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MARKEL GROUP INC.（MKL）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
MARKEL GROUP INC.的季度营收约是HANOVER INSURANCE GROUP, INC.的2.1倍（$3.6B vs $1.7B），MARKEL GROUP INC.净利率更高（16.1% vs 11.9%，领先4.3%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs -6.9%），MARKEL GROUP INC.自由现金流更多（$599.1M vs $377.0M），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% 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。
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。
MKL vs THG — 直观对比
营收规模更大
MKL
是对方的2.1倍
$1.7B
营收增速更快
THG
高出12.4%
-6.9%
净利率更高
MKL
高出4.3%
11.9%
自由现金流更多
MKL
多$222.1M
$377.0M
两年增速更快
THG
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $1.7B |
| 净利润 | $576.8M | $198.5M |
| 毛利率 | — | — |
| 营业利润率 | 22.2% | 17.3% |
| 净利率 | 16.1% | 11.9% |
| 营收同比 | -6.9% | 5.5% |
| 净利润同比 | 5.0% | 18.2% |
| 每股收益（稀释后） | $48.22 | $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MKLTHG
| Q4 25 | $3.6B | $1.7B | ||
| Q3 25 | $3.9B | $1.7B | ||
| Q2 25 | $4.6B | $1.7B | ||
| Q1 25 | $3.4B | $1.6B | ||
| Q4 24 | $3.8B | $1.6B | ||
| Q3 24 | $4.6B | $1.6B | ||
| Q2 24 | $3.7B | $1.5B | ||
| Q1 24 | $4.5B | $1.6B |
净利润MKLTHG
| Q4 25 | $576.8M | $198.5M | ||
| Q3 25 | $751.3M | $178.7M | ||
| Q2 25 | $657.1M | $157.1M | ||
| Q1 25 | $121.7M | $128.2M | ||
| Q4 24 | $549.2M | $167.9M | ||
| Q3 24 | $905.0M | $102.1M | ||
| Q2 24 | $267.7M | $40.5M | ||
| Q1 24 | $1.0B | $115.5M |
营业利润率MKLTHG
| Q4 25 | 22.2% | 17.3% | ||
| Q3 25 | 25.7% | 14.9% | ||
| Q2 25 | 24.1% | 12.7% | ||
| Q1 25 | 8.3% | 11.6% | ||
| Q4 24 | 15.5% | 16.1% | ||
| Q3 24 | 29.7% | 9.6% | ||
| Q2 24 | 11.1% | 6.2% | ||
| Q1 24 | 29.9% | 9.7% |
净利率MKLTHG
| Q4 25 | 16.1% | 11.9% | ||
| Q3 25 | 19.1% | 10.7% | ||
| Q2 25 | 14.3% | 9.5% | ||
| Q1 25 | 3.6% | 8.0% | ||
| Q4 24 | 14.3% | 10.6% | ||
| Q3 24 | 19.6% | 6.5% | ||
| Q2 24 | 7.2% | 2.6% | ||
| Q1 24 | 23.0% | 7.4% |
每股收益（稀释后）MKLTHG
| Q4 25 | $48.22 | $5.46 | ||
| Q3 25 | $59.25 | $4.90 | ||
| Q2 25 | $49.67 | $4.30 | ||
| Q1 25 | $12.08 | $3.50 | ||
| Q4 24 | $39.02 | $4.60 | ||
| Q3 24 | $66.25 | $2.80 | ||
| Q2 24 | $18.62 | $1.12 | ||
| Q1 24 | $75.43 | $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 | $4.0B | $1.1B |
| 总债务越低越好 | $4.3B | $843.3M |
| 股东权益账面价值 | $18.6B | $3.6B |
| 总资产 | $68.9B | $16.9B |
| 负债/权益比越低杠杆越低 | 0.23× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资MKLTHG
| Q4 25 | $4.0B | $1.1B | ||
| Q3 25 | $4.0B | $915.7M | ||
| Q2 25 | $3.7B | $244.1M | ||
| Q1 25 | $4.2B | $315.1M | ||
| Q4 24 | $3.7B | $435.5M | ||
| Q3 24 | $3.9B | $427.1M | ||
| Q2 24 | $3.5B | $337.6M | ||
