $3.01 | $47.75 | ||
| Q1 25 | $-1.96 | $13.19 | ||
| Q4 24 | $1.82 | $-50.98 | ||
| Q3 24 | $4.17 | $69.68 | ||
| Q2 24 | $1.13 | $-21.24 | ||
| Q1 24 | $1.33 | $92.33 |
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 | — | — |
| 总债务越低越好 | $575.0M | $837.0M |
| 股东权益账面价值 | $2.4B | $5.4B |
| 总资产 | $9.6B | $12.3B |
| 负债/权益比越低杠杆越低 | 0.24× | 0.15× |
8季度趋势，按日历期对齐
总债务MCYWTM
| Q4 25 | $575.0M | $837.0M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $694.6M | ||
| Q1 25 | — | $676.1M | ||
| Q4 24 | $575.0M | $562.5M | ||
| Q3 24 | — | $544.9M | ||
| Q2 24 | — | $530.2M | ||
| Q1 24 | — | $532.1M |
股东权益MCYWTM
| Q4 25 | $2.4B | $5.4B | ||
| Q3 25 | $2.2B | $4.8B | ||
| Q2 25 | $2.0B | $4.6B | ||
| Q1 25 | $1.8B | $4.5B | ||
| Q4 24 | $1.9B | $4.5B | ||
| Q3 24 | $1.9B | $4.6B | ||
| Q2 24 | $1.6B | $4.4B | ||
| Q1 24 | $1.6B | $4.5B |
总资产MCYWTM
| Q4 25 | $9.6B | $12.3B | ||
| Q3 25 | $9.4B | $12.3B | ||
| Q2 25 | $9.1B | $11.8B | ||
| Q1 25 | $9.0B | $11.0B | ||
| Q4 24 | $8.3B | $9.9B | ||
| Q3 24 | $8.2B | $10.3B | ||
| Q2 24 | $7.7B | $10.2B | ||
| Q1 24 | $7.4B | $9.6B |
负债/权益比MCYWTM
| Q4 25 | 0.24× | 0.15× | ||
| Q3 25 | — | 0.18× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | 0.30× | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $53.9M |
| 自由现金流经营现金流 - 资本支出 | $273.9M | — |
| 自由现金流率自由现金流/营收 | 17.8% | — |
| 资本支出强度资本支出/营收 | 0.9% | — |
| 现金转化率经营现金流/净利润 | 1.42× | 0.06× |
| 过去12个月自由现金流最近4个季度 | $1.0B | — |
8季度趋势，按日历期对齐
经营现金流MCYWTM
| Q4 25 | $287.9M | $53.9M | ||
| Q3 25 | $496.4M | $359.3M | ||
| Q2 25 | $371.6M | $177.5M | ||
| Q1 25 | $-68.7M | $-40.2M | ||
| Q4 24 | $248.3M | $64.1M | ||
| Q3 24 | $318.1M | $269.4M | ||
| Q2 24 | $278.0M | $216.8M | ||
| Q1 24 | $192.6M | $36.5M |
自由现金流MCYWTM
| Q4 25 | $273.9M | — | ||
| Q3 25 | $479.5M | — | ||
| Q2 25 | $357.2M | — | ||
| Q1 25 | $-81.9M | — | ||
| Q4 24 | $236.0M | — | ||
| Q3 24 | $306.2M | — | ||
| Q2 24 | $266.5M | — | ||
| Q1 24 | $182.4M | — |
自由现金流率MCYWTM
| Q4 25 | 17.8% | — | ||
| Q3 25 | 30.3% | — | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | -5.9% | — | ||
| Q4 24 | 17.3% | — | ||
| Q3 24 | 20.0% | — | ||
| Q2 24 | 20.4% | — | ||
| Q1 24 | 14.3% | — |
资本支出强度MCYWTM
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 0.8% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 0.8% | — |
现金转化率MCYWTM
| Q4 25 | 1.42× | 0.06× | ||
| Q3 25 | 1.77× | 3.16× | ||
| Q2 25 | 2.23× | 1.44× | ||
| Q1 25 | — | -1.19× | ||
| Q4 24 | 2.46× | — | ||
| Q3 24 | 1.38× | 1.51× | ||
| Q2 24 | 4.44× | — | ||
| Q1 24 | 2.62× | 0.15× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
