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PENN Entertainment, Inc.（PENN）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
PENN Entertainment, Inc.的季度营收约是HANOVER INSURANCE GROUP, INC.的1.1倍（$1.8B vs $1.7B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs -0.2%，领先12.0%），PENN Entertainment, Inc.同比增速更快（6.4% vs 5.5%），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% vs 3.4%）
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
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。
PENN vs THG — 直观对比
营收规模更大
PENN
是对方的1.1倍
$1.7B
营收增速更快
PENN
高出0.9%
5.5%
净利率更高
THG
高出12.0%
-0.2%
两年增速更快
THG
近两年复合增速
3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.7B |
| 净利润 | $-2.8M | $198.5M |
| 毛利率 | — | — |
| 营业利润率 | 5.5% | 17.3% |
| 净利率 | -0.2% | 11.9% |
| 营收同比 | 6.4% | 5.5% |
| 净利润同比 | 66.7% | 18.2% |
| 每股收益（稀释后） | $-0.02 | $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PENNTHG
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.8B | $1.7B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.8B | $1.7B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.7B | $1.6B | ||
| Q3 24 | $1.6B | $1.6B | ||
| Q2 24 | $1.7B | $1.5B |
净利润PENNTHG
| Q1 26 | $-2.8M | — | ||
| Q4 25 | $-72.9M | $198.5M | ||
| Q3 25 | $-864.6M | $178.7M | ||
| Q2 25 | $-17.4M | $157.1M | ||
| Q1 25 | $111.8M | $128.2M | ||
| Q4 24 | $-133.3M | $167.9M | ||
| Q3 24 | $-36.7M | $102.1M | ||
| Q2 24 | $-26.8M | $40.5M |
营业利润率PENNTHG
| Q1 26 | 5.5% | — | ||
| Q4 25 | -1.0% | 17.3% | ||
| Q3 25 | -45.2% | 14.9% | ||
| Q2 25 | 4.4% | 12.7% | ||
| Q1 25 | 2.6% | 11.6% | ||
| Q4 24 | -2.9% | 16.1% | ||
| Q3 24 | 4.1% | 9.6% | ||
| Q2 24 | 4.5% | 6.2% |
净利率PENNTHG
| Q1 26 | -0.2% | — | ||
| Q4 25 | -4.0% | 11.9% | ||
| Q3 25 | -50.3% | 10.7% | ||
| Q2 25 | -1.0% | 9.5% | ||
| Q1 25 | 6.7% | 8.0% | ||
| Q4 24 | -8.0% | 10.6% | ||
| Q3 24 | -2.2% | 6.5% | ||
| Q2 24 | -1.6% | 2.6% |
每股收益（稀释后）PENNTHG
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $-0.36 | $5.46 | ||
| Q3 25 | $-6.03 | $4.90 | ||
| Q2 25 | $-0.12 | $4.30 | ||
| Q1 25 | $0.68 | $3.50 | ||
| Q4 24 | $-0.87 | $4.60 | ||
| Q3 24 | $-0.24 | $2.80 | ||
| Q2 24 | $-0.18 | $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 | $708.0M | $1.1B |
| 总债务越低越好 | — | $843.3M |
| 股东权益账面价值 | — | $3.6B |
| 总资产 | — | $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PENNTHG
| Q1 26 | $708.0M | — | ||
| Q4 25 | $686.6M | $1.1B | ||
| Q3 25 | $660.1M | $915.7M | ||
| Q2 25 | $671.6M | $244.1M | ||
| Q1 25 | $591.6M | $315.1M | ||
| Q4 24 | $706.6M | $435.5M | ||
| Q3 24 | $834.0M | $427.1M | ||
| Q2 24 | $877.6M | $337.6M |
总债务PENNTHG
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | $843.3M | ||
