vs
Brown & Brown（BRO）与露露乐蒙（LULU）财务数据对比。点击上方公司名可切换其他公司
露露乐蒙的季度营收约是Brown & Brown的1.6倍（$2.6B vs $1.6B），Brown & Brown净利率更高（16.5% vs 12.0%，领先4.5%），Brown & Brown同比增速更快（35.8% vs 7.1%），Brown & Brown自由现金流更多（$424.0M vs $82.4M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -10.5%）
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。
露露乐蒙是源自美国和加拿大的跨国运动服饰零售商，1998年成立初期主打瑜伽裤及其他瑜伽服饰，目前已拓展业务至运动装备、休闲服饰、配件及个护产品，总部位于加拿大不列颠哥伦比亚省温哥华，共拥有767家线下门店，同时开设官方网站提供线上销售服务。
BRO vs LULU — 直观对比
营收规模更大
LULU
是对方的1.6倍
$1.6B
营收增速更快
BRO
高出28.8%
7.1%
净利率更高
BRO
高出4.5%
12.0%
自由现金流更多
BRO
多$341.6M
$82.4M
两年增速更快
BRO
近两年复合增速
-10.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.6B |
| 净利润 | $265.0M | $306.8M |
| 毛利率 | — | 55.6% |
| 营业利润率 | — | 17.0% |
| 净利率 | 16.5% | 12.0% |
| 营收同比 | 35.8% | 7.1% |
| 净利润同比 | 26.8% | -12.8% |
| 每股收益（稀释后） | $0.55 | $2.59 |
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BROLULU
| Q4 25 | $1.6B | $2.6B | ||
| Q3 25 | $1.6B | $2.5B | ||
| Q2 25 | $1.3B | $2.4B | ||
| Q1 25 | $1.4B | $3.6B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $1.2B | $2.4B | ||
| Q2 24 | $1.2B | $2.2B | ||
| Q1 24 | $1.3B | $3.2B |
净利润BROLULU
| Q4 25 | $265.0M | $306.8M | ||
| Q3 25 | $227.0M | $370.9M | ||
| Q2 25 | $231.0M | $314.6M | ||
| Q1 25 | $331.0M | $748.4M | ||
| Q4 24 | $209.0M | $351.9M | ||
| Q3 24 | $234.0M | $392.9M | ||
| Q2 24 | $257.0M | $321.4M | ||
| Q1 24 | $293.0M | $669.5M |
毛利率BROLULU
| Q4 25 | — | 55.6% | ||
| Q3 25 | — | 58.5% | ||
| Q2 25 | — | 58.3% | ||
| Q1 25 | — | 60.4% | ||
| Q4 24 | — | 58.5% | ||
| Q3 24 | — | 59.6% | ||
| Q2 24 | — | 57.7% | ||
| Q1 24 | — | 59.4% |
营业利润率BROLULU
| Q4 25 | — | 17.0% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | 18.5% | ||
| Q1 25 | — | 28.9% | ||
| Q4 24 | 23.3% | 20.5% | ||
| Q3 24 | 26.7% | 22.8% | ||
| Q2 24 | 29.4% | 19.6% | ||
| Q1 24 | 28.9% | 28.5% |
净利率BROLULU
| Q4 25 | 16.5% | 12.0% | ||
| Q3 25 | 14.1% | 14.7% | ||
| Q2 25 | 18.0% | 13.3% | ||
| Q1 25 | 23.6% | 20.7% | ||
| Q4 24 | 17.7% | 14.7% | ||
| Q3 24 | 19.7% | 16.6% | ||
| Q2 24 | 21.8% | 14.6% | ||
| Q1 24 | 23.3% | 20.9% |
每股收益（稀释后）BROLULU
| Q4 25 | $0.55 | $2.59 | ||
| Q3 25 | $0.68 | $3.10 | ||
| Q2 25 | $0.78 | $2.60 | ||
| Q1 25 | $1.15 | $6.08 | ||
| Q4 24 | $0.73 | $2.87 | ||
| Q3 24 | $0.81 | $3.15 | ||
| Q2 24 | $0.90 | $2.54 | ||
| Q1 24 | $1.02 | $5.28 |
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 | — |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $4.5B |
| 总资产 | $30.0B | $8.0B |
| 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BROLULU
