vs
Brown & Brown（BRO）与ICAHN ENTERPRISES L.P.（IEP）财务数据对比。点击上方公司名可切换其他公司
ICAHN ENTERPRISES L.P.的季度营收约是Brown & Brown的1.7倍（$2.7B vs $1.6B），Brown & Brown净利率更高（16.5% vs 0.0%，领先16.5%），Brown & Brown同比增速更快（35.8% vs 5.4%），Brown & Brown自由现金流更多（$424.0M vs $-496.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 4.5%）
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。
伊坎企业有限合伙企业是美国上市的 Master 有限合伙企业与多元化集团，总部位于佛罗里达州阳光岛海滩的弥尔顿大厦。公司投资布局覆盖能源、汽车、食品包装、金属、房地产、家居时尚等多个领域，由知名投资人卡尔·伊坎控股，其持股比例达86%。
BRO vs IEP — 直观对比
营收规模更大
IEP
是对方的1.7倍
$1.6B
营收增速更快
BRO
高出30.5%
5.4%
净利率更高
BRO
高出16.5%
0.0%
自由现金流更多
BRO
多$920.0M
$-496.0M
两年增速更快
BRO
近两年复合增速
4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.7B |
| 净利润 | $265.0M | $1.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 0.6% |
| 净利率 | 16.5% | 0.0% |
| 营收同比 | 35.8% | 5.4% |
| 净利润同比 | 26.8% | 101.0% |
| 每股收益（稀释后） | $0.55 | — |
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BROIEP
| Q4 25 | $1.6B | $2.7B | ||
| Q3 25 | $1.6B | $2.7B | ||
| Q2 25 | $1.3B | $2.4B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.2B | $2.6B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.2B | $2.2B | ||
| Q1 24 | $1.3B | $2.5B |
净利润BROIEP
| Q4 25 | $265.0M | $1.0M | ||
| Q3 25 | $227.0M | $287.0M | ||
| Q2 25 | $231.0M | $-165.0M | ||
| Q1 25 | $331.0M | $-422.0M | ||
| Q4 24 | $209.0M | $-98.0M | ||
| Q3 24 | $234.0M | $22.0M | ||
| Q2 24 | $257.0M | $-331.0M | ||
| Q1 24 | $293.0M | $-38.0M |
营业利润率BROIEP
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 19.7% | ||
| Q2 25 | — | -10.4% | ||
| Q1 25 | — | -35.0% | ||
| Q4 24 | 23.3% | -5.2% | ||
| Q3 24 | 26.7% | 2.4% | ||
| Q2 24 | 29.4% | -21.9% | ||
| Q1 24 | 28.9% | -0.8% |
净利率BROIEP
| Q4 25 | 16.5% | 0.0% | ||
| Q3 25 | 14.1% | 10.5% | ||
| Q2 25 | 18.0% | -7.0% | ||
| Q1 25 | 23.6% | -22.6% | ||
| Q4 24 | 17.7% | -3.8% | ||
| Q3 24 | 19.7% | 0.8% | ||
| Q2 24 | 21.8% | -15.0% | ||
| Q1 24 | 23.3% | -1.5% |
每股收益（稀释后）BROIEP
| Q4 25 | $0.55 | — | ||
| Q3 25 | $0.68 | — | ||
| Q2 25 | $0.78 | — | ||
| Q1 25 | $1.15 | — | ||
| Q4 24 | $0.73 | — | ||
| Q3 24 | $0.81 | — | ||
| Q2 24 | $0.90 | — | ||
| Q1 24 | $1.02 | — |
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 | $1.4B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | — |
| 总资产 | $30.0B | $14.2B |
| 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BROIEP
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.2B | $1.8B | ||
| Q2 25 | $8.9B | $1.8B | ||
| Q1 25 | $669.0M | $2.2B | ||
| Q4 24 | $685.0M | $2.6B | ||
| Q3 24 | $968.0M | $2.3B | ||
