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MARKEL GROUP INC.（MKL）与赛莱默（XYL）财务数据对比。点击上方公司名可切换其他公司
MARKEL GROUP INC.的季度营收约是赛莱默的1.7倍（$3.6B vs $2.1B），MARKEL GROUP INC.净利率更高（16.1% vs 8.9%，领先7.2%），赛莱默同比增速更快（2.7% vs -6.9%），过去两年赛莱默的营收复合增速更高（-1.0% 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。
该文本为植物学对木质部的定义说明，并非赛莱默公司（Xylem Inc.）的企业业务介绍。Xylem Inc.是一家专注于水技术与解决方案的全球企业，提供水务基础设施、水环境治理等相关设备与服务。
MKL vs XYL — 直观对比
营收规模更大
MKL
是对方的1.7倍
$2.1B
营收增速更快
XYL
高出9.6%
-6.9%
净利率更高
MKL
高出7.2%
8.9%
两年增速更快
XYL
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.6B | $2.1B |
| 净利润 | $576.8M | $189.0M |
| 毛利率 | — | 37.8% |
| 营业利润率 | 22.2% | 11.5% |
| 净利率 | 16.1% | 8.9% |
| 营收同比 | -6.9% | 2.7% |
| 净利润同比 | 5.0% | 13.2% |
| 每股收益（稀释后） | $48.22 | $0.79 |
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MKLXYL
| Q1 26 | — | $2.1B | ||
| Q4 25 | $3.6B | $2.4B | ||
| Q3 25 | $3.9B | $2.3B | ||
| Q2 25 | $4.6B | $2.3B | ||
| Q1 25 | $3.4B | $2.1B | ||
| Q4 24 | $3.8B | $2.3B | ||
| Q3 24 | $4.6B | $2.1B | ||
| Q2 24 | $3.7B | $2.2B |
净利润MKLXYL
| Q1 26 | — | $189.0M | ||
| Q4 25 | $576.8M | $335.0M | ||
| Q3 25 | $751.3M | $227.0M | ||
| Q2 25 | $657.1M | $226.0M | ||
| Q1 25 | $121.7M | $169.0M | ||
| Q4 24 | $549.2M | $326.0M | ||
| Q3 24 | $905.0M | $217.0M | ||
| Q2 24 | $267.7M | $194.0M |
毛利率MKLXYL
| Q1 26 | — | 37.8% | ||
| Q4 25 | — | 38.9% | ||
| Q3 25 | — | 38.9% | ||
| Q2 25 | — | 38.8% | ||
| Q1 25 | — | 37.1% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 37.3% | ||
| Q2 24 | — | 37.8% |
营业利润率MKLXYL
| Q1 26 | — | 11.5% | ||
| Q4 25 | 22.2% | 14.7% | ||
| Q3 25 | 25.7% | 14.7% | ||
| Q2 25 | 24.1% | 13.3% | ||
| Q1 25 | 8.3% | 11.2% | ||
| Q4 24 | 15.5% | 11.8% | ||
| Q3 24 | 29.7% | 13.3% | ||
| Q2 24 | 11.1% | 11.7% |
净利率MKLXYL
| Q1 26 | — | 8.9% | ||
| Q4 25 | 16.1% | 14.0% | ||
| Q3 25 | 19.1% | 10.0% | ||
| Q2 25 | 14.3% | 9.8% | ||
| Q1 25 | 3.6% | 8.2% | ||
| Q4 24 | 14.3% | 14.5% | ||
| Q3 24 | 19.6% | 10.3% | ||
| Q2 24 | 7.2% | 8.9% |
每股收益（稀释后）MKLXYL
| Q1 26 | — | $0.79 | ||
| Q4 25 | $48.22 | $1.37 | ||
| Q3 25 | $59.25 | $0.93 | ||
| Q2 25 | $49.67 | $0.93 | ||
| Q1 25 | $12.08 | $0.69 | ||
| Q4 24 | $39.02 | $1.33 | ||
| Q3 24 | $66.25 | $0.89 | ||
| Q2 24 | $18.62 | $0.80 |
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 | $808.0M |
| 总债务越低越好 | $4.3B | $1.9B |
| 股东权益账面价值 | $18.6B | $11.0B |
| 总资产 | $68.9B | $17.0B |
| 负债/权益比越低杠杆越低 | 0.23× | 0.18× |
8季度趋势，按日历期对齐
现金及短期投资MKLXYL
| Q1 26 | — | $808.0M | ||
| Q4 25 | $4.0B | $1.5B | ||
| Q3 25 | $4.0B | $1.2B | ||
| Q2 25 | $3.7B | $1.2B | ||
