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Brown & Brown（BRO）与美国艺电（EA）财务数据对比。点击上方公司名可切换其他公司
美国艺电的季度营收约是Brown & Brown的1.2倍（$1.9B vs $1.6B），Brown & Brown净利率更高（16.5% vs 4.6%，领先11.9%），Brown & Brown同比增速更快（35.8% vs 1.0%），过去两年Brown & Brown的营收复合增速更高（13.0% vs 3.4%）
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。
美国艺电（EA）是总部位于美国加利福尼亚州雷德伍德城的电子游戏企业，1982年5月由前苹果员工特里普·霍金斯创立。作为早期家用电脑游戏行业的先驱，公司将旗下游戏设计师与程序员称作“软件艺术家”，是全球知名的游戏厂商。
BRO vs EA — 直观对比
营收规模更大
EA
是对方的1.2倍
$1.6B
营收增速更快
BRO
高出34.9%
1.0%
净利率更高
BRO
高出11.9%
4.6%
两年增速更快
BRO
近两年复合增速
3.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.9B |
| 净利润 | $265.0M | $88.0M |
| 毛利率 | — | 73.8% |
| 营业利润率 | — | 6.7% |
| 净利率 | 16.5% | 4.6% |
| 营收同比 | 35.8% | 1.0% |
| 净利润同比 | 26.8% | -70.0% |
| 每股收益（稀释后） | $0.55 | $0.35 |
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BROEA
| Q4 25 | $1.6B | $1.9B | ||
| Q3 25 | $1.6B | $1.8B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $1.2B | $2.0B | ||
| Q2 24 | $1.2B | $1.7B | ||
| Q1 24 | $1.3B | $1.8B |
净利润BROEA
| Q4 25 | $265.0M | $88.0M | ||
| Q3 25 | $227.0M | $137.0M | ||
| Q2 25 | $231.0M | $201.0M | ||
| Q1 25 | $331.0M | $254.0M | ||
| Q4 24 | $209.0M | $293.0M | ||
| Q3 24 | $234.0M | $294.0M | ||
| Q2 24 | $257.0M | $280.0M | ||
| Q1 24 | $293.0M | $182.0M |
毛利率BROEA
| Q4 25 | — | 73.8% | ||
| Q3 25 | — | 75.9% | ||
| Q2 25 | — | 83.3% | ||
| Q1 25 | — | 80.6% | ||
| Q4 24 | — | 75.8% | ||
| Q3 24 | — | 77.5% | ||
| Q2 24 | — | 84.2% | ||
| Q1 24 | — | 79.9% |
营业利润率BROEA
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | — | 20.8% | ||
| Q4 24 | 23.3% | 20.0% | ||
| Q3 24 | 26.7% | 19.0% | ||
| Q2 24 | 29.4% | 21.9% | ||
| Q1 24 | 28.9% | 13.2% |
净利率BROEA
| Q4 25 | 16.5% | 4.6% | ||
| Q3 25 | 14.1% | 7.4% | ||
| Q2 25 | 18.0% | 12.0% | ||
| Q1 25 | 23.6% | 13.4% | ||
| Q4 24 | 17.7% | 15.6% | ||
| Q3 24 | 19.7% | 14.5% | ||
| Q2 24 | 21.8% | 16.9% | ||
| Q1 24 | 23.3% | 10.2% |
每股收益（稀释后）BROEA
| Q4 25 | $0.55 | $0.35 | ||
| Q3 25 | $0.68 | $0.54 | ||
| Q2 25 | $0.78 | $0.79 | ||
| Q1 25 | $1.15 | $0.99 | ||
| Q4 24 | $0.73 | $1.11 | ||
| Q3 24 | $0.81 | $1.11 | ||
| Q2 24 | $0.90 | $1.04 | ||
| Q1 24 | $1.02 | $0.67 |
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 | $2.8B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $6.2B |
| 总资产 | $30.0B | $13.3B |
| 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BROEA
| Q4 25 | $1.1B | $2.8B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $8.9B | $1.5B | ||
| Q1 25 | $669.0M | $2.1B | ||
| Q4 24 | $685.0M | $2.8B | ||
| Q3 24 | $968.0M | $2.2B | ||
| Q2 24 | $1.1B | $2.4B | ||
| Q1 24 | $591.0M | $2.9B |
总债务BROEA
| 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BROEA
| Q4 25 | $12.6B | $6.2B | ||
| Q3 25 | $12.4B | $6.0B | ||
| Q2 25 | $11.6B | $6.1B | ||
| Q1 25 | $6.8B | $6.4B | ||
| Q4 24 | $6.4B | $7.4B | ||
| Q3 24 | $6.5B | $7.4B | ||
| Q2 24 | $6.0B | $7.4B | ||
| Q1 24 | $5.8B | $7.5B |
总资产BROEA
| Q4 25 | $30.0B | $13.3B | ||
| Q3 25 | $29.4B | $11.9B | ||
| Q2 25 | $25.6B | $11.7B | ||
| Q1 25 | $16.8B | $12.4B | ||
| Q4 24 | $17.6B | $13.5B | ||
| Q3 24 | $17.5B | $13.1B | ||
| Q2 24 | $15.9B | $12.7B | ||
| Q1 24 | $14.8B | $13.4B |
负债/权益比BROEA
| 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 | $1.8B |
| 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× | 20.75× |
| 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BROEA
| Q4 25 | $444.0M | $1.8B | ||
| Q3 25 | $468.0M | $130.0M | ||
| Q2 25 | $325.0M | $17.0M | ||
| Q1 25 | $213.0M | $549.0M | ||
| Q4 24 | $361.0M | $1.2B | ||
| Q3 24 | $440.0M | $234.0M | ||
| Q2 24 | $360.0M | $120.0M | ||
| Q1 24 | $13.0M | $580.0M |
自由现金流BROEA
| Q4 25 | $424.0M | — | ||
| Q3 25 | $452.0M | — | ||
| 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BROEA
| Q4 25 | 26.4% | — | ||
| Q3 25 | 28.1% | — | ||
| 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BROEA
| Q4 25 | 1.2% | — | ||
| Q3 25 | 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BROEA
| Q4 25 | 1.68× | 20.75× | ||
| Q3 25 | 2.06× | 0.95× | ||
| Q2 25 | 1.41× | 0.08× | ||
| Q1 25 | 0.64× | 2.16× | ||
| Q4 24 | 1.73× | 4.01× | ||
| Q3 24 | 1.88× | 0.80× | ||
| Q2 24 | 1.40× | 0.43× | ||
| Q1 24 | 0.04× | 3.19× |
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% |
EA
| Live Services And Other Net Revenue | $1.3B | 67% |
| PC And Other Net Revenue | $465.0M | 24% |
| Packaged Goods Net Revenue | $86.0M | 5% |
| Other | $56.0M | 3% |
| Estimated Service Offering Period | $25.0M | 1% |
