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MARKEL GROUP INC.（MKL）与Unum Group（UNM）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Unum Group的1.1倍（$3.6B vs $3.4B），MARKEL GROUP INC.净利率更高（16.1% vs 6.9%，领先9.2%），Unum Group同比增速更快（8.5% vs -6.9%），过去两年Unum Group的营收复合增速更高（1.9% 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。
Unum Group是美国财富500强保险企业，总部位于田纳西州查塔努加，前身为1848年成立的联合相互保险公司，1999年合并后曾用名UnumProvident至2007年。集团现设四大业务板块，覆盖美、英、波兰市场，旗下承保主体包括保罗里维尔人寿保险、普罗维登斯人伤意外险公司等。
MKL vs UNM — 直观对比
营收规模更大
MKL
是对方的1.1倍
$3.4B
营收增速更快
UNM
高出15.4%
-6.9%
净利率更高
MKL
高出9.2%
6.9%
两年增速更快
UNM
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $3.4B |
| 净利润 | $576.8M | $232.0M |
| 毛利率 | — | — |
| 营业利润率 | 22.2% | — |
| 净利率 | 16.1% | 6.9% |
| 营收同比 | -6.9% | 8.5% |
| 净利润同比 | 5.0% | 22.7% |
| 每股收益（稀释后） | $48.22 | — |
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MKLUNM
| Q1 26 | — | $3.4B | ||
| Q4 25 | $3.6B | $3.2B | ||
| Q3 25 | $3.9B | $3.4B | ||
| Q2 25 | $4.6B | $3.4B | ||
| 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MKLUNM
| Q1 26 | — | $232.0M | ||
| Q4 25 | $576.8M | $174.1M | ||
| Q3 25 | $751.3M | $39.7M | ||
| Q2 25 | $657.1M | $335.6M | ||
| Q1 25 | $121.7M | $189.1M | ||
| Q4 24 | $549.2M | $348.7M | ||
| Q3 24 | $905.0M | $645.7M | ||
| Q2 24 | $267.7M | $389.5M |
营业利润率MKLUNM
| Q1 26 | — | — | ||
| Q4 25 | 22.2% | 6.7% | ||
| Q3 25 | 25.7% | 1.6% | ||
| Q2 25 | 24.1% | 12.4% | ||
| Q1 25 | 8.3% | 7.9% | ||
| Q4 24 | 15.5% | 13.8% | ||
| Q3 24 | 29.7% | 15.6% | ||
| Q2 24 | 11.1% | 15.3% |
净利率MKLUNM
| Q1 26 | — | 6.9% | ||
| Q4 25 | 16.1% | 5.4% | ||
| Q3 25 | 19.1% | 1.2% | ||
| Q2 25 | 14.3% | 10.0% | ||
| Q1 25 | 3.6% | 6.1% | ||
| Q4 24 | 14.3% | 10.8% | ||
| Q3 24 | 19.6% | 20.1% | ||
| Q2 24 | 7.2% | 12.0% |
每股收益（稀释后）MKLUNM
| Q1 26 | — | — | ||
| Q4 25 | $48.22 | $1.06 | ||
| Q3 25 | $59.25 | $0.23 | ||
| Q2 25 | $49.67 | $1.92 | ||
| Q1 25 | $12.08 | $1.06 | ||
| Q4 24 | $39.02 | $1.91 | ||
| Q3 24 | $66.25 | $3.46 | ||
| Q2 24 | $18.62 | $2.05 |
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 | $2.1M |
| 总债务越低越好 | $4.3B | $3.8M |
| 股东权益账面价值 | $18.6B | $10.9M |
| 总资产 | $68.9B | $62.7M |
| 负债/权益比越低杠杆越低 | 0.23× | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资MKLUNM
| Q1 26 | — | $2.1M | ||
| Q4 25 | $4.0B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $3.9B | — | ||
| Q2 24 | $3.5B | — |
总债务MKLUNM
| Q1 26 | — | $3.8M | ||
| Q4 25 | $4.3B | $3.8B | ||
| Q3 25 | $4.3B | $3.5B | ||
