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Brown & Brown（BRO）与英格索兰（IR）财务数据对比。点击上方公司名可切换其他公司
英格索兰的季度营收约是Brown & Brown的1.3倍（$2.1B vs $1.6B），Brown & Brown净利率更高（16.5% vs 12.7%，领先3.8%），Brown & Brown同比增速更快（35.8% vs 10.1%），英格索兰自由现金流更多（$461.5M vs $424.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 11.9%）
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。
英格索兰是一家美国跨国企业，主营流体生产及工业产品业务。公司于2020年2月由原英格索兰plc的工业业务板块分拆后与加德纳丹佛合并组建，旗下拥有40多个品牌，产品覆盖全球所有主要市场。
BRO vs IR — 直观对比
营收规模更大
IR
是对方的1.3倍
$1.6B
营收增速更快
BRO
高出25.7%
10.1%
净利率更高
BRO
高出3.8%
12.7%
自由现金流更多
IR
多$37.5M
$424.0M
两年增速更快
BRO
近两年复合增速
11.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.1B |
| 净利润 | $265.0M | $266.1M |
| 毛利率 | — | 42.6% |
| 营业利润率 | — | 18.7% |
| 净利率 | 16.5% | 12.7% |
| 营收同比 | 35.8% | 10.1% |
| 净利润同比 | 26.8% | 15.8% |
| 每股收益（稀释后） | $0.55 | $0.67 |
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BROIR
| Q4 25 | $1.6B | $2.1B | ||
| Q3 25 | $1.6B | $2.0B | ||
| Q2 25 | $1.3B | $1.9B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $1.2B | $1.8B | ||
| Q1 24 | $1.3B | $1.7B |
净利润BROIR
| Q4 25 | $265.0M | $266.1M | ||
| Q3 25 | $227.0M | $244.1M | ||
| Q2 25 | $231.0M | $-115.3M | ||
| Q1 25 | $331.0M | $186.5M | ||
| Q4 24 | $209.0M | $229.8M | ||
| Q3 24 | $234.0M | $221.6M | ||
| Q2 24 | $257.0M | $185.0M | ||
| Q1 24 | $293.0M | $202.2M |
毛利率BROIR
| Q4 25 | — | 42.6% | ||
| Q3 25 | — | 43.7% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 44.6% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | — | 43.8% | ||
| Q2 24 | — | 43.9% | ||
| Q1 24 | — | 44.7% |
营业利润率BROIR
| Q4 25 | — | 18.7% | ||
| Q3 25 | — | 19.2% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 17.6% | ||
| Q4 24 | 23.3% | 20.0% | ||
| Q3 24 | 26.7% | 19.1% | ||
| Q2 24 | 29.4% | 15.1% | ||
| Q1 24 | 28.9% | 17.6% |
净利率BROIR
| Q4 25 | 16.5% | 12.7% | ||
| Q3 25 | 14.1% | 12.5% | ||
| Q2 25 | 18.0% | -6.1% | ||
| Q1 25 | 23.6% | 10.9% | ||
| Q4 24 | 17.7% | 12.1% | ||
| Q3 24 | 19.7% | 11.9% | ||
| Q2 24 | 21.8% | 10.2% | ||
| Q1 24 | 23.3% | 12.1% |
每股收益（稀释后）BROIR
| Q4 25 | $0.55 | $0.67 | ||
| Q3 25 | $0.68 | $0.61 | ||
| Q2 25 | $0.78 | $-0.29 | ||
| Q1 25 | $1.15 | $0.46 | ||
| Q4 24 | $0.73 | $0.57 | ||
| Q3 24 | $0.81 | $0.54 | ||
| Q2 24 | $0.90 | $0.45 | ||
| Q1 24 | $1.02 | $0.50 |
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 | $1.2B |
| 总债务越低越好 | $7.6B | $4.8B |
| 股东权益账面价值 | $12.6B | $10.1B |
| 总资产 | $30.0B | $18.3B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资BROIR
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $8.9B | $1.3B | ||
| Q1 25 | $669.0M | $1.6B | ||
| Q4 24 | $685.0M | $1.5B | ||
| Q3 24 | $968.0M | $1.4B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $591.0M | $1.5B |
总债务BROIR
| Q4 25 | $7.6B | $4.8B | ||
