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MARKEL GROUP INC.（MKL）与RYDER SYSTEM INC（R）财务数据对比。点击上方公司名可切换其他公司
MARKEL GROUP INC.的季度营收约是RYDER SYSTEM INC的1.1倍（$3.6B vs $3.1B），MARKEL GROUP INC.净利率更高（16.1% vs 3.0%，领先13.2%），RYDER SYSTEM INC同比增速更快（1.0% vs -6.9%），MARKEL GROUP INC.自由现金流更多（$599.1M vs $273.0M），过去两年RYDER SYSTEM INC的营收复合增速更高（-0.9% 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。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
MKL vs R — 直观对比
营收规模更大
MKL
是对方的1.1倍
$3.1B
营收增速更快
R
高出7.9%
-6.9%
净利率更高
MKL
高出13.2%
3.0%
自由现金流更多
MKL
多$326.1M
$273.0M
两年增速更快
R
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $3.1B |
| 净利润 | $576.8M | $93.0M |
| 毛利率 | — | — |
| 营业利润率 | 22.2% | — |
| 净利率 | 16.1% | 3.0% |
| 营收同比 | -6.9% | 1.0% |
| 净利润同比 | 5.0% | -5.1% |
| 每股收益（稀释后） | $48.22 | $2.34 |
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MKLR
| Q1 26 | — | $3.1B | ||
| Q4 25 | $3.6B | $3.2B | ||
| Q3 25 | $3.9B | $3.2B | ||
| Q2 25 | $4.6B | $3.2B | ||
| Q1 25 | $3.4B | $3.1B | ||
| Q4 24 | $3.8B | $3.2B | ||
| Q3 24 | $4.6B | $3.2B | ||
| Q2 24 | $3.7B | $3.2B |
净利润MKLR
| Q1 26 | — | $93.0M | ||
| Q4 25 | $576.8M | $132.0M | ||
| Q3 25 | $751.3M | $138.0M | ||
| Q2 25 | $657.1M | $131.0M | ||
| Q1 25 | $121.7M | $98.0M | ||
| Q4 24 | $549.2M | $135.0M | ||
| Q3 24 | $905.0M | $142.0M | ||
| Q2 24 | $267.7M | $127.0M |
营业利润率MKLR
| Q1 26 | — | — | ||
| Q4 25 | 22.2% | 5.6% | ||
| Q3 25 | 25.7% | 6.0% | ||
| Q2 25 | 24.1% | 5.8% | ||
| Q1 25 | 8.3% | 4.3% | ||
| Q4 24 | 15.5% | 5.7% | ||
| Q3 24 | 29.7% | 5.9% | ||
| Q2 24 | 11.1% | 5.6% |
净利率MKLR
| Q1 26 | — | 3.0% | ||
| Q4 25 | 16.1% | 4.2% | ||
| Q3 25 | 19.1% | 4.4% | ||
| Q2 25 | 14.3% | 4.1% | ||
| Q1 25 | 3.6% | 3.1% | ||
| Q4 24 | 14.3% | 4.2% | ||
| Q3 24 | 19.6% | 4.5% | ||
| Q2 24 | 7.2% | 4.0% |
每股收益（稀释后）MKLR
| Q1 26 | — | $2.34 | ||
| Q4 25 | $48.22 | $3.22 | ||
| Q3 25 | $59.25 | $3.32 | ||
| Q2 25 | $49.67 | $3.13 | ||
| Q1 25 | $12.08 | $2.27 | ||
| Q4 24 | $39.02 | $3.09 | ||
| Q3 24 | $66.25 | $3.24 | ||
| Q2 24 | $18.62 | $2.84 |
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 | $182.0M |
| 总债务越低越好 | $4.3B | — |
| 股东权益账面价值 | $18.6B | $2.9B |
| 总资产 | $68.9B | — |
| 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MKLR
| Q1 26 | — | $182.0M | ||
| Q4 25 | $4.0B | $198.0M | ||
| Q3 25 | $4.0B | $189.0M | ||
| Q2 25 | $3.7B | $180.0M | ||
| Q1 25 | $4.2B | $151.0M | ||
| Q4 24 | $3.7B | $154.0M | ||
| Q3 24 | $3.9B | $162.0M | ||
| Q2 24 | $3.5B | $164.0M |
总债务MKLR
| Q1 26 | — | — | ||
| Q4 25 | $4.3B | $6.8B | ||
