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国民油井华高（NOV）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
国民油井华高的季度营收约是HANOVER INSURANCE GROUP, INC.的1.2倍（$2.1B vs $1.7B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs 1.0%，领先10.9%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs -9.9%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $51.0M），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% vs -3.8%）
NOV Inc.（前称国民油井华高）是总部位于美国得克萨斯州休斯顿的跨国企业，为上游油气行业提供钻探及生产作业所需的设备零部件、油田服务及供应链整合服务，在六大洲布局超500个运营点，下设能源设备、能源产品与服务两大业务板块。
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。
NOV vs THG — 直观对比
营收规模更大
NOV
是对方的1.2倍
$1.7B
营收增速更快
THG
高出15.4%
-9.9%
净利率更高
THG
高出10.9%
1.0%
自由现金流更多
THG
多$326.0M
$51.0M
两年增速更快
THG
近两年复合增速
-3.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.7B |
| 净利润 | $20.0M | $198.5M |
| 毛利率 | 18.5% | — |
| 营业利润率 | 2.3% | 17.3% |
| 净利率 | 1.0% | 11.9% |
| 营收同比 | -9.9% | 5.5% |
| 净利润同比 | -73.0% | 18.2% |
| 每股收益（稀释后） | $0.05 | $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NOVTHG
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.3B | $1.7B | ||
| Q3 25 | $2.2B | $1.7B | ||
| Q2 25 | $2.2B | $1.7B | ||
| Q1 25 | $2.1B | $1.6B | ||
| Q4 24 | $2.3B | $1.6B | ||
| Q3 24 | $2.2B | $1.6B | ||
| Q2 24 | $2.2B | $1.5B |
净利润NOVTHG
| Q1 26 | $20.0M | — | ||
| Q4 25 | $-78.0M | $198.5M | ||
| Q3 25 | $42.0M | $178.7M | ||
| Q2 25 | $108.0M | $157.1M | ||
| Q1 25 | $73.0M | $128.2M | ||
| Q4 24 | $160.0M | $167.9M | ||
| Q3 24 | $130.0M | $102.1M | ||
| Q2 24 | $226.0M | $40.5M |
毛利率NOVTHG
| Q1 26 | 18.5% | — | ||
| Q4 25 | 20.3% | — | ||
| Q3 25 | 18.9% | — | ||
| Q2 25 | 20.4% | — | ||
| Q1 25 | 21.3% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 21.4% | — | ||
| Q2 24 | 26.6% | — |
营业利润率NOVTHG
| Q1 26 | 2.3% | — | ||
| Q4 25 | 4.0% | 17.3% | ||
| Q3 25 | 4.9% | 14.9% | ||
| Q2 25 | 6.5% | 12.7% | ||
| Q1 25 | 7.2% | 11.6% | ||
| Q4 24 | 9.0% | 16.1% | ||
| Q3 24 | 8.9% | 9.6% | ||
| Q2 24 | 14.1% | 6.2% |
净利率NOVTHG
| Q1 26 | 1.0% | — | ||
| Q4 25 | -3.4% | 11.9% | ||
| Q3 25 | 1.9% | 10.7% | ||
| Q2 25 | 4.9% | 9.5% | ||
| Q1 25 | 3.5% | 8.0% | ||
| Q4 24 | 6.9% | 10.6% | ||
| Q3 24 | 5.9% | 6.5% | ||
| Q2 24 | 10.2% | 2.6% |
每股收益（稀释后）NOVTHG
| Q1 26 | $0.05 | — | ||
| Q4 25 | $-0.20 | $5.46 | ||
| Q3 25 | $0.11 | $4.90 | ||
| Q2 25 | $0.29 | $4.30 | ||
| Q1 25 | $0.19 | $3.50 | ||
| Q4 24 | $0.40 | $4.60 | ||
| Q3 24 | $0.33 | $2.80 | ||
| Q2 24 | $0.57 | $1.12 |
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 | $1.3B | $1.1B |
| 总债务越低越好 | $1.7B | $843.3M |
| 股东权益账面价值 | — | $3.6B |
| 总资产 | $11.1B | $16.9B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资NOVTHG
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.6B | $1.1B | ||
| Q3 25 | $1.2B | $915.7M | ||
| Q2 25 | $1.1B | $244.1M | ||
