vs
American Water Works（AWK）与Brown & Brown（BRO）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是American Water Works的1.3倍（$1.6B vs $1.3B），American Water Works净利率更高（18.7% vs 16.5%，领先2.2%），Brown & Brown同比增速更快（35.8% vs 5.8%），Brown & Brown自由现金流更多（$424.0M vs $-385.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 12.6%）
American Water Works通过旗下子公司在美国境内提供专业供水与污水处理服务，业务覆盖14个州的约1700个社区，服务约340万活跃用户，客户群体涵盖住宅用户、食品饮料供应商、商业地产开发商与运营商、能源供应商等商业客户、消防服务及工业类客户等。
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。
AWK vs BRO — 直观对比
营收规模更大
BRO
是对方的1.3倍
$1.3B
营收增速更快
BRO
高出30.0%
5.8%
净利率更高
AWK
高出2.2%
16.5%
自由现金流更多
BRO
多$809.0M
$-385.0M
两年增速更快
BRO
近两年复合增速
12.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.6B |
| 净利润 | $238.0M | $265.0M |
| 毛利率 | — | — |
| 营业利润率 | 31.9% | — |
| 净利率 | 18.7% | 16.5% |
| 营收同比 | 5.8% | 35.8% |
| 净利润同比 | -0.4% | 26.8% |
| 每股收益（稀释后） | $1.22 | $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AWKBRO
| Q4 25 | $1.3B | $1.6B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.0B | $1.3B |
净利润AWKBRO
| Q4 25 | $238.0M | $265.0M | ||
| Q3 25 | $379.0M | $227.0M | ||
| Q2 25 | $289.0M | $231.0M | ||
| Q1 25 | $205.0M | $331.0M | ||
| Q4 24 | $239.0M | $209.0M | ||
| Q3 24 | $350.0M | $234.0M | ||
| Q2 24 | $277.0M | $257.0M | ||
| Q1 24 | $185.0M | $293.0M |
营业利润率AWKBRO
| Q4 25 | 31.9% | — | ||
| Q3 25 | 42.2% | — | ||
| Q2 25 | 38.4% | — | ||
| Q1 25 | 32.7% | — | ||
| Q4 24 | 33.3% | 23.3% | ||
| Q3 24 | 40.9% | 26.7% | ||
| Q2 24 | 39.4% | 29.4% | ||
| Q1 24 | 32.5% | 28.9% |
净利率AWKBRO
| Q4 25 | 18.7% | 16.5% | ||
| Q3 25 | 26.1% | 14.1% | ||
| Q2 25 | 22.7% | 18.0% | ||
| Q1 25 | 18.1% | 23.6% | ||
| Q4 24 | 19.9% | 17.7% | ||
| Q3 24 | 26.4% | 19.7% | ||
| Q2 24 | 24.3% | 21.8% | ||
| Q1 24 | 18.4% | 23.3% |
每股收益（稀释后）AWKBRO
| Q4 25 | $1.22 | $0.55 | ||
| Q3 25 | $1.94 | $0.68 | ||
| Q2 25 | $1.48 | $0.78 | ||
| Q1 25 | $1.05 | $1.15 | ||
| Q4 24 | $1.22 | $0.73 | ||
| Q3 24 | $1.80 | $0.81 | ||
| Q2 24 | $1.42 | $0.90 | ||
| Q1 24 | $0.95 | $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 | $98.0M | $1.1B |
| 总债务越低越好 | $12.8B | $7.6B |
| 股东权益账面价值 | $10.8B | $12.6B |
| 总资产 | $35.4B | $30.0B |
| 负债/权益比越低杠杆越低 | 1.18× | 0.61× |
8季度趋势，按日历期对齐
现金及短期投资AWKBRO
| Q4 25 | $98.0M | $1.1B | ||
| Q3 25 | $166.0M | $1.2B | ||
| Q2 25 | $94.0M | $8.9B | ||
| Q1 25 | $114.0M | $669.0M | ||
| Q4 24 | $96.0M | $685.0M | ||
| Q3 24 | $127.0M | $968.0M | ||
| Q2 24 | $48.0M | $1.1B | ||
| Q1 24 | $584.0M | $591.0M |
总债务AWKBRO
| Q4 25 | $12.8B | $7.6B | ||
| Q3 25 | $13.0B | $7.7B | ||
| Q2 25 | $12.3B | $7.5B | ||
| Q1 25 | $13.3B | $3.8B | ||
| Q4 24 | $12.5B | $3.8B | ||
| Q3 24 | $12.6B | $3.6B | ||
| Q2 24 | $12.6B | $4.1B | ||
