vs
Brown & Brown（BRO）与简柏特（G）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是简柏特的1.2倍（$1.6B vs $1.3B），Brown & Brown净利率更高（16.5% vs 10.8%，领先5.6%），Brown & Brown同比增速更快（35.8% vs 5.6%），Brown & Brown自由现金流更多（$424.0M vs $269.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 8.0%）
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。
简柏特是全球领先的信息技术服务、咨询及外包提供商，总部位于美国纽约，最初成立于印度古尔冈，法定注册地为百慕大。集团现有员工超12.5万名，服务覆盖全球30多个国家，于纽交所上市，2023年总营收达44.8亿美元。
BRO vs G — 直观对比
营收规模更大
BRO
是对方的1.2倍
$1.3B
营收增速更快
BRO
高出30.2%
5.6%
净利率更高
BRO
高出5.6%
10.8%
自由现金流更多
BRO
多$155.0M
$269.0M
两年增速更快
BRO
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.3B |
| 净利润 | $265.0M | $143.1M |
| 毛利率 | — | 36.6% |
| 营业利润率 | — | 14.8% |
| 净利率 | 16.5% | 10.8% |
| 营收同比 | 35.8% | 5.6% |
| 净利润同比 | 26.8% | 0.8% |
| 每股收益（稀释后） | $0.55 | $0.82 |
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BROG
| Q4 25 | $1.6B | $1.3B | ||
| Q3 25 | $1.6B | $1.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.3B | $1.1B |
净利润BROG
| Q4 25 | $265.0M | $143.1M | ||
| Q3 25 | $227.0M | $145.8M | ||
| Q2 25 | $231.0M | $132.7M | ||
| Q1 25 | $331.0M | $130.9M | ||
| Q4 24 | $209.0M | $141.9M | ||
| Q3 24 | $234.0M | $132.8M | ||
| Q2 24 | $257.0M | $122.0M | ||
| Q1 24 | $293.0M | $116.9M |
毛利率BROG
| Q4 25 | — | 36.6% | ||
| Q3 25 | — | 36.4% | ||
| Q2 25 | — | 35.9% | ||
| Q1 25 | — | 35.3% | ||
| Q4 24 | — | 35.7% | ||
| Q3 24 | — | 35.6% | ||
| Q2 24 | — | 35.4% | ||
| Q1 24 | — | 35.0% |
营业利润率BROG
| Q4 25 | — | 14.8% | ||
| Q3 25 | — | 14.8% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | 15.1% | ||
| Q4 24 | 23.3% | 15.2% | ||
| Q3 24 | 26.7% | 15.0% | ||
| Q2 24 | 29.4% | 14.5% | ||
| Q1 24 | 28.9% | 14.1% |
净利率BROG
| Q4 25 | 16.5% | 10.8% | ||
| Q3 25 | 14.1% | 11.3% | ||
| Q2 25 | 18.0% | 10.6% | ||
| Q1 25 | 23.6% | 10.8% | ||
| Q4 24 | 17.7% | 11.4% | ||
| Q3 24 | 19.7% | 11.0% | ||
| Q2 24 | 21.8% | 10.4% | ||
| Q1 24 | 23.3% | 10.3% |
每股收益（稀释后）BROG
| Q4 25 | $0.55 | $0.82 | ||
| Q3 25 | $0.68 | $0.83 | ||
| Q2 25 | $0.78 | $0.75 | ||
| Q1 25 | $1.15 | $0.73 | ||
| Q4 24 | $0.73 | $0.80 | ||
| Q3 24 | $0.81 | $0.74 | ||
| Q2 24 | $0.90 | $0.67 | ||
| Q1 24 | $1.02 | $0.64 |
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 | $1.2B |
| 总债务越低越好 | $7.6B | $1.5B |
| 股东权益账面价值 | $12.6B | $2.5B |
| 总资产 | $30.0B | $5.8B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资BROG
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.2B | $740.8M | ||
| Q2 25 | $8.9B | $663.3M | ||
| Q1 25 | $669.0M | $561.6M | ||
| Q4 24 | $685.0M | $671.6M | ||
| Q3 24 | $968.0M | $1.0B | ||
| Q2 24 | $1.1B | $914.2M | ||
| Q1 24 | $591.0M | $478.4M |
总债务BROG
| Q4 25 | $7.6B | $1.5B | ||
