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HANOVER INSURANCE GROUP, INC.（THG）与威富集团（VFC）财务数据对比。点击上方公司名可切换其他公司
威富集团的季度营收约是HANOVER INSURANCE GROUP, INC.的1.7倍（$2.9B vs $1.7B），HANOVER INSURANCE GROUP, INC.净利率更高（11.9% vs 10.5%，领先1.4%），HANOVER INSURANCE GROUP, INC.同比增速更快（5.5% vs 1.5%），威富集团自由现金流更多（$977.9M vs $377.0M），过去两年威富集团的营收复合增速更高（10.1% 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。
威富集团前身为F.W.伍尔沃斯公司，是全球知名零售企业，也是五分一角平价商店业态的先驱之一。作为美国乃至全球最成功的平价零售企业之一，它曾引领行业发展潮流，构建了如今全球各地门店普遍遵循的现代零售模式。
THG vs VFC — 直观对比
营收规模更大
VFC
是对方的1.7倍
$1.7B
营收增速更快
THG
高出4.0%
1.5%
净利率更高
THG
高出1.4%
10.5%
自由现金流更多
VFC
多$600.9M
$377.0M
两年增速更快
VFC
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.9B |
| 净利润 | $198.5M | $300.8M |
| 毛利率 | — | 56.6% |
| 营业利润率 | 17.3% | 10.1% |
| 净利率 | 11.9% | 10.5% |
| 营收同比 | 5.5% | 1.5% |
| 净利润同比 | 18.2% | 79.3% |
| 每股收益（稀释后） | $5.46 | $0.76 |
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THGVFC
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.6B | $2.0B | ||
| Q4 24 | $1.6B | $2.8B | ||
| Q3 24 | $1.6B | $2.8B | ||
| Q2 24 | $1.5B | $1.9B | ||
| Q1 24 | $1.6B | $2.4B |
净利润THGVFC
| Q4 25 | $198.5M | $300.8M | ||
| Q3 25 | $178.7M | $189.8M | ||
| Q2 25 | $157.1M | $-116.4M | ||
| Q1 25 | $128.2M | $-150.8M | ||
| Q4 24 | $167.9M | $167.8M | ||
| Q3 24 | $102.1M | $52.2M | ||
| Q2 24 | $40.5M | $-258.9M | ||
| Q1 24 | $115.5M | $-418.3M |
毛利率THGVFC
| Q4 25 | — | 56.6% | ||
| Q3 25 | — | 52.2% | ||
| Q2 25 | — | 53.9% | ||
| Q1 25 | — | 52.7% | ||
| Q4 24 | — | 56.3% | ||
| Q3 24 | — | 52.2% | ||
| Q2 24 | — | 52.0% | ||
| Q1 24 | — | 48.4% |
营业利润率THGVFC
| Q4 25 | 17.3% | 10.1% | ||
| Q3 25 | 14.9% | 11.2% | ||
| Q2 25 | 12.7% | -4.9% | ||
| Q1 25 | 11.6% | 2.2% | ||
| Q4 24 | 16.1% | 8.0% | ||
| Q3 24 | 9.6% | 9.9% | ||
| Q2 24 | 6.2% | -12.6% | ||
| Q1 24 | 9.7% | -15.0% |
净利率THGVFC
| Q4 25 | 11.9% | 10.5% | ||
| Q3 25 | 10.7% | 6.8% | ||
| Q2 25 | 9.5% | -6.6% | ||
| Q1 25 | 8.0% | -7.5% | ||
| Q4 24 | 10.6% | 5.9% | ||
| Q3 24 | 6.5% | 1.9% | ||
| Q2 24 | 2.6% | -13.6% | ||
| Q1 24 | 7.4% | -17.6% |
每股收益（稀释后）THGVFC
| Q4 25 | $5.46 | $0.76 | ||
| Q3 25 | $4.90 | $0.48 | ||
| Q2 25 | $4.30 | $-0.30 | ||
| Q1 25 | $3.50 | $-0.37 | ||
| Q4 24 | $4.60 | $0.43 | ||
| Q3 24 | $2.80 | $0.13 | ||
| Q2 24 | $1.12 | $-0.67 | ||
| Q1 24 | $3.18 | $-1.07 |
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 | $1.5B |
| 总债务越低越好 | $843.3M | $3.6B |
| 股东权益账面价值 | $3.6B | $1.8B |
| 总资产 | $16.9B | $10.4B |
| 负债/权益比越低杠杆越低 | 0.24× | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资THGVFC
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $915.7M | $419.1M | ||
| Q2 25 | $244.1M | $642.4M | ||
| Q1 25 | $315.1M | $429.4M | ||
| Q4 24 | $435.5M | $1.4B | ||
