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HANOVER INSURANCE GROUP, INC.（THG）与Wabtec（WAB）财务数据对比。点击上方公司名可切换其他公司
Wabtec的季度营收约是HANOVER INSURANCE GROUP, INC.的1.8倍（$3.0B vs $1.7B），Wabtec净利率更高（12.3% vs 11.9%，领先0.4%），Wabtec同比增速更快（13.0% vs 5.5%），过去两年Wabtec的营收复合增速更高（5.6% 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。
西屋空气制动技术公司（通称Wabtec）是美国知名轨道交通设备企业，1999年由西屋空气制动公司（WABCO）与动力设备厂商MotivePower合并组建，总部设于宾夕法尼亚州匹兹堡，在全球轨交制动系统、牵引动力设备等领域拥有领先的技术实力与市场份额。
THG vs WAB — 直观对比
营收规模更大
WAB
是对方的1.8倍
$1.7B
营收增速更快
WAB
高出7.5%
5.5%
净利率更高
WAB
高出0.4%
11.9%
两年增速更快
WAB
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $3.0B |
| 净利润 | $198.5M | $363.0M |
| 毛利率 | — | 36.0% |
| 营业利润率 | 17.3% | 17.5% |
| 净利率 | 11.9% | 12.3% |
| 营收同比 | 5.5% | 13.0% |
| 净利润同比 | 18.2% | 11.0% |
| 每股收益（稀释后） | $5.46 | $2.12 |
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THGWAB
| Q1 26 | — | $3.0B | ||
| Q4 25 | $1.7B | $3.0B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $1.7B | $2.7B | ||
| Q1 25 | $1.6B | $2.6B | ||
| Q4 24 | $1.6B | $2.6B | ||
| Q3 24 | $1.6B | $2.7B | ||
| Q2 24 | $1.5B | $2.6B |
净利润THGWAB
| Q1 26 | — | $363.0M | ||
| Q4 25 | $198.5M | $202.0M | ||
| Q3 25 | $178.7M | $310.0M | ||
| Q2 25 | $157.1M | $336.0M | ||
| Q1 25 | $128.2M | $322.0M | ||
| Q4 24 | $167.9M | $212.0M | ||
| Q3 24 | $102.1M | $283.0M | ||
| Q2 24 | $40.5M | $289.0M |
毛利率THGWAB
| Q1 26 | — | 36.0% | ||
| Q4 25 | — | 32.6% | ||
| Q3 25 | — | 34.7% | ||
| Q2 25 | — | 34.7% | ||
| Q1 25 | — | 34.5% | ||
| Q4 24 | — | 30.9% | ||
| Q3 24 | — | 33.0% | ||
| Q2 24 | — | 33.1% |
营业利润率THGWAB
| Q1 26 | — | 17.5% | ||
| Q4 25 | 17.3% | 12.0% | ||
| Q3 25 | 14.9% | 17.0% | ||
| Q2 25 | 12.7% | 17.4% | ||
| Q1 25 | 11.6% | 18.2% | ||
| Q4 24 | 16.1% | 12.9% | ||
| Q3 24 | 9.6% | 16.3% | ||
| Q2 24 | 6.2% | 16.3% |
净利率THGWAB
| Q1 26 | — | 12.3% | ||
| Q4 25 | 11.9% | 6.8% | ||
| Q3 25 | 10.7% | 10.7% | ||
| Q2 25 | 9.5% | 12.4% | ||
| Q1 25 | 8.0% | 12.3% | ||
| Q4 24 | 10.6% | 8.2% | ||
| Q3 24 | 6.5% | 10.6% | ||
| Q2 24 | 2.6% | 10.9% |
每股收益（稀释后）THGWAB
| Q1 26 | — | $2.12 | ||
| Q4 25 | $5.46 | $1.18 | ||
| Q3 25 | $4.90 | $1.81 | ||
| Q2 25 | $4.30 | $1.96 | ||
| Q1 25 | $3.50 | $1.88 | ||
| Q4 24 | $4.60 | $1.24 | ||
| Q3 24 | $2.80 | $1.63 | ||
| Q2 24 | $1.12 | $1.64 |
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 | $4.7B |
| 股东权益账面价值 | $3.6B | $11.1B |
| 总资产 | $16.9B | $23.2B |
| 负债/权益比越低杠杆越低 | 0.24× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资THGWAB
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $915.7M | — | ||
| Q2 25 | $244.1M | — | ||