| Q3 25 | $7.7B | $1.2B | ||
| Q2 25 | $7.5B | $1.2B | ||
| Q1 25 | $3.8B | $1.2B | ||
| Q4 24 | $3.8B | $1.2B | ||
| Q3 24 | $3.6B | $1.6B | ||
| Q2 24 | $4.1B | $1.6B | ||
| Q1 24 | $3.9B | $1.2B |
股东权益BROG
| Q4 25 | $12.6B | $2.5B | ||
| Q3 25 | $12.4B | $2.5B | ||
| Q2 25 | $11.6B | $2.6B | ||
| Q1 25 | $6.8B | $2.5B | ||
| Q4 24 | $6.4B | $2.4B | ||
| Q3 24 | $6.5B | $2.4B | ||
| Q2 24 | $6.0B | $2.3B | ||
| Q1 24 | $5.8B | $2.3B |
总资产BROG
| Q4 25 | $30.0B | $5.8B | ||
| Q3 25 | $29.4B | $5.4B | ||
| Q2 25 | $25.6B | $5.3B | ||
| Q1 25 | $16.8B | $4.9B | ||
| Q4 24 | $17.6B | $5.0B | ||
| Q3 24 | $17.5B | $5.3B | ||
| Q2 24 | $15.9B | $5.2B | ||
| Q1 24 | $14.8B | $4.7B |
负债/权益比BROG
| Q4 25 | 0.61× | 0.60× | ||
| Q3 25 | 0.62× | 0.47× | ||
| Q2 25 | 0.65× | 0.47× | ||
| Q1 25 | 0.56× | 0.50× | ||
| Q4 24 | 0.59× | 0.51× | ||
| Q3 24 | 0.55× | 0.68× | ||
| Q2 24 | 0.68× | 0.70× | ||
| Q1 24 | 0.67× | 0.54× |
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 | $286.7M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $269.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 20.4% |
| 资本支出强度资本支出/营收 | 1.2% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.68× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $734.7M |
8季度趋势，按日历期对齐
经营现金流BROG
| Q4 25 | $444.0M | $286.7M | ||
| Q3 25 | $468.0M | $308.4M | ||
| Q2 25 | $325.0M | $177.4M | ||
| Q1 25 | $213.0M | $40.4M | ||
| Q4 24 | $361.0M | $203.2M | ||
| Q3 24 | $440.0M | $228.5M | ||
| Q2 24 | $360.0M | $209.3M | ||
| Q1 24 | $13.0M | $-25.6M |
自由现金流BROG
| Q4 25 | $424.0M | $269.0M | ||
| Q3 25 | $452.0M | $292.0M | ||
| Q2 25 | $310.0M | $155.1M | ||
| Q1 25 | $196.0M | $18.5M | ||
| Q4 24 | $341.0M | $183.5M | ||
| Q3 24 | $417.0M | $208.7M | ||
| Q2 24 | $334.0M | $190.0M | ||
| Q1 24 | $0 | $-49.6M |
自由现金流率BROG
| Q4 25 | 26.4% | 20.4% | ||
| Q3 25 | 28.1% | 22.6% | ||
| Q2 25 | 24.1% | 12.4% | ||
| Q1 25 | 14.0% | 1.5% | ||
| Q4 24 | 28.8% | 14.7% | ||
| Q3 24 | 35.2% | 17.2% | ||
| Q2 24 | 28.4% | 16.2% | ||
| Q1 24 | 0.0% | -4.4% |
资本支出强度BROG
| Q4 25 | 1.2% | 1.3% | ||
| Q3 25 | 1.0% | 1.3% | ||
| Q2 25 | 1.2% | 1.8% | ||
| Q1 25 | 1.2% | 1.8% | ||
| Q4 24 | 1.7% | 1.6% | ||
| Q3 24 | 1.9% | 1.6% | ||
| Q2 24 | 2.2% | 1.6% | ||
| Q1 24 | 1.0% | 2.1% |
现金转化率BROG
| Q4 25 | 1.68× | 2.00× | ||
| Q3 25 | 2.06× | 2.11× | ||
| Q2 25 | 1.41× | 1.34× | ||
| Q1 25 | 0.64× | 0.31× | ||
| Q4 24 | 1.73× | 1.43× | ||
| Q3 24 | 1.88× | 1.72× | ||
| Q2 24 | 1.40× | 1.72× | ||
| Q1 24 | 0.04× | -0.22× |
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% |
G
| High Tech And Manufacturing | $525.3M | 40% |
| Consumer And Healthcare | $445.8M | 34% |
| Financial Services | $348.2M | 26% |
