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Brown & Brown（BRO）与Cincinnati Financial（CINF）财务数据对比。点击上方公司名可切换其他公司
Cincinnati Financial的季度营收约是Brown & Brown的1.8倍（$2.8B vs $1.6B），Brown & Brown净利率更高（16.5% vs 9.6%，领先6.9%），Brown & Brown同比增速更快（35.8% vs -1.7%），过去两年Brown & Brown的营收复合增速更高（13.0% vs 5.2%）
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。
辛辛那提金融公司主营财产与意外伤害保险，通过旗下辛辛那提保险公司、辛辛那提赔偿公司及辛辛那提意外伤害保险公司运营核心业务。目前该公司在美国国内财险保费市场占比达1.01%，按市场份额计算位列美国第20大保险公司。
BRO vs CINF — 直观对比
营收规模更大
CINF
是对方的1.8倍
$1.6B
营收增速更快
BRO
高出37.6%
-1.7%
净利率更高
BRO
高出6.9%
9.6%
两年增速更快
BRO
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.8B |
| 净利润 | $265.0M | $274.0M |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 16.5% | 9.6% |
| 营收同比 | 35.8% | -1.7% |
| 净利润同比 | 26.8% | 404.4% |
| 每股收益（稀释后） | $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BROCINF
| Q1 26 | — | $2.8B | ||
| Q4 25 | $1.6B | $3.1B | ||
| Q3 25 | $1.6B | $3.7B | ||
| Q2 25 | $1.3B | $3.2B | ||
| Q1 25 | $1.4B | $2.6B | ||
| Q4 24 | $1.2B | $2.5B | ||
| Q3 24 | $1.2B | $3.3B | ||
| Q2 24 | $1.2B | $2.5B |
净利润BROCINF
| Q1 26 | — | $274.0M | ||
| Q4 25 | $265.0M | $676.0M | ||
| Q3 25 | $227.0M | $1.1B | ||
| Q2 25 | $231.0M | $685.0M | ||
| Q1 25 | $331.0M | $-90.0M | ||
| Q4 24 | $209.0M | $405.0M | ||
| Q3 24 | $234.0M | $820.0M | ||
| Q2 24 | $257.0M | $312.0M |
营业利润率BROCINF
| Q1 26 | — | — | ||
| Q4 25 | — | 27.2% | ||
| Q3 25 | — | 37.9% | ||
| Q2 25 | — | 26.3% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | 23.3% | 18.9% | ||
| Q3 24 | 26.7% | 31.3% | ||
| Q2 24 | 29.4% | 15.2% |
净利率BROCINF
| Q1 26 | — | 9.6% | ||
| Q4 25 | 16.5% | 21.9% | ||
| Q3 25 | 14.1% | 30.1% | ||
| Q2 25 | 18.0% | 21.1% | ||
| Q1 25 | 23.6% | -3.5% | ||
| Q4 24 | 17.7% | 16.0% | ||
| Q3 24 | 19.7% | 24.7% | ||
| Q2 24 | 21.8% | 12.3% |
每股收益（稀释后）BROCINF
| Q1 26 | — | — | ||
| Q4 25 | $0.55 | $4.29 | ||
| Q3 25 | $0.68 | $7.11 | ||
| Q2 25 | $0.78 | $4.34 | ||
| Q1 25 | $1.15 | $-0.57 | ||
| Q4 24 | $0.73 | $2.57 | ||
| Q3 24 | $0.81 | $5.20 | ||
| Q2 24 | $0.90 | $1.98 |
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 | $1.2B |
| 总债务越低越好 | $7.6B | $816.0M |
| 股东权益账面价值 | $12.6B | $15.7B |
| 总资产 | $30.0B | $41.2B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资BROCINF
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.1B | $148.0M | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $8.9B | $1.1B | ||
| Q1 25 | $669.0M | $1.1B | ||
| Q4 24 | $685.0M | $1.3B | ||
| Q3 24 | $968.0M | $1.8B | ||
| Q2 24 | $1.1B | $771.0M |
总债务BROCINF
| Q1 26 | — | $816.0M | ||
| Q4 25 | $7.6B | $861.0M | ||
