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MARKEL GROUP INC.（MKL）与Progressive Corporation（PGR）财务数据对比。点击上方公司名可切换其他公司
Progressive Corporation的季度营收约是MARKEL GROUP INC.的6.4倍（$22.7B vs $3.6B）。MARKEL GROUP INC.净利率更高（16.1% vs 13.0%，领先3.2%）。Progressive Corporation同比增速更快（12.2% vs -6.9%）。Progressive Corporation自由现金流更多（$3.0B vs $599.1M）。过去两年Progressive Corporation的营收复合增速更高（14.9% vs -10.5%）
Markel集团是总部位于美国弗吉尼亚州里士满的综合性企业集团，1930年最初以保险公司的身份创立，发展至今业务已覆盖保险承保、投资管理等多个板块，在全球相关行业拥有较高的市场知名度与稳定的合作网络。
美国Progressive Corporation是1937年由杰克·格林与约瑟夫·M·刘易斯联合创立的保险公司，总部位于俄亥俄州梅菲尔德，是美国第二大汽车保险服务商，仅次于州立农业保险。其业务覆盖乘用车、摩托车、房车、船只、商用车等险种，同时通过合作机构提供家财险、寿险、宠物险等多元保险产品。
MKL vs PGR — 直观对比
营收规模更大
PGR
是对方的6.4倍
$3.6B
营收增速更快
PGR
高出19.1%
-6.9%
净利率更高
MKL
高出3.2%
13.0%
自由现金流更多
PGR
多$2.4B
$599.1M
两年增速更快
PGR
近两年复合增速
-10.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $22.7B |
| 净利润 | $576.8M | $3.0B |
| 毛利率 | — | — |
| 营业利润率 | 22.2% | 16.2% |
| 净利率 | 16.1% | 13.0% |
| 营收同比 | -6.9% | 12.2% |
| 净利润同比 | 5.0% | 25.3% |
| 每股收益（稀释后） | $48.22 | $5.01 |
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MKLPGR
| Q4 25 | $3.6B | $22.7B | ||
| Q3 25 | $3.9B | $22.5B | ||
| Q2 25 | $4.6B | $22.0B | ||
| Q1 25 | $3.4B | $20.4B | ||
| Q4 24 | $3.8B | $20.3B | ||
| Q3 24 | $4.6B | $19.7B | ||
| Q2 24 | $3.7B | $18.1B | ||
| Q1 24 | $4.5B | $17.2B |
净利润MKLPGR
| Q4 25 | $576.8M | $3.0B | ||
| Q3 25 | $751.3M | $2.6B | ||
| Q2 25 | $657.1M | $3.2B | ||
| Q1 25 | $121.7M | $2.6B | ||
| Q4 24 | $549.2M | $2.4B | ||
| Q3 24 | $905.0M | $2.3B | ||
| Q2 24 | $267.7M | $1.5B | ||
| Q1 24 | $1.0B | $2.3B |
营业利润率MKLPGR
| Q4 25 | 22.2% | 16.2% | ||
| Q3 25 | 25.7% | 14.8% | ||
| Q2 25 | 24.1% | 18.1% | ||
| Q1 25 | 8.3% | 15.9% | ||
| Q4 24 | 15.5% | 14.6% | ||
| Q3 24 | 29.7% | 14.9% | ||
| Q2 24 | 11.1% | 10.3% | ||
| Q1 24 | 29.9% | 17.1% |
净利率MKLPGR
| Q4 25 | 16.1% | 13.0% | ||
| Q3 25 | 19.1% | 11.6% | ||
| Q2 25 | 14.3% | 14.4% | ||
| Q1 25 | 3.6% | 12.6% | ||
| Q4 24 | 14.3% | 11.6% | ||
| Q3 24 | 19.6% | 11.8% | ||
| Q2 24 | 7.2% | 8.0% | ||
| Q1 24 | 23.0% | 13.5% |
每股收益（稀释后）MKLPGR
| Q4 25 | $48.22 | $5.01 | ||
| Q3 25 | $59.25 | $4.45 | ||
| Q2 25 | $49.67 | $5.40 | ||
| Q1 25 | $12.08 | $4.37 | ||
| Q4 24 | $39.02 | $4.01 | ||
| Q3 24 | $66.25 | $3.97 | ||
| Q2 24 | $18.62 | $2.48 | ||
| Q1 24 | $75.43 | $3.94 |
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 | $4.0B | $10.0B |
| 总债务越低越好 | $4.3B | — |
| 股东权益账面价值 | $18.6B | $30.3B |
| 总资产 | $68.9B | $123.0B |
| 负债/权益比越低杠杆越低 | 0.23× | — |
8季度趋势，按日历期对齐
现金及短期投资MKLPGR
| Q4 25 | $4.0B | $10.0B | ||
| Q3 25 | $4.0B | $1.5B | ||
| Q2 25 | $3.7B | $2.1B | ||
| Q1 25 | $4.2B | $2.6B | ||
| Q4 24 | $3.7B | $615.0M | ||
| Q3 24 | $3.9B | $757.0M | ||
| Q2 24 | $3.5B | $733.0M | ||
| Q1 24 | $3.6B | $1.3B |
总债务MKLPGR
