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Brown & Brown（BRO）与Fastenal（FAST）财务数据对比。点击上方公司名可切换其他公司
Fastenal的季度营收约是Brown & Brown的1.3倍（$2.0B vs $1.6B），Brown & Brown净利率更高（16.5% vs 14.5%，领先2.0%），Brown & Brown同比增速更快（35.8% vs 3.5%），Brown & Brown自由现金流更多（$424.0M vs $308.2M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 2.9%）
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。
Fastenal是1967年成立的美国上市企业，总部位于明尼苏达州威诺纳，是北美最大的紧固件分销商，同时也是工业和建筑用品的主流供应商，可提供货柜备货、智能售货柜、库存管理、物流配送等一站式供应链解决方案。
BRO vs FAST — 直观对比
营收规模更大
FAST
是对方的1.3倍
$1.6B
营收增速更快
BRO
高出32.4%
3.5%
净利率更高
BRO
高出2.0%
14.5%
自由现金流更多
BRO
多$115.8M
$308.2M
两年增速更快
BRO
近两年复合增速
2.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.0B |
| 净利润 | $265.0M | $293.9M |
| 毛利率 | — | 44.3% |
| 营业利润率 | — | 18.9% |
| 净利率 | 16.5% | 14.5% |
| 营收同比 | 35.8% | 3.5% |
| 净利润同比 | 26.8% | -1.6% |
| 每股收益（稀释后） | $0.55 | $-0.01 |
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BROFAST
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.6B | $2.0B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.3B | $2.1B | ||
| Q1 25 | $1.4B | $2.0B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $1.2B | $1.9B |
净利润BROFAST
| Q1 26 | — | $293.9M | ||
| Q4 25 | $265.0M | $293.9M | ||
| Q3 25 | $227.0M | $335.5M | ||
| Q2 25 | $231.0M | $330.3M | ||
| Q1 25 | $331.0M | $298.7M | ||
| Q4 24 | $209.0M | $262.1M | ||
| Q3 24 | $234.0M | $298.1M | ||
| Q2 24 | $257.0M | $292.7M |
毛利率BROFAST
| Q1 26 | — | 44.3% | ||
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 45.3% | ||
| Q2 25 | — | 45.3% | ||
| Q1 25 | — | 45.1% | ||
| Q4 24 | — | 44.8% | ||
| Q3 24 | — | 44.9% | ||
| Q2 24 | — | 45.1% |
营业利润率BROFAST
| Q1 26 | — | 18.9% | ||
| Q4 25 | — | 18.9% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | 21.0% | ||
| Q1 25 | — | 20.1% | ||
| Q4 24 | 23.3% | 18.9% | ||
| Q3 24 | 26.7% | 20.3% | ||
| Q2 24 | 29.4% | 20.2% |
净利率BROFAST
| Q1 26 | — | 14.5% | ||
| Q4 25 | 16.5% | 14.5% | ||
| Q3 25 | 14.1% | 15.7% | ||
| Q2 25 | 18.0% | 15.9% | ||
| Q1 25 | 23.6% | 15.2% | ||
| Q4 24 | 17.7% | 14.4% | ||
| Q3 24 | 19.7% | 15.6% | ||
| Q2 24 | 21.8% | 15.3% |
每股收益（稀释后）BROFAST
| Q1 26 | — | $-0.01 | ||
| Q4 25 | $0.55 | $-0.01 | ||
| Q3 25 | $0.68 | $0.29 | ||
| Q2 25 | $0.78 | $0.29 | ||
| Q1 25 | $1.15 | $0.52 | ||
| Q4 24 | $0.73 | $0.45 | ||
| Q3 24 | $0.81 | $0.52 | ||
| Q2 24 | $0.90 | $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 | $276.8M |
| 总债务越低越好 | $7.6B | $125.0M |
| 股东权益账面价值 | $12.6B | $3.9B |
| 总资产 | $30.0B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.03× |
8季度趋势，按日历期对齐
现金及短期投资BROFAST
| Q1 26 | — | $276.8M | ||
| Q4 25 | $1.1B | $276.8M | ||
| Q3 25 | $1.2B | $288.1M | ||
| Q2 25 | $8.9B | $237.8M | ||
| Q1 25 | $669.0M | $231.8M | ||
