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MARKEL GROUP INC.（MKL）与Toll Brothers, Inc.（TOL）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Toll Brothers, Inc.的1.0倍（$3.6B vs $3.4B），MARKEL GROUP INC.净利率更高（16.1% vs 13.0%，领先3.1%），Toll Brothers, Inc.同比增速更快（2.7% vs -6.9%），Toll Brothers, Inc.自由现金流更多（$772.2M vs $599.1M），过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% 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。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
MKL vs TOL — 直观对比
营收规模更大
MKL
是对方的1.0倍
$3.4B
营收增速更快
TOL
高出9.6%
-6.9%
净利率更高
MKL
高出3.1%
13.0%
自由现金流更多
TOL
多$173.1M
$599.1M
两年增速更快
TOL
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $3.4B |
| 净利润 | $576.8M | $446.7M |
| 毛利率 | — | 24.8% |
| 营业利润率 | 22.2% | 16.5% |
| 净利率 | 16.1% | 13.0% |
| 营收同比 | -6.9% | 2.7% |
| 净利润同比 | 5.0% | -6.0% |
| 每股收益（稀释后） | $48.22 | $4.51 |
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MKLTOL
| Q4 25 | $3.6B | $3.4B | ||
| Q3 25 | $3.9B | $2.9B | ||
| Q2 25 | $4.6B | $2.7B | ||
| Q1 25 | $3.4B | $1.9B | ||
| Q4 24 | $3.8B | $3.3B | ||
| Q3 24 | $4.6B | $2.7B | ||
| Q2 24 | $3.7B | $2.8B | ||
| Q1 24 | $4.5B | $1.9B |
净利润MKLTOL
| Q4 25 | $576.8M | $446.7M | ||
| Q3 25 | $751.3M | $369.6M | ||
| Q2 25 | $657.1M | $352.4M | ||
| Q1 25 | $121.7M | $177.7M | ||
| Q4 24 | $549.2M | $475.4M | ||
| Q3 24 | $905.0M | $374.6M | ||
| Q2 24 | $267.7M | $481.6M | ||
| Q1 24 | $1.0B | $239.6M |
毛利率MKLTOL
| Q4 25 | — | 24.8% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 25.8% | ||
| Q1 25 | — | 24.7% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | — | 27.2% | ||
| Q2 24 | — | 30.4% | ||
| Q1 24 | — | 27.6% |
营业利润率MKLTOL
| Q4 25 | 22.2% | 16.5% | ||
| Q3 25 | 25.7% | 16.6% | ||
| Q2 25 | 24.1% | 16.4% | ||
| Q1 25 | 8.3% | 11.8% | ||
| Q4 24 | 15.5% | 18.3% | ||
| Q3 24 | 29.7% | 18.2% | ||
| Q2 24 | 11.1% | 22.0% | ||
| Q1 24 | 29.9% | 15.8% |
净利率MKLTOL
| Q4 25 | 16.1% | 13.0% | ||
| Q3 25 | 19.1% | 12.6% | ||
| Q2 25 | 14.3% | 12.9% | ||
| Q1 25 | 3.6% | 9.6% | ||
| Q4 24 | 14.3% | 14.3% | ||
| Q3 24 | 19.6% | 13.7% | ||
| Q2 24 | 7.2% | 17.0% | ||
| Q1 24 | 23.0% | 12.3% |
每股收益（稀释后）MKLTOL
| Q4 25 | $48.22 | $4.51 | ||
| Q3 25 | $59.25 | $3.73 | ||
| Q2 25 | $49.67 | $3.50 | ||
| Q1 25 | $12.08 | $1.75 | ||
| Q4 24 | $39.02 | $4.61 | ||
| Q3 24 | $66.25 | $3.60 | ||
| Q2 24 | $18.62 | $4.55 | ||
| Q1 24 | $75.43 | $2.25 |
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 | $1.3B |
| 总债务越低越好 | $4.3B | — |
| 股东权益账面价值 | $18.6B | $8.3B |
| 总资产 | $68.9B | $14.5B |
