vs
Brown & Brown（BRO）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是孩之宝的1.1倍（$1.6B vs $1.4B），Brown & Brown净利率更高（16.5% vs 13.9%，领先2.5%），Brown & Brown同比增速更快（35.8% vs 31.3%），Brown & Brown自由现金流更多（$424.0M vs $389.5M），过去两年孩之宝的营收复合增速更高（38.2% vs 13.0%）
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。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
BRO vs HAS — 直观对比
营收规模更大
BRO
是对方的1.1倍
$1.4B
营收增速更快
BRO
高出4.6%
31.3%
净利率更高
BRO
高出2.5%
13.9%
自由现金流更多
BRO
多$34.5M
$389.5M
两年增速更快
HAS
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.4B |
| 净利润 | $265.0M | $201.6M |
| 毛利率 | — | 68.7% |
| 营业利润率 | — | 20.6% |
| 净利率 | 16.5% | 13.9% |
| 营收同比 | 35.8% | 31.3% |
| 净利润同比 | 26.8% | 687.8% |
| 每股收益（稀释后） | $0.55 | $1.46 |
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BROHAS
| Q4 25 | $1.6B | $1.4B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.3B | $980.8M | ||
| Q1 25 | $1.4B | $887.1M | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | $995.3M | ||
| Q1 24 | $1.3B | $757.3M |
净利润BROHAS
| Q4 25 | $265.0M | $201.6M | ||
| Q3 25 | $227.0M | $233.2M | ||
| Q2 25 | $231.0M | $-855.8M | ||
| Q1 25 | $331.0M | $98.6M | ||
| Q4 24 | $209.0M | $-34.3M | ||
| Q3 24 | $234.0M | $223.2M | ||
| Q2 24 | $257.0M | $138.5M | ||
| Q1 24 | $293.0M | $58.2M |
毛利率BROHAS
| Q4 25 | — | 68.7% | ||
| Q3 25 | — | 70.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.9% | ||
| Q4 24 | — | 67.4% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | — | 76.1% | ||
| Q1 24 | — | 73.0% |
营业利润率BROHAS
| Q4 25 | — | 20.6% | ||
| Q3 25 | — | 24.6% | ||
| Q2 25 | — | -81.4% | ||
| Q1 25 | — | 19.2% | ||
| Q4 24 | 23.3% | 5.4% | ||
| Q3 24 | 26.7% | 23.6% | ||
| Q2 24 | 29.4% | 21.3% | ||
| Q1 24 | 28.9% | 15.3% |
净利率BROHAS
| Q4 25 | 16.5% | 13.9% | ||
| Q3 25 | 14.1% | 16.8% | ||
| Q2 25 | 18.0% | -87.3% | ||
| Q1 25 | 23.6% | 11.1% | ||
| Q4 24 | 17.7% | -3.1% | ||
| Q3 24 | 19.7% | 17.4% | ||
| Q2 24 | 21.8% | 13.9% | ||
| Q1 24 | 23.3% | 7.7% |
每股收益（稀释后）BROHAS
| Q4 25 | $0.55 | $1.46 | ||
| Q3 25 | $0.68 | $1.64 | ||
| Q2 25 | $0.78 | $-6.10 | ||
| Q1 25 | $1.15 | $0.70 | ||
| Q4 24 | $0.73 | $-0.25 | ||
| Q3 24 | $0.81 | $1.59 | ||
| Q2 24 | $0.90 | $0.99 | ||
| Q1 24 | $1.02 | $0.42 |
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 | — |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $565.5M |
| 总资产 | $30.0B | $5.6B |
| 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BROHAS
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $8.9B | — | ||
| Q1 25 | $669.0M | — | ||
| Q4 24 | $685.0M | — | ||
| Q3 24 | $968.0M | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $591.0M | — |
总债务BROHAS
| 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BROHAS
| Q4 25 | $12.6B | $565.5M | ||
| Q3 25 | $12.4B | $433.8M | ||
| Q2 25 | $11.6B | $269.7M | ||
| Q1 25 | $6.8B | $1.2B | ||
| Q4 24 | $6.4B | $1.2B | ||
| Q3 24 | $6.5B | $1.3B | ||
| Q2 24 | $6.0B | $1.2B | ||
| Q1 24 | $5.8B | $1.0B |
总资产BROHAS
| Q4 25 | $30.0B | $5.6B | ||
| Q3 25 | $29.4B | $5.5B | ||
| Q2 25 | $25.6B | $5.2B | ||
| Q1 25 | $16.8B | $6.0B | ||
| Q4 24 | $17.6B | $6.3B | ||
| Q3 24 | $17.5B | $7.2B | ||
| Q2 24 | $15.9B | $6.9B | ||
| Q1 24 | $14.8B | $6.2B |
负债/权益比BROHAS
| 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 | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $389.5M |
| 自由现金流率自由现金流/营收 | 26.4% | 26.9% |
| 资本支出强度资本支出/营收 | 1.2% | 0.9% |
| 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 | $829.9M |
8季度趋势，按日历期对齐
经营现金流BROHAS
| Q4 25 | $444.0M | $403.2M | ||
| Q3 25 | $468.0M | $280.6M | ||
| Q2 25 | $325.0M | $71.3M | ||
| Q1 25 | $213.0M | $138.1M | ||
| Q4 24 | $361.0M | $259.8M | ||
| Q3 24 | $440.0M | $222.5M | ||
| Q2 24 | $360.0M | $187.3M | ||
| Q1 24 | $13.0M | $177.8M |
自由现金流BROHAS
| Q4 25 | $424.0M | $389.5M | ||
| Q3 25 | $452.0M | $260.9M | ||
| Q2 25 | $310.0M | $55.2M | ||
| Q1 25 | $196.0M | $124.3M | ||
| Q4 24 | $341.0M | $200.8M | ||
| Q3 24 | $417.0M | $174.0M | ||
| Q2 24 | $334.0M | $135.4M | ||
| Q1 24 | $0 | $132.0M |
自由现金流率BROHAS
| Q4 25 | 26.4% | 26.9% | ||
| Q3 25 | 28.1% | 18.8% | ||
| Q2 25 | 24.1% | 5.6% | ||
| Q1 25 | 14.0% | 14.0% | ||
| Q4 24 | 28.8% | 18.2% | ||
| Q3 24 | 35.2% | 13.6% | ||
| Q2 24 | 28.4% | 13.6% | ||
| Q1 24 | 0.0% | 17.4% |
资本支出强度BROHAS
| Q4 25 | 1.2% | 0.9% | ||
| Q3 25 | 1.0% | 1.4% | ||
| Q2 25 | 1.2% | 1.6% | ||
| Q1 25 | 1.2% | 1.6% | ||
| Q4 24 | 1.7% | 5.4% | ||
| Q3 24 | 1.9% | 3.8% | ||
| Q2 24 | 2.2% | 5.2% | ||
| Q1 24 | 1.0% | 6.0% |
现金转化率BROHAS
| Q4 25 | 1.68× | 2.00× | ||
| Q3 25 | 2.06× | 1.20× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | 1.40× | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | 1.00× | ||
| Q2 24 | 1.40× | 1.35× | ||
| Q1 24 | 0.04× | 3.05× |
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% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
