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Brown & Brown（BRO）与DILLARD'S, INC.（DDS）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DILLARD'S, INC.的1.1倍（$1.6B vs $1.5B），Brown & Brown净利率更高（16.5% vs 8.8%，领先7.7%），Brown & Brown同比增速更快（35.8% vs 2.9%），Brown & Brown自由现金流更多（$424.0M vs $156.2M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -16.9%）
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。
Dillard's, Inc.是美国知名连锁百货企业，1938年由威廉·T·迪拉德创立，总部位于阿肯色州小石城，目前在全美30个州运营约272家门店，其中得克萨斯州、佛罗里达州分别设有57家、42家门店，为其门店数量最多的两个区域。
BRO vs DDS — 直观对比
营收规模更大
BRO
是对方的1.1倍
$1.5B
营收增速更快
BRO
高出32.9%
2.9%
净利率更高
BRO
高出7.7%
8.8%
自由现金流更多
BRO
多$267.8M
$156.2M
两年增速更快
BRO
近两年复合增速
-16.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.5B |
| 净利润 | $265.0M | $129.8M |
| 毛利率 | — | 43.4% |
| 营业利润率 | — | 11.5% |
| 净利率 | 16.5% | 8.8% |
| 营收同比 | 35.8% | 2.9% |
| 净利润同比 | 26.8% | 4.2% |
| 每股收益（稀释后） | $0.55 | $8.31 |
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BRODDS
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.4B | $2.0B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.2B | $1.5B | ||
| Q1 24 | $1.3B | $2.1B |
净利润BRODDS
| Q4 25 | $265.0M | $129.8M | ||
| Q3 25 | $227.0M | $72.8M | ||
| Q2 25 | $231.0M | $163.8M | ||
| Q1 25 | $331.0M | $214.4M | ||
| Q4 24 | $209.0M | $124.6M | ||
| Q3 24 | $234.0M | $74.5M | ||
| Q2 24 | $257.0M | $180.0M | ||
| Q1 24 | $293.0M | $250.5M |
毛利率BRODDS
| Q4 25 | — | 43.4% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 43.9% | ||
| Q1 25 | — | 34.9% | ||
| Q4 24 | — | 42.6% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 44.6% | ||
| Q1 24 | — | 36.6% |
营业利润率BRODDS
| Q4 25 | — | 11.5% | ||
| Q3 25 | — | 6.2% | ||
| Q2 25 | — | 14.0% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | 23.3% | 11.4% | ||
| Q3 24 | 26.7% | 6.5% | ||
| Q2 24 | 29.4% | 15.2% | ||
| Q1 24 | 28.9% | 13.3% |
净利率BRODDS
| Q4 25 | 16.5% | 8.8% | ||
| Q3 25 | 14.1% | 4.8% | ||
| Q2 25 | 18.0% | 10.7% | ||
| Q1 25 | 23.6% | 10.6% | ||
| Q4 24 | 17.7% | 8.7% | ||
| Q3 24 | 19.7% | 5.0% | ||
| Q2 24 | 21.8% | 11.6% | ||
| Q1 24 | 23.3% | 11.8% |
每股收益（稀释后）BRODDS
| Q4 25 | $0.55 | $8.31 | ||
| Q3 25 | $0.68 | $4.66 | ||
| Q2 25 | $0.78 | $10.39 | ||
| Q1 25 | $1.15 | $13.41 | ||
| Q4 24 | $0.73 | $7.73 | ||
| Q3 24 | $0.81 | $4.59 | ||
| Q2 24 | $0.90 | $11.09 | ||
| Q1 24 | $1.02 | $15.41 |
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 | $1.1B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $2.0B |
| 总资产 | $30.0B | $4.3B |