| Q3 25 | $4.3B | $7.3B | ||
| Q2 25 | $4.4B | $7.0B | ||
| Q1 25 | $4.4B | $6.7B | ||
| Q4 24 | $4.3B | $6.7B | ||
| Q3 24 | $4.4B | $6.6B | ||
| Q2 24 | $4.4B | $6.5B |
股东权益MKLR
| Q1 26 | — | $2.9B | ||
| Q4 25 | $18.6B | $3.1B | ||
| Q3 25 | $18.0B | $3.1B | ||
| Q2 25 | $17.3B | $3.1B | ||
| Q1 25 | $17.1B | $3.0B | ||
| Q4 24 | $16.9B | $3.1B | ||
| Q3 24 | $17.0B | $3.1B | ||
| Q2 24 | $15.9B | $3.1B |
总资产MKLR
| Q1 26 | — | — | ||
| Q4 25 | $68.9B | $16.4B | ||
| Q3 25 | $67.4B | $16.5B | ||
| Q2 25 | $66.8B | $16.5B | ||
| Q1 25 | $64.6B | $16.4B | ||
| Q4 24 | $61.9B | $16.7B | ||
| Q3 24 | $62.3B | $16.5B | ||
| Q2 24 | $59.7B | $16.4B |
负债/权益比MKLR
| Q1 26 | — | — | ||
| Q4 25 | 0.23× | 2.24× | ||
| Q3 25 | 0.24× | 2.35× | ||
| Q2 25 | 0.25× | 2.27× | ||
| Q1 25 | 0.26× | 2.21× | ||
| Q4 24 | 0.26× | 2.14× | ||
| Q3 24 | 0.26× | 2.17× | ||
| Q2 24 | 0.28× | 2.09× |
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 | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $599.1M | $273.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 8.7% |
| 资本支出强度资本支出/营收 | 1.8% | 13.7% |
| 现金转化率经营现金流/净利润 | 1.15× | 6.27× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $595.0M |
8季度趋势，按日历期对齐
经营现金流MKLR
| Q1 26 | — | $583.0M | ||
| Q4 25 | $662.2M | $749.0M | ||
| Q3 25 | $1.2B | $442.0M | ||
| Q2 25 | $504.4M | $752.0M | ||
| Q1 25 | $376.2M | $651.0M | ||
| Q4 24 | $493.9M | $558.0M | ||
| Q3 24 | $890.8M | $629.0M | ||
| Q2 24 | $578.6M | $552.0M |
自由现金流MKLR
| Q1 26 | — | $273.0M | ||
| Q4 25 | $599.1M | $344.0M | ||
| Q3 25 | $1.2B | $-85.0M | ||
| Q2 25 | $453.8M | $63.0M | ||
| Q1 25 | $335.5M | $137.0M | ||
| Q4 24 | $420.0M | $-201.0M | ||
| Q3 24 | $838.9M | $30.0M | ||
| Q2 24 | $521.4M | $-87.0M |
自由现金流率MKLR
| Q1 26 | — | 8.7% | ||
| Q4 25 | 16.7% | 10.8% | ||
| Q3 25 | 29.6% | -2.7% | ||
| Q2 25 | 9.9% | 2.0% | ||
| Q1 25 | 9.9% | 4.4% | ||
| Q4 24 | 10.9% | -6.3% | ||
| Q3 24 | 18.2% | 0.9% | ||
| Q2 24 | 14.1% | -2.7% |
资本支出强度MKLR
| Q1 26 | — | 13.7% | ||
| Q4 25 | 1.8% | 12.8% | ||
| Q3 25 | 1.3% | 16.6% | ||
| Q2 25 | 1.1% | 21.6% | ||
| Q1 25 | 1.2% | 16.4% | ||
| Q4 24 | 1.9% | 23.8% | ||
| Q3 24 | 1.1% | 18.9% | ||
| Q2 24 | 1.5% | 20.1% |
现金转化率MKLR
| Q1 26 | — | 6.27× | ||
| Q4 25 | 1.15× | 5.67× | ||
| Q3 25 | 1.62× | 3.20× | ||
| Q2 25 | 0.77× | 5.74× | ||
| Q1 25 | 3.09× | 6.64× | ||
| Q4 24 | 0.90× | 4.13× | ||
| Q3 24 | 0.98× | 4.43× | ||
| Q2 24 | 2.16× | 4.35× |
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% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