| Q4 24 | $685.0M | $255.8M | ||
| Q3 24 | $968.0M | $292.2M | ||
| Q2 24 | $1.1B | $255.5M |
总债务BROFAST
| Q1 26 | — | $125.0M | ||
| Q4 25 | $7.6B | $125.0M | ||
| Q3 25 | $7.7B | $195.0M | ||
| Q2 25 | $7.5B | $230.0M | ||
| Q1 25 | $3.8B | $200.0M | ||
| Q4 24 | $3.8B | $200.0M | ||
| Q3 24 | $3.6B | $240.0M | ||
| Q2 24 | $4.1B | $235.0M |
股东权益BROFAST
| Q1 26 | — | $3.9B | ||
| Q4 25 | $12.6B | $3.9B | ||
| Q3 25 | $12.4B | $3.9B | ||
| Q2 25 | $11.6B | $3.8B | ||
| Q1 25 | $6.8B | $3.7B | ||
| Q4 24 | $6.4B | $3.6B | ||
| Q3 24 | $6.5B | $3.6B | ||
| Q2 24 | $6.0B | $3.5B |
总资产BROFAST
| Q1 26 | — | $5.1B | ||
| Q4 25 | $30.0B | $5.1B | ||
| Q3 25 | $29.4B | $5.1B | ||
| Q2 25 | $25.6B | $5.0B | ||
| Q1 25 | $16.8B | $4.9B | ||
| Q4 24 | $17.6B | $4.7B | ||
| Q3 24 | $17.5B | $4.7B | ||
| Q2 24 | $15.9B | $4.6B |
负债/权益比BROFAST
| Q1 26 | — | 0.03× | ||
| Q4 25 | 0.61× | 0.03× | ||
| Q3 25 | 0.62× | 0.05× | ||
| Q2 25 | 0.65× | 0.06× | ||
| Q1 25 | 0.56× | 0.05× | ||
| Q4 24 | 0.59× | 0.06× | ||
| Q3 24 | 0.55× | 0.07× | ||
| Q2 24 | 0.68× | 0.07× |
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 | $368.2M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $308.2M |
| 自由现金流率自由现金流/营收 | 26.4% | 15.2% |
| 资本支出强度资本支出/营收 | 1.2% | 3.0% |
| 现金转化率经营现金流/净利润 | 1.68× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.2B |
8季度趋势，按日历期对齐
经营现金流BROFAST
| Q1 26 | — | $368.2M | ||
| Q4 25 | $444.0M | $368.2M | ||
| Q3 25 | $468.0M | $386.9M | ||
| Q2 25 | $325.0M | $278.6M | ||
| Q1 25 | $213.0M | $262.2M | ||
| Q4 24 | $361.0M | $282.8M | ||
| Q3 24 | $440.0M | $296.9M | ||
| Q2 24 | $360.0M | $258.0M |
自由现金流BROFAST
| Q1 26 | — | $308.2M | ||
| Q4 25 | $424.0M | $308.2M | ||
| Q3 25 | $452.0M | $326.6M | ||
| Q2 25 | $310.0M | $209.3M | ||
| Q1 25 | $196.0M | $206.5M | ||
| Q4 24 | $341.0M | $222.6M | ||
| Q3 24 | $417.0M | $237.5M | ||
| Q2 24 | $334.0M | $201.9M |
自由现金流率BROFAST
| Q1 26 | — | 15.2% | ||
| Q4 25 | 26.4% | 15.2% | ||
| Q3 25 | 28.1% | 15.3% | ||
| Q2 25 | 24.1% | 10.1% | ||
| Q1 25 | 14.0% | 10.5% | ||
| Q4 24 | 28.8% | 12.2% | ||
| Q3 24 | 35.2% | 12.4% | ||
| Q2 24 | 28.4% | 10.5% |
资本支出强度BROFAST
| Q1 26 | — | 3.0% | ||
| Q4 25 | 1.2% | 3.0% | ||
| Q3 25 | 1.0% | 2.8% | ||
| Q2 25 | 1.2% | 3.3% | ||
| Q1 25 | 1.2% | 2.8% | ||
| Q4 24 | 1.7% | 3.3% | ||
| Q3 24 | 1.9% | 3.1% | ||
| Q2 24 | 2.2% | 2.9% |
现金转化率BROFAST
| Q1 26 | — | 1.25× | ||
| Q4 25 | 1.68× | 1.25× | ||
| Q3 25 | 2.06× | 1.15× | ||
| Q2 25 | 1.41× | 0.84× | ||
| Q1 25 | 0.64× | 0.88× | ||
| Q4 24 | 1.73× | 1.08× | ||
| Q3 24 | 1.88× | 1.00× | ||
| Q2 24 | 1.40× | 0.88× |
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% |
FAST
| Reportable Segment Aggregation Before Other Operating Segment | $1.8B | 90% |
| Other | $211.2M | 10% |
