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先锋自然资源公司（PR）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
HANOVER INSURANCE GROUP, INC.的季度营收约是先锋自然资源公司的1.4倍（$1.7B vs $1.2B），先锋自然资源公司净利率更高（29.0% vs 11.9%，领先17.2%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs -9.8%），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（3.8% vs -3.0%）
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
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。
PR vs THG — 直观对比
营收规模更大
THG
是对方的1.4倍
$1.2B
营收增速更快
THG
高出15.3%
-9.8%
净利率更高
PR
高出17.2%
11.9%
两年增速更快
THG
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $339.5M | $198.5M |
| 毛利率 | — | — |
| 营业利润率 | 23.1% | 17.3% |
| 净利率 | 29.0% | 11.9% |
| 营收同比 | -9.8% | 5.5% |
| 净利润同比 | 56.7% | 18.2% |
| 每股收益（稀释后） | $0.48 | $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PRTHG
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.2B | $1.5B | ||
| Q1 24 | $1.2B | $1.6B |
净利润PRTHG
| Q4 25 | $339.5M | $198.5M | ||
| Q3 25 | $59.2M | $178.7M | ||
| Q2 25 | $207.1M | $157.1M | ||
| Q1 25 | $329.3M | $128.2M | ||
| Q4 24 | $216.7M | $167.9M | ||
| Q3 24 | $386.4M | $102.1M | ||
| Q2 24 | $235.1M | $40.5M | ||
| Q1 24 | $146.6M | $115.5M |
营业利润率PRTHG
| Q4 25 | 23.1% | 17.3% | ||
| Q3 25 | 29.6% | 14.9% | ||
| Q2 25 | 24.8% | 12.7% | ||
| Q1 25 | 36.6% | 11.6% | ||
| Q4 24 | 32.8% | 16.1% | ||
| Q3 24 | 32.5% | 9.6% | ||
| Q2 24 | 36.5% | 6.2% | ||
| Q1 24 | 37.7% | 9.7% |
净利率PRTHG
| Q4 25 | 29.0% | 11.9% | ||
| Q3 25 | 4.5% | 10.7% | ||
| Q2 25 | 17.3% | 9.5% | ||
| Q1 25 | 23.9% | 8.0% | ||
| Q4 24 | 16.7% | 10.6% | ||
| Q3 24 | 31.8% | 6.5% | ||
| Q2 24 | 18.9% | 2.6% | ||
| Q1 24 | 11.8% | 7.4% |
每股收益（稀释后）PRTHG
| Q4 25 | $0.48 | $5.46 | ||
| Q3 25 | $0.08 | $4.90 | ||
| Q2 25 | $0.28 | $4.30 | ||
| Q1 25 | $0.44 | $3.50 | ||
| Q4 24 | $0.31 | $4.60 | ||
| Q3 24 | $0.53 | $2.80 | ||
| Q2 24 | $0.36 | $1.12 | ||
| Q1 24 | $0.25 | $3.18 |
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 | $153.7M | $1.1B |
| 总债务越低越好 | $3.5B | $843.3M |
| 股东权益账面价值 | $10.3B | $3.6B |
| 总资产 | $17.9B | $16.9B |
| 负债/权益比越低杠杆越低 | 0.34× | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资PRTHG
| Q4 25 | $153.7M | $1.1B | ||
| Q3 25 | $111.8M | $915.7M | ||
| Q2 25 | $451.0M | $244.1M | ||
| Q1 25 | $702.2M | $315.1M | ||
| Q4 24 | $479.3M | $435.5M | ||
| Q3 24 | $272.0M | $427.1M | ||
| Q2 24 | $47.8M | $337.6M | ||
| Q1 24 | $12.7M | $264.6M |
总债务PRTHG
| Q4 25 | $3.5B | $843.3M | ||
| Q3 25 | $3.5B | $843.0M | ||
| Q2 25 | $4.0B | $347.8M | ||
| Q1 25 | $4.0B | $722.5M | ||
| Q4 24 | $4.2B | $722.3M | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $3.9B | — |
股东权益PRTHG
| Q4 25 | $10.3B | $3.6B | ||
| Q3 25 | $10.0B | $3.4B | ||
| Q2 25 | $9.5B | $3.2B | ||
| Q1 25 | $9.4B | $3.0B | ||
| Q4 24 | $9.1B | $2.8B | ||
| Q3 24 | $9.0B | $2.9B | ||
| Q2 24 | $8.3B | $2.6B | ||
| Q1 24 | $7.0B | $2.5B |
总资产PRTHG
| Q4 25 | $17.9B | $16.9B | ||
| Q3 25 | $17.3B | $16.8B | ||
| Q2 25 | $17.5B | $15.7B | ||
| Q1 25 | $17.1B | $15.5B | ||
| Q4 24 | $16.9B | $15.3B | ||
| Q3 24 | $16.6B | $15.4B | ||
| Q2 24 | $15.4B | $14.9B | ||
| Q1 24 | $15.1B | $14.6B |
负债/权益比PRTHG
| Q4 25 | 0.34× | 0.24× | ||
| Q3 25 | 0.35× | 0.25× | ||
| Q2 25 | 0.42× | 0.11× | ||
| Q1 25 | 0.43× | 0.24× | ||
| Q4 24 | 0.46× | 0.25× | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.46× | — | ||
| Q1 24 | 0.56× | — |
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 | $904.3M | $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 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 2.66× | 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PRTHG
| Q4 25 | $904.3M | $378.2M | ||
| Q3 25 | $766.5M | $554.4M | ||
| Q2 25 | $1.0B | $206.6M | ||
| Q1 25 | $898.0M | $38.9M | ||
| Q4 24 | $871.6M | $213.5M | ||
| Q3 24 | $954.4M | $394.7M | ||
| Q2 24 | $938.4M | $139.5M | ||
| Q1 24 | $647.6M | $58.7M |
自由现金流PRTHG
| Q4 25 | — | $377.0M | ||
| Q3 25 | — | $551.4M | ||
| Q2 25 | — | $204.9M | ||
| Q1 25 | — | $37.1M | ||
| Q4 24 | — | $210.5M | ||
| Q3 24 | — | $392.3M | ||
| Q2 24 | — | $137.3M | ||
| Q1 24 | — | $56.1M |
自由现金流率PRTHG
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 8.9% | ||
| Q1 24 | — | 3.6% |
资本支出强度PRTHG
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.2% |
现金转化率PRTHG
| Q4 25 | 2.66× | 1.91× | ||
| Q3 25 | 12.94× | 3.10× | ||
| Q2 25 | 5.01× | 1.32× | ||
| Q1 25 | 2.73× | 0.30× | ||
| Q4 24 | 4.02× | 1.27× | ||
| Q3 24 | 2.47× | 3.87× | ||
| Q2 24 | 3.99× | 3.44× | ||
| Q1 24 | 4.42× | 0.51× |
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
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
