vs
Brown & Brown（BRO）与Lumen Technologies, Inc.（LUMN）财务数据对比。点击上方公司名可切换其他公司
Lumen Technologies, Inc.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 -0.1%，领先16.6%），Brown & Brown同比增速更快（35.8% vs -11.0%），Brown & Brown自由现金流更多（$424.0M vs $-1.1B），过去两年Brown & Brown的营收复合增速更高（13.0% vs -5.3%）
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。
Lumen Technologies是总部位于美国路易斯安那州门罗市的电信企业，依托自有光纤、铜线网络、数据中心及云计算资源，为客户提供网络、安全、云、语音及各类托管通信服务，2023年3月起纳入标普600指数，此前曾为标普500指数成分股。
BRO vs LUMN — 直观对比
营收规模更大
LUMN
是对方的1.7倍
$1.6B
营收增速更快
BRO
高出46.8%
-11.0%
净利率更高
BRO
高出16.6%
-0.1%
自由现金流更多
BRO
多$1.5B
$-1.1B
两年增速更快
BRO
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.7B |
| 净利润 | $265.0M | $-2.0M |
| 毛利率 | — | 40.7% |
| 营业利润率 | — | -7.3% |
| 净利率 | 16.5% | -0.1% |
| 营收同比 | 35.8% | -11.0% |
| 净利润同比 | 26.8% | -102.4% |
| 每股收益（稀释后） | $0.55 | $-0.01 |
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BROLUMN
| Q4 25 | $1.6B | $2.7B | ||
| Q3 25 | $1.6B | $2.8B | ||
| Q2 25 | $1.3B | $2.9B | ||
| Q1 25 | $1.4B | $2.9B | ||
| Q4 24 | $1.2B | $3.1B | ||
| Q3 24 | $1.2B | $3.0B | ||
| Q2 24 | $1.2B | $3.0B | ||
| Q1 24 | $1.3B | $3.1B |
净利润BROLUMN
| Q4 25 | $265.0M | $-2.0M | ||
| Q3 25 | $227.0M | $-621.0M | ||
| Q2 25 | $231.0M | $-915.0M | ||
| Q1 25 | $331.0M | $-201.0M | ||
| Q4 24 | $209.0M | $85.0M | ||
| Q3 24 | $234.0M | $-148.0M | ||
| Q2 24 | $257.0M | $-49.0M | ||
| Q1 24 | $293.0M | $57.0M |
毛利率BROLUMN
| Q4 25 | — | 40.7% | ||
| Q3 25 | — | 39.4% | ||
| Q2 25 | — | 43.4% | ||
| Q1 25 | — | 42.0% | ||
| Q4 24 | — | 44.7% | ||
| Q3 24 | — | 43.0% | ||
| Q2 24 | — | 45.2% | ||
| Q1 24 | — | 46.0% |
营业利润率BROLUMN
| Q4 25 | — | -7.3% | ||
| Q3 25 | — | -4.1% | ||
| Q2 25 | — | -21.0% | ||
| Q1 25 | — | 3.7% | ||
| Q4 24 | 23.3% | 5.0% | ||
| Q3 24 | 26.7% | 4.2% | ||
| Q2 24 | 29.4% | 4.5% | ||
| Q1 24 | 28.9% | 1.5% |
净利率BROLUMN
| Q4 25 | 16.5% | -0.1% | ||
| Q3 25 | 14.1% | -22.1% | ||
| Q2 25 | 18.0% | -31.9% | ||
| Q1 25 | 23.6% | -6.9% | ||
| Q4 24 | 17.7% | 2.8% | ||
| Q3 24 | 19.7% | -5.0% | ||
| Q2 24 | 21.8% | -1.6% | ||
| Q1 24 | 23.3% | 1.9% |
每股收益（稀释后）BROLUMN
| Q4 25 | $0.55 | $-0.01 | ||
| Q3 25 | $0.68 | $-0.62 | ||
| Q2 25 | $0.78 | $-0.92 | ||
| Q1 25 | $1.15 | $-0.20 | ||
| Q4 24 | $0.73 | $0.08 | ||
| Q3 24 | $0.81 | $-0.15 | ||
| Q2 24 | $0.90 | $-0.05 | ||
| Q1 24 | $1.02 | $0.06 |
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 | $1.0B |
| 总债务越低越好 | $7.6B | $17.4B |
| 股东权益账面价值 | $12.6B | $-1.1B |
| 总资产 | $30.0B | $34.3B |
| 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BROLUMN
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $1.2B | $2.4B | ||
| Q2 25 | $8.9B | $1.6B | ||
| Q1 25 | $669.0M | $1.9B | ||
| Q4 24 | $685.0M | $1.9B | ||
| Q3 24 | $968.0M | $2.6B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $591.0M | $1.6B |
