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HANOVER INSURANCE GROUP, INC.（THG）与U-Haul Holding Co（UHAL）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U-Haul Holding Co的1.2倍（$1.7B vs $1.4B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs 2.6%，领先9.3%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs 1.9%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $-447.6M）
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。
U-Haul控股公司是总部位于美国亚利桑那州凤凰城的移动货车、拖车及自助仓储租赁企业，1945年由伦纳德·肖恩与安娜·玛丽·卡蒂在华盛顿州里奇菲尔德创立，最初起步于卡蒂家族的车库，后通过加油站加盟模式扩张，业务覆盖美国全部50个州及加拿大10个省份。
THG vs UHAL — 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
THG
高出3.6%
1.9%
净利率更高
THG
高出9.3%
2.6%
自由现金流更多
THG
多$824.6M
$-447.6M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.4B |
| 净利润 | $198.5M | $37.0M |
| 毛利率 | — | 96.4% |
| 营业利润率 | 17.3% | 2.4% |
| 净利率 | 11.9% | 2.6% |
| 营收同比 | 5.5% | 1.9% |
| 净利润同比 | 18.2% | -45.0% |
| 每股收益（稀释后） | $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THGUHAL
| Q4 25 | $1.7B | $1.4B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.7B | $232.1M | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.6B | — |
净利润THGUHAL
| Q4 25 | $198.5M | $37.0M | ||
| Q3 25 | $178.7M | $105.5M | ||
| Q2 25 | $157.1M | $142.3M | ||
| Q1 25 | $128.2M | — | ||
| Q4 24 | $167.9M | — | ||
| Q3 24 | $102.1M | — | ||
| Q2 24 | $40.5M | — | ||
| Q1 24 | $115.5M | — |
毛利率THGUHAL
| Q4 25 | — | 96.4% | ||
| Q3 25 | — | 96.1% | ||
| Q2 25 | — | 68.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率THGUHAL
| Q4 25 | 17.3% | 2.4% | ||
| Q3 25 | 14.9% | 12.7% | ||
| Q2 25 | 12.7% | — | ||
| Q1 25 | 11.6% | — | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 9.6% | — | ||
| Q2 24 | 6.2% | — | ||
| Q1 24 | 9.7% | — |
净利率THGUHAL
| Q4 25 | 11.9% | 2.6% | ||
| Q3 25 | 10.7% | 6.1% | ||
| Q2 25 | 9.5% | 61.3% | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | 10.6% | — | ||
| Q3 24 | 6.5% | — | ||
| Q2 24 | 2.6% | — | ||
| Q1 24 | 7.4% | — |
每股收益（稀释后）THGUHAL
| Q4 25 | $5.46 | — | ||
| Q3 25 | $4.90 | — | ||
| Q2 25 | $4.30 | — | ||
| Q1 25 | $3.50 | — | ||
| Q4 24 | $4.60 | — | ||
| Q3 24 | $2.80 | — | ||
| Q2 24 | $1.12 | — | ||
| Q1 24 | $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 | $1.1B | $1.0B |
| 总债务越低越好 | $843.3M | $8.1B |
| 股东权益账面价值 | $3.6B | $7.7B |
| 总资产 | $16.9B | $21.6B |
| 负债/权益比越低杠杆越低 | 0.24× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资THGUHAL
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $915.7M | $1.1B | ||
| Q2 25 | $244.1M | $877.2M | ||
| Q1 25 | $315.1M | — | ||
| Q4 24 | $435.5M | — | ||
| Q3 24 | $427.1M | — | ||
| Q2 24 | $337.6M | — | ||
| Q1 24 | $264.6M | — |
总债务THGUHAL
| Q4 25 | $843.3M | $8.1B | ||
| Q3 25 | $843.0M | $7.7B | ||
| Q2 25 | $347.8M | — | ||
| Q1 25 | $722.5M | — | ||
| Q4 24 | $722.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益THGUHAL
| Q4 25 | $3.6B | $7.7B | ||
| Q3 25 | $3.4B | $7.8B | ||
| Q2 25 | $3.2B | $7.7B | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $2.5B | — |
总资产THGUHAL
| Q4 25 | $16.9B | $21.6B | ||
| Q3 25 | $16.8B | $21.4B | ||
| Q2 25 | $15.7B | $20.8B | ||
| Q1 25 | $15.5B | — | ||
| Q4 24 | $15.3B | — | ||
| Q3 24 | $15.4B | — | ||
| Q2 24 | $14.9B | — | ||
| Q1 24 | $14.6B | — |
负债/权益比THGUHAL
| Q4 25 | 0.24× | 1.04× | ||
| Q3 25 | 0.25× | 1.00× | ||
| 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 | $378.2M | $240.6M |
| 自由现金流经营现金流 - 资本支出 | $377.0M | $-447.6M |
| 自由现金流率自由现金流/营收 | 22.6% | -31.6% |
| 资本支出强度资本支出/营收 | 0.1% | 48.6% |
| 现金转化率经营现金流/净利润 | 1.91× | 6.51× |
| 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THGUHAL
| Q4 25 | $378.2M | $240.6M | ||
| Q3 25 | $554.4M | $551.6M | ||
| Q2 25 | $206.6M | $598.4M | ||
| Q1 25 | $38.9M | — | ||
| Q4 24 | $213.5M | — | ||
| Q3 24 | $394.7M | — | ||
| Q2 24 | $139.5M | — | ||
| Q1 24 | $58.7M | — |
自由现金流THGUHAL
| Q4 25 | $377.0M | $-447.6M | ||
| Q3 25 | $551.4M | $-446.3M | ||
| Q2 25 | $204.9M | $-318.2M | ||
| 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THGUHAL
| Q4 25 | 22.6% | -31.6% | ||
| Q3 25 | 33.1% | -25.9% | ||
| Q2 25 | 12.4% | -137.1% | ||
| 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THGUHAL
| Q4 25 | 0.1% | 48.6% | ||
| Q3 25 | 0.2% | 58.0% | ||
| Q2 25 | 0.1% | 395.0% | ||
| 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THGUHAL
| Q4 25 | 1.91× | 6.51× | ||
| Q3 25 | 3.10× | 5.23× | ||
| Q2 25 | 1.32× | 4.20× | ||
| Q1 25 | 0.30× | — | ||
| 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% |
UHAL
| Long Term Contract With Customer | $1.2B | 82% |
| CA | $74.0M | 5% |
| Life Insurance | $56.2M | 4% |
| Accident And Health Insurance Segment | $49.8M | 4% |
| Investments Segment | $47.3M | 3% |
| Property And Casualty Insurance | $42.5M | 3% |
| Mercury | $1.6M | 0% |
