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Brown & Brown（BRO）与Delek US Holdings, Inc.（DK）财务数据对比。点击上方公司名可切换其他公司
Delek US Holdings, Inc.的季度营收约是Brown & Brown的1.5倍（$2.4B vs $1.6B），Brown & Brown净利率更高（16.5% vs 3.2%，领先13.3%），Brown & Brown同比增速更快（35.8% vs 2.3%），Brown & Brown自由现金流更多（$424.0M vs $382.8M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -11.9%）
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。
Delek US Holdings, Inc.成立于2001年，总部位于美国田纳西州布伦特伍德，是一家深耕炼油、物流及生物燃料领域的能源企业，业务覆盖能源产业链上下游相关环节，为市场提供稳定的能源相关产品与配套服务。
BRO vs DK — 直观对比
营收规模更大
DK
是对方的1.5倍
$1.6B
营收增速更快
BRO
高出33.5%
2.3%
净利率更高
BRO
高出13.3%
3.2%
自由现金流更多
BRO
多$41.2M
$382.8M
两年增速更快
BRO
近两年复合增速
-11.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.4B |
| 净利润 | $265.0M | $78.3M |
| 毛利率 | — | 9.3% |
| 营业利润率 | — | 6.8% |
| 净利率 | 16.5% | 3.2% |
| 营收同比 | 35.8% | 2.3% |
| 净利润同比 | 26.8% | 118.9% |
| 每股收益（稀释后） | $0.55 | $1.23 |
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BRODK
| Q4 25 | $1.6B | $2.4B | ||
| Q3 25 | $1.6B | $2.9B | ||
| Q2 25 | $1.3B | $2.8B | ||
| Q1 25 | $1.4B | $2.6B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $1.2B | $3.0B | ||
| Q2 24 | $1.2B | $3.3B | ||
| Q1 24 | $1.3B | $3.1B |
净利润BRODK
| Q4 25 | $265.0M | $78.3M | ||
| Q3 25 | $227.0M | $178.0M | ||
| Q2 25 | $231.0M | $-106.4M | ||
| Q1 25 | $331.0M | $-172.7M | ||
| Q4 24 | $209.0M | $-413.8M | ||
| Q3 24 | $234.0M | $-76.8M | ||
| Q2 24 | $257.0M | $-37.2M | ||
| Q1 24 | $293.0M | $-32.6M |
毛利率BRODK
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 13.8% | ||
| Q2 25 | — | 1.9% | ||
| Q1 25 | — | -2.4% | ||
| Q4 24 | — | -5.7% | ||
| Q3 24 | — | -0.7% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 3.0% |
营业利润率BRODK
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 10.2% | ||
| Q2 25 | — | -1.2% | ||
| Q1 25 | — | -4.8% | ||
| Q4 24 | 23.3% | -17.0% | ||
| Q3 24 | 26.7% | -4.0% | ||
| Q2 24 | 29.4% | 0.1% | ||
| Q1 24 | 28.9% | 0.9% |
净利率BRODK
| Q4 25 | 16.5% | 3.2% | ||
| Q3 25 | 14.1% | 6.2% | ||
| Q2 25 | 18.0% | -3.8% | ||
| Q1 25 | 23.6% | -6.5% | ||
| Q4 24 | 17.7% | -17.4% | ||
| Q3 24 | 19.7% | -2.5% | ||
| Q2 24 | 21.8% | -1.1% | ||
| Q1 24 | 23.3% | -1.0% |
每股收益（稀释后）BRODK
| Q4 25 | $0.55 | $1.23 | ||
| Q3 25 | $0.68 | $2.93 | ||
| Q2 25 | $0.78 | $-1.76 | ||
| Q1 25 | $1.15 | $-2.78 | ||
| Q4 24 | $0.73 | $-6.48 | ||
| Q3 24 | $0.81 | $-1.20 | ||
| Q2 24 | $0.90 | $-0.58 | ||
| Q1 24 | $1.02 | $-0.51 |
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 | $625.8M |
| 总债务越低越好 | $7.6B | $3.2B |
| 股东权益账面价值 | $12.6B | $547.3M |
| 总资产 | $30.0B | $6.8B |
| 负债/权益比越低杠杆越低 | 0.61× | 5.91× |
8季度趋势，按日历期对齐
现金及短期投资BRODK
| Q4 25 | $1.1B | $625.8M | ||
