vs
Brown & Brown（BRO）与戴德梁行（CWK）财务数据对比。点击上方公司名可切换其他公司
戴德梁行的季度营收约是Brown & Brown的1.8倍（$2.9B vs $1.6B），Brown & Brown净利率更高（16.5% vs -0.8%，领先17.3%），Brown & Brown同比增速更快（35.8% vs 10.8%），Brown & Brown自由现金流更多（$424.0M vs $234.3M），过去两年戴德梁行的营收复合增速更高（15.5% vs 13.0%）
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。
戴德梁行是全球化的商业地产及物业管理服务提供商，总部位于美国伊利诺伊州芝加哥，由联合创始人J·克莱兹代尔·库什曼和伯纳德·韦克菲尔德共同创立，在全球商业地产服务领域拥有广泛的业务布局与专业服务能力，为各类客户提供定制化的地产相关解决方案。
BRO vs CWK — 直观对比
营收规模更大
CWK
是对方的1.8倍
$1.6B
营收增速更快
BRO
高出25.0%
10.8%
净利率更高
BRO
高出17.3%
-0.8%
自由现金流更多
BRO
多$189.7M
$234.3M
两年增速更快
CWK
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.9B |
| 净利润 | $265.0M | $-22.4M |
| 毛利率 | — | — |
| 营业利润率 | — | 6.1% |
| 净利率 | 16.5% | -0.8% |
| 营收同比 | 35.8% | 10.8% |
| 净利润同比 | 26.8% | -119.8% |
| 每股收益（稀释后） | $0.55 | $-0.10 |
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BROCWK
| Q4 25 | $1.6B | $2.9B | ||
| Q3 25 | $1.6B | $2.6B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.2B | $2.6B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $1.2B | $2.3B | ||
| Q1 24 | $1.3B | $2.2B |
净利润BROCWK
| Q4 25 | $265.0M | $-22.4M | ||
| Q3 25 | $227.0M | $51.4M | ||
| Q2 25 | $231.0M | $57.3M | ||
| Q1 25 | $331.0M | $1.9M | ||
| Q4 24 | $209.0M | $112.9M | ||
| Q3 24 | $234.0M | $33.7M | ||
| Q2 24 | $257.0M | $13.5M | ||
| Q1 24 | $293.0M | $-28.8M |
营业利润率BROCWK
| Q4 25 | — | 6.1% | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | 23.3% | 6.6% | ||
| Q3 24 | 26.7% | 3.2% | ||
| Q2 24 | 29.4% | 3.1% | ||
| Q1 24 | 28.9% | 0.9% |
净利率BROCWK
| Q4 25 | 16.5% | -0.8% | ||
| Q3 25 | 14.1% | 2.0% | ||
| Q2 25 | 18.0% | 2.3% | ||
| Q1 25 | 23.6% | 0.1% | ||
| Q4 24 | 17.7% | 4.3% | ||
| Q3 24 | 19.7% | 1.4% | ||
| Q2 24 | 21.8% | 0.6% | ||
| Q1 24 | 23.3% | -1.3% |
每股收益（稀释后）BROCWK
| Q4 25 | $0.55 | $-0.10 | ||
| Q3 25 | $0.68 | $0.22 | ||
| Q2 25 | $0.78 | $0.25 | ||
| Q1 25 | $1.15 | $0.01 | ||
| Q4 24 | $0.73 | $0.49 | ||
| Q3 24 | $0.81 | $0.14 | ||
| Q2 24 | $0.90 | $0.06 | ||
| Q1 24 | $1.02 | $-0.13 |
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 | $784.2M |
| 总债务越低越好 | $7.6B | $2.7B |
| 股东权益账面价值 | $12.6B | $2.0B |
| 总资产 | $30.0B | $7.7B |
| 负债/权益比越低杠杆越低 | 0.61× | 1.40× |
8季度趋势，按日历期对齐
现金及短期投资BROCWK
| Q4 25 | $1.1B | $784.2M | ||
| Q3 25 | $1.2B | $634.4M | ||
| Q2 25 | $8.9B | $618.2M | ||
| Q1 25 | $669.0M | $623.2M | ||
| Q4 24 | $685.0M | $793.3M | ||
| Q3 24 | $968.0M | $775.4M | ||
| Q2 24 | $1.1B | $567.3M | ||
| Q1 24 | $591.0M | $553.5M |
总债务BROCWK
| Q4 25 | $7.6B | $2.7B | ||
| Q3 25 | $7.7B | $2.8B | ||
