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HANOVER INSURANCE GROUP, INC.（THG）与Veralto（VLTO）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Veralto的1.2倍（$1.7B vs $1.4B），Veralto净利率更高（17.9% vs 11.9%，领先6.0%），Veralto同比增速更快（6.8% vs 5.5%），HANOVER INSURANCE GROUP, INC.自由现金流更多（$377.0M vs $170.0M），过去两年Veralto的营收复合增速更高（6.8% 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。
Veralto是总部位于美国马萨诸塞州沃尔瑟姆的科技企业，核心业务覆盖水分析、水处理、标识喷码、包装及色彩管理相关产品的研发与生产，面向全球多领域客户提供适配的技术产品及配套服务。
THG vs VLTO — 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
VLTO
高出1.2%
5.5%
净利率更高
VLTO
高出6.0%
11.9%
自由现金流更多
THG
多$207.0M
$170.0M
两年增速更快
VLTO
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.4B |
| 净利润 | $198.5M | $254.0M |
| 毛利率 | — | 60.1% |
| 营业利润率 | 17.3% | 23.8% |
| 净利率 | 11.9% | 17.9% |
| 营收同比 | 5.5% | 6.8% |
| 净利润同比 | 18.2% | 12.9% |
| 每股收益（稀释后） | $5.46 | $1.02 |
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THGVLTO
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.7B | $1.4B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B |
净利润THGVLTO
| Q1 26 | — | $254.0M | ||
| Q4 25 | $198.5M | $239.0M | ||
| Q3 25 | $178.7M | $222.0M | ||
| Q2 25 | $157.1M | $225.0M | ||
| Q1 25 | $128.2M | — | ||
| Q4 24 | $167.9M | $227.0M | ||
| Q3 24 | $102.1M | $219.0M | ||
| Q2 24 | $40.5M | $203.0M |
毛利率THGVLTO
| Q1 26 | — | 60.1% | ||
| Q4 25 | — | 60.1% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 60.4% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 59.6% | ||
| Q3 24 | — | 59.6% | ||
| Q2 24 | — | 60.1% |
营业利润率THGVLTO
| Q1 26 | — | 23.8% | ||
| Q4 25 | 17.3% | 23.2% | ||
| Q3 25 | 14.9% | 22.8% | ||
| Q2 25 | 12.7% | 24.2% | ||
| Q1 25 | 11.6% | — | ||
| Q4 24 | 16.1% | 22.9% | ||
| Q3 24 | 9.6% | 23.4% | ||
| Q2 24 | 6.2% | 23.2% |
净利率THGVLTO
| Q1 26 | — | 17.9% | ||
| Q4 25 | 11.9% | 17.0% | ||
| Q3 25 | 10.7% | 16.2% | ||
| Q2 25 | 9.5% | 16.9% | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | 10.6% | 16.9% | ||
| Q3 24 | 6.5% | 16.7% | ||
| Q2 24 | 2.6% | 15.8% |
每股收益（稀释后）THGVLTO
| Q1 26 | — | $1.02 | ||
| Q4 25 | $5.46 | $0.95 | ||
| Q3 25 | $4.90 | $0.89 | ||
| Q2 25 | $4.30 | $0.90 | ||
| Q1 25 | $3.50 | — | ||
| Q4 24 | $4.60 | $0.91 | ||
| Q3 24 | $2.80 | $0.88 | ||
| Q2 24 | $1.12 | $0.81 |
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 | — |
| 总债务越低越好 | $843.3M | — |
| 股东权益账面价值 | $3.6B | — |
| 总资产 | $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THGVLTO
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $915.7M | $1.6B | ||
| Q2 25 | $244.1M | $1.2B | ||
| Q1 25 | $315.1M | — | ||
| Q4 24 | $435.5M | $1.1B | ||
| Q3 24 | $427.1M | $1.3B | ||
