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Avantor, Inc.（AVTR）与Brown & Brown（BRO）财务数据对比。点击上方公司名可切换其他公司
Avantor, Inc.的季度营收约是Brown & Brown的1.0倍（$1.7B vs $1.6B），Brown & Brown净利率更高（16.5% vs 3.1%，领先13.3%），Brown & Brown同比增速更快（35.8% vs -1.4%），Brown & Brown自由现金流更多（$424.0M vs $117.2M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -0.5%）
Avantor是一家总部位于美国宾夕法尼亚州拉德诺的生物技术、化工及制药领域企业，前身为1904年成立的J.T. Baker，2010年正式更名，2019年在纽约证券交易所挂牌上市，股票代码为AVTR，为全球生命科学、医疗健康等行业客户提供核心产品与服务。
Brown & Brown是总部位于美国佛罗里达州代托纳比奇的保险经纪公司，是美国规模最大的独立保险中介机构之一，面向企业、政府机构、专业组织、行业协会及个人客户提供风险管理解决方案、保险产品及相关服务。
AVTR vs BRO — 直观对比
营收规模更大
AVTR
是对方的1.0倍
$1.6B
营收增速更快
BRO
高出37.2%
-1.4%
净利率更高
BRO
高出13.3%
3.1%
自由现金流更多
BRO
多$306.8M
$117.2M
两年增速更快
BRO
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.6B |
| 净利润 | $52.4M | $265.0M |
| 毛利率 | 31.5% | — |
| 营业利润率 | 7.6% | — |
| 净利率 | 3.1% | 16.5% |
| 营收同比 | -1.4% | 35.8% |
| 净利润同比 | -89.5% | 26.8% |
| 每股收益（稀释后） | $0.08 | $0.55 |
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AVTRBRO
| Q4 25 | $1.7B | $1.6B | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.7B | $1.3B |
净利润AVTRBRO
| Q4 25 | $52.4M | $265.0M | ||
| Q3 25 | $-711.8M | $227.0M | ||
| Q2 25 | $64.7M | $231.0M | ||
| Q1 25 | $64.5M | $331.0M | ||
| Q4 24 | $500.4M | $209.0M | ||
| Q3 24 | $57.8M | $234.0M | ||
| Q2 24 | $92.9M | $257.0M | ||
| Q1 24 | $60.4M | $293.0M |
毛利率AVTRBRO
| Q4 25 | 31.5% | — | ||
| Q3 25 | 32.4% | — | ||
| Q2 25 | 32.9% | — | ||
| Q1 25 | 33.8% | — | ||
| Q4 24 | 33.4% | — | ||
| Q3 24 | 32.9% | — | ||
| Q2 24 | 34.1% | — | ||
| Q1 24 | 34.0% | — |
营业利润率AVTRBRO
| Q4 25 | 7.6% | — | ||
| Q3 25 | -40.0% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 9.3% | — | ||
| Q4 24 | 37.8% | 23.3% | ||
| Q3 24 | 7.3% | 26.7% | ||
| Q2 24 | 10.3% | 29.4% | ||
| Q1 24 | 8.7% | 28.9% |
净利率AVTRBRO
| Q4 25 | 3.1% | 16.5% | ||
| Q3 25 | -43.8% | 14.1% | ||
| Q2 25 | 3.8% | 18.0% | ||
| Q1 25 | 4.1% | 23.6% | ||
| Q4 24 | 29.7% | 17.7% | ||
| Q3 24 | 3.4% | 19.7% | ||
| Q2 24 | 5.5% | 21.8% | ||
| Q1 24 | 3.6% | 23.3% |
每股收益（稀释后）AVTRBRO
| Q4 25 | $0.08 | $0.55 | ||
| Q3 25 | $-1.04 | $0.68 | ||
| Q2 25 | $0.09 | $0.78 | ||
| Q1 25 | $0.09 | $1.15 | ||
| Q4 24 | $0.73 | $0.73 | ||
| Q3 24 | $0.08 | $0.81 | ||
| Q2 24 | $0.14 | $0.90 | ||
| Q1 24 | $0.09 | $1.02 |
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 | $365.4M | $1.1B |
| 总债务越低越好 | $3.9B | $7.6B |
| 股东权益账面价值 | $5.6B | $12.6B |
| 总资产 | $11.8B | $30.0B |
| 负债/权益比越低杠杆越低 | 0.71× | 0.61× |
8季度趋势，按日历期对齐
现金及短期投资AVTRBRO
| Q4 25 | $365.4M | $1.1B | ||
| Q3 25 | $251.9M | $1.2B | ||
| Q2 25 | $449.4M | $8.9B | ||
| Q1 25 | $315.7M | $669.0M | ||
| Q4 24 | $261.9M | $685.0M | ||
| Q3 24 | $285.3M | $968.0M | ||
| Q2 24 | $272.6M | $1.1B | ||
| Q1 24 | $234.9M | $591.0M |
总债务AVTRBRO
| Q4 25 | $3.9B | $7.6B | ||
