Travelers Companies (The) (TRV)财务
NYSE · Financial Services · Insurance - Property & Casualty · 员工34,000人 · CEO Alan D. Schnitzer
- 股价
- $396.22 -0.51%
- 市值
- $812亿
- 企业价值
- $903亿
- 最近财报
- Q3 '26 2026-10-16提交
- 下次财报
- 2027-01-20 EPS预期 $9.88
营收(TTM)$489亿+1.1% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)21.6%+6.6 百分点 对比去年同期营业利润 $106亿
净利润(TTM)$83.3亿+41.8% 对比去年同期税后,含营业外收益
自由现金流(TTM)$107亿+6.9% 对比去年同期资本支出 $0
稀释EPS(TTM)$38.14+50.0% 对比去年同期最近4个季度之和
净现金$865亿-3.8% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $812亿 EV $903亿
- 营收
- $489亿 过去12个月
- 营收增速
- -10% FY2026年一致预期
- 净利润率
- 17.0% 净利润 / 营收,TTM
- P/E
- 10.2× 预期 10.8×(FY2026)
- P/S
- 1.7× 股价 / 营收,TTM
- EV / EBITDA
- 7.8× TTM
- 自由现金流
- $107亿 过去12个月
- 净利润
- $83.3亿 过去12个月
- 营收预期
- $440亿 FY2026年一致预期
- 盈利
- 2027-01-20 营收预期 $107亿
- 股息
- $4.70 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-16):营收超预期9.2%,EPS 超预期24.2%营收$124亿,预期$114亿(+9.2%);EPS $9.18,预期$7.39(+24.2%)。
- 营收增长放缓:同比-0.5%Q3 '26营收$124亿,此前四个季度的平均值为2.4%。
- 营业利润率21.6%(TTM),较去年同期+6.6 百分点营收增长1.1%,营业利润增长45.3%。
- 资本支出占营收的0.0%(去年为0.0%)最近4个季度投入$0(同比–)。自由现金流$107亿,相当于净利润的128.1%。
- 股东回报$72.3亿 = 自由现金流的67.7%回购$62.3亿(去年为$17.5亿),股息$10亿,股权激励-$1.54亿(TTM)。
- 稀释股数一年内减少7.4%Q3 '26稀释股数2.11亿,一年前为2.28亿。
- 净现金 $865亿现金 + 短期投资 $963亿,含租赁债务 $98.1亿;一年前净现金 $899亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $124亿 | $125亿 | -0.5% |
| 毛利率 | 32.8% | 32.3% | +0.5 百分点 |
| 营业利润 | $24.9亿 | $23.4亿 | +6.1% |
| 营业利润率 | 20.0% | 18.8% | +1.2 百分点 |
| 净利润 | $19.2亿 | $18.9亿 | +1.5% |
| 稀释EPS | $9.04 | $8.24 | +9.7% |
| 经营现金流 | $38.8亿 | $42.3亿 | -8.3% |
| 资本支出 | $0 | $0 | – |
| 自由现金流 | $38.8亿 | $42.3亿 | -8.3% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | -$1.25亿 | +100.0% |
实际 vs 一致预期
2026-10-16| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $124亿 | $114亿 | +9.2% |
| EPS(一致预期口径) | $9.18 | $7.39 | +24.2% |
来自2026-10-16发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Business Insurance | $68.4亿 | +2.8% | 55.0% | – | – | |
| Personal Insurance | $43.7亿 | -5.5% | 35.1% | $177亿 | -20.8% | |
| Bond & Specialty Insurance | $12.4亿 | +6.0% | 9.9% | $47.2亿 | -15.4% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $107亿
- 资本支出
- $0
- 股票回购
- -$62.3亿
- 股息
- -$10亿
- 收购
- $0
- 债务净发行
- $1.44亿
- 股权激励费用
- -$1.54亿
- 自由现金流
- $107亿
- 股东回报 / FCF
- 67.7%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 10.2× | 12.5× | 10.4× – 15.7× |
| EV / EBITDA | 7.8× | 9.5× | 8.0× – 11.5× |
| EV / 营收 | 1.8× | 1.4× | 1.2× – 1.5× |
| 股价 / FCF | 7.6× | 6.0× | 5.3× – 6.9× |
| 股价 / 净资产 | 2.8× | 1.8× | 1.3× – 2.1× |
| FCF收益率 | 13.1% | 16.7% | 14.5% – 18.7% |
| 投入资本回报率 | 18.3% | 9.5% | 6.9% – 12.1% |
| 净资产收益率 | 26.2% | 15.0% | 12.0% – 19.1% |
分析师
一致目标价 $356.18 (-10.1%)
区间 $290.00 – $430.00 · 评级 Hold
强烈买入1
买入10
持有29
卖出4
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $440亿 | -9.8% | $36.64 | +33.6% | 10.8× | 17 |
| FY2027 | $449亿 | +1.8% | $31.02 | -15.4% | 12.8× | 17 |
