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HANOVER INSURANCE GROUP, INC.（THG）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.4倍（$1.7B vs $1.2B），HANOVER INSURANCE GROUP, INC.同比增速更快（6.1% vs -2.2%），过去两年HANOVER INSURANCE GROUP, INC.的营收复合增速更高（5.2% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
THG vs TNET — 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8.3%
-2.2%
两年增速更快
THG
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $186.8M | — |
| 毛利率 | — | — |
| 营业利润率 | 11.1% | 0.1% |
| 净利率 | 11.0% | — |
| 营收同比 | 6.1% | -2.2% |
| 净利润同比 | 45.7% | — |
| 每股收益（稀释后） | — | $0.02 |
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THGTNET
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B |
净利润THGTNET
| Q1 26 | $186.8M | — | ||
| Q4 25 | $198.5M | — | ||
| Q3 25 | $178.7M | $34.0M | ||
| Q2 25 | $157.1M | $37.0M | ||
| Q1 25 | $128.2M | $85.0M | ||
| Q4 24 | $167.9M | — | ||
| Q3 24 | $102.1M | $45.0M | ||
| Q2 24 | $40.5M | $60.0M |
营业利润率THGTNET
| Q1 26 | 11.1% | — | ||
| Q4 25 | 17.3% | 0.1% | ||
| Q3 25 | 14.9% | 4.1% | ||
| Q2 25 | 12.7% | 4.1% | ||
| Q1 25 | 11.6% | 8.9% | ||
| Q4 24 | 16.1% | -2.9% | ||
| Q3 24 | 9.6% | 4.7% | ||
| Q2 24 | 6.2% | 6.5% |
净利率THGTNET
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.9% | — | ||
| Q3 25 | 10.7% | 2.8% | ||
| Q2 25 | 9.5% | 3.0% | ||
| Q1 25 | 8.0% | 6.6% | ||
| Q4 24 | 10.6% | — | ||
| Q3 24 | 6.5% | 3.6% | ||
| Q2 24 | 2.6% | 4.9% |
每股收益（稀释后）THGTNET
| Q1 26 | — | — | ||
| Q4 25 | $5.46 | $0.02 | ||
| Q3 25 | $4.90 | $0.70 | ||
| Q2 25 | $4.30 | $0.77 | ||
| Q1 25 | $3.50 | $1.71 | ||
| Q4 24 | $4.60 | $-0.44 | ||
| Q3 24 | $2.80 | $0.89 | ||
| Q2 24 | $1.12 | $1.20 |
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 | $243.5M | $287.0M |
| 总债务越低越好 | $843.8M | — |
| 股东权益账面价值 | $3.0B | $54.0M |
| 总资产 | $16.5B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.28× | — |
8季度趋势，按日历期对齐
现金及短期投资THGTNET
| Q1 26 | $243.5M | — | ||
| Q4 25 | $1.1B | $287.0M | ||
| Q3 25 | $915.7M | $321.0M | ||
| Q2 25 | $244.1M | $407.0M | ||
| Q1 25 | $315.1M | $349.0M | ||
| Q4 24 | $435.5M | $360.0M | ||
| Q3 24 | $427.1M | $301.0M | ||
| Q2 24 | $337.6M | $249.0M |
总债务THGTNET
| Q1 26 | $843.8M | — | ||
| Q4 25 | $843.3M | — | ||
| Q3 25 | $843.0M | — | ||
| Q2 25 | $347.8M | — | ||
| Q1 25 | $722.5M | — | ||
| Q4 24 | $722.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益THGTNET
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.6B | $54.0M | ||
| Q3 25 | $3.4B | $110.0M | ||
| Q2 25 | $3.2B | $107.0M | ||
| Q1 25 | $3.0B | $63.0M | ||
| Q4 24 | $2.8B | $69.0M | ||
| Q3 24 | $2.9B | $129.0M | ||
| Q2 24 | $2.6B | $100.0M |
总资产THGTNET
| Q1 26 | $16.5B | — | ||
| Q4 25 | $16.9B | $3.8B | ||
| Q3 25 | $16.8B | $3.4B | ||
| Q2 25 | $15.7B | $3.7B | ||
| Q1 25 | $15.5B | $3.8B | ||
| Q4 24 | $15.3B | $4.1B | ||
| Q3 24 | $15.4B | $3.7B | ||
| Q2 24 | $14.9B | $3.7B |
负债/权益比THGTNET
| Q1 26 | 0.28× | — | ||
| Q4 25 | 0.24× | — | ||
| Q3 25 | 0.25× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.25× | — | ||
| 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 | — | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流THGTNET
| Q1 26 | — | — | ||
| Q4 25 | $378.2M | $61.0M | ||
| Q3 25 | $554.4M | $72.0M | ||
| Q2 25 | $206.6M | $75.0M | ||
| Q1 25 | $38.9M | $95.0M | ||
| Q4 24 | $213.5M | $65.0M | ||
| Q3 24 | $394.7M | $84.0M | ||
| Q2 24 | $139.5M | $39.0M |
自由现金流THGTNET
| Q1 26 | — | — | ||
| Q4 25 | $377.0M | $43.0M | ||
| Q3 25 | $551.4M | $55.0M | ||
| Q2 25 | $204.9M | $57.0M | ||
| Q1 25 | $37.1M | $79.0M | ||
| Q4 24 | $210.5M | $47.0M | ||
| Q3 24 | $392.3M | $59.0M | ||
| Q2 24 | $137.3M | $22.0M |
自由现金流率THGTNET
| Q1 26 | — | — | ||
| Q4 25 | 22.6% | 3.4% | ||
| Q3 25 | 33.1% | 4.5% | ||
| Q2 25 | 12.4% | 4.6% | ||
| Q1 25 | 2.3% | 6.1% | ||
| Q4 24 | 13.3% | 3.7% | ||
| Q3 24 | 25.1% | 4.8% | ||
| Q2 24 | 8.9% | 1.8% |
资本支出强度THGTNET
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 1.4% | ||
| Q3 25 | 0.2% | 1.4% | ||
| Q2 25 | 0.1% | 1.5% | ||
| Q1 25 | 0.1% | 1.2% | ||
| Q4 24 | 0.2% | 1.4% | ||
| Q3 24 | 0.2% | 2.0% | ||
| Q2 24 | 0.1% | 1.4% |
现金转化率THGTNET
| Q1 26 | — | — | ||
| Q4 25 | 1.91× | — | ||
| Q3 25 | 3.10× | 2.12× | ||
| Q2 25 | 1.32× | 2.03× | ||
| Q1 25 | 0.30× | 1.12× | ||
| Q4 24 | 1.27× | — | ||
| Q3 24 | 3.87× | 1.87× | ||
| Q2 24 | 3.44× | 0.65× |
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
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