| 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MKLTOL
| Q4 25 | $4.0B | $1.3B | ||
| Q3 25 | $4.0B | $852.3M | ||
| Q2 25 | $3.7B | $686.5M | ||
| Q1 25 | $4.2B | $574.8M | ||
| Q4 24 | $3.7B | $1.3B | ||
| Q3 24 | $3.9B | $893.4M | ||
| Q2 24 | $3.5B | $1.0B | ||
| Q1 24 | $3.6B | $754.8M |
总债务MKLTOL
| 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MKLTOL
| Q4 25 | $18.6B | $8.3B | ||
| Q3 25 | $18.0B | $8.1B | ||
| Q2 25 | $17.3B | $7.9B | ||
| Q1 25 | $17.1B | $7.8B | ||
| Q4 24 | $16.9B | $7.7B | ||
| Q3 24 | $17.0B | $7.4B | ||
| Q2 24 | $15.9B | $7.3B | ||
| Q1 24 | $15.7B | $7.0B |
总资产MKLTOL
| Q4 25 | $68.9B | $14.5B | ||
| Q3 25 | $67.4B | $14.4B | ||
| Q2 25 | $66.8B | $14.2B | ||
| Q1 25 | $64.6B | $13.6B | ||
| Q4 24 | $61.9B | $13.4B | ||
| Q3 24 | $62.3B | $13.4B | ||
| Q2 24 | $59.7B | $13.3B | ||
| Q1 24 | $57.3B | $12.5B |
负债/权益比MKLTOL
| 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 | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $599.1M | $772.2M |
| 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% | 0.8% |
| 现金转化率经营现金流/净利润 | 1.15× | 1.79× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $1.0B |
8季度趋势，按日历期对齐
经营现金流MKLTOL
| Q4 25 | $662.2M | $800.0M | ||
| Q3 25 | $1.2B | $370.3M | ||
| Q2 25 | $504.4M | $362.8M | ||
| Q1 25 | $376.2M | $-420.8M | ||
| Q4 24 | $493.9M | $682.5M | ||
| Q3 24 | $890.8M | $175.6M | ||
| Q2 24 | $578.6M | $459.0M | ||
| Q1 24 | $630.7M | $-307.0M |
自由现金流MKLTOL
| Q4 25 | $599.1M | $772.2M | ||
| Q3 25 | $1.2B | $344.9M | ||
| Q2 25 | $453.8M | $347.3M | ||
| Q1 25 | $335.5M | $-438.1M | ||
| Q4 24 | $420.0M | $664.3M | ||
| Q3 24 | $838.9M | $149.9M | ||
| Q2 24 | $521.4M | $442.9M | ||
| Q1 24 | $558.7M | $-320.6M |
自由现金流率MKLTOL
| Q4 25 | 16.7% | 22.6% | ||
| Q3 25 | 29.6% | 11.7% | ||
| Q2 25 | 9.9% | 12.7% | ||
| Q1 25 | 9.9% | -23.6% | ||
| Q4 24 | 10.9% | 19.9% | ||
| Q3 24 | 18.2% | 5.5% | ||
| Q2 24 | 14.1% | 15.6% | ||
| Q1 24 | 12.5% | -16.5% |
资本支出强度MKLTOL
| Q4 25 | 1.8% | 0.8% | ||
| Q3 25 | 1.3% | 0.9% | ||
| Q2 25 | 1.1% | 0.6% | ||
| Q1 25 | 1.2% | 0.9% | ||
| Q4 24 | 1.9% | 0.5% | ||
| Q3 24 | 1.1% | 0.9% | ||
| Q2 24 | 1.5% | 0.6% | ||
| Q1 24 | 1.6% | 0.7% |
现金转化率MKLTOL
| Q4 25 | 1.15× | 1.79× | ||
| Q3 25 | 1.62× | 1.00× | ||
| Q2 25 | 0.77× | 1.03× | ||
| Q1 25 | 3.09× | -2.37× | ||
| Q4 24 | 0.90× | 1.44× | ||
| Q3 24 | 0.98× | 0.47× | ||
| Q2 24 | 2.16× | 0.95× | ||
| Q1 24 | 0.62× | -1.28× |
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% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