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $8.9B | — | ||
| Q1 25 | $669.0M | — | ||
| Q4 24 | $685.0M | — | ||
| Q3 24 | $968.0M | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $591.0M | — |
总债务BROLULU
| 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BROLULU
| Q4 25 | $12.6B | $4.5B | ||
| Q3 25 | $12.4B | $4.4B | ||
| Q2 25 | $11.6B | $4.3B | ||
| Q1 25 | $6.8B | $4.3B | ||
| Q4 24 | $6.4B | $4.0B | ||
| Q3 24 | $6.5B | $4.0B | ||
| Q2 24 | $6.0B | $4.2B | ||
| Q1 24 | $5.8B | $4.2B |
总资产BROLULU
| Q4 25 | $30.0B | $8.0B | ||
| Q3 25 | $29.4B | $7.5B | ||
| Q2 25 | $25.6B | $7.4B | ||
| Q1 25 | $16.8B | $7.6B | ||
| Q4 24 | $17.6B | $7.1B | ||
| Q3 24 | $17.5B | $6.7B | ||
| Q2 24 | $15.9B | $6.8B | ||
| Q1 24 | $14.8B | $7.1B |
负债/权益比BROLULU
| 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 | $249.9M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $82.4M |
| 自由现金流率自由现金流/营收 | 26.4% | 3.2% |
| 资本支出强度资本支出/营收 | 1.2% | 6.5% |
| 现金转化率经营现金流/净利润 | 1.68× | 0.81× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.1B |
8季度趋势，按日历期对齐
经营现金流BROLULU
| Q4 25 | $444.0M | $249.9M | ||
| Q3 25 | $468.0M | $328.7M | ||
| Q2 25 | $325.0M | $-119.0M | ||
| Q1 25 | $213.0M | $1.4B | ||
| Q4 24 | $361.0M | $300.7M | ||
| Q3 24 | $440.0M | $443.1M | ||
| Q2 24 | $360.0M | $127.5M | ||
| Q1 24 | $13.0M | $1.4B |
自由现金流BROLULU
| Q4 25 | $424.0M | $82.4M | ||
| Q3 25 | $452.0M | $150.8M | ||
| Q2 25 | $310.0M | $-271.2M | ||
| Q1 25 | $196.0M | $1.2B | ||
| Q4 24 | $341.0M | $122.2M | ||
| Q3 24 | $417.0M | $298.1M | ||
| Q2 24 | $334.0M | $-3.2M | ||
| Q1 24 | $0 | $1.2B |
自由现金流率BROLULU
| Q4 25 | 26.4% | 3.2% | ||
| Q3 25 | 28.1% | 6.0% | ||
| Q2 25 | 24.1% | -11.4% | ||
| Q1 25 | 14.0% | 32.3% | ||
| Q4 24 | 28.8% | 5.1% | ||
| Q3 24 | 35.2% | 12.6% | ||
| Q2 24 | 28.4% | -0.1% | ||
| Q1 24 | 0.0% | 36.7% |
资本支出强度BROLULU
| Q4 25 | 1.2% | 6.5% | ||
| Q3 25 | 1.0% | 7.0% | ||
| Q2 25 | 1.2% | 6.4% | ||
| Q1 25 | 1.2% | 6.5% | ||
| Q4 24 | 1.7% | 7.4% | ||
| Q3 24 | 1.9% | 6.1% | ||
| Q2 24 | 2.2% | 5.9% | ||
| Q1 24 | 1.0% | 6.4% |
现金转化率BROLULU
| Q4 25 | 1.68× | 0.81× | ||
| Q3 25 | 2.06× | 0.89× | ||
| Q2 25 | 1.41× | -0.38× | ||
| Q1 25 | 0.64× | 1.87× | ||
| Q4 24 | 1.73× | 0.85× | ||
| Q3 24 | 1.88× | 1.13× | ||
| Q2 24 | 1.40× | 0.40× | ||
| Q1 24 | 0.04× | 2.07× |
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% |
LULU
| Womens Apparel | $1.6B | 64% |
| Mens Apparel | $596.2M | 23% |
| Accessories And Other Categories | $324.7M | 13% |