| FY2028 | $459亿 | +2.4% | $31.72 | +2.3% | 12.5× | 9 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
The Travelers Companies, Inc.在近期10-Q / 10-K文件中标记的全部296项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| $33.5亿2025-12-31 | – | – | – | – | – | |
| Accrued Income Taxes, Current | $3.09亿2025-12-31 | $3.01亿 | +2.7% | $3.09亿 | $3.01亿 | +2.7% |
| Accrued Investment Income Receivable | $8.6亿 | $7.76亿 | +10.8% | $8.77亿 | $7.52亿 | +16.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$70.6亿 | -$30.9亿 | -128.3% | -$25亿 | -$49.7亿 | +49.7% |
| Alternative Investment | $900万 | – | – | – | – | – |
| Amortization of Intangible Assets | – | – | – | $2000万 | $2100万 | -4.8% |
| Assets | $1420亿 | $1440亿 | -1.1% | $1440亿 | $1330亿 | +7.9% |
| Assets Held by Insurance Regulators | $40.4亿2025-12-31 | $39.6亿 | +2.0% | $40.4亿 | $39.6亿 | +2.0% |
| Assumed Premiums Earned | – | – | – | $21.1亿 | $21亿 | +0.7% |
| Assumed Premiums Written | – | – | – | $21.4亿 | $21.7亿 | -1.7% |
| Benefits, Losses and Expenses | $100亿 | $101亿 | -0.8% | $410亿 | $402亿 | +2.0% |
| Cash | $7.66亿 | $7.29亿 | +5.1% | $8.42亿 | $6.99亿 | +20.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $7.66亿 | $7.29亿 | +5.1% | $8.42亿 | $6.99亿 | +20.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.45亿 | $7000万 | +107.1% | $3.14亿 | $4900万 | +540.8% |
| Ceded Premiums Earned | – | – | – | $32.4亿 | $31.4亿 | +3.2% |
| Ceded Premiums Payable | $8.28亿 | $9.46亿 | -12.5% | $5.29亿 | $5.5亿 | -3.8% |
| Ceded Premiums Written | – | – | – | $33.4亿 | $31.9亿 | +4.7% |
| Commercial Paper | $1亿2025-12-31 | $1亿 | 0.0% | $1亿 | $1亿 | 0.0% |
| Common Stock, Dividends, Per Share, Declared | $1.25 | $1.10 | +13.6% | $2.832017-12-31 | $2.62 | +8.0% |
| Common Stock, Shares Authorized | 17.5亿 | 17.5亿 | 0.0% | 17.5亿 | 17.5亿 | 0.0% |
| Common Stock, Shares, Outstanding | 2.05亿 | 2.23亿 | -8.1% | 2.18亿 | 2.27亿 | -4.0% |
| Common Stock, Value, Outstanding | $263亿 | $258亿 | +1.9% | $259亿 | $255亿 | +1.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$24.8亿 | $28.8亿 | -186.1% | $87.6亿 | $45亿 | +94.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $11.7亿 | $12.5亿 | -6.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $8900万 | $7000万 | +27.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $12.8亿 | $13.4亿 | -4.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1700万 | $1400万 | +21.4% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.18亿2025-12-31 | $1.05亿 | +12.4% | $1.18亿 | $1.05亿 | +12.4% |
| Debt Securities, Available-for-sale | $894亿 | $911亿 | -1.9% | $898亿 | $837亿 | +7.4% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $2900万 | $8.83亿 | -96.7% | $9.68亿 | $2.23亿 | +334.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $80.8亿 | $33.6亿 | +140.1% | $28.5亿 | $48.3亿 | -41.0% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $200万 | $400万 | -50.0% | $300万 | $200万 | +50.0% |
