vs
Brown & Brown（BRO）与微芯科技（MCHP）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是微芯科技的1.4倍（$1.6B vs $1.2B），Brown & Brown净利率更高（16.5% vs 5.3%，领先11.2%），Brown & Brown同比增速更快（35.8% vs 15.6%），Brown & Brown自由现金流更多（$424.0M vs $318.9M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -5.4%）
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。
微芯科技（Microchip Technology）是美国知名上市半导体企业，主营微控制器、混合信号芯片、模拟芯片及闪存知识产权（Flash-IP）相关集成电路的研发、生产与销售，产品覆盖工业控制、汽车电子、消费电子、物联网等众多领域，在全球半导体细分市场拥有领先地位。
BRO vs MCHP — 直观对比
营收规模更大
BRO
是对方的1.4倍
$1.2B
营收增速更快
BRO
高出20.2%
15.6%
净利率更高
BRO
高出11.2%
5.3%
自由现金流更多
BRO
多$105.1M
$318.9M
两年增速更快
BRO
近两年复合增速
-5.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $265.0M | $62.7M |
| 毛利率 | — | 59.6% |
| 营业利润率 | — | 12.8% |
| 净利率 | 16.5% | 5.3% |
| 营收同比 | 35.8% | 15.6% |
| 净利润同比 | 26.8% | 217.0% |
| 每股收益（稀释后） | $0.55 | $0.06 |
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BROMCHP
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.4B | $970.5M | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润BROMCHP
| Q4 25 | $265.0M | $62.7M | ||
| Q3 25 | $227.0M | $41.7M | ||
| Q2 25 | $231.0M | $-18.6M | ||
| Q1 25 | $331.0M | $-154.6M | ||
| Q4 24 | $209.0M | $-53.6M | ||
| Q3 24 | $234.0M | $78.4M | ||
| Q2 24 | $257.0M | $129.3M | ||
| Q1 24 | $293.0M | $154.7M |
毛利率BROMCHP
| Q4 25 | — | 59.6% | ||
| Q3 25 | — | 55.9% | ||
| Q2 25 | — | 53.6% | ||
| Q1 25 | — | 51.6% | ||
| Q4 24 | — | 54.7% | ||
| Q3 24 | — | 57.4% | ||
| Q2 24 | — | 59.4% | ||
| Q1 24 | — | 59.6% |
营业利润率BROMCHP
| Q4 25 | — | 12.8% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | -10.3% | ||
| Q4 24 | 23.3% | 3.0% | ||
| Q3 24 | 26.7% | 12.6% | ||
| Q2 24 | 29.4% | 17.7% | ||
| Q1 24 | 28.9% | 19.1% |
净利率BROMCHP
| Q4 25 | 16.5% | 5.3% | ||
| Q3 25 | 14.1% | 3.7% | ||
| Q2 25 | 18.0% | -1.7% | ||
| Q1 25 | 23.6% | -15.9% | ||
| Q4 24 | 17.7% | -5.2% | ||
| Q3 24 | 19.7% | 6.7% | ||
| Q2 24 | 21.8% | 10.4% | ||
| Q1 24 | 23.3% | 11.7% |
每股收益（稀释后）BROMCHP
| Q4 25 | $0.55 | $0.06 | ||
| Q3 25 | $0.68 | $0.03 | ||
| Q2 25 | $0.78 | $-0.09 | ||
| Q1 25 | $1.15 | $-0.29 | ||
| Q4 24 | $0.73 | $-0.10 | ||
| Q3 24 | $0.81 | $0.14 | ||
| Q2 24 | $0.90 | $0.24 | ||
| Q1 24 | $1.02 | $0.29 |
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 | $250.7M |
| 总债务越低越好 | $7.6B | $5.4B |
| 股东权益账面价值 | $12.6B | $6.6B |
| 总资产 | $30.0B | $14.3B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.82× |
8季度趋势，按日历期对齐
现金及短期投资BROMCHP
| Q4 25 | $1.1B | $250.7M | ||
| Q3 25 | $1.2B | $236.8M | ||
| Q2 25 | $8.9B | $566.5M | ||
| Q1 25 | $669.0M | $771.7M | ||
| Q4 24 | $685.0M | $586.0M | ||
| Q3 24 | $968.0M | $286.1M | ||
| Q2 24 | $1.1B | $315.1M | ||
