vs
Brown & Brown（BRO）与荷美尔食品（HRL）财务数据对比。点击上方公司名可切换其他公司
荷美尔食品的季度营收约是Brown & Brown的2.0倍（$3.2B vs $1.6B），Brown & Brown净利率更高（16.5% vs -1.8%，领先18.3%），Brown & Brown同比增速更快（35.8% vs 1.5%），Brown & Brown自由现金流更多（$424.0M vs $231.4M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 3.1%）
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。
荷美尔食品是1891年于美国明尼苏达州奥斯汀成立的跨国食品加工企业，由乔治·A·荷美尔创立。品牌最初主营火腿、香肠等各类畜肉产品的包装与销售，1937年推出斯帕姆午餐肉，上世纪80年代起逐步拓展多元化包装及冷藏食品产品线。
BRO vs HRL — 直观对比
营收规模更大
HRL
是对方的2.0倍
$1.6B
营收增速更快
BRO
高出34.3%
1.5%
净利率更高
BRO
高出18.3%
-1.8%
自由现金流更多
BRO
多$192.6M
$231.4M
两年增速更快
BRO
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $3.2B |
| 净利润 | $265.0M | $-56.1M |
| 毛利率 | — | 14.0% |
| 营业利润率 | — | 0.1% |
| 净利率 | 16.5% | -1.8% |
| 营收同比 | 35.8% | 1.5% |
| 净利润同比 | 26.8% | -125.5% |
| 每股收益（稀释后） | $0.55 | $-0.10 |
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BROHRL
| Q4 25 | $1.6B | $3.2B | ||
| Q3 25 | $1.6B | $3.0B | ||
| Q2 25 | $1.3B | $2.9B | ||
| Q1 25 | $1.4B | $3.0B | ||
| Q4 24 | $1.2B | $3.1B | ||
| Q3 24 | $1.2B | $2.9B | ||
| Q2 24 | $1.2B | $2.9B | ||
| Q1 24 | $1.3B | $3.0B |
净利润BROHRL
| Q4 25 | $265.0M | $-56.1M | ||
| Q3 25 | $227.0M | $183.7M | ||
| Q2 25 | $231.0M | $180.0M | ||
| Q1 25 | $331.0M | $170.6M | ||
| Q4 24 | $209.0M | $220.2M | ||
| Q3 24 | $234.0M | $176.7M | ||
| Q2 24 | $257.0M | $189.3M | ||
| Q1 24 | $293.0M | $218.9M |
毛利率BROHRL
| Q4 25 | — | 14.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 16.7% | ||
| Q1 25 | — | 15.9% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | — | 17.0% |
营业利润率BROHRL
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 7.9% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | 23.3% | 9.4% | ||
| Q3 24 | 26.7% | 8.2% | ||
| Q2 24 | 29.4% | 8.7% | ||
| Q1 24 | 28.9% | 9.5% |
净利率BROHRL
| Q4 25 | 16.5% | -1.8% | ||
| Q3 25 | 14.1% | 6.1% | ||
| Q2 25 | 18.0% | 6.2% | ||
| Q1 25 | 23.6% | 5.7% | ||
| Q4 24 | 17.7% | 7.0% | ||
| Q3 24 | 19.7% | 6.1% | ||
| Q2 24 | 21.8% | 6.6% | ||
| Q1 24 | 23.3% | 7.3% |
每股收益（稀释后）BROHRL
| Q4 25 | $0.55 | $-0.10 | ||
| Q3 25 | $0.68 | $0.33 | ||
| Q2 25 | $0.78 | $0.33 | ||
| Q1 25 | $1.15 | $0.31 | ||
| Q4 24 | $0.73 | $0.41 | ||
| Q3 24 | $0.81 | $0.32 | ||
| Q2 24 | $0.90 | $0.34 | ||
| Q1 24 | $1.02 | $0.40 |
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 | $703.6M |
| 总债务越低越好 | $7.6B | $2.9B |
| 股东权益账面价值 | $12.6B | $7.9B |
| 总资产 | $30.0B | $13.4B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.36× |
8季度趋势，按日历期对齐
现金及短期投资BROHRL
| Q4 25 | $1.1B | $703.6M | ||
| Q3 25 | $1.2B | $630.7M | ||
| Q2 25 | $8.9B | $699.0M | ||
| Q1 25 | $669.0M | $866.4M | ||
| Q4 24 | $685.0M | $766.6M | ||
| Q3 24 | $968.0M | $561.9M | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $591.0M | $981.9M |
