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Brown & Brown（BRO）与Loews Corporation（L）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Loews Corporation的1.9倍（$1.6B vs $827.0M），Loews Corporation净利率更高（48.6% vs 16.5%，领先32.1%），Brown & Brown同比增速更快（35.8% vs 4.8%），Loews Corporation自由现金流更多（$426.0M vs $424.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 7.9%）
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。
Loews Corporation是一家总部位于美国的多元化综合企业集团，旗下子公司业务覆盖财产保险、天然气管道运输、酒店运营、油气勘探生产等核心领域，主要服务北美市场的商业、消费者及工业客户。
BRO vs L — 直观对比
营收规模更大
BRO
是对方的1.9倍
$827.0M
营收增速更快
BRO
高出31.0%
4.8%
净利率更高
L
高出32.1%
16.5%
自由现金流更多
L
多$2.0M
$424.0M
两年增速更快
BRO
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $827.0M |
| 净利润 | $265.0M | $402.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 65.4% |
| 净利率 | 16.5% | 48.6% |
| 营收同比 | 35.8% | 4.8% |
| 净利润同比 | 26.8% | 115.0% |
| 每股收益（稀释后） | $0.55 | $1.93 |
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BROL
| Q4 25 | $1.6B | $827.0M | ||
| Q3 25 | $1.6B | $732.0M | ||
| Q2 25 | $1.3B | $769.0M | ||
| Q1 25 | $1.4B | $846.0M | ||
| Q4 24 | $1.2B | $789.0M | ||
| Q3 24 | $1.2B | $683.0M | ||
| Q2 24 | $1.2B | $711.0M | ||
| Q1 24 | $1.3B | $710.0M |
净利润BROL
| Q4 25 | $265.0M | $402.0M | ||
| Q3 25 | $227.0M | $504.0M | ||
| Q2 25 | $231.0M | $391.0M | ||
| Q1 25 | $331.0M | $370.0M | ||
| Q4 24 | $209.0M | $187.0M | ||
| Q3 24 | $234.0M | $401.0M | ||
| Q2 24 | $257.0M | $369.0M | ||
| Q1 24 | $293.0M | $457.0M |
营业利润率BROL
| Q4 25 | — | 65.4% | ||
| Q3 25 | — | 94.1% | ||
| Q2 25 | — | 70.1% | ||
| Q1 25 | — | 60.8% | ||
| Q4 24 | 23.3% | 23.8% | ||
| Q3 24 | 26.7% | 80.5% | ||
| Q2 24 | 29.4% | 71.3% | ||
| Q1 24 | 28.9% | 88.6% |
净利率BROL
| Q4 25 | 16.5% | 48.6% | ||
| Q3 25 | 14.1% | 68.9% | ||
| Q2 25 | 18.0% | 50.8% | ||
| Q1 25 | 23.6% | 43.7% | ||
| Q4 24 | 17.7% | 23.7% | ||
| Q3 24 | 19.7% | 58.7% | ||
| Q2 24 | 21.8% | 51.9% | ||
| Q1 24 | 23.3% | 64.4% |
每股收益（稀释后）BROL
| Q4 25 | $0.55 | $1.93 | ||
| Q3 25 | $0.68 | $2.43 | ||
| Q2 25 | $0.78 | $1.87 | ||
| Q1 25 | $1.15 | $1.74 | ||
| Q4 24 | $0.73 | $0.87 | ||
| Q3 24 | $0.81 | $1.82 | ||
| Q2 24 | $0.90 | $1.67 | ||
| Q1 24 | $1.02 | $2.05 |
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 | $6.0B |
| 总债务越低越好 | $7.6B | $8.4B |
| 股东权益账面价值 | $12.6B | $18.7B |
| 总资产 | $30.0B | $86.3B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.45× |
8季度趋势，按日历期对齐
现金及短期投资BROL
| Q4 25 | $1.1B | $6.0B | ||
| Q3 25 | $1.2B | $5.4B | ||
| Q2 25 | $8.9B | $4.5B | ||
| Q1 25 | $669.0M | $4.4B | ||
| Q4 24 | $685.0M | $4.6B | ||
| Q3 24 | $968.0M | $5.2B | ||
| Q2 24 | $1.1B | $4.9B | ||
| Q1 24 | $591.0M | $5.4B |
总债务BROL
| Q4 25 | $7.6B | $8.4B | ||
| Q3 25 | $7.7B | $8.4B | ||