总债务BROLUMN
| Q4 25 | $7.6B | $17.4B | ||
| Q3 25 | $7.7B | $17.6B | ||
| Q2 25 | $7.5B | $17.6B | ||
| Q1 25 | $3.8B | $17.3B | ||
| Q4 24 | $3.8B | $17.5B | ||
| Q3 24 | $3.6B | $18.1B | ||
| Q2 24 | $4.1B | $18.4B | ||
| Q1 24 | $3.9B | $18.6B |
股东权益BROLUMN
| Q4 25 | $12.6B | $-1.1B | ||
| Q3 25 | $12.4B | $-1.2B | ||
| Q2 25 | $11.6B | $-595.0M | ||
| Q1 25 | $6.8B | $289.0M | ||
| Q4 24 | $6.4B | $464.0M | ||
| Q3 24 | $6.5B | $342.0M | ||
| Q2 24 | $6.0B | $466.0M | ||
| Q1 24 | $5.8B | $504.0M |
总资产BROLUMN
| Q4 25 | $30.0B | $34.3B | ||
| Q3 25 | $29.4B | $34.3B | ||
| Q2 25 | $25.6B | $33.0B | ||
| Q1 25 | $16.8B | $33.5B | ||
| Q4 24 | $17.6B | $33.5B | ||
| Q3 24 | $17.5B | $34.0B | ||
| Q2 24 | $15.9B | $32.9B | ||
| Q1 24 | $14.8B | $33.2B |
负债/权益比BROLUMN
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.56× | 59.98× | ||
| Q4 24 | 0.59× | 37.70× | ||
| Q3 24 | 0.55× | 53.05× | ||
| Q2 24 | 0.68× | 39.51× | ||
| Q1 24 | 0.67× | 36.89× |
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 | $562.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $-1.1B |
| 自由现金流率自由现金流/营收 | 26.4% | -39.4% |
| 资本支出强度资本支出/营收 | 1.2% | 59.9% |
| 现金转化率经营现金流/净利润 | 1.68× | — |
| 过去12个月自由现金流最近4个季度 | $1.4B | $371.0M |
8季度趋势，按日历期对齐
经营现金流BROLUMN
| Q4 25 | $444.0M | $562.0M | ||
| Q3 25 | $468.0M | $2.5B | ||
| Q2 25 | $325.0M | $570.0M | ||
| Q1 25 | $213.0M | $1.1B | ||
| Q4 24 | $361.0M | $688.0M | ||
| Q3 24 | $440.0M | $2.0B | ||
| Q2 24 | $360.0M | $511.0M | ||
| Q1 24 | $13.0M | $1.1B |
自由现金流BROLUMN
| Q4 25 | $424.0M | $-1.1B | ||
| Q3 25 | $452.0M | $1.5B | ||
| Q2 25 | $310.0M | $-321.0M | ||
| Q1 25 | $196.0M | $304.0M | ||
| Q4 24 | $341.0M | $-227.0M | ||
| Q3 24 | $417.0M | $1.2B | ||
| Q2 24 | $334.0M | $-242.0M | ||
| Q1 24 | $0 | $389.0M |
自由现金流率BROLUMN
| Q4 25 | 26.4% | -39.4% | ||
| Q3 25 | 28.1% | 52.4% | ||
| Q2 25 | 24.1% | -11.2% | ||
| Q1 25 | 14.0% | 10.4% | ||
| Q4 24 | 28.8% | -7.4% | ||
| Q3 24 | 35.2% | 39.8% | ||
| Q2 24 | 28.4% | -8.0% | ||
| Q1 24 | 0.0% | 12.7% |
资本支出强度BROLUMN
| Q4 25 | 1.2% | 59.9% | ||
| Q3 25 | 1.0% | 37.1% | ||
| Q2 25 | 1.2% | 31.1% | ||
| Q1 25 | 1.2% | 27.2% | ||
| Q4 24 | 1.7% | 29.7% | ||
| Q3 24 | 1.9% | 28.6% | ||
| Q2 24 | 2.2% | 25.0% | ||
| Q1 24 | 1.0% | 23.3% |
现金转化率BROLUMN
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | 8.09× | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | 0.04× | 19.33× |
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% |
LUMN
| Large Enterprise | $758.0M | 28% |
| Wholesale | $661.0M | 24% |
| Mid Market Enterprise | $472.0M | 17% |
| Fiber Broadband | $232.0M | 8% |
| Other Broadband | $218.0M | 8% |
| Other | $184.0M | 7% |
| Voice And Other | $166.0M | 6% |
| International And Other | $77.0M | 3% |