| Q1 24 | $12.6B | $3.9B |
股东权益AWKBRO
| Q4 25 | $10.8B | $12.6B | ||
| Q3 25 | $10.9B | $12.4B | ||
| Q2 25 | $10.7B | $11.6B | ||
| Q1 25 | $10.5B | $6.8B | ||
| Q4 24 | $10.3B | $6.4B | ||
| Q3 24 | $10.4B | $6.5B | ||
| Q2 24 | $10.2B | $6.0B | ||
| Q1 24 | $10.0B | $5.8B |
总资产AWKBRO
| Q4 25 | $35.4B | $30.0B | ||
| Q3 25 | $34.7B | $29.4B | ||
| Q2 25 | $33.9B | $25.6B | ||
| Q1 25 | $33.2B | $16.8B | ||
| Q4 24 | $32.8B | $17.6B | ||
| Q3 24 | $31.8B | $17.5B | ||
| Q2 24 | $31.2B | $15.9B | ||
| Q1 24 | $31.1B | $14.8B |
负债/权益比AWKBRO
| Q4 25 | 1.18× | 0.61× | ||
| Q3 25 | 1.19× | 0.62× | ||
| Q2 25 | 1.15× | 0.65× | ||
| Q1 25 | 1.26× | 0.56× | ||
| Q4 24 | 1.21× | 0.59× | ||
| Q3 24 | 1.21× | 0.55× | ||
| Q2 24 | 1.24× | 0.68× | ||
| Q1 24 | 1.26× | 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 | $663.0M | $444.0M |
| 自由现金流经营现金流 - 资本支出 | $-385.0M | $424.0M |
| 自由现金流率自由现金流/营收 | -30.3% | 26.4% |
| 资本支出强度资本支出/营收 | 82.5% | 1.2% |
| 现金转化率经营现金流/净利润 | 2.79× | 1.68× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $1.4B |
8季度趋势，按日历期对齐
经营现金流AWKBRO
| Q4 25 | $663.0M | $444.0M | ||
| Q3 25 | $764.0M | $468.0M | ||
| Q2 25 | $301.0M | $325.0M | ||
| Q1 25 | $331.0M | $213.0M | ||
| Q4 24 | $639.0M | $361.0M | ||
| Q3 24 | $679.0M | $440.0M | ||
| Q2 24 | $345.0M | $360.0M | ||
| Q1 24 | $382.0M | $13.0M |
自由现金流AWKBRO
| Q4 25 | $-385.0M | $424.0M | ||
| Q3 25 | $-33.0M | $452.0M | ||
| Q2 25 | $-432.0M | $310.0M | ||
| Q1 25 | $-217.0M | $196.0M | ||
| Q4 24 | $-255.0M | $341.0M | ||
| Q3 24 | $-4.0M | $417.0M | ||
| Q2 24 | $-325.0M | $334.0M | ||
| Q1 24 | $-227.0M | $0 |
自由现金流率AWKBRO
| Q4 25 | -30.3% | 26.4% | ||
| Q3 25 | -2.3% | 28.1% | ||
| Q2 25 | -34.0% | 24.1% | ||
| Q1 25 | -19.1% | 14.0% | ||
| Q4 24 | -21.2% | 28.8% | ||
| Q3 24 | -0.3% | 35.2% | ||
| Q2 24 | -28.5% | 28.4% | ||
| Q1 24 | -22.6% | 0.0% |
资本支出强度AWKBRO
| Q4 25 | 82.5% | 1.2% | ||
| Q3 25 | 54.8% | 1.0% | ||
| Q2 25 | 57.6% | 1.2% | ||
| Q1 25 | 48.3% | 1.2% | ||
| Q4 24 | 74.4% | 1.7% | ||
| Q3 24 | 51.4% | 1.9% | ||
| Q2 24 | 58.8% | 2.2% | ||
| Q1 24 | 60.7% | 1.0% |
现金转化率AWKBRO
| Q4 25 | 2.79× | 1.68× | ||
| Q3 25 | 2.02× | 2.06× | ||
| Q2 25 | 1.04× | 1.41× | ||
| Q1 25 | 1.61× | 0.64× | ||
| Q4 24 | 2.67× | 1.73× | ||
| Q3 24 | 1.94× | 1.88× | ||
| Q2 24 | 1.25× | 1.40× | ||
| Q1 24 | 2.06× | 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
AWK
| Water Services | $1.0B | 81% |
| Other | $127.0M | 10% |
| Wastewater Services | $101.0M | 8% |
| Miscellaneous Utility Charge | $11.0M | 1% |
BRO
| US | $1.4B | 87% |
| GB | $147.0M | 9% |
| Profit Sharing Contingent Commission Revenue | $33.0M | 2% |
| Other Supplemental Commissions Revenue | $25.0M | 2% |