总债务BROHRL
| Q4 25 | $7.6B | $2.9B | ||
| Q3 25 | $7.7B | $2.9B | ||
| Q2 25 | $7.5B | $2.9B | ||
| Q1 25 | $3.8B | $2.9B | ||
| Q4 24 | $3.8B | $2.9B | ||
| Q3 24 | $3.6B | $2.9B | ||
| Q2 24 | $4.1B | $2.9B | ||
| Q1 24 | $3.9B | $2.4B |
股东权益BROHRL
| Q4 25 | $12.6B | $7.9B | ||
| Q3 25 | $12.4B | $8.1B | ||
| Q2 25 | $11.6B | $8.0B | ||
| Q1 25 | $6.8B | $8.0B | ||
| Q4 24 | $6.4B | $8.0B | ||
| Q3 24 | $6.5B | $7.9B | ||
| Q2 24 | $6.0B | $7.9B | ||
| Q1 24 | $5.8B | $7.8B |
总资产BROHRL
| Q4 25 | $30.0B | $13.4B | ||
| Q3 25 | $29.4B | $13.5B | ||
| Q2 25 | $25.6B | $13.4B | ||
| Q1 25 | $16.8B | $13.4B | ||
| Q4 24 | $17.6B | $13.4B | ||
| Q3 24 | $17.5B | $13.1B | ||
| Q2 24 | $15.9B | $14.1B | ||
| Q1 24 | $14.8B | $13.5B |
负债/权益比BROHRL
| Q4 25 | 0.61× | 0.36× | ||
| Q3 25 | 0.62× | 0.35× | ||
| Q2 25 | 0.65× | 0.35× | ||
| Q1 25 | 0.56× | 0.36× | ||
| Q4 24 | 0.59× | 0.36× | ||
| Q3 24 | 0.55× | 0.36× | ||
| Q2 24 | 0.68× | 0.36× | ||
| Q1 24 | 0.67× | 0.30× |
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 | $322.9M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $231.4M |
| 自由现金流率自由现金流/营收 | 26.4% | 7.3% |
| 资本支出强度资本支出/营收 | 1.2% | 2.9% |
| 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 | $534.3M |
8季度趋势，按日历期对齐
经营现金流BROHRL
| Q4 25 | $444.0M | $322.9M | ||
| Q3 25 | $468.0M | $156.7M | ||
| Q2 25 | $325.0M | $56.4M | ||
| Q1 25 | $213.0M | $309.2M | ||
| Q4 24 | $361.0M | $408.6M | ||
| Q3 24 | $440.0M | $218.0M | ||
| Q2 24 | $360.0M | $236.1M | ||
| Q1 24 | $13.0M | $404.0M |
自由现金流BROHRL
| Q4 25 | $424.0M | $231.4M | ||
| Q3 25 | $452.0M | $84.5M | ||
| Q2 25 | $310.0M | $-18.6M | ||
| Q1 25 | $196.0M | $237.0M | ||
| Q4 24 | $341.0M | $324.8M | ||
| Q3 24 | $417.0M | $152.5M | ||
| Q2 24 | $334.0M | $176.2M | ||
| Q1 24 | $0 | $356.8M |
自由现金流率BROHRL
| Q4 25 | 26.4% | 7.3% | ||
| Q3 25 | 28.1% | 2.8% | ||
| Q2 25 | 24.1% | -0.6% | ||
| Q1 25 | 14.0% | 7.9% | ||
| Q4 24 | 28.8% | 10.4% | ||
| Q3 24 | 35.2% | 5.3% | ||
| Q2 24 | 28.4% | 6.1% | ||
| Q1 24 | 0.0% | 11.9% |
资本支出强度BROHRL
| Q4 25 | 1.2% | 2.9% | ||
| Q3 25 | 1.0% | 2.4% | ||
| Q2 25 | 1.2% | 2.6% | ||
| Q1 25 | 1.2% | 2.4% | ||
| Q4 24 | 1.7% | 2.7% | ||
| Q3 24 | 1.9% | 2.3% | ||
| Q2 24 | 2.2% | 2.1% | ||
| Q1 24 | 1.0% | 1.6% |
现金转化率BROHRL
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | 0.85× | ||
| Q2 25 | 1.41× | 0.31× | ||
| Q1 25 | 0.64× | 1.81× | ||
| Q4 24 | 1.73× | 1.86× | ||
| Q3 24 | 1.88× | 1.23× | ||
| Q2 24 | 1.40× | 1.25× | ||
| Q1 24 | 0.04× | 1.85× |
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% |
HRL
| Retail Segment | $1.9B | 60% |
| Foodservice Segment | $1.1B | 34% |
| Other | $174.7M | 5% |
