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泰瑞达（TER）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.的季度营收约是泰瑞达的1.5倍（$1.7B vs $1.1B），泰瑞达净利率更高（23.7% vs 11.9%，领先11.9%），泰瑞达同比增速更快（43.9% vs 5.5%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $218.8M），过去两年泰瑞达的营收复合增速更高（34.4% vs 3.8%）
泰瑞达是总部位于美国马萨诸塞州北雷丁的自动测试设备（ATE）设计及制造企业，在全球半导体测试领域拥有深厚技术积累，服务的知名客户涵盖三星、高通、英特尔、亚德诺、德州仪器、IBM等行业头部企业。
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。
TER vs THG — 直观对比
营收规模更大
THG
是对方的1.5倍
$1.1B
营收增速更快
TER
高出38.4%
5.5%
净利率更高
TER
高出11.9%
11.9%
自由现金流更多
THG
多$158.2M
$218.8M
两年增速更快
TER
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.7B |
| 净利润 | $257.2M | $198.5M |
| 毛利率 | 57.2% | — |
| 营业利润率 | 27.1% | 17.3% |
| 净利率 | 23.7% | 11.9% |
| 营收同比 | 43.9% | 5.5% |
| 净利润同比 | 75.9% | 18.2% |
| 每股收益（稀释后） | $1.62 | $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TERTHG
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $769.2M | $1.7B | ||
| Q2 25 | $651.8M | $1.7B | ||
| Q1 25 | $685.7M | $1.6B | ||
| Q4 24 | $752.9M | $1.6B | ||
| Q3 24 | $737.3M | $1.6B | ||
| Q2 24 | $729.9M | $1.5B | ||
| Q1 24 | $599.8M | $1.6B |
净利润TERTHG
| Q4 25 | $257.2M | $198.5M | ||
| Q3 25 | $119.6M | $178.7M | ||
| Q2 25 | $78.4M | $157.1M | ||
| Q1 25 | $98.9M | $128.2M | ||
| Q4 24 | $146.3M | $167.9M | ||
| Q3 24 | $145.6M | $102.1M | ||
| Q2 24 | $186.3M | $40.5M | ||
| Q1 24 | $64.2M | $115.5M |
毛利率TERTHG
| Q4 25 | 57.2% | — | ||
| Q3 25 | 58.4% | — | ||
| Q2 25 | 57.2% | — | ||
| Q1 25 | 60.6% | — | ||
| Q4 24 | 59.4% | — | ||
| Q3 24 | 59.2% | — | ||
| Q2 24 | 58.3% | — | ||
| Q1 24 | 56.6% | — |
营业利润率TERTHG
| Q4 25 | 27.1% | 17.3% | ||
| Q3 25 | 18.9% | 14.9% | ||
| Q2 25 | 13.9% | 12.7% | ||
| Q1 25 | 17.6% | 11.6% | ||
| Q4 24 | 20.4% | 16.1% | ||
| Q3 24 | 20.6% | 9.6% | ||
| Q2 24 | 28.8% | 6.2% | ||
| Q1 24 | 13.0% | 9.7% |
净利率TERTHG
| Q4 25 | 23.7% | 11.9% | ||
| Q3 25 | 15.5% | 10.7% | ||
| Q2 25 | 12.0% | 9.5% | ||
| Q1 25 | 14.4% | 8.0% | ||
| Q4 24 | 19.4% | 10.6% | ||
| Q3 24 | 19.8% | 6.5% | ||
| Q2 24 | 25.5% | 2.6% | ||
| Q1 24 | 10.7% | 7.4% |
每股收益（稀释后）TERTHG
| Q4 25 | $1.62 | $5.46 | ||
| Q3 25 | $0.75 | $4.90 | ||
| Q2 25 | $0.49 | $4.30 | ||
| Q1 25 | $0.61 | $3.50 | ||
| Q4 24 | $0.89 | $4.60 | ||
| Q3 24 | $0.89 | $2.80 | ||
| Q2 24 | $1.14 | $1.12 | ||
| Q1 24 | $0.40 | $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 | $293.8M | $1.1B |
| 总债务越低越好 | — | $843.3M |
| 股东权益账面价值 | $2.8B | $3.6B |
| 总资产 | $4.2B | $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TERTHG
| Q4 25 | $293.8M | $1.1B | ||
| Q3 25 | $272.7M | $915.7M | ||
| Q2 25 | $339.3M | $244.1M | ||
| Q1 25 | $475.6M | $315.1M | ||