| Q1 24 | $3.6B | $264.6M |
总债务MKLTHG
| Q4 25 | $4.3B | $843.3M | ||
| Q3 25 | $4.3B | $843.0M | ||
| Q2 25 | $4.4B | $347.8M | ||
| Q1 25 | $4.4B | $722.5M | ||
| Q4 24 | $4.3B | $722.3M | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $3.9B | — |
股东权益MKLTHG
| Q4 25 | $18.6B | $3.6B | ||
| Q3 25 | $18.0B | $3.4B | ||
| Q2 25 | $17.3B | $3.2B | ||
| Q1 25 | $17.1B | $3.0B | ||
| Q4 24 | $16.9B | $2.8B | ||
| Q3 24 | $17.0B | $2.9B | ||
| Q2 24 | $15.9B | $2.6B | ||
| Q1 24 | $15.7B | $2.5B |
总资产MKLTHG
| Q4 25 | $68.9B | $16.9B | ||
| Q3 25 | $67.4B | $16.8B | ||
| Q2 25 | $66.8B | $15.7B | ||
| Q1 25 | $64.6B | $15.5B | ||
| Q4 24 | $61.9B | $15.3B | ||
| Q3 24 | $62.3B | $15.4B | ||
| Q2 24 | $59.7B | $14.9B | ||
| Q1 24 | $57.3B | $14.6B |
负债/权益比MKLTHG
| Q4 25 | 0.23× | 0.24× | ||
| Q3 25 | 0.24× | 0.25× | ||
| Q2 25 | 0.25× | 0.11× | ||
| Q1 25 | 0.26× | 0.24× | ||
| Q4 24 | 0.26× | 0.25× | ||
| 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 | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $599.1M | $377.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 22.6% |
| 资本支出强度资本支出/营收 | 1.8% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $1.2B |
8季度趋势，按日历期对齐
经营现金流MKLTHG
| Q4 25 | $662.2M | $378.2M | ||
| Q3 25 | $1.2B | $554.4M | ||
| Q2 25 | $504.4M | $206.6M | ||
| Q1 25 | $376.2M | $38.9M | ||
| Q4 24 | $493.9M | $213.5M | ||
| Q3 24 | $890.8M | $394.7M | ||
| Q2 24 | $578.6M | $139.5M | ||
| Q1 24 | $630.7M | $58.7M |
自由现金流MKLTHG
| Q4 25 | $599.1M | $377.0M | ||
| Q3 25 | $1.2B | $551.4M | ||
| Q2 25 | $453.8M | $204.9M | ||
| Q1 25 | $335.5M | $37.1M | ||
| Q4 24 | $420.0M | $210.5M | ||
| Q3 24 | $838.9M | $392.3M | ||
| Q2 24 | $521.4M | $137.3M | ||
| Q1 24 | $558.7M | $56.1M |
自由现金流率MKLTHG
| Q4 25 | 16.7% | 22.6% | ||
| Q3 25 | 29.6% | 33.1% | ||
| Q2 25 | 9.9% | 12.4% | ||
| Q1 25 | 9.9% | 2.3% | ||
| Q4 24 | 10.9% | 13.3% | ||
| Q3 24 | 18.2% | 25.1% | ||
| Q2 24 | 14.1% | 8.9% | ||
| Q1 24 | 12.5% | 3.6% |
资本支出强度MKLTHG
| Q4 25 | 1.8% | 0.1% | ||
| Q3 25 | 1.3% | 0.2% | ||
| Q2 25 | 1.1% | 0.1% | ||
| Q1 25 | 1.2% | 0.1% | ||
| Q4 24 | 1.9% | 0.2% | ||
| Q3 24 | 1.1% | 0.2% | ||
| Q2 24 | 1.5% | 0.1% | ||
| Q1 24 | 1.6% | 0.2% |
现金转化率MKLTHG
| Q4 25 | 1.15× | 1.91× | ||
| Q3 25 | 1.62× | 3.10× | ||
| Q2 25 | 0.77× | 1.32× | ||
| Q1 25 | 3.09× | 0.30× | ||
| Q4 24 | 0.90× | 1.27× | ||
| Q3 24 | 0.98× | 3.87× | ||
| Q2 24 | 2.16× | 3.44× | ||
| Q1 24 | 0.62× | 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
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% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