| Q3 25 | $1.2B | $630.9M | ||
| Q2 25 | $8.9B | $615.5M | ||
| Q1 25 | $669.0M | $623.8M | ||
| Q4 24 | $685.0M | $735.6M | ||
| Q3 24 | $968.0M | $1.0B | ||
| Q2 24 | $1.1B | $657.9M | ||
| Q1 24 | $591.0M | $753.4M |
总债务BRODK
| Q4 25 | $7.6B | $3.2B | ||
| Q3 25 | $7.7B | $3.2B | ||
| Q2 25 | $7.5B | $3.1B | ||
| Q1 25 | $3.8B | $3.0B | ||
| Q4 24 | $3.8B | $2.8B | ||
| Q3 24 | $3.6B | $2.8B | ||
| Q2 24 | $4.1B | $2.5B | ||
| Q1 24 | $3.9B | $2.5B |
股东权益BRODK
| Q4 25 | $12.6B | $547.3M | ||
| Q3 25 | $12.4B | $444.8M | ||
| Q2 25 | $11.6B | $294.9M | ||
| Q1 25 | $6.8B | $429.4M | ||
| Q4 24 | $6.4B | $575.2M | ||
| Q3 24 | $6.5B | $875.4M | ||
| Q2 24 | $6.0B | $982.8M | ||
| Q1 24 | $5.8B | $1.0B |
总资产BRODK
| Q4 25 | $30.0B | $6.8B | ||
| Q3 25 | $29.4B | $7.1B | ||
| Q2 25 | $25.6B | $7.1B | ||
| Q1 25 | $16.8B | $6.9B | ||
| Q4 24 | $17.6B | $6.7B | ||
| Q3 24 | $17.5B | $7.0B | ||
| Q2 24 | $15.9B | $6.9B | ||
| Q1 24 | $14.8B | $7.2B |
负债/权益比BRODK
| Q4 25 | 0.61× | 5.91× | ||
| Q3 25 | 0.62× | 7.14× | ||
| Q2 25 | 0.65× | 10.51× | ||
| Q1 25 | 0.56× | 7.07× | ||
| Q4 24 | 0.59× | 4.81× | ||
| Q3 24 | 0.55× | 3.19× | ||
| Q2 24 | 0.68× | 2.50× | ||
| Q1 24 | 0.67× | 2.41× |
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 | $502.8M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $382.8M |
| 自由现金流率自由现金流/营收 | 26.4% | 15.8% |
| 资本支出强度资本支出/营收 | 1.2% | 4.9% |
| 现金转化率经营现金流/净利润 | 1.68× | 6.42× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $6.3M |
8季度趋势，按日历期对齐
经营现金流BRODK
| Q4 25 | $444.0M | $502.8M | ||
| Q3 25 | $468.0M | $44.0M | ||
| Q2 25 | $325.0M | $51.4M | ||
| Q1 25 | $213.0M | $-62.4M | ||
| Q4 24 | $361.0M | $-163.5M | ||
| Q3 24 | $440.0M | $-21.6M | ||
| Q2 24 | $360.0M | $-48.4M | ||
| Q1 24 | $13.0M | $166.7M |
自由现金流BRODK
| Q4 25 | $424.0M | $382.8M | ||
| Q3 25 | $452.0M | $-64.0M | ||
| Q2 25 | $310.0M | $-114.4M | ||
| Q1 25 | $196.0M | $-198.1M | ||
| Q4 24 | $341.0M | $-354.0M | ||
| Q3 24 | $417.0M | $-140.6M | ||
| Q2 24 | $334.0M | $-128.3M | ||
| Q1 24 | $0 | $128.4M |
自由现金流率BRODK
| Q4 25 | 26.4% | 15.8% | ||
| Q3 25 | 28.1% | -2.2% | ||
| Q2 25 | 24.1% | -4.1% | ||
| Q1 25 | 14.0% | -7.5% | ||
| Q4 24 | 28.8% | -14.9% | ||
| Q3 24 | 35.2% | -4.6% | ||
| Q2 24 | 28.4% | -3.9% | ||
| Q1 24 | 0.0% | 4.1% |
资本支出强度BRODK
| Q4 25 | 1.2% | 4.9% | ||
| Q3 25 | 1.0% | 3.7% | ||
| Q2 25 | 1.2% | 6.0% | ||
| Q1 25 | 1.2% | 5.1% | ||
| Q4 24 | 1.7% | 8.0% | ||
| Q3 24 | 1.9% | 3.9% | ||
| Q2 24 | 2.2% | 2.4% | ||
| Q1 24 | 1.0% | 1.2% |
现金转化率BRODK
| Q4 25 | 1.68× | 6.42× | ||
| Q3 25 | 2.06× | 0.25× | ||
| 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% |
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