| Q4 24 | $553.4M | $435.5M | ||
| Q3 24 | $510.0M | $427.1M | ||
| Q2 24 | $421.9M | $337.6M | ||
| Q1 24 | $707.4M | $264.6M |
总债务TERTHG
| Q4 25 | — | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | — | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益TERTHG
| Q4 25 | $2.8B | $3.6B | ||
| Q3 25 | $2.7B | $3.4B | ||
| Q2 25 | $2.8B | $3.2B | ||
| Q1 25 | $2.8B | $3.0B | ||
| Q4 24 | $2.8B | $2.8B | ||
| Q3 24 | $2.9B | $2.9B | ||
| Q2 24 | $2.7B | $2.6B | ||
| Q1 24 | $2.6B | $2.5B |
总资产TERTHG
| Q4 25 | $4.2B | $16.9B | ||
| Q3 25 | $4.0B | $16.8B | ||
| Q2 25 | $3.8B | $15.7B | ||
| Q1 25 | $3.7B | $15.5B | ||
| Q4 24 | $3.7B | $15.3B | ||
| Q3 24 | $3.8B | $15.4B | ||
| Q2 24 | $3.6B | $14.9B | ||
| Q1 24 | $3.4B | $14.6B |
负债/权益比TERTHG
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $281.6M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | $218.8M | $377.0M |
| 自由现金流率自由现金流/营收 | 20.2% | 22.6% |
| 资本支出强度资本支出/营收 | 5.8% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.09× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $450.4M | $1.2B |
8季度趋势，按日历期对齐
经营现金流TERTHG
| Q4 25 | $281.6M | $378.2M | ||
| Q3 25 | $49.0M | $554.4M | ||
| Q2 25 | $182.1M | $206.6M | ||
| Q1 25 | $161.6M | $38.9M | ||
| Q4 24 | $282.6M | $213.5M | ||
| Q3 24 | $166.3M | $394.7M | ||
| Q2 24 | $216.1M | $139.5M | ||
| Q1 24 | $7.3M | $58.7M |
自由现金流TERTHG
| Q4 25 | $218.8M | $377.0M | ||
| Q3 25 | $2.4M | $551.4M | ||
| Q2 25 | $131.7M | $204.9M | ||
| Q1 25 | $97.6M | $37.1M | ||
| Q4 24 | $225.2M | $210.5M | ||
| Q3 24 | $114.4M | $392.3M | ||
| Q2 24 | $171.2M | $137.3M | ||
| Q1 24 | $-36.7M | $56.1M |
自由现金流率TERTHG
| Q4 25 | 20.2% | 22.6% | ||
| Q3 25 | 0.3% | 33.1% | ||
| Q2 25 | 20.2% | 12.4% | ||
| Q1 25 | 14.2% | 2.3% | ||
| Q4 24 | 29.9% | 13.3% | ||
| Q3 24 | 15.5% | 25.1% | ||
| Q2 24 | 23.5% | 8.9% | ||
| Q1 24 | -6.1% | 3.6% |
资本支出强度TERTHG
| Q4 25 | 5.8% | 0.1% | ||
| Q3 25 | 6.1% | 0.2% | ||
| Q2 25 | 7.7% | 0.1% | ||
| Q1 25 | 9.3% | 0.1% | ||
| Q4 24 | 7.6% | 0.2% | ||
| Q3 24 | 7.0% | 0.2% | ||
| Q2 24 | 6.1% | 0.1% | ||
| Q1 24 | 7.3% | 0.2% |
现金转化率TERTHG
| Q4 25 | 1.09× | 1.91× | ||
| Q3 25 | 0.41× | 3.10× | ||
| Q2 25 | 2.32× | 1.32× | ||
| Q1 25 | 1.63× | 0.30× | ||
| Q4 24 | 1.93× | 1.27× | ||
| Q3 24 | 1.14× | 3.87× | ||
| Q2 24 | 1.16× | 3.44× | ||
| Q1 24 | 0.11× | 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
TER
| Soc | $646.5M | 60% |
| Memory | $206.5M | 19% |
| Transferred At Point In Time | $90.0M | 8% |
| Universal Robots | $89.4M | 8% |
| IST | $30.5M | 3% |
| Transferred Over Time | $20.5M | 2% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
