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Brown & Brown（BRO）与Globe Life（GL）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Globe Life的1.0倍（$1.6B vs $1.6B），Globe Life净利率更高（17.3% vs 16.5%，领先0.9%），Brown & Brown同比增速更快（35.8% vs 5.3%），过去两年Brown & Brown的营收复合增速更高（13.0% vs 4.1%）
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。
Globe Life Inc.（股票代码：GL）是总部位于美国得克萨斯州麦金尼的金融服务控股公司，在纽约证券交易所上市，通过旗下全资子公司开展业务，主营人寿保险、年金产品及补充健康保险产品。
BRO vs GL — 直观对比
营收规模更大
BRO
是对方的1.0倍
$1.6B
营收增速更快
BRO
高出30.5%
5.3%
净利率更高
GL
高出0.9%
16.5%
两年增速更快
BRO
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.6B |
| 净利润 | $265.0M | $270.5M |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 16.5% | 17.3% |
| 营收同比 | 35.8% | 5.3% |
| 净利润同比 | 26.8% | 6.3% |
| 每股收益（稀释后） | $0.55 | $3.39 |
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BROGL
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.2B | $1.4B |
净利润BROGL
| Q1 26 | — | $270.5M | ||
| Q4 25 | $265.0M | $266.1M | ||
| Q3 25 | $227.0M | $387.8M | ||
| Q2 25 | $231.0M | $252.7M | ||
| Q1 25 | $331.0M | $254.6M | ||
| Q4 24 | $209.0M | $255.2M | ||
| Q3 24 | $234.0M | $303.0M | ||
| Q2 24 | $257.0M | $258.4M |
毛利率BROGL
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 26.1% | ||
| Q2 24 | — | 23.3% |
营业利润率BROGL
| Q1 26 | — | — | ||
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 31.5% | ||
| Q2 25 | — | 21.2% | ||
| Q1 25 | — | 21.4% | ||
| Q4 24 | 23.3% | 21.3% | ||
| Q3 24 | 26.7% | 26.3% | ||
| Q2 24 | 29.4% | 23.5% |
净利率BROGL
| Q1 26 | — | 17.3% | ||
| Q4 25 | 16.5% | 17.5% | ||
| Q3 25 | 14.1% | 25.6% | ||
| Q2 25 | 18.0% | 17.1% | ||
| Q1 25 | 23.6% | 17.2% | ||
| Q4 24 | 17.7% | 17.4% | ||
| Q3 24 | 19.7% | 20.8% | ||
| Q2 24 | 21.8% | 17.9% |
每股收益（稀释后）BROGL
| Q1 26 | — | $3.39 | ||
| Q4 25 | $0.55 | $3.28 | ||
| Q3 25 | $0.68 | $4.73 | ||
| Q2 25 | $0.78 | $3.05 | ||
| Q1 25 | $1.15 | $3.01 | ||
| Q4 24 | $0.73 | $3.00 | ||
| Q3 24 | $0.81 | $3.44 | ||
| Q2 24 | $0.90 | $2.83 |
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 | $183.8M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $6.1B |
| 总资产 | $30.0B | — |
| 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BROGL
| Q1 26 | — | $183.8M | ||
| Q4 25 | $1.1B | $314.7M | ||
| Q3 25 | $1.2B | $62.8M | ||
| Q2 25 | $8.9B | $116.7M | ||
| Q1 25 | $669.0M | $134.1M | ||
| Q4 24 | $685.0M | $85.0M | ||
| Q3 24 | $968.0M | $100.5M | ||
| Q2 24 | $1.1B | $100.6M |
总债务BROGL
| Q1 26 | — | — | ||
| 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 | — |
股东权益BROGL
| Q1 26 | — | $6.1B | ||
| Q4 25 | $12.6B | $6.0B | ||
| Q3 25 | $12.4B | $5.7B | ||
| Q2 25 | $11.6B | $5.4B | ||
| Q1 25 | $6.8B | $5.4B | ||
| Q4 24 | $6.4B | $5.3B | ||
| Q3 24 | $6.5B | $4.6B | ||
| Q2 24 | $6.0B | $5.2B |
总资产BROGL
| Q1 26 | — | — | ||
| Q4 25 | $30.0B | $30.8B | ||
| Q3 25 | $29.4B | $30.5B | ||
| Q2 25 | $25.6B | $29.8B | ||
| Q1 25 | $16.8B | $29.7B | ||
| Q4 24 | $17.6B | $29.1B | ||
| Q3 24 | $17.5B | $29.6B | ||
| Q2 24 | $15.9B | $28.3B |
负债/权益比BROGL
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 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× | — |
| 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BROGL
| Q1 26 | — | — | ||
| Q4 25 | $444.0M | $350.6M | ||
| Q3 25 | $468.0M | $306.0M | ||
| Q2 25 | $325.0M | $307.9M | ||
| Q1 25 | $213.0M | $431.9M | ||
| Q4 24 | $361.0M | $336.9M | ||
| Q3 24 | $440.0M | $340.6M | ||
| Q2 24 | $360.0M | $374.1M |
自由现金流BROGL
| Q1 26 | — | — | ||
| Q4 25 | $424.0M | $330.1M | ||
| Q3 25 | $452.0M | $208.7M | ||
| Q2 25 | $310.0M | $295.0M | ||
| Q1 25 | $196.0M | $420.1M | ||
| Q4 24 | $341.0M | $321.9M | ||
| Q3 24 | $417.0M | $311.3M | ||
| Q2 24 | $334.0M | $356.5M |
自由现金流率BROGL
| Q1 26 | — | — | ||
| Q4 25 | 26.4% | 21.7% | ||
| Q3 25 | 28.1% | 13.8% | ||
| Q2 25 | 24.1% | 19.9% | ||
| Q1 25 | 14.0% | 28.4% | ||
| Q4 24 | 28.8% | 22.0% | ||
| Q3 24 | 35.2% | 21.4% | ||
| Q2 24 | 28.4% | 24.8% |
资本支出强度BROGL
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 1.3% | ||
| Q3 25 | 1.0% | 6.4% | ||
| Q2 25 | 1.2% | 0.9% | ||
| Q1 25 | 1.2% | 0.8% | ||
| Q4 24 | 1.7% | 1.0% | ||
| Q3 24 | 1.9% | 2.0% | ||
| Q2 24 | 2.2% | 1.2% |
现金转化率BROGL
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 1.32× | ||
| Q3 25 | 2.06× | 0.79× | ||
| Q2 25 | 1.41× | 1.22× | ||
| Q1 25 | 0.64× | 1.70× | ||
| Q4 24 | 1.73× | 1.32× | ||
| Q3 24 | 1.88× | 1.12× | ||
| Q2 24 | 1.40× | 1.45× |
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% |
GL
| Life premium | $853.2M | 55% |
| Health premium | $416.9M | 27% |
| Other | $289.5M | 19% |
