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Brown & Brown（BRO）与HUBSPOT INC（HUBS）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HUBSPOT INC的1.9倍（$1.6B vs $846.7M），Brown & Brown净利率更高（16.5% vs 6.4%，领先10.1%），Brown & Brown同比增速更快（35.8% vs 20.4%），Brown & Brown自由现金流更多（$424.0M vs $234.0M），过去两年HUBSPOT INC的营收复合增速更高（17.1% 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。
HubSpot Inc.是总部位于美国马萨诸塞州剑桥市的企业服务提供商，2006年由布莱恩·哈利根与达尔梅什·沙阿联合创立，专注于研发和推广适配营销、销售及客户服务全场景的软件产品，为全球各规模企业的数字化运营提供工具支持。
BRO vs HUBS — 直观对比
营收规模更大
BRO
是对方的1.9倍
$846.7M
营收增速更快
BRO
高出15.4%
20.4%
净利率更高
BRO
高出10.1%
6.4%
自由现金流更多
BRO
多$190.0M
$234.0M
两年增速更快
HUBS
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $846.7M |
| 净利润 | $265.0M | $54.4M |
| 毛利率 | — | 83.7% |
| 营业利润率 | — | 5.7% |
| 净利率 | 16.5% | 6.4% |
| 营收同比 | 35.8% | 20.4% |
| 净利润同比 | 26.8% | 992.2% |
| 每股收益（稀释后） | $0.55 | $1.03 |
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BROHUBS
| Q4 25 | $1.6B | $846.7M | ||
| Q3 25 | $1.6B | $809.5M | ||
| Q2 25 | $1.3B | $760.9M | ||
| Q1 25 | $1.4B | $714.1M | ||
| Q4 24 | $1.2B | $703.2M | ||
| Q3 24 | $1.2B | $669.7M | ||
| Q2 24 | $1.2B | $637.2M | ||
| Q1 24 | $1.3B | $617.4M |
净利润BROHUBS
| Q4 25 | $265.0M | $54.4M | ||
| Q3 25 | $227.0M | $16.5M | ||
| Q2 25 | $231.0M | $-3.3M | ||
| Q1 25 | $331.0M | $-21.8M | ||
| Q4 24 | $209.0M | $5.0M | ||
| Q3 24 | $234.0M | $8.1M | ||
| Q2 24 | $257.0M | $-14.4M | ||
| Q1 24 | $293.0M | $5.9M |
毛利率BROHUBS
| Q4 25 | — | 83.7% | ||
| Q3 25 | — | 83.5% | ||
| Q2 25 | — | 83.9% | ||
| Q1 25 | — | 83.9% | ||
| Q4 24 | — | 85.3% | ||
| Q3 24 | — | 85.2% | ||
| Q2 24 | — | 85.0% | ||
| Q1 24 | — | 84.6% |
营业利润率BROHUBS
| Q4 25 | — | 5.7% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | -3.8% | ||
| Q4 24 | 23.3% | -1.5% | ||
| Q3 24 | 26.7% | -1.4% | ||
| Q2 24 | 29.4% | -3.8% | ||
| Q1 24 | 28.9% | -3.8% |
净利率BROHUBS
| Q4 25 | 16.5% | 6.4% | ||
| Q3 25 | 14.1% | 2.0% | ||
| Q2 25 | 18.0% | -0.4% | ||
| Q1 25 | 23.6% | -3.1% | ||
| Q4 24 | 17.7% | 0.7% | ||
| Q3 24 | 19.7% | 1.2% | ||
| Q2 24 | 21.8% | -2.3% | ||
| Q1 24 | 23.3% | 1.0% |
每股收益（稀释后）BROHUBS
| Q4 25 | $0.55 | $1.03 | ||
| Q3 25 | $0.68 | $0.31 | ||
| Q2 25 | $0.78 | $-0.06 | ||
| Q1 25 | $1.15 | $-0.42 | ||
| Q4 24 | $0.73 | $0.09 | ||
| Q3 24 | $0.81 | $0.16 | ||
| Q2 24 | $0.90 | $-0.28 | ||
| Q1 24 | $1.02 | $0.12 |
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 | $882.2M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $2.1B |
| 总资产 | $30.0B | $3.9B |
| 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BROHUBS