| Q1 25 | $1.2B | $315.1M | ||
| Q4 24 | $1.2B | $435.5M | ||
| Q3 24 | $985.0M | $427.1M | ||
| Q2 24 | $827.0M | $337.6M |
总债务NOVTHG
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.7B | $843.3M | ||
| Q3 25 | $1.7B | $843.0M | ||
| Q2 25 | $1.7B | $347.8M | ||
| Q1 25 | $1.7B | $722.5M | ||
| Q4 24 | $1.7B | $722.3M | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — |
股东权益NOVTHG
| Q1 26 | — | — | ||
| Q4 25 | $6.3B | $3.6B | ||
| Q3 25 | $6.5B | $3.4B | ||
| Q2 25 | $6.5B | $3.2B | ||
| Q1 25 | $6.4B | $3.0B | ||
| Q4 24 | $6.4B | $2.8B | ||
| Q3 24 | $6.5B | $2.9B | ||
| Q2 24 | $6.4B | $2.6B |
总资产NOVTHG
| Q1 26 | $11.1B | — | ||
| Q4 25 | $11.3B | $16.9B | ||
| Q3 25 | $11.3B | $16.8B | ||
| Q2 25 | $11.4B | $15.7B | ||
| Q1 25 | $11.3B | $15.5B | ||
| Q4 24 | $11.4B | $15.3B | ||
| Q3 24 | $11.4B | $15.4B | ||
| Q2 24 | $11.3B | $14.9B |
负债/权益比NOVTHG
| Q1 26 | — | — | ||
| Q4 25 | 0.27× | 0.24× | ||
| Q3 25 | 0.27× | 0.25× | ||
| Q2 25 | 0.27× | 0.11× | ||
| Q1 25 | 0.27× | 0.24× | ||
| Q4 24 | 0.27× | 0.25× | ||
| Q3 24 | 0.27× | — | ||
| Q2 24 | 0.27× | — |
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 | — | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $51.0M | $377.0M |
| 自由现金流率自由现金流/营收 | 2.5% | 22.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | — | 1.91× |
| 过去12个月自由现金流最近4个季度 | $876.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流NOVTHG
| Q1 26 | — | — | ||
| Q4 25 | $573.0M | $378.2M | ||
| Q3 25 | $352.0M | $554.4M | ||
| Q2 25 | $191.0M | $206.6M | ||
| Q1 25 | $135.0M | $38.9M | ||
| Q4 24 | $591.0M | $213.5M | ||
| Q3 24 | $359.0M | $394.7M | ||
| Q2 24 | $432.0M | $139.5M |
自由现金流NOVTHG
| Q1 26 | $51.0M | — | ||
| Q4 25 | $472.0M | $377.0M | ||
| Q3 25 | $245.0M | $551.4M | ||
| Q2 25 | $108.0M | $204.9M | ||
| Q1 25 | $51.0M | $37.1M | ||
| Q4 24 | $473.0M | $210.5M | ||
| Q3 24 | $277.0M | $392.3M | ||
| Q2 24 | $350.0M | $137.3M |
自由现金流率NOVTHG
| Q1 26 | 2.5% | — | ||
| Q4 25 | 20.7% | 22.6% | ||
| Q3 25 | 11.3% | 33.1% | ||
| Q2 25 | 4.9% | 12.4% | ||
| Q1 25 | 2.4% | 2.3% | ||
| Q4 24 | 20.5% | 13.3% | ||
| Q3 24 | 12.6% | 25.1% | ||
| Q2 24 | 15.8% | 8.9% |
资本支出强度NOVTHG
| Q1 26 | — | — | ||
| Q4 25 | 4.4% | 0.1% | ||
| Q3 25 | 4.9% | 0.2% | ||
| Q2 25 | 3.8% | 0.1% | ||
| Q1 25 | 4.0% | 0.1% | ||
| Q4 24 | 5.1% | 0.2% | ||
| Q3 24 | 3.7% | 0.2% | ||
| Q2 24 | 3.7% | 0.1% |
现金转化率NOVTHG
| Q1 26 | — | — | ||
| Q4 25 | — | 1.91× | ||
| Q3 25 | 8.38× | 3.10× | ||
| Q2 25 | 1.77× | 1.32× | ||
| Q1 25 | 1.85× | 0.30× | ||
| Q4 24 | 3.69× | 1.27× | ||
| Q3 24 | 2.76× | 3.87× | ||
| Q2 24 | 1.91× | 3.44× |
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
NOV
| Energy Equipment | $1.2B | 58% |
| Energy Products and Services | $897.0M | 44% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
