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SAFETY INSURANCE GROUP INC（SAFT）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是SAFETY INSURANCE GROUP INC的1.4倍（$461.6M vs $319.3M），SAFETY INSURANCE GROUP INC同比增速更快（11.4% vs -4.1%），过去两年SAFETY INSURANCE GROUP INC的营收复合增速更高（9.1% vs -10.7%）
全美互助保险集团及其关联公司，常简称为Nationwide，是一家总部位于美国俄亥俄州哥伦布市的大型保险金融服务集团，在亚利桑那州斯科茨代尔、爱荷华州得梅因都设有区域总部。目前集团拥有约2.4万名员工，位列2025年财富美国500强榜单第72名。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
SAFT vs SAM — 直观对比
营收规模更大
SAM
是对方的1.4倍
$319.3M
营收增速更快
SAFT
高出15.5%
-4.1%
两年增速更快
SAFT
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $319.3M | $461.6M |
| 净利润 | $20.1M | — |
| 毛利率 | — | 46.4% |
| 营业利润率 | 8.0% | 12.4% |
| 净利率 | 6.3% | — |
| 营收同比 | 11.4% | -4.1% |
| 净利润同比 | 147.3% | — |
| 每股收益（稀释后） | $1.36 | $2.16 |
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SAFTSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $319.3M | $385.7M | ||
| Q3 25 | $326.6M | $537.5M | ||
| Q2 25 | $316.3M | $587.9M | ||
| Q1 25 | $301.4M | $453.9M | ||
| Q4 24 | $286.7M | $402.3M | ||
| Q3 24 | $295.3M | $605.5M | ||
| Q2 24 | $269.8M | $579.1M |
净利润SAFTSAM
| Q1 26 | — | — | ||
| Q4 25 | $20.1M | $-22.5M | ||
| Q3 25 | $28.3M | $46.2M | ||
| Q2 25 | $28.9M | $60.4M | ||
| Q1 25 | $21.9M | $24.4M | ||
| Q4 24 | $8.1M | $-38.8M | ||
| Q3 24 | $25.9M | $33.5M | ||
| Q2 24 | $16.6M | $52.3M |
毛利率SAFTSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 49.8% | ||
| Q1 25 | — | 48.3% | ||
| Q4 24 | — | 39.9% | ||
| Q3 24 | — | 46.3% | ||
| Q2 24 | — | 46.0% |
营业利润率SAFTSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | 8.0% | -8.6% | ||
| Q3 25 | 11.1% | 11.5% | ||
| Q2 25 | 11.6% | 14.0% | ||
| Q1 25 | 9.4% | 7.4% | ||
| Q4 24 | 3.5% | -13.9% | ||
| Q3 24 | 11.1% | 7.6% | ||
| Q2 24 | 7.9% | 12.2% |
净利率SAFTSAM
| Q1 26 | — | — | ||
| Q4 25 | 6.3% | -5.8% | ||
| Q3 25 | 8.7% | 8.6% | ||
| Q2 25 | 9.1% | 10.3% | ||
| Q1 25 | 7.3% | 5.4% | ||
| Q4 24 | 2.8% | -9.6% | ||
| Q3 24 | 8.8% | 5.5% | ||
| Q2 24 | 6.2% | 9.0% |
每股收益（稀释后）SAFTSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $1.36 | $-1.97 | ||
| Q3 25 | $1.91 | $4.25 | ||
| Q2 25 | $1.95 | $5.45 | ||
| Q1 25 | $1.48 | $2.16 | ||
| Q4 24 | $0.56 | $-3.23 | ||
| Q3 24 | $1.73 | $2.86 | ||
| Q2 24 | $1.13 | $4.39 |
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 | $73.9M | $164.1M |
| 总债务越低越好 | $50.0M | — |
| 股东权益账面价值 | $892.3M | $682.6M |
| 总资产 | $2.5B | $1.2B |
| 负债/权益比越低杠杆越低 | 0.06× | — |
8季度趋势，按日历期对齐
