vs
Brown & Brown（BRO）与艾诺斯（ENS）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是艾诺斯的1.7倍（$1.6B vs $919.1M），Brown & Brown净利率更高（16.5% vs 9.8%，领先6.7%），Brown & Brown同比增速更快（35.8% vs 1.4%），Brown & Brown自由现金流更多（$424.0M vs $171.3M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 0.5%）
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。
艾诺斯是全球领先的工业储能系统及技术供应商，主营备用电源、动力电源类电池的生产，同时还提供电池充电器、电力设备、电池配件及户外设备防护机箱等相关产品，可充分满足各类工业场景的储能需求。
BRO vs ENS — 直观对比
营收规模更大
BRO
是对方的1.7倍
$919.1M
营收增速更快
BRO
高出34.4%
1.4%
净利率更高
BRO
高出6.7%
9.8%
自由现金流更多
BRO
多$252.7M
$171.3M
两年增速更快
BRO
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $919.1M |
| 净利润 | $265.0M | $90.4M |
| 毛利率 | — | 30.1% |
| 营业利润率 | — | 13.5% |
| 净利率 | 16.5% | 9.8% |
| 营收同比 | 35.8% | 1.4% |
| 净利润同比 | 26.8% | -21.3% |
| 每股收益（稀释后） | $0.55 | $2.40 |
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BROENS
| Q4 25 | $1.6B | $919.1M | ||
| Q3 25 | $1.6B | $951.3M | ||
| Q2 25 | $1.3B | $893.0M | ||
| Q1 25 | $1.4B | $974.8M | ||
| Q4 24 | $1.2B | $906.2M | ||
| Q3 24 | $1.2B | $883.7M | ||
| Q2 24 | $1.2B | $852.9M | ||
| Q1 24 | $1.3B | $910.7M |
净利润BROENS
| Q4 25 | $265.0M | $90.4M | ||
| Q3 25 | $227.0M | $68.4M | ||
| Q2 25 | $231.0M | $57.5M | ||
| Q1 25 | $331.0M | $96.5M | ||
| Q4 24 | $209.0M | $114.8M | ||
| Q3 24 | $234.0M | $82.3M | ||
| Q2 24 | $257.0M | $70.1M | ||
| Q1 24 | $293.0M | $60.9M |
毛利率BROENS
| Q4 25 | — | 30.1% | ||
| Q3 25 | — | 29.1% | ||
| Q2 25 | — | 28.4% | ||
| Q1 25 | — | 31.2% | ||
| Q4 24 | — | 32.9% | ||
| Q3 24 | — | 28.5% | ||
| Q2 24 | — | 27.9% | ||
| Q1 24 | — | 27.9% |
营业利润率BROENS
| Q4 25 | — | 13.5% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | 9.7% | ||
| Q1 25 | — | 13.5% | ||
| Q4 24 | 23.3% | 15.7% | ||
| Q3 24 | 26.7% | 11.2% | ||
| Q2 24 | 29.4% | 10.7% | ||
| Q1 24 | 28.9% | 8.9% |
净利率BROENS
| Q4 25 | 16.5% | 9.8% | ||
| Q3 25 | 14.1% | 7.2% | ||
| Q2 25 | 18.0% | 6.4% | ||
| Q1 25 | 23.6% | 9.9% | ||
| Q4 24 | 17.7% | 12.7% | ||
| Q3 24 | 19.7% | 9.3% | ||
| Q2 24 | 21.8% | 8.2% | ||
| Q1 24 | 23.3% | 6.7% |
每股收益（稀释后）BROENS
| Q4 25 | $0.55 | $2.40 | ||
| Q3 25 | $0.68 | $1.80 | ||
| Q2 25 | $0.78 | $1.46 | ||
| Q1 25 | $1.15 | $2.39 | ||
| Q4 24 | $0.73 | $2.88 | ||
| Q3 24 | $0.81 | $2.01 | ||
| Q2 24 | $0.90 | $1.71 | ||
| Q1 24 | $1.02 | $1.48 |
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 | $450.1M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $1.9B |
| 总资产 | $30.0B | $4.0B |
| 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BROENS
| Q4 25 | $1.1B | $450.1M | ||
| Q3 25 | $1.2B | $388.6M | ||
| Q2 25 | $8.9B | $346.7M | ||
| Q1 25 | $669.0M | $343.1M | ||
| Q4 24 | $685.0M | $463.2M | ||