| Q2 24 | $1.1B | $2.2B | ||
| Q1 24 | $591.0M | $2.5B |
总债务BROIEP
| 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BROIEP
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.4B | — | ||
| Q2 25 | $11.6B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.5B | — | ||
| Q2 24 | $6.0B | — | ||
| Q1 24 | $5.8B | — |
总资产BROIEP
| Q4 25 | $30.0B | $14.2B | ||
| Q3 25 | $29.4B | $14.8B | ||
| Q2 25 | $25.6B | $14.8B | ||
| Q1 25 | $16.8B | $15.5B | ||
| Q4 24 | $17.6B | $16.3B | ||
| Q3 24 | $17.5B | $17.4B | ||
| Q2 24 | $15.9B | $18.0B | ||
| Q1 24 | $14.8B | $20.1B |
负债/权益比BROIEP
| 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 | $-421.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $-496.0M |
| 自由现金流率自由现金流/营收 | 26.4% | -18.4% |
| 资本支出强度资本支出/营收 | 1.2% | 2.8% |
| 现金转化率经营现金流/净利润 | 1.68× | -421.00× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $-654.0M |
8季度趋势，按日历期对齐
经营现金流BROIEP
| Q4 25 | $444.0M | $-421.0M | ||
| Q3 25 | $468.0M | $15.0M | ||
| Q2 25 | $325.0M | $275.0M | ||
| Q1 25 | $213.0M | $-182.0M | ||
| Q4 24 | $361.0M | $244.0M | ||
| Q3 24 | $440.0M | $-54.0M | ||
| Q2 24 | $360.0M | $893.0M | ||
| Q1 24 | $13.0M | $-251.0M |
自由现金流BROIEP
| Q4 25 | $424.0M | $-496.0M | ||
| Q3 25 | $452.0M | $-67.0M | ||
| Q2 25 | $310.0M | $179.0M | ||
| Q1 25 | $196.0M | $-270.0M | ||
| Q4 24 | $341.0M | $156.0M | ||
| Q3 24 | $417.0M | $-112.0M | ||
| Q2 24 | $334.0M | $827.0M | ||
| Q1 24 | $0 | $-319.0M |
自由现金流率BROIEP
| Q4 25 | 26.4% | -18.4% | ||
| Q3 25 | 28.1% | -2.5% | ||
| Q2 25 | 24.1% | 7.6% | ||
| Q1 25 | 14.0% | -14.5% | ||
| Q4 24 | 28.8% | 6.1% | ||
| Q3 24 | 35.2% | -4.0% | ||
| Q2 24 | 28.4% | 37.6% | ||
| Q1 24 | 0.0% | -12.9% |
资本支出强度BROIEP
| Q4 25 | 1.2% | 2.8% | ||
| Q3 25 | 1.0% | 3.0% | ||
| Q2 25 | 1.2% | 4.1% | ||
| Q1 25 | 1.2% | 4.7% | ||
| Q4 24 | 1.7% | 3.4% | ||
| Q3 24 | 1.9% | 2.1% | ||
| Q2 24 | 2.2% | 3.0% | ||
| Q1 24 | 1.0% | 2.8% |
现金转化率BROIEP
| Q4 25 | 1.68× | -421.00× | ||
| Q3 25 | 2.06× | 0.05× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | -2.45× | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | 0.04× | — |
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% |
IEP
| Public Utilities Inventory Petroleum Products | $1.6B | 61% |
| Other | $381.0M | 14% |
| Automotive Services | $345.0M | 13% |
| Nitrogen Fertilizer Products | $131.0M | 5% |
| Food Packaging Segment | $82.0M | 3% |
| Home Fashion Segment | $45.0M | 2% |
| Renewable Products | $32.0M | 1% |
| Pharma Segment | $23.0M | 1% |
| Holding Company | $11.0M | 0% |