| Q2 24 | $337.6M | $1.0B |
总债务THGVLTO
| Q1 26 | — | — | ||
| Q4 25 | $843.3M | $2.7B | ||
| Q3 25 | $843.0M | $2.7B | ||
| Q2 25 | $347.8M | $2.6B | ||
| Q1 25 | $722.5M | — | ||
| Q4 24 | $722.3M | $2.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.6B |
股东权益THGVLTO
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $2.8B | ||
| Q3 25 | $3.4B | $2.7B | ||
| Q2 25 | $3.2B | $2.3B | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $2.8B | $2.0B | ||
| Q3 24 | $2.9B | $2.0B | ||
| Q2 24 | $2.6B | $1.7B |
总资产THGVLTO
| Q1 26 | — | — | ||
| Q4 25 | $16.9B | $7.4B | ||
| Q3 25 | $16.8B | $7.2B | ||
| Q2 25 | $15.7B | $6.6B | ||
| Q1 25 | $15.5B | — | ||
| Q4 24 | $15.3B | $6.4B | ||
| Q3 24 | $15.4B | $6.3B | ||
| Q2 24 | $14.9B | $5.9B |
负债/权益比THGVLTO
| Q1 26 | — | — | ||
| Q4 25 | 0.24× | 0.94× | ||
| Q3 25 | 0.25× | 1.01× | ||
| Q2 25 | 0.11× | 1.14× | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.25× | 1.28× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | — | 1.57× |
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 | $182.0M |
| 自由现金流经营现金流 - 资本支出 | $377.0M | $170.0M |
| 自由现金流率自由现金流/营收 | 22.6% | 12.0% |
| 资本支出强度资本支出/营收 | 0.1% | 0.8% |
| 现金转化率经营现金流/净利润 | 1.91× | 0.72× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $893.0M |
8季度趋势，按日历期对齐
经营现金流THGVLTO
| Q1 26 | — | $182.0M | ||
| Q4 25 | $378.2M | $270.0M | ||
| Q3 25 | $554.4M | $339.0M | ||
| Q2 25 | $206.6M | $157.0M | ||
| Q1 25 | $38.9M | — | ||
| Q4 24 | $213.5M | $285.0M | ||
| Q3 24 | $394.7M | $224.0M | ||
| Q2 24 | $139.5M | $251.0M |
自由现金流THGVLTO
| Q1 26 | — | $170.0M | ||
| Q4 25 | $377.0M | $258.0M | ||
| Q3 25 | $551.4M | $323.0M | ||
| Q2 25 | $204.9M | $142.0M | ||
| Q1 25 | $37.1M | — | ||
| Q4 24 | $210.5M | $263.0M | ||
| Q3 24 | $392.3M | $215.0M | ||
| Q2 24 | $137.3M | $240.0M |
自由现金流率THGVLTO
| Q1 26 | — | 12.0% | ||
| Q4 25 | 22.6% | 18.4% | ||
| Q3 25 | 33.1% | 23.6% | ||
| Q2 25 | 12.4% | 10.7% | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 13.3% | 19.6% | ||
| Q3 24 | 25.1% | 16.4% | ||
| Q2 24 | 8.9% | 18.6% |
资本支出强度THGVLTO
| Q1 26 | — | 0.8% | ||
| Q4 25 | 0.1% | 0.9% | ||
| Q3 25 | 0.2% | 1.2% | ||
| Q2 25 | 0.1% | 1.1% | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.2% | 1.6% | ||
| Q3 24 | 0.2% | 0.7% | ||
| Q2 24 | 0.1% | 0.9% |
现金转化率THGVLTO
| Q1 26 | — | 0.72× | ||
| Q4 25 | 1.91× | 1.13× | ||
| Q3 25 | 3.10× | 1.53× | ||
| Q2 25 | 1.32× | 0.70× | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.27× | 1.26× | ||
| Q3 24 | 3.87× | 1.02× | ||
| Q2 24 | 3.44× | 1.24× |
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% |
VLTO
暂无分部数据
