vs
旅行者集团（TRV）与美国联合航空（UAL）财务数据对比。点击上方公司名可切换其他公司
美国联合航空的季度营收约是旅行者集团的1.2倍（$14.6B vs $12.4B），旅行者集团净利率更高（20.1% vs 4.8%，领先15.3%），美国联合航空同比增速更快（10.6% vs 3.5%），过去两年旅行者集团的营收复合增速更高（5.2% vs -1.3%）
旅行者集团是美国跨国保险企业，为美国第二大商业财产及意外伤害保险承保商，同时是美国第六大通过独立代理人展业的个人保险提供商。公司注册地为明尼苏达州，总部设于纽约市，最大办事处在康涅狄格州哈特福德，2009年6月8日起成为道琼斯工业平均指数成分股。
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
TRV vs UAL — 直观对比
营收规模更大
UAL
是对方的1.2倍
$12.4B
营收增速更快
UAL
高出7.0%
3.5%
净利率更高
TRV
高出15.3%
4.8%
两年增速更快
TRV
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $12.4B | $14.6B |
| 净利润 | $2.5B | $699.0M |
| 毛利率 | — | — |
| 营业利润率 | 25.0% | 6.8% |
| 净利率 | 20.1% | 4.8% |
| 营收同比 | 3.5% | 10.6% |
| 净利润同比 | 19.9% | 80.6% |
| 每股收益（稀释后） | $10.96 | $2.14 |
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TRVUAL
| Q1 26 | — | $14.6B | ||
| Q4 25 | $12.4B | $15.4B | ||
| Q3 25 | $12.5B | $15.2B | ||
| Q2 25 | $12.1B | $15.2B | ||
| Q1 25 | $11.8B | $13.2B | ||
| Q4 24 | $12.0B | $14.7B | ||
| Q3 24 | $11.9B | $14.8B | ||
| Q2 24 | $11.3B | $15.0B |
净利润TRVUAL
| Q1 26 | — | $699.0M | ||
| Q4 25 | $2.5B | $1.0B | ||
| Q3 25 | $1.9B | $949.0M | ||
| Q2 25 | $1.5B | $973.0M | ||
| Q1 25 | $395.0M | $387.0M | ||
| Q4 24 | $2.1B | $985.0M | ||
| Q3 24 | $1.3B | $965.0M | ||
| Q2 24 | $534.0M | $1.3B |
营业利润率TRVUAL
| Q1 26 | — | 6.8% | ||
| Q4 25 | 25.0% | 9.0% | ||
| Q3 25 | 18.8% | 9.2% | ||
| Q2 25 | 15.5% | 8.7% | ||
| Q1 25 | 4.0% | 4.6% | ||
| Q4 24 | 21.6% | 10.2% | ||
| Q3 24 | 13.1% | 10.5% | ||
| Q2 24 | 5.8% | 12.9% |
净利率TRVUAL
| Q1 26 | — | 4.8% | ||
| Q4 25 | 20.1% | 6.8% | ||
| Q3 25 | 15.1% | 6.2% | ||
| Q2 25 | 12.5% | 6.4% | ||
| Q1 25 | 3.3% | 2.9% | ||
| Q4 24 | 17.3% | 6.7% | ||
| Q3 24 | 10.6% | 6.5% | ||
| Q2 24 | 4.7% | 8.8% |
每股收益（稀释后）TRVUAL
| Q1 26 | — | $2.14 | ||
| Q4 25 | $10.96 | $3.17 | ||
| Q3 25 | $8.24 | $2.90 | ||
| Q2 25 | $6.53 | $2.97 | ||
| Q1 25 | $1.70 | $1.16 | ||
| Q4 24 | $8.96 | $2.97 | ||
| Q3 24 | $5.42 | $2.90 | ||
| Q2 24 | $2.29 | $3.96 |
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 | — | $14.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $32.9B | $15.9B |
| 总资产 | $143.7B | $80.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资TRVUAL
| Q1 26 | — | $14.2B | ||
| Q4 25 | — | $12.2B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $15.6B | ||
| Q1 25 | — | $15.3B | ||
| Q4 24 | — | $14.5B | ||
| Q3 24 | — | $14.2B | ||
| Q2 24 | — | $15.2B |
总债务TRVUAL
| Q1 26 | — | — | ||
| Q4 25 | — | $20.6B | ||
| Q3 25 | — | $20.8B | ||
| Q2 25 | — | $20.9B | ||
| Q1 25 | — | $24.4B | ||
| Q4 24 | — | $25.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益TRVUAL
| Q1 26 | — | $15.9B | ||
| Q4 25 | $32.9B | $15.3B | ||
| Q3 25 | $31.6B | $14.3B | ||
| Q2 25 | $29.5B | $13.4B | ||
| Q1 25 | $28.2B | $12.6B | ||
| Q4 24 | $27.9B | $12.7B | ||
| Q3 24 | $27.7B | $11.4B | ||
| Q2 24 | $24.9B | $10.5B |
总资产TRVUAL
| Q1 26 | — | $80.9B | ||
| Q4 25 | $143.7B | $76.4B | ||
| Q3 25 | $143.7B | $76.3B | ||
| Q2 25 | $138.9B | $77.2B | ||
| Q1 25 | $136.0B | $76.1B | ||
| Q4 24 | $133.2B | $74.1B | ||
| Q3 24 | $134.6B | $72.6B | ||
| Q2 24 | $129.3B | $73.3B |
负债/权益比TRVUAL
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.56× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 1.99× | ||
| Q3 24 | — | — | ||
| Q2 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 | $2.7B | $4.8B |
| 自由现金流经营现金流 - 资本支出 | — | $2.0B |
| 自由现金流率自由现金流/营收 | — | 13.9% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 现金转化率经营现金流/净利润 | 1.08× | 6.87× |
| 过去12个月自由现金流最近4个季度 | — | $2.1B |
8季度趋势，按日历期对齐
经营现金流TRVUAL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $2.7B | $1.3B | ||
| Q3 25 | $4.2B | $1.2B | ||
| Q2 25 | $2.3B | $2.2B | ||
| Q1 25 | $1.4B | $3.7B | ||
| Q4 24 | $2.1B | $2.2B | ||
| Q3 24 | $3.9B | $1.5B | ||
| Q2 24 | $1.7B | $2.9B |
自由现金流TRVUAL
| Q1 26 | — | $2.0B | ||
| Q4 25 | — | $-604.0M | ||
| Q3 25 | — | $-246.0M | ||
| Q2 25 | — | $930.0M | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $549.0M | ||
| Q3 24 | — | $88.0M | ||
| Q2 24 | — | $1.7B |
自由现金流率TRVUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | — | -3.9% | ||
| Q3 25 | — | -1.6% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 18.7% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 11.4% |
资本支出强度TRVUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | — | 12.3% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 9.3% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 9.5% | ||
| Q2 24 | — | 7.8% |
现金转化率TRVUAL
| Q1 26 | — | 6.87× | ||
| Q4 25 | 1.08× | 1.23× | ||
| Q3 25 | 2.24× | 1.28× | ||
| Q2 25 | 1.55× | 2.28× | ||
| Q1 25 | 3.44× | 9.59× | ||
| Q4 24 | 0.99× | 2.26× | ||
| Q3 24 | 3.08× | 1.55× | ||
| Q2 24 | 3.14× | 2.17× |
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
TRV
| Business And International Insurance | $6.6B | 53% |
| Personal Insurance | $4.6B | 37% |
| Bond And Specialty Insurance | $1.2B | 9% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