| Q3 24 | $427.1M | $492.2M | ||
| Q2 24 | $337.6M | $637.4M | ||
| Q1 24 | $264.6M | $674.6M |
总债务THGVFC
| Q4 25 | $843.3M | $3.6B | ||
| Q3 25 | $843.0M | $3.5B | ||
| Q2 25 | $347.8M | $3.6B | ||
| Q1 25 | $722.5M | $3.4B | ||
| Q4 24 | $722.3M | $3.9B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $4.7B |
股东权益THGVFC
| Q4 25 | $3.6B | $1.8B | ||
| Q3 25 | $3.4B | $1.5B | ||
| Q2 25 | $3.2B | $1.3B | ||
| Q1 25 | $3.0B | $1.5B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $2.9B | $1.4B | ||
| Q2 24 | $2.6B | $1.4B | ||
| Q1 24 | $2.5B | $1.7B |
总资产THGVFC
| Q4 25 | $16.9B | $10.4B | ||
| Q3 25 | $16.8B | $10.6B | ||
| Q2 25 | $15.7B | $10.2B | ||
| Q1 25 | $15.5B | $9.4B | ||
| Q4 24 | $15.3B | $10.6B | ||
| Q3 24 | $15.4B | $12.2B | ||
| Q2 24 | $14.9B | $11.5B | ||
| Q1 24 | $14.6B | $11.6B |
负债/权益比THGVFC
| Q4 25 | 0.24× | 1.99× | ||
| Q3 25 | 0.25× | 2.40× | ||
| Q2 25 | 0.11× | 2.76× | ||
| Q1 25 | 0.24× | 2.30× | ||
| Q4 24 | 0.25× | 2.31× | ||
| Q3 24 | — | 2.86× | ||
| Q2 24 | — | 2.84× | ||
| Q1 24 | — | 2.84× |
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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $377.0M | $977.9M |
| 自由现金流率自由现金流/营收 | 22.6% | 34.0% |
| 资本支出强度资本支出/营收 | 0.1% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.91× | 3.36× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $357.6M |
8季度趋势，按日历期对齐
经营现金流THGVFC
| Q4 25 | $378.2M | $1.0B | ||
| Q3 25 | $554.4M | $-227.0M | ||
| Q2 25 | $206.6M | $-145.5M | ||
| Q1 25 | $38.9M | $-171.1M | ||
| Q4 24 | $213.5M | $918.1M | ||
| Q3 24 | $394.7M | $-301.6M | ||
| Q2 24 | $139.5M | $19.8M | ||
| Q1 24 | $58.7M | — |
自由现金流THGVFC
| Q4 25 | $377.0M | $977.9M | ||
| Q3 25 | $551.4M | $-253.5M | ||
| Q2 25 | $204.9M | $-173.7M | ||
| Q1 25 | $37.1M | $-193.0M | ||
| Q4 24 | $210.5M | $899.7M | ||
| Q3 24 | $392.3M | $-322.4M | ||
| Q2 24 | $137.3M | $-5.4M | ||
| Q1 24 | $56.1M | — |
自由现金流率THGVFC
| Q4 25 | 22.6% | 34.0% | ||
| Q3 25 | 33.1% | -9.0% | ||
| Q2 25 | 12.4% | -9.9% | ||
| Q1 25 | 2.3% | -9.6% | ||
| Q4 24 | 13.3% | 31.7% | ||
| Q3 24 | 25.1% | -11.7% | ||
| Q2 24 | 8.9% | -0.3% | ||
| Q1 24 | 3.6% | — |
资本支出强度THGVFC
| Q4 25 | 0.1% | 1.1% | ||
| Q3 25 | 0.2% | 0.9% | ||
| Q2 25 | 0.1% | 1.6% | ||
| Q1 25 | 0.1% | 1.1% | ||
| Q4 24 | 0.2% | 0.6% | ||
| Q3 24 | 0.2% | 0.8% | ||
| Q2 24 | 0.1% | 1.3% | ||
| Q1 24 | 0.2% | — |
现金转化率THGVFC
| Q4 25 | 1.91× | 3.36× | ||
| Q3 25 | 3.10× | -1.20× | ||
| Q2 25 | 1.32× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.27× | 5.47× | ||
| Q3 24 | 3.87× | -5.78× | ||
| 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% |
VFC
| Outdoor | $1.9B | 67% |
| Sales Channel Through Intermediary | $813.4M | 28% |
| Other | $136.3M | 5% |
