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MARKEL GROUP INC.（MKL）与Wayfair Inc.（W）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Wayfair Inc.的1.1倍（$3.6B vs $3.3B），MARKEL GROUP INC.净利率更高（16.1% vs -3.5%，领先19.6%），Wayfair Inc.同比增速更快（6.9% vs -6.9%），MARKEL GROUP INC.自由现金流更多（$599.1M vs $177.0M），过去两年Wayfair Inc.的营收复合增速更高（10.6% 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。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
MKL vs W — 直观对比
营收规模更大
MKL
是对方的1.1倍
$3.3B
营收增速更快
W
高出13.8%
-6.9%
净利率更高
MKL
高出19.6%
-3.5%
自由现金流更多
MKL
多$422.1M
$177.0M
两年增速更快
W
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $3.3B |
| 净利润 | $576.8M | $-116.0M |
| 毛利率 | — | 30.3% |
| 营业利润率 | 22.2% | 2.5% |
| 净利率 | 16.1% | -3.5% |
| 营收同比 | -6.9% | 6.9% |
| 净利润同比 | 5.0% | 9.4% |
| 每股收益（稀释后） | $48.22 | $-0.90 |
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MKLW
| Q4 25 | $3.6B | $3.3B | ||
| Q3 25 | $3.9B | $3.1B | ||
| Q2 25 | $4.6B | $3.3B | ||
| Q1 25 | $3.4B | $2.7B | ||
| Q4 24 | $3.8B | $3.1B | ||
| Q3 24 | $4.6B | $2.9B | ||
| Q2 24 | $3.7B | $3.1B | ||
| Q1 24 | $4.5B | $2.7B |
净利润MKLW
| Q4 25 | $576.8M | $-116.0M | ||
| Q3 25 | $751.3M | $-99.0M | ||
| Q2 25 | $657.1M | $15.0M | ||
| Q1 25 | $121.7M | $-113.0M | ||
| Q4 24 | $549.2M | $-128.0M | ||
| Q3 24 | $905.0M | $-74.0M | ||
| Q2 24 | $267.7M | $-42.0M | ||
| Q1 24 | $1.0B | $-248.0M |
毛利率MKLW
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 30.0% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | — | 30.2% | ||
| Q1 24 | — | 30.0% |
营业利润率MKLW
| Q4 25 | 22.2% | 2.5% | ||
| Q3 25 | 25.7% | 1.2% | ||
| Q2 25 | 24.1% | 0.5% | ||
| Q1 25 | 8.3% | -4.5% | ||
| Q4 24 | 15.5% | -3.7% | ||
| Q3 24 | 29.7% | -2.6% | ||
| Q2 24 | 11.1% | -1.1% | ||
| Q1 24 | 29.9% | -8.6% |
净利率MKLW
| Q4 25 | 16.1% | -3.5% | ||
| Q3 25 | 19.1% | -3.2% | ||
| Q2 25 | 14.3% | 0.5% | ||
| Q1 25 | 3.6% | -4.1% | ||
| Q4 24 | 14.3% | -4.1% | ||
| Q3 24 | 19.6% | -2.6% | ||
| Q2 24 | 7.2% | -1.3% | ||
| Q1 24 | 23.0% | -9.1% |
每股收益（稀释后）MKLW
| Q4 25 | $48.22 | $-0.90 | ||
| Q3 25 | $59.25 | $-0.76 | ||
| Q2 25 | $49.67 | $0.11 | ||
| Q1 25 | $12.08 | $-0.89 | ||
| Q4 24 | $39.02 | $-1.01 | ||
| Q3 24 | $66.25 | $-0.60 | ||
| Q2 24 | $18.62 | $-0.34 | ||
| Q1 24 | $75.43 | $-2.06 |
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 | $1.5B |
| 总债务越低越好 | $4.3B | $3.3B |
| 股东权益账面价值 | $18.6B | $-2.8B |
| 总资产 | $68.9B | $3.4B |
| 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MKLW
| Q4 25 | $4.0B | $1.5B | ||
| Q3 25 | $4.0B | $1.2B | ||
