vs
Brown & Brown（BRO）与罗技（LOGI）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是罗技的1.1倍（$1.6B vs $1.4B），罗技净利率更高（17.7% vs 16.5%，领先1.2%），Brown & Brown同比增速更快（35.8% vs 6.1%），罗技自由现金流更多（$465.6M vs $424.0M），过去两年罗技的营收复合增速更高（18.5% 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。
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
BRO vs LOGI — 直观对比
营收规模更大
BRO
是对方的1.1倍
$1.4B
营收增速更快
BRO
高出29.8%
6.1%
净利率更高
LOGI
高出1.2%
16.5%
自由现金流更多
LOGI
多$41.6M
$424.0M
两年增速更快
LOGI
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.4B |
| 净利润 | $265.0M | $251.0M |
| 毛利率 | — | 43.2% |
| 营业利润率 | — | 20.1% |
| 净利率 | 16.5% | 17.7% |
| 营收同比 | 35.8% | 6.1% |
| 净利润同比 | 26.8% | 25.4% |
| 每股收益（稀释后） | $0.55 | $1.69 |
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BROLOGI
| Q4 25 | $1.6B | $1.4B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.3B | $1.0B |
净利润BROLOGI
| Q4 25 | $265.0M | $251.0M | ||
| Q3 25 | $227.0M | $170.7M | ||
| Q2 25 | $231.0M | $146.0M | ||
| Q1 25 | $331.0M | $144.1M | ||
| Q4 24 | $209.0M | $200.1M | ||
| Q3 24 | $234.0M | $145.5M | ||
| Q2 24 | $257.0M | $141.8M | ||
| Q1 24 | $293.0M | $167.6M |
毛利率BROLOGI
| Q4 25 | — | 43.2% | ||
| Q3 25 | — | 43.4% | ||
| Q2 25 | — | 41.7% | ||
| Q1 25 | — | 43.1% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | — | 43.6% | ||
| Q2 24 | — | 42.8% | ||
| Q1 24 | — | 43.2% |
营业利润率BROLOGI
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | 23.3% | 17.5% | ||
| Q3 24 | 26.7% | 14.4% | ||
| Q2 24 | 29.4% | 14.1% | ||
| Q1 24 | 28.9% | 12.9% |
净利率BROLOGI
| Q4 25 | 16.5% | 17.7% | ||
| Q3 25 | 14.1% | 14.4% | ||
| Q2 25 | 18.0% | 12.7% | ||
| Q1 25 | 23.6% | 14.3% | ||
| Q4 24 | 17.7% | 14.9% | ||
| Q3 24 | 19.7% | 13.0% | ||
| Q2 24 | 21.8% | 13.0% | ||
| Q1 24 | 23.3% | 16.6% |
每股收益（稀释后）BROLOGI
| Q4 25 | $0.55 | $1.69 | ||
| Q3 25 | $0.68 | $1.15 | ||
| Q2 25 | $0.78 | $0.98 | ||
| Q1 25 | $1.15 | $0.94 | ||
| Q4 24 | $0.73 | $1.32 | ||
| Q3 24 | $0.81 | $0.95 | ||
| Q2 24 | $0.90 | $0.92 | ||
| Q1 24 | $1.02 | $1.07 |
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 | $1.8B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $2.3B |
| 总资产 | $30.0B | $4.1B |
| 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BROLOGI
| Q4 25 | $1.1B | $1.8B | ||
| Q3 25 | $1.2B | $1.4B | ||
| Q2 25 | $8.9B | $1.5B | ||
| Q1 25 | $669.0M | $1.5B | ||
| Q4 24 | $685.0M | $1.5B | ||
| Q3 24 | $968.0M | $1.4B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $591.0M | $1.5B |
总债务BROLOGI
| 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BROLOGI
| Q4 25 | $12.6B | $2.3B | ||
| Q3 25 | $12.4B | $2.1B | ||
| Q2 25 | $11.6B | $2.2B | ||
| Q1 25 | $6.8B | $2.1B | ||
| Q4 24 | $6.4B | $2.1B | ||
| Q3 24 | $6.5B | $2.1B | ||
| Q2 24 | $6.0B | $2.2B | ||
| Q1 24 | $5.8B | $2.2B |
总资产BROLOGI
| Q4 25 | $30.0B | $4.1B | ||
| Q3 25 | $29.4B | $3.7B | ||
| Q2 25 | $25.6B | $3.7B | ||
| Q1 25 | $16.8B | $3.5B | ||
| Q4 24 | $17.6B | $3.7B | ||
| Q3 24 | $17.5B | $3.6B | ||
| Q2 24 | $15.9B | $3.7B | ||
| Q1 24 | $14.8B | $3.6B |
负债/权益比BROLOGI
| 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 | $480.5M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $465.6M |
| 自由现金流率自由现金流/营收 | 26.4% | 32.8% |
| 资本支出强度资本支出/营收 | 1.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.68× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $903.6M |
8季度趋势，按日历期对齐
经营现金流BROLOGI
| Q4 25 | $444.0M | $480.5M | ||
| Q3 25 | $468.0M | $228.8M | ||
| Q2 25 | $325.0M | $125.0M | ||
| Q1 25 | $213.0M | $129.7M | ||
| Q4 24 | $361.0M | $370.9M | ||
| Q3 24 | $440.0M | $166.0M | ||
| Q2 24 | $360.0M | $176.0M | ||
| Q1 24 | $13.0M | $239.1M |
自由现金流BROLOGI
| Q4 25 | $424.0M | $465.6M | ||
| Q3 25 | $452.0M | $212.3M | ||
| Q2 25 | $310.0M | $108.8M | ||
| Q1 25 | $196.0M | $116.9M | ||
| Q4 24 | $341.0M | $356.6M | ||
| Q3 24 | $417.0M | $151.5M | ||
| Q2 24 | $334.0M | $161.4M | ||
| Q1 24 | $0 | $228.8M |
自由现金流率BROLOGI
| Q4 25 | 26.4% | 32.8% | ||
| Q3 25 | 28.1% | 17.9% | ||
| Q2 25 | 24.1% | 9.5% | ||
| Q1 25 | 14.0% | 11.6% | ||
| Q4 24 | 28.8% | 26.6% | ||
| Q3 24 | 35.2% | 13.6% | ||
| Q2 24 | 28.4% | 14.8% | ||
| Q1 24 | 0.0% | 22.6% |
资本支出强度BROLOGI
| Q4 25 | 1.2% | 1.0% | ||
| Q3 25 | 1.0% | 1.4% | ||
| Q2 25 | 1.2% | 1.4% | ||
| Q1 25 | 1.2% | 1.3% | ||
| Q4 24 | 1.7% | 1.1% | ||
| Q3 24 | 1.9% | 1.3% | ||
| Q2 24 | 2.2% | 1.3% | ||
| Q1 24 | 1.0% | 1.0% |
现金转化率BROLOGI
| Q4 25 | 1.68× | 1.91× | ||
| Q3 25 | 2.06× | 1.34× | ||
| Q2 25 | 1.41× | 0.86× | ||
| Q1 25 | 0.64× | 0.90× | ||
| Q4 24 | 1.73× | 1.85× | ||
| Q3 24 | 1.88× | 1.14× | ||
| Q2 24 | 1.40× | 1.24× | ||
| Q1 24 | 0.04× | 1.43× |
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% |
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