| Q3 25 | $3.9B | $7.7B | ||
| Q2 25 | $4.2B | $7.5B | ||
| Q1 25 | $4.1B | $3.8B | ||
| Q4 24 | $4.1B | $3.8B | ||
| Q3 24 | $4.9B | $3.6B | ||
| Q2 24 | $5.1B | $4.1B | ||
| Q1 24 | $5.3B | $3.9B |
股东权益AVTRBRO
| Q4 25 | $5.6B | $12.6B | ||
| Q3 25 | $5.6B | $12.4B | ||
| Q2 25 | $6.3B | $11.6B | ||
| Q1 25 | $6.1B | $6.8B | ||
| Q4 24 | $6.0B | $6.4B | ||
| Q3 24 | $5.6B | $6.5B | ||
| Q2 24 | $5.4B | $6.0B | ||
| Q1 24 | $5.3B | $5.8B |
总资产AVTRBRO
| Q4 25 | $11.8B | $30.0B | ||
| Q3 25 | $11.7B | $29.4B | ||
| Q2 25 | $12.8B | $25.6B | ||
| Q1 25 | $12.3B | $16.8B | ||
| Q4 24 | $12.1B | $17.6B | ||
| Q3 24 | $12.8B | $17.5B | ||
| Q2 24 | $12.7B | $15.9B | ||
| Q1 24 | $12.8B | $14.8B |
负债/权益比AVTRBRO
| Q4 25 | 0.71× | 0.61× | ||
| Q3 25 | 0.69× | 0.62× | ||
| Q2 25 | 0.67× | 0.65× | ||
| Q1 25 | 0.67× | 0.56× | ||
| Q4 24 | 0.68× | 0.59× | ||
| Q3 24 | 0.89× | 0.55× | ||
| Q2 24 | 0.94× | 0.68× | ||
| Q1 24 | 1.00× | 0.67× |
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 | $152.7M | $444.0M |
| 自由现金流经营现金流 - 资本支出 | $117.2M | $424.0M |
| 自由现金流率自由现金流/营收 | 7.0% | 26.4% |
| 资本支出强度资本支出/营收 | 2.1% | 1.2% |
| 现金转化率经营现金流/净利润 | 2.91× | 1.68× |
| 过去12个月自由现金流最近4个季度 | $495.0M | $1.4B |
8季度趋势，按日历期对齐
经营现金流AVTRBRO
| Q4 25 | $152.7M | $444.0M | ||
| Q3 25 | $207.4M | $468.0M | ||
| Q2 25 | $154.4M | $325.0M | ||
| Q1 25 | $109.3M | $213.0M | ||
| Q4 24 | $173.3M | $361.0M | ||
| Q3 24 | $244.8M | $440.0M | ||
| Q2 24 | $281.1M | $360.0M | ||
| Q1 24 | $141.6M | $13.0M |
自由现金流AVTRBRO
| Q4 25 | $117.2M | $424.0M | ||
| Q3 25 | $171.7M | $452.0M | ||
| Q2 25 | $124.8M | $310.0M | ||
| Q1 25 | $81.3M | $196.0M | ||
| Q4 24 | $145.8M | $341.0M | ||
| Q3 24 | $204.0M | $417.0M | ||
| Q2 24 | $235.3M | $334.0M | ||
| Q1 24 | $106.9M | $0 |
自由现金流率AVTRBRO
| Q4 25 | 7.0% | 26.4% | ||
| Q3 25 | 10.6% | 28.1% | ||
| Q2 25 | 7.4% | 24.1% | ||
| Q1 25 | 5.1% | 14.0% | ||
| Q4 24 | 8.6% | 28.8% | ||
| Q3 24 | 11.9% | 35.2% | ||
| Q2 24 | 13.8% | 28.4% | ||
| Q1 24 | 6.4% | 0.0% |
资本支出强度AVTRBRO
| Q4 25 | 2.1% | 1.2% | ||
| Q3 25 | 2.2% | 1.0% | ||
| Q2 25 | 1.8% | 1.2% | ||
| Q1 25 | 1.8% | 1.2% | ||
| Q4 24 | 1.6% | 1.7% | ||
| Q3 24 | 2.4% | 1.9% | ||
| Q2 24 | 2.7% | 2.2% | ||
| Q1 24 | 2.1% | 1.0% |
现金转化率AVTRBRO
| Q4 25 | 2.91× | 1.68× | ||
| Q3 25 | — | 2.06× | ||
| Q2 25 | 2.39× | 1.41× | ||
| Q1 25 | 1.69× | 0.64× | ||
| Q4 24 | 0.35× | 1.73× | ||
| Q3 24 | 4.24× | 1.88× | ||
| Q2 24 | 3.03× | 1.40× | ||
| Q1 24 | 2.34× | 0.04× |
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
AVTR
| Laboratory Solutions Segment | $1.1B | 67% |
| Bioscience Production Segment | $547.5M | 33% |
BRO
| US | $1.4B | 87% |
| GB | $147.0M | 9% |
| Profit Sharing Contingent Commission Revenue | $33.0M | 2% |
| Other Supplemental Commissions Revenue | $25.0M | 2% |