| Q1 25 | $315.1M | — | ||
| Q4 24 | $435.5M | — | ||
| Q3 24 | $427.1M | — | ||
| Q2 24 | $337.6M | — |
总债务THGWAB
| Q1 26 | — | $4.7B | ||
| Q4 25 | $843.3M | $5.5B | ||
| Q3 25 | $843.0M | $5.3B | ||
| Q2 25 | $347.8M | $4.8B | ||
| Q1 25 | $722.5M | $4.0B | ||
| Q4 24 | $722.3M | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B |
股东权益THGWAB
| Q1 26 | — | $11.1B | ||
| Q4 25 | $3.6B | $11.1B | ||
| Q3 25 | $3.4B | $11.0B | ||
| Q2 25 | $3.2B | $10.8B | ||
| Q1 25 | $3.0B | $10.4B | ||
| Q4 24 | $2.8B | $10.1B | ||
| Q3 24 | $2.9B | $10.3B | ||
| Q2 24 | $2.6B | $10.5B |
总资产THGWAB
| Q1 26 | — | $23.2B | ||
| Q4 25 | $16.9B | $22.1B | ||
| Q3 25 | $16.8B | $21.5B | ||
| Q2 25 | $15.7B | $20.4B | ||
| Q1 25 | $15.5B | $19.1B | ||
| Q4 24 | $15.3B | $18.7B | ||
| Q3 24 | $15.4B | $18.6B | ||
| Q2 24 | $14.9B | $18.9B |
负债/权益比THGWAB
| Q1 26 | — | 0.42× | ||
| Q4 25 | 0.24× | 0.50× | ||
| Q3 25 | 0.25× | 0.48× | ||
| Q2 25 | 0.11× | 0.44× | ||
| Q1 25 | 0.24× | 0.39× | ||
| Q4 24 | 0.25× | 0.39× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.38× |
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 | $199.0M |
| 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× | 0.55× |
| 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THGWAB
| Q1 26 | — | $199.0M | ||
| Q4 25 | $378.2M | $992.0M | ||
| Q3 25 | $554.4M | $367.0M | ||
| Q2 25 | $206.6M | $209.0M | ||
| Q1 25 | $38.9M | $191.0M | ||
| Q4 24 | $213.5M | $723.0M | ||
| Q3 24 | $394.7M | $542.0M | ||
| Q2 24 | $139.5M | $235.0M |
自由现金流THGWAB
| Q1 26 | — | — | ||
| Q4 25 | $377.0M | $870.0M | ||
| Q3 25 | $551.4M | $312.0M | ||
| Q2 25 | $204.9M | $170.0M | ||
| Q1 25 | $37.1M | $147.0M | ||
| Q4 24 | $210.5M | $639.0M | ||
| Q3 24 | $392.3M | $496.0M | ||
| Q2 24 | $137.3M | $189.0M |
自由现金流率THGWAB
| Q1 26 | — | — | ||
| Q4 25 | 22.6% | 29.3% | ||
| Q3 25 | 33.1% | 10.8% | ||
| Q2 25 | 12.4% | 6.3% | ||
| Q1 25 | 2.3% | 5.6% | ||
| Q4 24 | 13.3% | 24.7% | ||
| Q3 24 | 25.1% | 18.6% | ||
| Q2 24 | 8.9% | 7.1% |
资本支出强度THGWAB
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 4.1% | ||
| Q3 25 | 0.2% | 1.9% | ||
| Q2 25 | 0.1% | 1.4% | ||
| Q1 25 | 0.1% | 1.7% | ||
| Q4 24 | 0.2% | 3.3% | ||
| Q3 24 | 0.2% | 1.7% | ||
| Q2 24 | 0.1% | 1.7% |
现金转化率THGWAB
| Q1 26 | — | 0.55× | ||
| Q4 25 | 1.91× | 4.91× | ||
| Q3 25 | 3.10× | 1.18× | ||
| Q2 25 | 1.32× | 0.62× | ||
| Q1 25 | 0.30× | 0.59× | ||
| Q4 24 | 1.27× | 3.41× | ||
| Q3 24 | 3.87× | 1.92× | ||
| Q2 24 | 3.44× | 0.81× |
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% |
WAB
暂无分部数据