| Q3 25 | $7.7B | $4.8B | ||
| Q2 25 | $7.5B | $4.8B | ||
| Q1 25 | $3.8B | $4.8B | ||
| Q4 24 | $3.8B | $4.8B | ||
| Q3 24 | $3.6B | $4.8B | ||
| Q2 24 | $4.1B | $4.8B | ||
| Q1 24 | $3.9B | $2.7B |
股东权益BROIR
| Q4 25 | $12.6B | $10.1B | ||
| Q3 25 | $12.4B | $10.1B | ||
| Q2 25 | $11.6B | $10.1B | ||
| Q1 25 | $6.8B | $10.5B | ||
| Q4 24 | $6.4B | $10.2B | ||
| Q3 24 | $6.5B | $10.3B | ||
| Q2 24 | $6.0B | $10.0B | ||
| Q1 24 | $5.8B | $9.9B |
总资产BROIR
| Q4 25 | $30.0B | $18.3B | ||
| Q3 25 | $29.4B | $18.2B | ||
| Q2 25 | $25.6B | $18.1B | ||
| Q1 25 | $16.8B | $18.4B | ||
| Q4 24 | $17.6B | $18.0B | ||
| Q3 24 | $17.5B | $18.2B | ||
| Q2 24 | $15.9B | $17.8B | ||
| Q1 24 | $14.8B | $15.5B |
负债/权益比BROIR
| Q4 25 | 0.61× | 0.47× | ||
| Q3 25 | 0.62× | 0.47× | ||
| Q2 25 | 0.65× | 0.47× | ||
| Q1 25 | 0.56× | 0.45× | ||
| Q4 24 | 0.59× | 0.47× | ||
| Q3 24 | 0.55× | 0.47× | ||
| Q2 24 | 0.68× | 0.48× | ||
| Q1 24 | 0.67× | 0.27× |
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 | $499.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $461.5M |
| 自由现金流率自由现金流/营收 | 26.4% | 22.1% |
| 资本支出强度资本支出/营收 | 1.2% | 1.8% |
| 现金转化率经营现金流/净利润 | 1.68× | 1.88× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.2B |
8季度趋势，按日历期对齐
经营现金流BROIR
| Q4 25 | $444.0M | $499.0M | ||
| Q3 25 | $468.0M | $354.6M | ||
| Q2 25 | $325.0M | $245.7M | ||
| Q1 25 | $213.0M | $256.4M | ||
| Q4 24 | $361.0M | $526.2M | ||
| Q3 24 | $440.0M | $404.0M | ||
| Q2 24 | $360.0M | $304.9M | ||
| Q1 24 | $13.0M | $161.6M |
自由现金流BROIR
| Q4 25 | $424.0M | $461.5M | ||
| Q3 25 | $452.0M | $325.5M | ||
| Q2 25 | $310.0M | $210.4M | ||
| Q1 25 | $196.0M | $222.7M | ||
| Q4 24 | $341.0M | $490.9M | ||
| Q3 24 | $417.0M | $374.3M | ||
| Q2 24 | $334.0M | $283.1M | ||
| Q1 24 | $0 | $99.3M |
自由现金流率BROIR
| Q4 25 | 26.4% | 22.1% | ||
| Q3 25 | 28.1% | 16.6% | ||
| Q2 25 | 24.1% | 11.1% | ||
| Q1 25 | 14.0% | 13.0% | ||
| Q4 24 | 28.8% | 25.9% | ||
| Q3 24 | 35.2% | 20.1% | ||
| Q2 24 | 28.4% | 15.7% | ||
| Q1 24 | 0.0% | 5.9% |
资本支出强度BROIR
| Q4 25 | 1.2% | 1.8% | ||
| Q3 25 | 1.0% | 1.5% | ||
| Q2 25 | 1.2% | 1.9% | ||
| Q1 25 | 1.2% | 2.0% | ||
| Q4 24 | 1.7% | 1.9% | ||
| Q3 24 | 1.9% | 1.6% | ||
| Q2 24 | 2.2% | 1.2% | ||
| Q1 24 | 1.0% | 3.7% |
现金转化率BROIR
| Q4 25 | 1.68× | 1.88× | ||
| Q3 25 | 2.06× | 1.45× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | 1.37× | ||
| Q4 24 | 1.73× | 2.29× | ||
| Q3 24 | 1.88× | 1.82× | ||
| Q2 24 | 1.40× | 1.65× | ||
| Q1 24 | 0.04× | 0.80× |
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% |
IR
| Transferred At Point In Time | $1.5B | 71% |
| Transferred Over Time | $193.0M | 9% |
| Precision And Science Technologies Segment | $183.1M | 9% |
| Acquisitions In2024 | $175.6M | 8% |
| Acquisitions In2025 | $70.8M | 3% |