| Q2 25 | $7.5B | $7.9B | ||
| Q1 25 | $3.8B | $8.4B | ||
| Q4 24 | $3.8B | $8.9B | ||
| Q3 24 | $3.6B | $8.8B | ||
| Q2 24 | $4.1B | $8.6B | ||
| Q1 24 | $3.9B | $8.4B |
股东权益BROL
| Q4 25 | $12.6B | $18.7B | ||
| Q3 25 | $12.4B | $18.3B | ||
| Q2 25 | $11.6B | $17.5B | ||
| Q1 25 | $6.8B | $17.2B | ||
| Q4 24 | $6.4B | $17.1B | ||
| Q3 24 | $6.5B | $17.4B | ||
| Q2 24 | $6.0B | $16.4B | ||
| Q1 24 | $5.8B | $16.2B |
总资产BROL
| Q4 25 | $30.0B | $86.3B | ||
| Q3 25 | $29.4B | $85.9B | ||
| Q2 25 | $25.6B | $84.7B | ||
| Q1 25 | $16.8B | $83.1B | ||
| Q4 24 | $17.6B | $81.9B | ||
| Q3 24 | $17.5B | $83.6B | ||
| Q2 24 | $15.9B | $81.1B | ||
| Q1 24 | $14.8B | $80.9B |
负债/权益比BROL
| Q4 25 | 0.61× | 0.45× | ||
| Q3 25 | 0.62× | 0.46× | ||
| Q2 25 | 0.65× | 0.45× | ||
| Q1 25 | 0.56× | 0.49× | ||
| Q4 24 | 0.59× | 0.52× | ||
| Q3 24 | 0.55× | 0.51× | ||
| Q2 24 | 0.68× | 0.52× | ||
| Q1 24 | 0.67× | 0.52× |
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 | $617.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $426.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 51.5% |
| 资本支出强度资本支出/营收 | 1.2% | 23.1% |
| 现金转化率经营现金流/净利润 | 1.68× | 1.53× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $2.7B |
8季度趋势，按日历期对齐
经营现金流BROL
| Q4 25 | $444.0M | $617.0M | ||
| Q3 25 | $468.0M | $920.0M | ||
| Q2 25 | $325.0M | $1.0B | ||
| Q1 25 | $213.0M | $736.0M | ||
| Q4 24 | $361.0M | $941.0M | ||
| Q3 24 | $440.0M | $934.0M | ||
| Q2 24 | $360.0M | $952.0M | ||
| Q1 24 | $13.0M | $198.0M |
自由现金流BROL
| Q4 25 | $424.0M | $426.0M | ||
| Q3 25 | $452.0M | $764.0M | ||
| Q2 25 | $310.0M | $872.0M | ||
| Q1 25 | $196.0M | $638.0M | ||
| Q4 24 | $341.0M | $767.0M | ||
| Q3 24 | $417.0M | $794.0M | ||
| Q2 24 | $334.0M | $793.0M | ||
| Q1 24 | $0 | $39.0M |
自由现金流率BROL
| Q4 25 | 26.4% | 51.5% | ||
| Q3 25 | 28.1% | 104.4% | ||
| Q2 25 | 24.1% | 113.4% | ||
| Q1 25 | 14.0% | 75.4% | ||
| Q4 24 | 28.8% | 97.2% | ||
| Q3 24 | 35.2% | 116.3% | ||
| Q2 24 | 28.4% | 111.5% | ||
| Q1 24 | 0.0% | 5.5% |
资本支出强度BROL
| Q4 25 | 1.2% | 23.1% | ||
| Q3 25 | 1.0% | 21.3% | ||
| Q2 25 | 1.2% | 17.4% | ||
| Q1 25 | 1.2% | 11.6% | ||
| Q4 24 | 1.7% | 22.1% | ||
| Q3 24 | 1.9% | 20.5% | ||
| Q2 24 | 2.2% | 22.4% | ||
| Q1 24 | 1.0% | 22.4% |
现金转化率BROL
| Q4 25 | 1.68× | 1.53× | ||
| Q3 25 | 2.06× | 1.83× | ||
| Q2 25 | 1.41× | 2.57× | ||
| Q1 25 | 0.64× | 1.99× | ||
| Q4 24 | 1.73× | 5.03× | ||
| Q3 24 | 1.88× | 2.33× | ||
| Q2 24 | 1.40× | 2.58× | ||
| Q1 24 | 0.04× | 0.43× |
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% |
L
| Transportation And Storage Of Natural Gas And NG Ls And Ethane Supply And Transportation Services | $601.0M | 73% |
| Lodging And Related Services | $226.0M | 27% |