现金及短期投资SAFTSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $73.9M | $223.4M | ||
| Q3 25 | $56.2M | $250.5M | ||
| Q2 25 | $49.4M | $212.4M | ||
| Q1 25 | $64.7M | $152.5M | ||
| Q4 24 | $59.0M | $211.8M | ||
| Q3 24 | $82.3M | $255.6M | ||
| Q2 24 | $44.6M | $219.3M |
总债务SAFTSAM
| Q1 26 | — | — | ||
| Q4 25 | $50.0M | — | ||
| Q3 25 | $30.0M | — | ||
| Q2 25 | $30.0M | — | ||
| Q1 25 | $30.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益SAFTSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $892.3M | $846.3M | ||
| Q3 25 | $899.6M | $911.0M | ||
| Q2 25 | $873.3M | $912.3M | ||
| Q1 25 | $850.7M | $897.0M | ||
| Q4 24 | $828.5M | $916.2M | ||
| Q3 24 | $851.4M | $1.0B | ||
| Q2 24 | $810.2M | $1.0B |
总资产SAFTSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.4B | $1.3B | ||
| Q1 25 | $2.3B | $1.2B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $2.3B | $1.4B | ||
| Q2 24 | $2.2B | $1.4B |
负债/权益比SAFTSAM
| Q1 26 | — | — | ||
| Q4 25 | 0.06× | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $194.5M | — |
| 自由现金流经营现金流 - 资本支出 | $192.0M | — |
| 自由现金流率自由现金流/营收 | 60.1% | — |
| 资本支出强度资本支出/营收 | 0.8% | — |
| 现金转化率经营现金流/净利润 | 9.67× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流SAFTSAM
| Q1 26 | — | — | ||
| Q4 25 | $194.5M | $39.9M | ||
| Q3 25 | $85.5M | $101.8M | ||
| Q2 25 | $32.3M | $126.5M | ||
| Q1 25 | $3.2M | $1.9M | ||
| Q4 24 | $128.7M | $41.9M | ||
| Q3 24 | $73.8M | $115.9M | ||
| Q2 24 | $25.6M | $96.0M |
自由现金流SAFTSAM
| Q1 26 | — | — | ||
| Q4 25 | $192.0M | $22.1M | ||
| Q3 25 | — | $89.2M | ||
| Q2 25 | $32.3M | $112.2M | ||
| Q1 25 | $2.8M | $-8.0M | ||
| Q4 24 | $124.3M | $18.4M | ||
| Q3 24 | $73.2M | $99.2M | ||
| Q2 24 | $25.0M | $75.6M |
自由现金流率SAFTSAM
| Q1 26 | — | — | ||
| Q4 25 | 60.1% | 5.7% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | 10.2% | 19.1% | ||
| Q1 25 | 0.9% | -1.8% | ||
| Q4 24 | 43.4% | 4.6% | ||
| Q3 24 | 24.8% | 16.4% | ||
| Q2 24 | 9.3% | 13.1% |
资本支出强度SAFTSAM
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | 4.6% | ||
| Q3 25 | 0.0% | 2.3% | ||
| Q2 25 | 0.0% | 2.4% | ||
| Q1 25 | 0.1% | 2.2% | ||
| Q4 24 | 1.5% | 5.8% | ||
| Q3 24 | 0.2% | 2.8% | ||
| Q2 24 | 0.2% | 3.5% |
现金转化率SAFTSAM
| Q1 26 | — | — | ||
| Q4 25 | 9.67× | — | ||
| Q3 25 | 3.02× | 2.21× | ||
| Q2 25 | 1.12× | 2.09× | ||
| Q1 25 | 0.14× | 0.08× | ||
| Q4 24 | 15.83× | — | ||
| Q3 24 | 2.85× | 3.46× | ||
| Q2 24 | 1.54× | 1.83× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