| Q2 25 | $3.7B | $1.4B | ||
| Q1 25 | $4.2B | $1.4B | ||
| Q4 24 | $3.7B | $1.4B | ||
| Q3 24 | $3.9B | $1.3B | ||
| Q2 24 | $3.5B | $1.3B | ||
| Q1 24 | $3.6B | $1.2B |
总债务MKLW
| Q4 25 | $4.3B | $3.3B | ||
| Q3 25 | $4.3B | $2.9B | ||
| Q2 25 | $4.4B | $3.0B | ||
| Q1 25 | $4.4B | $3.2B | ||
| Q4 24 | $4.3B | $3.1B | ||
| Q3 24 | $4.4B | $3.2B | ||
| Q2 24 | $4.4B | $3.2B | ||
| Q1 24 | $3.9B | $3.2B |
股东权益MKLW
| Q4 25 | $18.6B | $-2.8B | ||
| Q3 25 | $18.0B | $-2.8B | ||
| Q2 25 | $17.3B | $-2.7B | ||
| Q1 25 | $17.1B | $-2.8B | ||
| Q4 24 | $16.9B | $-2.8B | ||
| Q3 24 | $17.0B | $-2.7B | ||
| Q2 24 | $15.9B | $-2.8B | ||
| Q1 24 | $15.7B | $-2.8B |
总资产MKLW
| Q4 25 | $68.9B | $3.4B | ||
| Q3 25 | $67.4B | $3.1B | ||
| Q2 25 | $66.8B | $3.3B | ||
| Q1 25 | $64.6B | $3.4B | ||
| Q4 24 | $61.9B | $3.5B | ||
| Q3 24 | $62.3B | $3.4B | ||
| Q2 24 | $59.7B | $3.4B | ||
| Q1 24 | $57.3B | $3.2B |
负债/权益比MKLW
| 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 | $202.0M |
| 自由现金流经营现金流 - 资本支出 | $599.1M | $177.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 5.3% |
| 资本支出强度资本支出/营收 | 1.8% | 0.7% |
| 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 | $464.0M |
8季度趋势，按日历期对齐
经营现金流MKLW
| Q4 25 | $662.2M | $202.0M | ||
| Q3 25 | $1.2B | $155.0M | ||
| Q2 25 | $504.4M | $273.0M | ||
| Q1 25 | $376.2M | $-96.0M | ||
| Q4 24 | $493.9M | $162.0M | ||
| Q3 24 | $890.8M | $49.0M | ||
| Q2 24 | $578.6M | $245.0M | ||
| Q1 24 | $630.7M | $-139.0M |
自由现金流MKLW
| Q4 25 | $599.1M | $177.0M | ||
| Q3 25 | $1.2B | $128.0M | ||
| Q2 25 | $453.8M | $260.0M | ||
| Q1 25 | $335.5M | $-101.0M | ||
| Q4 24 | $420.0M | $142.0M | ||
| Q3 24 | $838.9M | $32.0M | ||
| Q2 24 | $521.4M | $222.0M | ||
| Q1 24 | $558.7M | $-152.0M |
自由现金流率MKLW
| Q4 25 | 16.7% | 5.3% | ||
| Q3 25 | 29.6% | 4.1% | ||
| Q2 25 | 9.9% | 7.9% | ||
| Q1 25 | 9.9% | -3.7% | ||
| Q4 24 | 10.9% | 4.5% | ||
| Q3 24 | 18.2% | 1.1% | ||
| Q2 24 | 14.1% | 7.1% | ||
| Q1 24 | 12.5% | -5.6% |
资本支出强度MKLW
| Q4 25 | 1.8% | 0.7% | ||
| Q3 25 | 1.3% | 0.9% | ||
| Q2 25 | 1.1% | 0.4% | ||
| Q1 25 | 1.2% | 0.2% | ||
| Q4 24 | 1.9% | 0.6% | ||
| Q3 24 | 1.1% | 0.6% | ||
| Q2 24 | 1.5% | 0.7% | ||
| Q1 24 | 1.6% | 0.5% |
现金转化率MKLW
| Q4 25 | 1.15× | — | ||
| Q3 25 | 1.62× | — | ||
| Q2 25 | 0.77× | 18.20× | ||
| Q1 25 | 3.09× | — | ||
| Q4 24 | 0.90× | — | ||
| Q3 24 | 0.98× | — | ||
| Q2 24 | 2.16× | — | ||
| Q1 24 | 0.62× | — |
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% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
