vs
北极星（PII）与WHITE MOUNTAINS INSURANCE GROUP LTD（WTM）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是WHITE MOUNTAINS INSURANCE GROUP LTD的1.0倍（$1.7B vs $1.6B），WHITE MOUNTAINS INSURANCE GROUP LTD净利率更高（52.1% vs -2.8%，领先55.0%），WHITE MOUNTAINS INSURANCE GROUP LTD同比增速更快（348.0% vs 8.0%），过去两年WHITE MOUNTAINS INSURANCE GROUP LTD的营收复合增速更高（57.4% vs -8.0%）
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
怀特山保险集团是一家多元化保险及相关金融服务控股企业，总部位于百慕大汉密尔顿，1999年10月25日从美国特拉华州迁册至当前注册地，大部分业务通过旗下保险子公司及其他关联机构开展，覆盖多个保险及金融服务细分赛道。
PII vs WTM — 直观对比
营收规模更大
PII
是对方的1.0倍
$1.6B
营收增速更快
WTM
高出340.0%
8.0%
净利率更高
WTM
高出55.0%
-2.8%
两年增速更快
WTM
近两年复合增速
-8.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.6B |
| 净利润 | $-47.2M | $835.8M |
| 毛利率 | 20.2% | 97.1% |
| 营业利润率 | — | 56.2% |
| 净利率 | -2.8% | 52.1% |
| 营收同比 | 8.0% | 348.0% |
| 净利润同比 | 29.2% | 741.0% |
| 每股收益（稀释后） | $-0.83 | $325.02 |
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PIIWTM
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.9B | $1.6B | ||
| Q3 25 | $1.8B | $864.2M | ||
| Q2 25 | $1.9B | $689.2M | ||
| Q1 25 | $1.5B | $577.8M | ||
| Q4 24 | $1.8B | $358.0M | ||
| Q3 24 | $1.7B | $839.1M | ||
| Q2 24 | $2.0B | $395.4M |
净利润PIIWTM
| Q1 26 | $-47.2M | — | ||
| Q4 25 | $-303.6M | $835.8M | ||
| Q3 25 | $-15.8M | $113.8M | ||
| Q2 25 | $-79.3M | $122.9M | ||
| Q1 25 | $-66.8M | $33.9M | ||
| Q4 24 | $10.6M | $-130.4M | ||
| Q3 24 | $27.7M | $179.0M | ||
| Q2 24 | $68.7M | $-54.6M |
毛利率PIIWTM
| Q1 26 | 20.2% | — | ||
| Q4 25 | 20.0% | 97.1% | ||
| Q3 25 | 20.7% | 93.6% | ||
| Q2 25 | 19.4% | 93.8% | ||
| Q1 25 | 16.0% | 98.7% | ||
| Q4 24 | 20.4% | 97.9% | ||
| Q3 24 | 20.6% | 99.1% | ||
| Q2 24 | 21.6% | 98.2% |
营业利润率PIIWTM
| Q1 26 | — | — | ||
| Q4 25 | -16.7% | 56.2% | ||
| Q3 25 | 1.1% | 20.7% | ||
| Q2 25 | -0.7% | 25.6% | ||
| Q1 25 | -2.4% | 12.5% | ||
| Q4 24 | 3.7% | -33.7% | ||
| Q3 24 | 3.8% | 28.5% | ||
| Q2 24 | 6.1% | -8.8% |
净利率PIIWTM
| Q1 26 | -2.8% | — | ||
| Q4 25 | -15.8% | 52.1% | ||
| Q3 25 | -0.9% | 13.2% | ||
| Q2 25 | -4.3% | 17.8% | ||
| Q1 25 | -4.3% | 5.9% | ||
| Q4 24 | 0.6% | -36.4% | ||
| Q3 24 | 1.6% | 21.3% | ||
| Q2 24 | 3.5% | -13.8% |
每股收益（稀释后）PIIWTM
| Q1 26 | $-0.83 | — | ||
| Q4 25 | $-5.34 | $325.02 | ||
| Q3 25 | $-0.28 | $44.18 | ||
| Q2 25 | $-1.39 | $47.75 | ||
| Q1 25 | $-1.17 | $13.19 | ||
| Q4 24 | $0.18 | $-50.98 | ||
| Q3 24 | $0.49 | $69.68 | ||
| Q2 24 | $1.21 | $-21.24 |
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 | $282.0M | — |
| 总债务越低越好 | — | $837.0M |
| 股东权益账面价值 | $750.4M | $5.4B |
| 总资产 | $5.2B | $12.3B |
| 负债/权益比越低杠杆越低 | — | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资PIIWTM