| Q2 25 | $4.4B | $3.5B | ||
| Q1 25 | $4.4B | $3.5B | ||
| Q4 24 | $4.3B | $3.5B | ||
| Q3 24 | $4.4B | $3.5B | ||
| Q2 24 | $4.4B | $3.5B |
股东权益MKLUNM
| Q1 26 | — | $10.9M | ||
| Q4 25 | $18.6B | $11.1B | ||
| Q3 25 | $18.0B | $10.9B | ||
| Q2 25 | $17.3B | $11.3B | ||
| Q1 25 | $17.1B | $11.2B | ||
| Q4 24 | $16.9B | $11.0B | ||
| Q3 24 | $17.0B | $11.0B | ||
| Q2 24 | $15.9B | $10.5B |
总资产MKLUNM
| Q1 26 | — | $62.7M | ||
| Q4 25 | $68.9B | $63.5B | ||
| Q3 25 | $67.4B | $63.7B | ||
| Q2 25 | $66.8B | $62.8B | ||
| Q1 25 | $64.6B | $62.5B | ||
| Q4 24 | $61.9B | $62.0B | ||
| Q3 24 | $62.3B | $64.1B | ||
| Q2 24 | $59.7B | $62.0B |
负债/权益比MKLUNM
| Q1 26 | — | 0.35× | ||
| Q4 25 | 0.23× | 0.34× | ||
| Q3 25 | 0.24× | 0.32× | ||
| Q2 25 | 0.25× | 0.31× | ||
| Q1 25 | 0.26× | 0.31× | ||
| Q4 24 | 0.26× | 0.32× | ||
| Q3 24 | 0.26× | 0.32× | ||
| Q2 24 | 0.28× | 0.33× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $599.1M | — |
| 自由现金流率自由现金流/营收 | 16.7% | — |
| 资本支出强度资本支出/营收 | 1.8% | — |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $2.6B | — |
8季度趋势，按日历期对齐
经营现金流MKLUNM
| Q1 26 | — | — | ||
| Q4 25 | $662.2M | $357.9M | ||
| Q3 25 | $1.2B | $-371.8M | ||
| Q2 25 | $504.4M | $348.0M | ||
| Q1 25 | $376.2M | $353.6M | ||
| Q4 24 | $493.9M | $485.8M | ||
| Q3 24 | $890.8M | $390.0M | ||
| Q2 24 | $578.6M | $339.1M |
自由现金流MKLUNM
| Q1 26 | — | — | ||
| Q4 25 | $599.1M | $320.1M | ||
| Q3 25 | $1.2B | $-402.6M | ||
| Q2 25 | $453.8M | $320.1M | ||
| Q1 25 | $335.5M | $317.8M | ||
| Q4 24 | $420.0M | $453.8M | ||
| Q3 24 | $838.9M | $352.3M | ||
| Q2 24 | $521.4M | $311.4M |
自由现金流率MKLUNM
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 9.9% | ||
| Q3 25 | 29.6% | -11.9% | ||
| Q2 25 | 9.9% | 9.5% | ||
| Q1 25 | 9.9% | 10.3% | ||
| Q4 24 | 10.9% | 14.0% | ||
| Q3 24 | 18.2% | 11.0% | ||
| Q2 24 | 14.1% | 9.6% |
资本支出强度MKLUNM
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 1.2% | ||
| Q3 25 | 1.3% | 0.9% | ||
| Q2 25 | 1.1% | 0.8% | ||
| Q1 25 | 1.2% | 1.2% | ||
| Q4 24 | 1.9% | 1.0% | ||
| Q3 24 | 1.1% | 1.2% | ||
| Q2 24 | 1.5% | 0.9% |
现金转化率MKLUNM
| Q1 26 | — | — | ||
| Q4 25 | 1.15× | 2.06× | ||
| Q3 25 | 1.62× | -9.37× | ||
| Q2 25 | 0.77× | 1.04× | ||
| Q1 25 | 3.09× | 1.87× | ||
| Q4 24 | 0.90× | 1.39× | ||
| Q3 24 | 0.98× | 0.60× | ||
| Q2 24 | 2.16× | 0.87× |
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% |
UNM
| Premium Income | $2.8B | 83% |
| Other | $561.2M | 17% |