| Q1 24 | $591.0M | $319.7M |
总债务BROMCHP
| Q4 25 | $7.6B | $5.4B | ||
| Q3 25 | $7.7B | $5.4B | ||
| Q2 25 | $7.5B | $5.5B | ||
| Q1 25 | $3.8B | $5.6B | ||
| Q4 24 | $3.8B | $6.7B | ||
| Q3 24 | $3.6B | $6.4B | ||
| Q2 24 | $4.1B | $6.2B | ||
| Q1 24 | $3.9B | $6.0B |
股东权益BROMCHP
| Q4 25 | $12.6B | $6.6B | ||
| Q3 25 | $12.4B | $6.7B | ||
| Q2 25 | $11.6B | $6.9B | ||
| Q1 25 | $6.8B | $7.1B | ||
| Q4 24 | $6.4B | $6.0B | ||
| Q3 24 | $6.5B | $6.3B | ||
| Q2 24 | $6.0B | $6.4B | ||
| Q1 24 | $5.8B | $6.7B |
总资产BROMCHP
| Q4 25 | $30.0B | $14.3B | ||
| Q3 25 | $29.4B | $14.5B | ||
| Q2 25 | $25.6B | $15.0B | ||
| Q1 25 | $16.8B | $15.4B | ||
| Q4 24 | $17.6B | $15.6B | ||
| Q3 24 | $17.5B | $15.6B | ||
| Q2 24 | $15.9B | $15.8B | ||
| Q1 24 | $14.8B | $15.9B |
负债/权益比BROMCHP
| Q4 25 | 0.61× | 0.82× | ||
| Q3 25 | 0.62× | 0.80× | ||
| Q2 25 | 0.65× | 0.80× | ||
| Q1 25 | 0.56× | 0.80× | ||
| Q4 24 | 0.59× | 1.12× | ||
| Q3 24 | 0.55× | 1.02× | ||
| Q2 24 | 0.68× | 0.96× | ||
| Q1 24 | 0.67× | 0.90× |
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 | $341.4M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $318.9M |
| 自由现金流率自由现金流/营收 | 26.4% | 26.9% |
| 资本支出强度资本支出/营收 | 1.2% | 1.9% |
| 现金转化率经营现金流/净利润 | 1.68× | 5.44× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $819.9M |
8季度趋势，按日历期对齐
经营现金流BROMCHP
| Q4 25 | $444.0M | $341.4M | ||
| Q3 25 | $468.0M | $88.1M | ||
| Q2 25 | $325.0M | $275.6M | ||
| Q1 25 | $213.0M | $205.9M | ||
| Q4 24 | $361.0M | $271.5M | ||
| Q3 24 | $440.0M | $43.6M | ||
| Q2 24 | $360.0M | $377.1M | ||
| Q1 24 | $13.0M | $430.0M |
自由现金流BROMCHP
| Q4 25 | $424.0M | $318.9M | ||
| Q3 25 | $452.0M | $51.6M | ||
| Q2 25 | $310.0M | $257.7M | ||
| Q1 25 | $196.0M | $191.7M | ||
| Q4 24 | $341.0M | $253.4M | ||
| Q3 24 | $417.0M | $22.8M | ||
| Q2 24 | $334.0M | $304.2M | ||
| Q1 24 | $0 | $389.9M |
自由现金流率BROMCHP
| Q4 25 | 26.4% | 26.9% | ||
| Q3 25 | 28.1% | 4.5% | ||
| Q2 25 | 24.1% | 24.0% | ||
| Q1 25 | 14.0% | 19.8% | ||
| Q4 24 | 28.8% | 24.7% | ||
| Q3 24 | 35.2% | 2.0% | ||
| Q2 24 | 28.4% | 24.5% | ||
| Q1 24 | 0.0% | 29.4% |
资本支出强度BROMCHP
| Q4 25 | 1.2% | 1.9% | ||
| Q3 25 | 1.0% | 3.2% | ||
| Q2 25 | 1.2% | 1.7% | ||
| Q1 25 | 1.2% | 1.5% | ||
| Q4 24 | 1.7% | 1.8% | ||
| Q3 24 | 1.9% | 1.8% | ||
| Q2 24 | 2.2% | 5.9% | ||
| Q1 24 | 1.0% | 3.0% |
现金转化率BROMCHP
| Q4 25 | 1.68× | 5.44× | ||
| Q3 25 | 2.06× | 2.11× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | 0.56× | ||
| Q2 24 | 1.40× | 2.92× | ||
| Q1 24 | 0.04× | 2.78× |
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% |
MCHP
| Mixed Signal Microcontrollers | $586.5M | 49% |
| Analog | $322.9M | 27% |
| Other Product Line | $276.6M | 23% |