| Q1 26 | $282.0M | — | ||
| Q4 25 | $138.0M | — | ||
| Q3 25 | $335.5M | — | ||
| Q2 25 | $324.3M | — | ||
| Q1 25 | $291.7M | — | ||
| Q4 24 | $287.8M | — | ||
| Q3 24 | $291.3M | — | ||
| Q2 24 | $322.7M | — |
总债务PIIWTM
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $837.0M | ||
| Q3 25 | $1.3B | $870.4M | ||
| Q2 25 | $1.4B | $694.6M | ||
| Q1 25 | $1.6B | $676.1M | ||
| Q4 24 | $1.6B | $562.5M | ||
| Q3 24 | $1.7B | $544.9M | ||
| Q2 24 | $2.1B | $530.2M |
股东权益PIIWTM
| Q1 26 | $750.4M | — | ||
| Q4 25 | $828.4M | $5.4B | ||
| Q3 25 | $1.1B | $4.8B | ||
| Q2 25 | $1.2B | $4.6B | ||
| Q1 25 | $1.2B | $4.5B | ||
| Q4 24 | $1.3B | $4.5B | ||
| Q3 24 | $1.3B | $4.6B | ||
| Q2 24 | $1.3B | $4.4B |
总资产PIIWTM
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.9B | $12.3B | ||
| Q3 25 | $5.3B | $12.3B | ||
| Q2 25 | $5.4B | $11.8B | ||
| Q1 25 | $5.5B | $11.0B | ||
| Q4 24 | $5.5B | $9.9B | ||
| Q3 24 | $5.6B | $10.3B | ||
| Q2 24 | $5.7B | $10.2B |
负债/权益比PIIWTM
| Q1 26 | — | — | ||
| Q4 25 | 1.82× | 0.15× | ||
| Q3 25 | 1.13× | 0.18× | ||
| Q2 25 | 1.17× | 0.15× | ||
| Q1 25 | 1.32× | 0.15× | ||
| Q4 24 | 1.27× | 0.13× | ||
| Q3 24 | 1.29× | 0.12× | ||
| Q2 24 | 1.56× | 0.12× |
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 | — | $53.9M |
| 自由现金流经营现金流 - 资本支出 | $-342.5M | — |
| 自由现金流率自由现金流/营收 | -20.6% | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 0.06× |
| 过去12个月自由现金流最近4个季度 | $168.0M | — |
8季度趋势，按日历期对齐
经营现金流PIIWTM
| Q1 26 | — | — | ||
| Q4 25 | $178.7M | $53.9M | ||
| Q3 25 | $158.8M | $359.3M | ||
| Q2 25 | $320.3M | $177.5M | ||
| Q1 25 | $83.2M | $-40.2M | ||
| Q4 24 | $206.3M | $64.1M | ||
| Q3 24 | $21.0M | $269.4M | ||
| Q2 24 | $146.3M | $216.8M |
自由现金流PIIWTM
| Q1 26 | $-342.5M | — | ||
| Q4 25 | $114.0M | — | ||
| Q3 25 | $116.7M | — | ||
| Q2 25 | $279.8M | — | ||
| Q1 25 | $47.6M | — | ||
| Q4 24 | $137.3M | — | ||
| Q3 24 | $-32.4M | — | ||
| Q2 24 | $79.1M | — |
自由现金流率PIIWTM
| Q1 26 | -20.6% | — | ||
| Q4 25 | 5.9% | — | ||
| Q3 25 | 6.3% | — | ||
| Q2 25 | 15.1% | — | ||
| Q1 25 | 3.1% | — | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | -1.9% | — | ||
| Q2 24 | 4.0% | — |
资本支出强度PIIWTM
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | — | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 3.9% | — | ||
| Q3 24 | 3.1% | — | ||
| Q2 24 | 3.4% | — |
现金转化率PIIWTM
| Q1 26 | — | — | ||
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 3.16× | ||
| Q2 25 | — | 1.44× | ||
| Q1 25 | — | -1.19× | ||
| Q4 24 | 19.46× | — | ||
| Q3 24 | 0.76× | 1.51× | ||
| Q2 24 | 2.13× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