| Q4 25 | $1.1B | $882.2M | ||
| Q3 25 | $1.2B | $614.4M | ||
| Q2 25 | $8.9B | $601.2M | ||
| Q1 25 | $669.0M | $625.0M | ||
| Q4 24 | $685.0M | $512.7M | ||
| Q3 24 | $968.0M | $410.1M | ||
| Q2 24 | $1.1B | $797.9M | ||
| Q1 24 | $591.0M | $447.8M |
总债务BROHUBS
| 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BROHUBS
| Q4 25 | $12.6B | $2.1B | ||
| Q3 25 | $12.4B | $1.9B | ||
| Q2 25 | $11.6B | $2.1B | ||
| Q1 25 | $6.8B | $2.0B | ||
| Q4 24 | $6.4B | $1.9B | ||
| Q3 24 | $6.5B | $1.8B | ||
| Q2 24 | $6.0B | $1.6B | ||
| Q1 24 | $5.8B | $1.4B |
总资产BROHUBS
| Q4 25 | $30.0B | $3.9B | ||
| Q3 25 | $29.4B | $3.5B | ||
| Q2 25 | $25.6B | $3.7B | ||
| Q1 25 | $16.8B | $3.9B | ||
| Q4 24 | $17.6B | $3.8B | ||
| Q3 24 | $17.5B | $3.6B | ||
| Q2 24 | $15.9B | $3.4B | ||
| Q1 24 | $14.8B | $3.2B |
负债/权益比BROHUBS
| 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 | $247.4M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $234.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 27.6% |
| 资本支出强度资本支出/营收 | 1.2% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.68× | 4.55× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $707.6M |
8季度趋势，按日历期对齐
经营现金流BROHUBS
| Q4 25 | $444.0M | $247.4M | ||
| Q3 25 | $468.0M | $187.4M | ||
| Q2 25 | $325.0M | $164.4M | ||
| Q1 25 | $213.0M | $161.6M | ||
| Q4 24 | $361.0M | $194.1M | ||
| Q3 24 | $440.0M | $159.5M | ||
| Q2 24 | $360.0M | $117.8M | ||
| Q1 24 | $13.0M | $127.1M |
自由现金流BROHUBS
| Q4 25 | $424.0M | $234.0M | ||
| Q3 25 | $452.0M | $177.0M | ||
| Q2 25 | $310.0M | $148.3M | ||
| Q1 25 | $196.0M | $148.2M | ||
| Q4 24 | $341.0M | $181.4M | ||
| Q3 24 | $417.0M | $148.4M | ||
| Q2 24 | $334.0M | $109.6M | ||
| Q1 24 | $0 | $121.2M |
自由现金流率BROHUBS
| Q4 25 | 26.4% | 27.6% | ||
| Q3 25 | 28.1% | 21.9% | ||
| Q2 25 | 24.1% | 19.5% | ||
| Q1 25 | 14.0% | 20.8% | ||
| Q4 24 | 28.8% | 25.8% | ||
| Q3 24 | 35.2% | 22.2% | ||
| Q2 24 | 28.4% | 17.2% | ||
| Q1 24 | 0.0% | 19.6% |
资本支出强度BROHUBS
| Q4 25 | 1.2% | 1.6% | ||
| Q3 25 | 1.0% | 1.3% | ||
| Q2 25 | 1.2% | 2.1% | ||
| Q1 25 | 1.2% | 1.9% | ||
| Q4 24 | 1.7% | 1.8% | ||
| Q3 24 | 1.9% | 1.7% | ||
| Q2 24 | 2.2% | 1.3% | ||
| Q1 24 | 1.0% | 1.0% |
现金转化率BROHUBS
| Q4 25 | 1.68× | 4.55× | ||
| Q3 25 | 2.06× | 11.33× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | 38.96× | ||
| Q3 24 | 1.88× | 19.59× | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | 0.04× | 21.42× |
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% |
HUBS
| Subscription And Circulation | $829.0M | 98% |
| Services | $17.8M | 2% |