| Q4 25 | $4.3B | — | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $3.9B | — |
股东权益MKLPGR
| Q4 25 | $18.6B | $30.3B | ||
| Q3 25 | $18.0B | $35.4B | ||
| Q2 25 | $17.3B | $32.6B | ||
| Q1 25 | $17.1B | $29.0B | ||
| Q4 24 | $16.9B | $25.6B | ||
| Q3 24 | $17.0B | $27.2B | ||
| Q2 24 | $15.9B | $23.3B | ||
| Q1 24 | $15.7B | $21.8B |
总资产MKLPGR
| Q4 25 | $68.9B | $123.0B | ||
| Q3 25 | $67.4B | $121.5B | ||
| Q2 25 | $66.8B | $115.5B | ||
| Q1 25 | $64.6B | $111.4B | ||
| Q4 24 | $61.9B | $105.7B | ||
| Q3 24 | $62.3B | $105.2B | ||
| Q2 24 | $59.7B | $97.9B | ||
| Q1 24 | $57.3B | $94.1B |
负债/权益比MKLPGR
| Q4 25 | 0.23× | — | ||
| Q3 25 | 0.24× | — | ||
| Q2 25 | 0.25× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | 0.26× | — | ||
| Q3 24 | 0.26× | — | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 0.25× | — |
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 | $662.2M | $3.2B |
| 自由现金流经营现金流 - 资本支出 | $599.1M | $3.0B |
| 自由现金流率自由现金流/营收 | 16.7% | 13.4% |
| 资本支出强度资本支出/营收 | 1.8% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.07× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $17.2B |
8季度趋势，按日历期对齐
经营现金流MKLPGR
| Q4 25 | $662.2M | $3.2B | ||
| Q3 25 | $1.2B | $5.2B | ||
| Q2 25 | $504.4M | $4.0B | ||
| Q1 25 | $376.2M | $5.1B | ||
| Q4 24 | $493.9M | $3.0B | ||
| Q3 24 | $890.8M | $4.6B | ||
| Q2 24 | $578.6M | $3.3B | ||
| Q1 24 | $630.7M | $4.2B |
自由现金流MKLPGR
| Q4 25 | $599.1M | $3.0B | ||
| Q3 25 | $1.2B | $5.1B | ||
| Q2 25 | $453.8M | $3.9B | ||
| Q1 25 | $335.5M | $5.1B | ||
| Q4 24 | $420.0M | $2.9B | ||
| Q3 24 | $838.9M | $4.6B | ||
| Q2 24 | $521.4M | $3.2B | ||
| Q1 24 | $558.7M | $4.2B |
自由现金流率MKLPGR
| Q4 25 | 16.7% | 13.4% | ||
| Q3 25 | 29.6% | 22.8% | ||
| Q2 25 | 9.9% | 17.9% | ||
| Q1 25 | 9.9% | 24.9% | ||
| Q4 24 | 10.9% | 14.3% | ||
| Q3 24 | 18.2% | 23.1% | ||
| Q2 24 | 14.1% | 17.6% | ||
| Q1 24 | 12.5% | 24.3% |
资本支出强度MKLPGR
| Q4 25 | 1.8% | 0.5% | ||
| Q3 25 | 1.3% | 0.3% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | 1.2% | 0.3% | ||
| Q4 24 | 1.9% | 0.5% | ||
| Q3 24 | 1.1% | 0.3% | ||
| Q2 24 | 1.5% | 0.4% | ||
| Q1 24 | 1.6% | 0.3% |
现金转化率MKLPGR
| Q4 25 | 1.15× | 1.07× | ||
| Q3 25 | 1.62× | 1.99× | ||
| Q2 25 | 0.77× | 1.27× | ||
| Q1 25 | 3.09× | 2.00× | ||
| Q4 24 | 0.90× | 1.28× | ||
| Q3 24 | 0.98× | 1.97× | ||
| Q2 24 | 2.16× | 2.24× | ||
| Q1 24 | 0.62× | 1.82× |
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
MKL
| Industrial | $1.6B | 45% |
| Consumer And Other | $958.3M | 27% |
| Financial | $737.0M | 21% |
| Other | $198.8M | 6% |
| Corporate Operations | $52.0M | 1% |
| Revenue From Contract With Customer | $10.5M | 0% |
PGR
| Other | $11.9B | 52% |
| Commercial Lines Segment | $10.9B | 48% |
| Other Indemnity | $2.0M | 0% |