| Q3 25 | $2.9B | $843.0M | ||
| Q2 25 | $2.8B | $347.8M | ||
| Q1 25 | $2.6B | $722.5M | ||
| Q4 24 | $2.8B | $722.3M | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.8B | — |
股东权益PENNTHG
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $3.6B | ||
| Q3 25 | $2.0B | $3.4B | ||
| Q2 25 | $3.0B | $3.2B | ||
| Q1 25 | $3.0B | $3.0B | ||
| Q4 24 | $2.9B | $2.8B | ||
| Q3 24 | $3.1B | $2.9B | ||
| Q2 24 | $3.1B | $2.6B |
总资产PENNTHG
| Q1 26 | — | — | ||
| Q4 25 | $14.3B | $16.9B | ||
| Q3 25 | $14.3B | $16.8B | ||
| Q2 25 | $15.2B | $15.7B | ||
| Q1 25 | $15.1B | $15.5B | ||
| Q4 24 | $15.3B | $15.3B | ||
| Q3 24 | $15.5B | $15.4B | ||
| Q2 24 | $15.5B | $14.9B |
负债/权益比PENNTHG
| Q1 26 | — | — | ||
| Q4 25 | 1.58× | 0.24× | ||
| Q3 25 | 1.46× | 0.25× | ||
| Q2 25 | 0.94× | 0.11× | ||
| Q1 25 | 0.89× | 0.24× | ||
| Q4 24 | 0.98× | 0.25× | ||
| Q3 24 | 0.91× | — | ||
| Q2 24 | 0.91× | — |
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 | — | $377.0M |
| 自由现金流率自由现金流/营收 | — | 22.6% |
| 资本支出强度资本支出/营收 | 5.3% | 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 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流PENNTHG
| Q1 26 | — | — | ||
| Q4 25 | $107.2M | $378.2M | ||
| Q3 25 | $180.9M | $554.4M | ||
| Q2 25 | $178.2M | $206.6M | ||
| Q1 25 | $41.9M | $38.9M | ||
| Q4 24 | $102.9M | $213.5M | ||
| Q3 24 | $174.7M | $394.7M | ||
| Q2 24 | $150.4M | $139.5M |
自由现金流PENNTHG
| Q1 26 | — | — | ||
| Q4 25 | $-83.2M | $377.0M | ||
| Q3 25 | $8.2M | $551.4M | ||
| Q2 25 | $18.8M | $204.9M | ||
| Q1 25 | $-83.3M | $37.1M | ||
| Q4 24 | $-118.1M | $210.5M | ||
| Q3 24 | $42.6M | $392.3M | ||
| Q2 24 | $62.2M | $137.3M |
自由现金流率PENNTHG
| Q1 26 | — | — | ||
| Q4 25 | -4.6% | 22.6% | ||
| Q3 25 | 0.5% | 33.1% | ||
| Q2 25 | 1.1% | 12.4% | ||
| Q1 25 | -5.0% | 2.3% | ||
| Q4 24 | -7.1% | 13.3% | ||
| Q3 24 | 2.6% | 25.1% | ||
| Q2 24 | 3.7% | 8.9% |
资本支出强度PENNTHG
| Q1 26 | 5.3% | — | ||
| Q4 25 | 10.5% | 0.1% | ||
| Q3 25 | 10.1% | 0.2% | ||
| Q2 25 | 9.0% | 0.1% | ||
| Q1 25 | 7.5% | 0.1% | ||
| Q4 24 | 13.2% | 0.2% | ||
| Q3 24 | 8.1% | 0.2% | ||
| Q2 24 | 5.3% | 0.1% |
现金转化率PENNTHG
| Q1 26 | — | — | ||
| Q4 25 | — | 1.91× | ||
| Q3 25 | — | 3.10× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | 0.37× | 0.30× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 3.87× | ||
| Q2 24 | — | 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
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $290.1M | 16% |
| South segment (2) | $288.3M | 16% |
| Midwest segment (4) | $282.9M | 16% |
| West segment (3) | $129.7M | 7% |
| Other | $101.0M | 6% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
