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Brown & Brown（BRO）与MKS INC（MKSI）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MKS INC的1.6倍（$1.6B vs $1.0B），Brown & Brown净利率更高（16.5% vs 10.3%，领先6.1%），Brown & Brown同比增速更快（35.8% vs 10.6%），Brown & Brown自由现金流更多（$424.0M vs $92.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 9.1%）
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。
MKS Inc原是跨国独立软件供应商，业务覆盖应用生命周期管理（ALM）及系统管理两大领域，2011年5月31日被参数技术公司（PTC, Inc.）收购，目前为PTC旗下子公司。
BRO vs MKSI — 直观对比
营收规模更大
BRO
是对方的1.6倍
$1.0B
营收增速更快
BRO
高出25.3%
10.6%
净利率更高
BRO
高出6.1%
10.3%
自由现金流更多
BRO
多$332.0M
$92.0M
两年增速更快
BRO
近两年复合增速
9.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.0B |
| 净利润 | $265.0M | $107.0M |
| 毛利率 | — | 46.3% |
| 营业利润率 | — | 13.9% |
| 净利率 | 16.5% | 10.3% |
| 营收同比 | 35.8% | 10.6% |
| 净利润同比 | 26.8% | 18.9% |
| 每股收益（稀释后） | $0.55 | $1.58 |
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BROMKSI
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.6B | $988.0M | ||
| Q2 25 | $1.3B | $973.0M | ||
| Q1 25 | $1.4B | $936.0M | ||
| Q4 24 | $1.2B | $935.0M | ||
| Q3 24 | $1.2B | $896.0M | ||
| Q2 24 | $1.2B | $887.0M | ||
| Q1 24 | $1.3B | $868.0M |
净利润BROMKSI
| Q4 25 | $265.0M | $107.0M | ||
| Q3 25 | $227.0M | $74.0M | ||
| Q2 25 | $231.0M | $62.0M | ||
| Q1 25 | $331.0M | $52.0M | ||
| Q4 24 | $209.0M | $90.0M | ||
| Q3 24 | $234.0M | $62.0M | ||
| Q2 24 | $257.0M | $23.0M | ||
| Q1 24 | $293.0M | $15.0M |
毛利率BROMKSI
| Q4 25 | — | 46.3% | ||
| Q3 25 | — | 46.7% | ||
| Q2 25 | — | 46.6% | ||
| Q1 25 | — | 47.4% | ||
| Q4 24 | — | 47.3% | ||
| Q3 24 | — | 48.2% | ||
| Q2 24 | — | 47.2% | ||
| Q1 24 | — | 47.8% |
营业利润率BROMKSI
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 14.0% | ||
| Q2 25 | — | 13.9% | ||
| Q1 25 | — | 11.9% | ||
| Q4 24 | 23.3% | 14.7% | ||
| Q3 24 | 26.7% | 14.3% | ||
| Q2 24 | 29.4% | 14.3% | ||
| Q1 24 | 28.9% | 12.2% |
净利率BROMKSI
| Q4 25 | 16.5% | 10.3% | ||
| Q3 25 | 14.1% | 7.5% | ||
| Q2 25 | 18.0% | 6.4% | ||
| Q1 25 | 23.6% | 5.6% | ||
| Q4 24 | 17.7% | 9.6% | ||
| Q3 24 | 19.7% | 6.9% | ||
| Q2 24 | 21.8% | 2.6% | ||
| Q1 24 | 23.3% | 1.7% |
每股收益（稀释后）BROMKSI
| Q4 25 | $0.55 | $1.58 | ||
| Q3 25 | $0.68 | $1.10 | ||
| Q2 25 | $0.78 | $0.92 | ||
| Q1 25 | $1.15 | $0.77 | ||
| Q4 24 | $0.73 | $1.34 | ||
| Q3 24 | $0.81 | $0.92 | ||
| Q2 24 | $0.90 | $0.33 | ||
| Q1 24 | $1.02 | $0.22 |
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 | $418.0M |
| 总债务越低越好 | $7.6B | $4.2B |
| 股东权益账面价值 | $12.6B | $2.7B |
| 总资产 | $30.0B | $8.8B |
| 负债/权益比越低杠杆越低 | 0.61× | 1.53× |