| Q3 24 | $968.0M | $407.9M | ||
| Q2 24 | $1.1B | $344.1M | ||
| Q1 24 | $591.0M | $333.3M |
总债务BROENS
| Q4 25 | $7.6B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $3.8B | $1.1B | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $3.9B | $802.0M |
股东权益BROENS
| Q4 25 | $12.6B | $1.9B | ||
| Q3 25 | $12.4B | $1.9B | ||
| Q2 25 | $11.6B | $1.9B | ||
| Q1 25 | $6.8B | $1.9B | ||
| Q4 24 | $6.4B | $1.8B | ||
| Q3 24 | $6.5B | $1.8B | ||
| Q2 24 | $6.0B | $1.8B | ||
| Q1 24 | $5.8B | $1.8B |
总资产BROENS
| Q4 25 | $30.0B | $4.0B | ||
| Q3 25 | $29.4B | $4.1B | ||
| Q2 25 | $25.6B | $4.1B | ||
| Q1 25 | $16.8B | $4.0B | ||
| Q4 24 | $17.6B | $4.0B | ||
| Q3 24 | $17.5B | $4.0B | ||
| Q2 24 | $15.9B | $3.6B | ||
| Q1 24 | $14.8B | $3.5B |
负债/权益比BROENS
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.56× | 0.57× | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.68× | — | ||
| Q1 24 | 0.67× | 0.46× |
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 | $184.6M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $171.3M |
| 自由现金流率自由现金流/营收 | 26.4% | 18.6% |
| 资本支出强度资本支出/营收 | 1.2% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.68× | 2.04× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $441.3M |
8季度趋势，按日历期对齐
经营现金流BROENS
| Q4 25 | $444.0M | $184.6M | ||
| Q3 25 | $468.0M | $218.0M | ||
| Q2 25 | $325.0M | $968.0K | ||
| Q1 25 | $213.0M | $135.2M | ||
| Q4 24 | $361.0M | $81.1M | ||
| Q3 24 | $440.0M | $33.6M | ||
| Q2 24 | $360.0M | $10.4M | ||
| Q1 24 | $13.0M | — |
自由现金流BROENS
| Q4 25 | $424.0M | $171.3M | ||
| Q3 25 | $452.0M | $197.1M | ||
| Q2 25 | $310.0M | $-32.1M | ||
| Q1 25 | $196.0M | $104.9M | ||
| Q4 24 | $341.0M | $56.8M | ||
| Q3 24 | $417.0M | $3.3M | ||
| Q2 24 | $334.0M | $-25.7M | ||
| Q1 24 | $0 | — |
自由现金流率BROENS
| Q4 25 | 26.4% | 18.6% | ||
| Q3 25 | 28.1% | 20.7% | ||
| Q2 25 | 24.1% | -3.6% | ||
| Q1 25 | 14.0% | 10.8% | ||
| Q4 24 | 28.8% | 6.3% | ||
| Q3 24 | 35.2% | 0.4% | ||
| Q2 24 | 28.4% | -3.0% | ||
| Q1 24 | 0.0% | — |
资本支出强度BROENS
| Q4 25 | 1.2% | 1.4% | ||
| Q3 25 | 1.0% | 2.2% | ||
| Q2 25 | 1.2% | 3.7% | ||
| Q1 25 | 1.2% | 3.1% | ||
| Q4 24 | 1.7% | 2.7% | ||
| Q3 24 | 1.9% | 3.4% | ||
| Q2 24 | 2.2% | 4.2% | ||
| Q1 24 | 1.0% | — |
现金转化率BROENS
| Q4 25 | 1.68× | 2.04× | ||
| Q3 25 | 2.06× | 3.19× | ||
| Q2 25 | 1.41× | 0.02× | ||
| Q1 25 | 0.64× | 1.40× | ||
| Q4 24 | 1.73× | 0.71× | ||
| Q3 24 | 1.88× | 0.41× | ||
| Q2 24 | 1.40× | 0.15× | ||
| 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% |
ENS
| Energy Systems | $399.5M | 43% |
| Motive Power | $352.0M | 38% |
| Services | $92.6M | 10% |
| Transferred Over Time | $38.2M | 4% |
| Other | $36.8M | 4% |
