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HANOVER INSURANCE GROUP, INC.（THG）与TWILIO INC（TWLO）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TWILIO INC的1.2倍（$1.7B vs $1.4B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs -3.4%，领先15.2%），TWILIO INC同比增速更快（14.3% vs 5.5%），过去两年TWILIO INC的营收复合增速更高（14.2% vs 3.8%）
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。
Twilio是总部位于美国加利福尼亚州旧金山的云通信企业，提供可编程通信工具，用户可通过其网页服务API实现拨打接听电话、收发短信等多种通信功能，方便企业灵活搭建适配自身需求的通信解决方案，降低相关技术的自研投入。
THG vs TWLO — 直观对比
营收规模更大
THG
是对方的1.2倍
$1.4B
营收增速更快
TWLO
高出8.8%
5.5%
净利率更高
THG
高出15.2%
-3.4%
两年增速更快
TWLO
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.4B |
| 净利润 | $198.5M | $-45.9M |
| 毛利率 | — | 48.5% |
| 营业利润率 | 17.3% | 4.2% |
| 净利率 | 11.9% | -3.4% |
| 营收同比 | 5.5% | 14.3% |
| 净利润同比 | 18.2% | -267.7% |
| 每股收益（稀释后） | $5.46 | $-0.28 |
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THGTWLO
| Q4 25 | $1.7B | $1.4B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.5B | $1.1B | ||
| Q1 24 | $1.6B | $1.0B |
净利润THGTWLO
| Q4 25 | $198.5M | $-45.9M | ||
| Q3 25 | $178.7M | $37.2M | ||
| Q2 25 | $157.1M | $22.4M | ||
| Q1 25 | $128.2M | $20.0M | ||
| Q4 24 | $167.9M | $-12.5M | ||
| Q3 24 | $102.1M | $-9.7M | ||
| Q2 24 | $40.5M | $-31.9M | ||
| Q1 24 | $115.5M | $-55.3M |
毛利率THGTWLO
| Q4 25 | — | 48.5% | ||
| Q3 25 | — | 48.6% | ||
| Q2 25 | — | 49.1% | ||
| Q1 25 | — | 49.6% | ||
| Q4 24 | — | 50.2% | ||
| Q3 24 | — | 51.0% | ||
| Q2 24 | — | 51.3% | ||
| Q1 24 | — | 52.0% |
营业利润率THGTWLO
| Q4 25 | 17.3% | 4.2% | ||
| Q3 25 | 14.9% | 3.1% | ||
| Q2 25 | 12.7% | 3.0% | ||
| Q1 25 | 11.6% | 2.0% | ||
| Q4 24 | 16.1% | 1.1% | ||
| Q3 24 | 9.6% | -0.4% | ||
| Q2 24 | 6.2% | -1.8% | ||
| Q1 24 | 9.7% | -4.2% |
净利率THGTWLO
| Q4 25 | 11.9% | -3.4% | ||
| Q3 25 | 10.7% | 2.9% | ||
| Q2 25 | 9.5% | 1.8% | ||
| Q1 25 | 8.0% | 1.7% | ||
| Q4 24 | 10.6% | -1.0% | ||
| Q3 24 | 6.5% | -0.9% | ||
| Q2 24 | 2.6% | -2.9% | ||
| Q1 24 | 7.4% | -5.3% |
每股收益（稀释后）THGTWLO
| Q4 25 | $5.46 | $-0.28 | ||
| Q3 25 | $4.90 | $0.23 | ||
| Q2 25 | $4.30 | $0.14 | ||
| Q1 25 | $3.50 | $0.12 | ||
| Q4 24 | $4.60 | $-0.10 | ||
| Q3 24 | $2.80 | $-0.06 | ||
| Q2 24 | $1.12 | $-0.19 | ||
| Q1 24 | $3.18 | $-0.31 |
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 | $1.1B | $682.3M |
| 总债务越低越好 | $843.3M | $992.3M |
| 股东权益账面价值 | $3.6B | $7.8B |
| 总资产 | $16.9B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.24× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资THGTWLO
| Q4 25 | $1.1B | $682.3M | ||
| Q3 25 | $915.7M | $734.8M | ||
| Q2 25 | $244.1M | $969.2M | ||
| Q1 25 | $315.1M | $467.1M | ||
| Q4 24 | $435.5M | $421.3M | ||
| Q3 24 | $427.1M | $584.0M | ||
| Q2 24 | $337.6M | $755.1M | ||
| Q1 24 | $264.6M | $672.6M |
总债务THGTWLO
| Q4 25 | $843.3M | $992.3M | ||
| Q3 25 | $843.0M | $991.9M | ||
| Q2 25 | $347.8M | $991.4M | ||
| Q1 25 | $722.5M | $991.0M | ||
| Q4 24 | $722.3M | $990.6M | ||
| Q3 24 | — | $990.2M | ||
| Q2 24 | — | $989.8M | ||
| Q1 24 | — | $989.4M |
股东权益THGTWLO
| Q4 25 | $3.6B | $7.8B | ||
| Q3 25 | $3.4B | $7.9B | ||
| Q2 25 | $3.2B | $8.0B | ||
| Q1 25 | $3.0B | $8.0B | ||
| Q4 24 | $2.8B | $8.0B | ||
| Q3 24 | $2.9B | $8.2B | ||
| Q2 24 | $2.6B | $8.7B | ||
| Q1 24 | $2.5B | $9.4B |
总资产THGTWLO
| Q4 25 | $16.9B | $9.8B | ||
| Q3 25 | $16.8B | $9.7B | ||
| Q2 25 | $15.7B | $9.8B | ||
| Q1 25 | $15.5B | $9.8B | ||
| Q4 24 | $15.3B | $9.9B | ||
| Q3 24 | $15.4B | $10.0B | ||
| Q2 24 | $14.9B | $10.5B | ||
| Q1 24 | $14.6B | $11.3B |
负债/权益比THGTWLO
| Q4 25 | 0.24× | 0.13× | ||
| Q3 25 | 0.25× | 0.13× | ||
| Q2 25 | 0.11× | 0.12× | ||
| Q1 25 | 0.24× | 0.12× | ||
| Q4 24 | 0.25× | 0.12× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.11× | ||
| Q1 24 | — | 0.10× |
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 | $378.2M | $271.6M |
| 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 | 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THGTWLO
| Q4 25 | $378.2M | $271.6M | ||
| Q3 25 | $554.4M | $263.6M | ||
| Q2 25 | $206.6M | $277.1M | ||
| Q1 25 | $38.9M | $191.0M | ||
| Q4 24 | $213.5M | $108.4M | ||
| Q3 24 | $394.7M | $204.3M | ||
| Q2 24 | $139.5M | $213.3M | ||
| Q1 24 | $58.7M | $190.1M |
自由现金流THGTWLO
| 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THGTWLO
| 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THGTWLO
| 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THGTWLO
| Q4 25 | 1.91× | — | ||
| Q3 25 | 3.10× | 7.08× | ||
| Q2 25 | 1.32× | 12.36× | ||
| Q1 25 | 0.30× | 9.54× | ||
| Q4 24 | 1.27× | — | ||
| Q3 24 | 3.87× | — | ||
| Q2 24 | 3.44× | — | ||
| Q1 24 | 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
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
TWLO
| US | $879.8M | 64% |
| Non Us | $486.1M | 36% |
