vs
Brown & Brown（BRO）与FULLER H B CO（FUL）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FULLER H B CO的1.8倍（$1.6B vs $892.0M），Brown & Brown净利率更高（16.5% vs 7.5%，领先9.0%），Brown & Brown同比增速更快（35.8% vs -2.8%），Brown & Brown自由现金流更多（$424.0M vs $68.9M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 5.0%）
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。
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
BRO vs FUL — 直观对比
营收规模更大
BRO
是对方的1.8倍
$892.0M
营收增速更快
BRO
高出38.7%
-2.8%
净利率更高
BRO
高出9.0%
7.5%
自由现金流更多
BRO
多$355.1M
$68.9M
两年增速更快
BRO
近两年复合增速
5.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $892.0M |
| 净利润 | $265.0M | $67.2M |
| 毛利率 | — | 32.0% |
| 营业利润率 | — | 12.3% |
| 净利率 | 16.5% | 7.5% |
| 营收同比 | 35.8% | -2.8% |
| 净利润同比 | 26.8% | 21.3% |
| 每股收益（稀释后） | $0.55 | $1.22 |
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BROFUL
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.6B | $892.0M | ||
| Q2 25 | $1.3B | $898.1M | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $917.9M | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.3B | $810.4M |
净利润BROFUL
| Q4 25 | $265.0M | — | ||
| Q3 25 | $227.0M | $67.2M | ||
| Q2 25 | $231.0M | $41.8M | ||
| Q1 25 | $331.0M | — | ||
| Q4 24 | $209.0M | — | ||
| Q3 24 | $234.0M | $55.4M | ||
| Q2 24 | $257.0M | — | ||
| Q1 24 | $293.0M | $31.0M |
毛利率BROFUL
| Q4 25 | — | — | ||
| Q3 25 | — | 32.0% | ||
| Q2 25 | — | 31.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 30.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 29.5% |
营业利润率BROFUL
| Q4 25 | — | — | ||
| Q3 25 | — | 12.3% | ||
| Q2 25 | — | 11.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | 23.3% | — | ||
| Q3 24 | 26.7% | 11.4% | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 28.9% | 8.3% |
净利率BROFUL
| Q4 25 | 16.5% | — | ||
| Q3 25 | 14.1% | 7.5% | ||
| Q2 25 | 18.0% | 4.7% | ||
| Q1 25 | 23.6% | — | ||
| Q4 24 | 17.7% | — | ||
| Q3 24 | 19.7% | 6.0% | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 23.3% | 3.8% |
每股收益（稀释后）BROFUL
| Q4 25 | $0.55 | — | ||
| Q3 25 | $0.68 | $1.22 | ||
| Q2 25 | $0.78 | $0.76 | ||
| Q1 25 | $1.15 | — | ||
| Q4 24 | $0.73 | — | ||
| Q3 24 | $0.81 | $0.98 | ||
| Q2 24 | $0.90 | — | ||
| Q1 24 | $1.02 | $0.55 |
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 | $122.5M |
| 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 | $5.2B |
| 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BROFUL
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.2B | $122.5M | ||
| Q2 25 | $8.9B | $96.8M | ||
| Q1 25 | $669.0M | — | ||
| Q4 24 | $685.0M | — | ||
| Q3 24 | $968.0M | $131.4M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $591.0M | $165.2M |
总债务BROFUL
| 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BROFUL
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.4B | $2.0B | ||
| Q2 25 | $11.6B | $1.9B | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.5B | $1.8B | ||
| Q2 24 | $6.0B | — | ||
| Q1 24 | $5.8B | $1.8B |
总资产BROFUL
| Q4 25 | $30.0B | — | ||
| Q3 25 | $29.4B | $5.2B | ||
| Q2 25 | $25.6B | $5.1B | ||
| Q1 25 | $16.8B | — | ||
| Q4 24 | $17.6B | — | ||
| Q3 24 | $17.5B | $5.0B | ||
| Q2 24 | $15.9B | — | ||
| Q1 24 | $14.8B | $4.7B |
负债/权益比BROFUL
| 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 | $99.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $68.9M |
| 自由现金流率自由现金流/营收 | 26.4% | 7.7% |
| 资本支出强度资本支出/营收 | 1.2% | 3.4% |
| 现金转化率经营现金流/净利润 | 1.68× | 1.47× |
| 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BROFUL
| Q4 25 | $444.0M | — | ||
| Q3 25 | $468.0M | $99.0M | ||
| Q2 25 | $325.0M | — | ||
| Q1 25 | $213.0M | — | ||
| Q4 24 | $361.0M | — | ||
| Q3 24 | $440.0M | $169.4M | ||
| Q2 24 | $360.0M | — | ||
| Q1 24 | $13.0M | $47.4M |
自由现金流BROFUL
| Q4 25 | $424.0M | — | ||
| Q3 25 | $452.0M | $68.9M | ||
| Q2 25 | $310.0M | — | ||
| Q1 25 | $196.0M | — | ||
| Q4 24 | $341.0M | — | ||
| Q3 24 | $417.0M | $99.9M | ||
| Q2 24 | $334.0M | — | ||
| Q1 24 | $0 | $4.1M |
自由现金流率BROFUL
| Q4 25 | 26.4% | — | ||
| Q3 25 | 28.1% | 7.7% | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 14.0% | — | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 35.2% | 10.9% | ||
| Q2 24 | 28.4% | — | ||
| Q1 24 | 0.0% | 0.5% |
资本支出强度BROFUL
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.0% | 3.4% | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | 7.6% | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 1.0% | 5.3% |
现金转化率BROFUL
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | 1.47× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | 3.06× | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | 0.04× | 1.53× |
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% |
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
