vs
Brown & Brown（BRO）与CHECK POINT SOFTWARE TECHNOLOGIES LTD（CHKP）财务数据对比。点击上方公司名可切换其他公司
CHECK POINT SOFTWARE TECHNOLOGIES LTD的季度营收约是Brown & Brown的1.2倍（$2.0B vs $1.6B），CHECK POINT SOFTWARE TECHNOLOGIES LTD净利率更高（38.0% vs 16.5%，领先21.5%），CHECK POINT SOFTWARE TECHNOLOGIES LTD自由现金流更多（$895.5M vs $424.0M）
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。
Check Point软件技术有限公司是以色列知名网络安全企业，业务覆盖全球60余个国家，总部位于以色列特拉维夫，在美国加利福尼亚州红木城设有重要运营据点。公司为全球超过10万家机构提供安全防护，旗下拥有专业安全研究团队，同时是世界经济论坛的合作伙伴。
BRO vs CHKP — 直观对比
营收规模更大
CHKP
是对方的1.2倍
$1.6B
净利率更高
CHKP
高出21.5%
16.5%
自由现金流更多
CHKP
多$471.5M
$424.0M
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.0B |
| 净利润 | $265.0M | $752.4M |
| 毛利率 | — | 86.7% |
| 营业利润率 | — | 30.2% |
| 净利率 | 16.5% | 38.0% |
| 营收同比 | 35.8% | — |
| 净利润同比 | 26.8% | — |
| 每股收益（稀释后） | $0.55 | $6.81 |
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BROCHKP
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.6B | $2.0B | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.3B | — |
净利润BROCHKP
| Q4 25 | $265.0M | — | ||
| Q3 25 | $227.0M | $752.4M | ||
| Q2 25 | $231.0M | — | ||
| Q1 25 | $331.0M | — | ||
| Q4 24 | $209.0M | — | ||
| Q3 24 | $234.0M | — | ||
| Q2 24 | $257.0M | — | ||
| Q1 24 | $293.0M | — |
毛利率BROCHKP
| Q4 25 | — | — | ||
| Q3 25 | — | 86.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率BROCHKP
| Q4 25 | — | — | ||
| Q3 25 | — | 30.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 23.3% | — | ||
| Q3 24 | 26.7% | — | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 28.9% | — |
净利率BROCHKP
| Q4 25 | 16.5% | — | ||
| Q3 25 | 14.1% | 38.0% | ||
| Q2 25 | 18.0% | — | ||
| Q1 25 | 23.6% | — | ||
| Q4 24 | 17.7% | — | ||
| Q3 24 | 19.7% | — | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 23.3% | — |
每股收益（稀释后）BROCHKP
| Q4 25 | $0.55 | — | ||
| Q3 25 | $0.68 | $6.81 | ||
| Q2 25 | $0.78 | — | ||
| Q1 25 | $1.15 | — | ||
| Q4 24 | $0.73 | — | ||
| Q3 24 | $0.81 | — | ||
| Q2 24 | $0.90 | — | ||
| Q1 24 | $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 | $1.1B | $619.9M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $3.1B |
| 总资产 | $30.0B | $5.7B |
| 负债/权益比越低杠杆越低 | 0.61× | — |
8季度趋势，按日历期对齐
现金及短期投资BROCHKP
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.2B | $619.9M | ||
| Q2 25 | $8.9B | — | ||
| Q1 25 | $669.0M | — | ||
| Q4 24 | $685.0M | — | ||
| Q3 24 | $968.0M | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $591.0M | — |
总债务BROCHKP
| Q4 25 | $7.6B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $3.9B | — |
股东权益BROCHKP
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.4B | $3.1B | ||
| Q2 25 | $11.6B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.5B | — | ||
| Q2 24 | $6.0B | — | ||
| Q1 24 | $5.8B | — |
总资产BROCHKP
| Q4 25 | $30.0B | — | ||
| Q3 25 | $29.4B | $5.7B | ||
| Q2 25 | $25.6B | — | ||
| Q1 25 | $16.8B | — | ||
| Q4 24 | $17.6B | — | ||
| Q3 24 | $17.5B | — | ||
| Q2 24 | $15.9B | — | ||
| Q1 24 | $14.8B | — |
负债/权益比BROCHKP
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.68× | — | ||
| Q1 24 | 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 | $444.0M | $914.9M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $895.5M |
| 自由现金流率自由现金流/营收 | 26.4% | 45.2% |
| 资本支出强度资本支出/营收 | 1.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.68× | 1.22× |
| 过去12个月自由现金流最近4个季度 | $1.4B | — |
8季度趋势，按日历期对齐
经营现金流BROCHKP
| Q4 25 | $444.0M | — | ||
| Q3 25 | $468.0M | $914.9M | ||
| Q2 25 | $325.0M | — | ||
| Q1 25 | $213.0M | — | ||
| Q4 24 | $361.0M | — | ||
| Q3 24 | $440.0M | — | ||
| Q2 24 | $360.0M | — | ||
| Q1 24 | $13.0M | — |
自由现金流BROCHKP
| Q4 25 | $424.0M | — | ||
| Q3 25 | $452.0M | $895.5M | ||
| Q2 25 | $310.0M | — | ||
| Q1 25 | $196.0M | — | ||
| Q4 24 | $341.0M | — | ||
| Q3 24 | $417.0M | — | ||
| Q2 24 | $334.0M | — | ||
| Q1 24 | $0 | — |
自由现金流率BROCHKP
| Q4 25 | 26.4% | — | ||
| Q3 25 | 28.1% | 45.2% | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 14.0% | — | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 35.2% | — | ||
| Q2 24 | 28.4% | — | ||
| Q1 24 | 0.0% | — |
资本支出强度BROCHKP
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.0% | 1.0% | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 1.0% | — |
现金转化率BROCHKP
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | 1.22× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | 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
BRO
| US | $1.4B | 87% |
| GB | $147.0M | 9% |
| Profit Sharing Contingent Commission Revenue | $33.0M | 2% |
| Other Supplemental Commissions Revenue | $25.0M | 2% |
CHKP
| Security subscriptions | $812.0M | 41% |
| Software updates and maintenance | $712.0M | 36% |
| Products and licenses | $337.3M | 17% |
| Other | $119.2M | 6% |