| 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BRODDS
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $8.9B | $900.5M | ||
| Q1 25 | $669.0M | $717.9M | ||
| Q4 24 | $685.0M | $980.4M | ||
| Q3 24 | $968.0M | $946.7M | ||
| Q2 24 | $1.1B | $817.8M | ||
| Q1 24 | $591.0M | $808.3M |
总债务BRODDS
| 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BRODDS
| Q4 25 | $12.6B | $2.0B | ||
| Q3 25 | $12.4B | $1.9B | ||
| Q2 25 | $11.6B | $1.9B | ||
| Q1 25 | $6.8B | $1.8B | ||
| Q4 24 | $6.4B | $2.0B | ||
| Q3 24 | $6.5B | $1.9B | ||
| Q2 24 | $6.0B | $1.9B | ||
| Q1 24 | $5.8B | $1.7B |
总资产BRODDS
| Q4 25 | $30.0B | $4.3B | ||
| Q3 25 | $29.4B | $3.7B | ||
| Q2 25 | $25.6B | $3.9B | ||
| Q1 25 | $16.8B | $3.5B | ||
| Q4 24 | $17.6B | $4.1B | ||
| Q3 24 | $17.5B | $3.7B | ||
| Q2 24 | $15.9B | $3.9B | ||
| Q1 24 | $14.8B | $3.4B |
负债/权益比BRODDS
| 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 | $186.5M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $156.2M |
| 自由现金流率自由现金流/营收 | 26.4% | 10.6% |
| 资本支出强度资本支出/营收 | 1.2% | 2.1% |
| 现金转化率经营现金流/净利润 | 1.68× | 1.44× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $781.3M |
8季度趋势，按日历期对齐
经营现金流BRODDS
| Q4 25 | $444.0M | $186.5M | ||
| Q3 25 | $468.0M | $86.8M | ||
| Q2 25 | $325.0M | $232.6M | ||
| Q1 25 | $213.0M | $364.7M | ||
| Q4 24 | $361.0M | $173.5M | ||
| Q3 24 | $440.0M | $-68.4M | ||
| Q2 24 | $360.0M | $244.4M | ||
| Q1 24 | $13.0M | $436.5M |
自由现金流BRODDS
| Q4 25 | $424.0M | $156.2M | ||
| Q3 25 | $452.0M | $60.1M | ||
| Q2 25 | $310.0M | $215.8M | ||
| Q1 25 | $196.0M | $349.3M | ||
| Q4 24 | $341.0M | $145.4M | ||
| Q3 24 | $417.0M | $-94.3M | ||
| Q2 24 | $334.0M | $209.2M | ||
| Q1 24 | $0 | $408.2M |
自由现金流率BRODDS
| Q4 25 | 26.4% | 10.6% | ||
| Q3 25 | 28.1% | 4.0% | ||
| Q2 25 | 24.1% | 14.1% | ||
| Q1 25 | 14.0% | 17.3% | ||
| Q4 24 | 28.8% | 10.2% | ||
| Q3 24 | 35.2% | -6.3% | ||
| Q2 24 | 28.4% | 13.5% | ||
| Q1 24 | 0.0% | 19.2% |
资本支出强度BRODDS
| Q4 25 | 1.2% | 2.1% | ||
| Q3 25 | 1.0% | 1.8% | ||
| Q2 25 | 1.2% | 1.1% | ||
| Q1 25 | 1.2% | 0.8% | ||
| Q4 24 | 1.7% | 2.0% | ||
| Q3 24 | 1.9% | 1.7% | ||
| Q2 24 | 2.2% | 2.3% | ||
| Q1 24 | 1.0% | 1.3% |
现金转化率BRODDS
| Q4 25 | 1.68× | 1.44× | ||
| Q3 25 | 2.06× | 1.19× | ||
| Q2 25 | 1.41× | 1.42× | ||
| Q1 25 | 0.64× | 1.70× | ||
| Q4 24 | 1.73× | 1.39× | ||
| Q3 24 | 1.88× | -0.92× | ||
| Q2 24 | 1.40× | 1.36× | ||
| Q1 24 | 0.04× | 1.74× |
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% |
DDS
暂无分部数据