| Debt Securities, Available-for-sale, Amortized Cost | $974亿 | $936亿 | +4.1% | $917亿 | $883亿 | +3.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $267亿2025-12-31 | $217亿 | +22.7% | $267亿 | $217亿 | +22.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $249亿2025-12-31 | $226亿 | +9.9% | $249亿 | $226亿 | +9.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $211亿2025-12-31 | $236亿 | -10.6% | $211亿 | $236亿 | -10.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $59亿2025-12-31 | $73.6亿 | -19.8% | $59亿 | $73.6亿 | -19.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $278亿 | $385亿 | -28.0% | $375亿 | $417亿 | -10.2% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $44.2亿 | $31.9亿 | +38.7% | $28亿 | $43.8亿 | -36.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $582亿 | $91.8亿 | +534.1% | $56.7亿 | $240亿 | -76.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $36.6亿 | $1.79亿 | +1,945.3% | $4800万 | $4.54亿 | -89.4% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $255亿2025-12-31 | $199亿 | +28.6% | $255亿 | $199亿 | +28.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $244亿2025-12-31 | $209亿 | +16.7% | $244亿 | $209亿 | +16.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $208亿2025-12-31 | $230亿 | -9.6% | $208亿 | $230亿 | -9.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $58.9亿2025-12-31 | $73.3亿 | -19.6% | $58.9亿 | $73.3亿 | -19.6% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | $786亿2025-12-31 | $754亿 | +4.3% | $786亿 | $754亿 | +4.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | $766亿2025-12-31 | $711亿 | +7.8% | $766亿 | $711亿 | +7.8% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | $131亿2025-12-31 | $129亿 | +1.6% | $131亿 | $129亿 | +1.6% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $132亿2025-12-31 | $126亿 | +5.0% | $132亿 | $126亿 | +5.0% |
| Debt Securities, Available-for-sale, Realized Gain | $0 | -$200万 | +100.0% | $100万 | $200万 | -50.0% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $860亿 | $477亿 | +80.2% | $431亿 | $657亿 | -34.3% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $80.8亿 | $33.6亿 | +140.1% | $28.5亿 | $48.3亿 | -41.0% |
| Debt, Current | $3亿2025-12-31 | $1亿 | +200.0% | $3亿 | $1亿 | +200.0% |
| Debt, Long-term and Short-term, Combined Amount | $98.1亿 | $92.7亿 | +5.9% | $92.7亿 | $80.3亿 | +15.4% |
| Deferred Federal Income Tax Expense (Benefit) | -$5900万 | $3.2亿 | -118.4% | $2.1亿 | -$1.52亿 | +238.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $2100万 | -$300万 | +800.0% |
| Deferred Income Tax Assets, Net | $22.7亿 | $10.4亿 | +119.1% | $8.87亿 | $17.6亿 | -49.7% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $2.31亿 | -$1.55亿 | +249.0% |
| Deferred Policy Acquisition Cost | $37.6亿 | $36.9亿 | +2.0% | $35.2亿 | $34.9亿 | +0.7% |
| Deferred Policy Acquisition Costs, Amortization Expense | $18.6亿 | $18.5亿 | +0.4% | $72.7亿 | $69.7亿 | +4.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01