| Q1 25 | $4.2B | $1.1B | ||
| Q4 24 | $3.7B | $1.1B | ||
| Q3 24 | $3.9B | $989.0M | ||
| Q2 24 | $3.5B | $815.0M |
总债务MKLXYL
| Q1 26 | — | $1.9B | ||
| Q4 25 | $4.3B | $2.0B | ||
| Q3 25 | $4.3B | $2.0B | ||
| Q2 25 | $4.4B | $2.0B | ||
| Q1 25 | $4.4B | $2.0B | ||
| Q4 24 | $4.3B | $2.0B | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $4.4B | — |
股东权益MKLXYL
| Q1 26 | — | $11.0B | ||
| Q4 25 | $18.6B | $11.5B | ||
| Q3 25 | $18.0B | $11.2B | ||
| Q2 25 | $17.3B | $11.1B | ||
| Q1 25 | $17.1B | $10.8B | ||
| Q4 24 | $16.9B | $10.6B | ||
| Q3 24 | $17.0B | $10.6B | ||
| Q2 24 | $15.9B | $10.3B |
总资产MKLXYL
| Q1 26 | — | $17.0B | ||
| Q4 25 | $68.9B | $17.6B | ||
| Q3 25 | $67.4B | $17.3B | ||
| Q2 25 | $66.8B | $17.2B | ||
| Q1 25 | $64.6B | $16.6B | ||
| Q4 24 | $61.9B | $16.5B | ||
| Q3 24 | $62.3B | $16.0B | ||
| Q2 24 | $59.7B | $15.8B |
负债/权益比MKLXYL
| Q1 26 | — | 0.18× | ||
| Q4 25 | 0.23× | 0.17× | ||
| Q3 25 | 0.24× | 0.18× | ||
| Q2 25 | 0.25× | 0.18× | ||
| Q1 25 | 0.26× | 0.19× | ||
| Q4 24 | 0.26× | 0.19× | ||
| Q3 24 | 0.26× | — | ||
| Q2 24 | 0.28× | — |
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% | 4.2% |
| 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MKLXYL
| Q1 26 | — | — | ||
| Q4 25 | $662.2M | $543.0M | ||
| Q3 25 | $1.2B | $360.0M | ||
| Q2 25 | $504.4M | $305.0M | ||
| Q1 25 | $376.2M | $33.0M | ||
| Q4 24 | $493.9M | $575.0M | ||
| Q3 24 | $890.8M | $311.0M | ||
| Q2 24 | $578.6M | $288.0M |
自由现金流MKLXYL
| Q1 26 | — | — | ||
| Q4 25 | $599.1M | $460.0M | ||
| Q3 25 | $1.2B | $281.0M | ||
| Q2 25 | $453.8M | $207.0M | ||
| Q1 25 | $335.5M | $-38.0M | ||
| Q4 24 | $420.0M | $475.0M | ||
| Q3 24 | $838.9M | $237.0M | ||
| Q2 24 | $521.4M | $215.0M |
自由现金流率MKLXYL
| Q1 26 | — | — | ||
| Q4 25 | 16.7% | 19.2% | ||
| Q3 25 | 29.6% | 12.4% | ||
| Q2 25 | 9.9% | 9.0% | ||
| Q1 25 | 9.9% | -1.8% | ||
| Q4 24 | 10.9% | 21.1% | ||
| Q3 24 | 18.2% | 11.3% | ||
| Q2 24 | 14.1% | 9.9% |
资本支出强度MKLXYL
| Q1 26 | — | 4.2% | ||
| Q4 25 | 1.8% | 3.5% | ||
| Q3 25 | 1.3% | 3.5% | ||
| Q2 25 | 1.1% | 4.3% | ||
| Q1 25 | 1.2% | 3.4% | ||
| Q4 24 | 1.9% | 4.4% | ||
| Q3 24 | 1.1% | 3.5% | ||
| Q2 24 | 1.5% | 3.4% |
现金转化率MKLXYL
| Q1 26 | — | — | ||
| Q4 25 | 1.15× | 1.62× | ||
| Q3 25 | 1.62× | 1.59× | ||
| Q2 25 | 0.77× | 1.35× | ||
| Q1 25 | 3.09× | 0.20× | ||
| Q4 24 | 0.90× | 1.76× | ||
| Q3 24 | 0.98× | 1.43× | ||
| Q2 24 | 2.16× | 1.48× |
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% |
XYL
| Revenue from products | $1.8B | 83% |
| Revenue from services | $368.0M | 17% |