| Q3 25 | $7.7B | $858.0M | ||
| Q2 25 | $7.5B | $859.0M | ||
| Q1 25 | $3.8B | $853.0M | ||
| Q4 24 | $3.8B | $850.0M | ||
| Q3 24 | $3.6B | $849.0M | ||
| Q2 24 | $4.1B | $849.0M |
股东权益BROCINF
| Q1 26 | — | $15.7B | ||
| Q4 25 | $12.6B | $15.9B | ||
| Q3 25 | $12.4B | $15.4B | ||
| Q2 25 | $11.6B | $14.3B | ||
| Q1 25 | $6.8B | $13.7B | ||
| Q4 24 | $6.4B | $13.9B | ||
| Q3 24 | $6.5B | $13.8B | ||
| Q2 24 | $6.0B | $12.8B |
总资产BROCINF
| Q1 26 | — | $41.2B | ||
| Q4 25 | $30.0B | $41.0B | ||
| Q3 25 | $29.4B | $40.6B | ||
| Q2 25 | $25.6B | $38.8B | ||
| Q1 25 | $16.8B | $37.3B | ||
| Q4 24 | $17.6B | $36.5B | ||
| Q3 24 | $17.5B | $37.0B | ||
| Q2 24 | $15.9B | $34.8B |
负债/权益比BROCINF
| Q1 26 | — | 0.05× | ||
| Q4 25 | 0.61× | 0.05× | ||
| Q3 25 | 0.62× | 0.06× | ||
| Q2 25 | 0.65× | 0.06× | ||
| Q1 25 | 0.56× | 0.06× | ||
| Q4 24 | 0.59× | 0.06× | ||
| Q3 24 | 0.55× | 0.06× | ||
| Q2 24 | 0.68× | 0.07× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $424.0M | — |
| 自由现金流率自由现金流/营收 | 26.4% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 现金转化率经营现金流/净利润 | 1.68× | — |
| 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BROCINF
| Q1 26 | — | — | ||
| Q4 25 | $444.0M | $947.0M | ||
| Q3 25 | $468.0M | $1.1B | ||
| Q2 25 | $325.0M | $741.0M | ||
| Q1 25 | $213.0M | $310.0M | ||
| Q4 24 | $361.0M | $642.0M | ||
| Q3 24 | $440.0M | $912.0M | ||
| Q2 24 | $360.0M | $742.0M |
自由现金流BROCINF
| Q1 26 | — | — | ||
| Q4 25 | $424.0M | $939.0M | ||
| Q3 25 | $452.0M | $1.1B | ||
| Q2 25 | $310.0M | $737.0M | ||
| Q1 25 | $196.0M | $307.0M | ||
| Q4 24 | $341.0M | $638.0M | ||
| Q3 24 | $417.0M | $906.0M | ||
| Q2 24 | $334.0M | $737.0M |
自由现金流率BROCINF
| Q1 26 | — | — | ||
| Q4 25 | 26.4% | 30.4% | ||
| Q3 25 | 28.1% | 29.8% | ||
| Q2 25 | 24.1% | 22.7% | ||
| Q1 25 | 14.0% | 12.0% | ||
| Q4 24 | 28.8% | 25.1% | ||
| Q3 24 | 35.2% | 27.3% | ||
| Q2 24 | 28.4% | 29.0% |
资本支出强度BROCINF
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 0.3% | ||
| Q3 25 | 1.0% | 0.1% | ||
| Q2 25 | 1.2% | 0.1% | ||
| Q1 25 | 1.2% | 0.1% | ||
| Q4 24 | 1.7% | 0.2% | ||
| Q3 24 | 1.9% | 0.2% | ||
| Q2 24 | 2.2% | 0.2% |
现金转化率BROCINF
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 1.40× | ||
| Q3 25 | 2.06× | 0.99× | ||
| Q2 25 | 1.41× | 1.08× | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | 1.59× | ||
| Q3 24 | 1.88× | 1.11× | ||
| Q2 24 | 1.40× | 2.38× |
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% |
CINF
| Property casualty | $2.6B | 93% |
| Life | $105.0M | 4% |
| Other | $92.0M | 3% |
| Fee revenues | $1.0M | 0% |