| Q2 25 | $7.5B | $3.0B | ||
| Q1 25 | $3.8B | $3.0B | ||
| Q4 24 | $3.8B | $3.0B | ||
| Q3 24 | $3.6B | $3.1B | ||
| Q2 24 | $4.1B | $3.1B | ||
| Q1 24 | $3.9B | $3.2B |
股东权益BROCWK
| Q4 25 | $12.6B | $2.0B | ||
| Q3 25 | $12.4B | $2.0B | ||
| Q2 25 | $11.6B | $1.9B | ||
| Q1 25 | $6.8B | $1.8B | ||
| Q4 24 | $6.4B | $1.8B | ||
| Q3 24 | $6.5B | $1.7B | ||
| Q2 24 | $6.0B | $1.6B | ||
| Q1 24 | $5.8B | $1.6B |
总资产BROCWK
| Q4 25 | $30.0B | $7.7B | ||
| Q3 25 | $29.4B | $7.7B | ||
| Q2 25 | $25.6B | $7.6B | ||
| Q1 25 | $16.8B | $7.4B | ||
| Q4 24 | $17.6B | $7.5B | ||
| Q3 24 | $17.5B | $7.5B | ||
| Q2 24 | $15.9B | $7.3B | ||
| Q1 24 | $14.8B | $7.5B |
负债/权益比BROCWK
| Q4 25 | 0.61× | 1.40× | ||
| Q3 25 | 0.62× | 1.45× | ||
| Q2 25 | 0.65× | 1.57× | ||
| Q1 25 | 0.56× | 1.70× | ||
| Q4 24 | 0.59× | 1.73× | ||
| Q3 24 | 0.55× | 1.81× | ||
| Q2 24 | 0.68× | 1.91× | ||
| Q1 24 | 0.67× | 1.96× |
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 | $257.3M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $234.3M |
| 自由现金流率自由现金流/营收 | 26.4% | 8.0% |
| 资本支出强度资本支出/营收 | 1.2% | 0.8% |
| 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 | $293.0M |
8季度趋势，按日历期对齐
经营现金流BROCWK
| Q4 25 | $444.0M | $257.3M | ||
| Q3 25 | $468.0M | $235.5M | ||
| Q2 25 | $325.0M | $9.6M | ||
| Q1 25 | $213.0M | $-162.0M | ||
| Q4 24 | $361.0M | $115.2M | ||
| Q3 24 | $440.0M | $196.1M | ||
| Q2 24 | $360.0M | $21.8M | ||
| Q1 24 | $13.0M | $-125.1M |
自由现金流BROCWK
| Q4 25 | $424.0M | $234.3M | ||
| Q3 25 | $452.0M | $225.0M | ||
| Q2 25 | $310.0M | $300.0K | ||
| Q1 25 | $196.0M | $-166.6M | ||
| Q4 24 | $341.0M | $105.9M | ||
| Q3 24 | $417.0M | $186.7M | ||
| Q2 24 | $334.0M | $10.0M | ||
| Q1 24 | $0 | $-135.6M |
自由现金流率BROCWK
| Q4 25 | 26.4% | 8.0% | ||
| Q3 25 | 28.1% | 8.6% | ||
| Q2 25 | 24.1% | 0.0% | ||
| Q1 25 | 14.0% | -7.3% | ||
| Q4 24 | 28.8% | 4.0% | ||
| Q3 24 | 35.2% | 8.0% | ||
| Q2 24 | 28.4% | 0.4% | ||
| Q1 24 | 0.0% | -6.2% |
资本支出强度BROCWK
| Q4 25 | 1.2% | 0.8% | ||
| Q3 25 | 1.0% | 0.4% | ||
| Q2 25 | 1.2% | 0.4% | ||
| Q1 25 | 1.2% | 0.2% | ||
| Q4 24 | 1.7% | 0.4% | ||
| Q3 24 | 1.9% | 0.4% | ||
| Q2 24 | 2.2% | 0.5% | ||
| Q1 24 | 1.0% | 0.5% |
现金转化率BROCWK
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | 4.58× | ||
| Q2 25 | 1.41× | 0.17× | ||
| Q1 25 | 0.64× | -85.26× | ||
| Q4 24 | 1.73× | 1.02× | ||
| Q3 24 | 1.88× | 5.82× | ||
| Q2 24 | 1.40× | 1.61× | ||
| 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% |
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