8季度趋势，按日历期对齐
现金及短期投资BROMKSI
| Q4 25 | $1.1B | $418.0M | ||
| Q3 25 | $1.2B | $413.0M | ||
| Q2 25 | $8.9B | $498.0M | ||
| Q1 25 | $669.0M | $407.0M | ||
| Q4 24 | $685.0M | $420.0M | ||
| Q3 24 | $968.0M | $439.0M | ||
| Q2 24 | $1.1B | $506.0M | ||
| Q1 24 | $591.0M | $1.0M |
总债务BROMKSI
| Q4 25 | $7.6B | $4.2B | ||
| Q3 25 | $7.7B | $4.3B | ||
| Q2 25 | $7.5B | $4.4B | ||
| Q1 25 | $3.8B | $4.4B | ||
| Q4 24 | $3.8B | $4.5B | ||
| Q3 24 | $3.6B | $4.8B | ||
| Q2 24 | $4.1B | $4.8B | ||
| Q1 24 | $3.9B | $4.7B |
股东权益BROMKSI
| Q4 25 | $12.6B | $2.7B | ||
| Q3 25 | $12.4B | $2.6B | ||
| Q2 25 | $11.6B | $2.6B | ||
| Q1 25 | $6.8B | $2.4B | ||
| Q4 24 | $6.4B | $2.3B | ||
| Q3 24 | $6.5B | $2.4B | ||
| Q2 24 | $6.0B | $2.2B | ||
| Q1 24 | $5.8B | $2.4B |
总资产BROMKSI
| Q4 25 | $30.0B | $8.8B | ||
| Q3 25 | $29.4B | $8.8B | ||
| Q2 25 | $25.6B | $8.8B | ||
| Q1 25 | $16.8B | $8.6B | ||
| Q4 24 | $17.6B | $8.6B | ||
| Q3 24 | $17.5B | $9.0B | ||
| Q2 24 | $15.9B | $8.9B | ||
| Q1 24 | $14.8B | $8.9B |
负债/权益比BROMKSI
| Q4 25 | 0.61× | 1.53× | ||
| Q3 25 | 0.62× | 1.64× | ||
| Q2 25 | 0.65× | 1.71× | ||
| Q1 25 | 0.56× | 1.87× | ||
| Q4 24 | 0.59× | 1.93× | ||
| Q3 24 | 0.55× | 1.98× | ||
| Q2 24 | 0.68× | 2.16× | ||
| Q1 24 | 0.67× | 1.94× |
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 | $142.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $92.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 8.9% |
| 资本支出强度资本支出/营收 | 1.2% | 4.8% |
| 现金转化率经营现金流/净利润 | 1.68× | 1.33× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $497.0M |
8季度趋势，按日历期对齐
经营现金流BROMKSI
| Q4 25 | $444.0M | $142.0M | ||
| Q3 25 | $468.0M | $197.0M | ||
| Q2 25 | $325.0M | $165.0M | ||
| Q1 25 | $213.0M | $141.0M | ||
| Q4 24 | $361.0M | $176.0M | ||
| Q3 24 | $440.0M | $163.0M | ||
| Q2 24 | $360.0M | $122.0M | ||
| Q1 24 | $13.0M | $67.0M |
自由现金流BROMKSI
| Q4 25 | $424.0M | $92.0M | ||
| Q3 25 | $452.0M | $146.0M | ||
| Q2 25 | $310.0M | $136.0M | ||
| Q1 25 | $196.0M | $123.0M | ||
| Q4 24 | $341.0M | $125.0M | ||
| Q3 24 | $417.0M | $141.0M | ||
| Q2 24 | $334.0M | $95.0M | ||
| Q1 24 | $0 | $49.0M |
自由现金流率BROMKSI
| Q4 25 | 26.4% | 8.9% | ||
| Q3 25 | 28.1% | 14.8% | ||
| Q2 25 | 24.1% | 14.0% | ||
| Q1 25 | 14.0% | 13.1% | ||
| Q4 24 | 28.8% | 13.4% | ||
| Q3 24 | 35.2% | 15.7% | ||
| Q2 24 | 28.4% | 10.7% | ||
| Q1 24 | 0.0% | 5.6% |
资本支出强度BROMKSI
| Q4 25 | 1.2% | 4.8% | ||
| Q3 25 | 1.0% | 5.2% | ||
| Q2 25 | 1.2% | 3.0% | ||
| Q1 25 | 1.2% | 1.9% | ||
| Q4 24 | 1.7% | 5.5% | ||
| Q3 24 | 1.9% | 2.5% | ||
| Q2 24 | 2.2% | 3.0% | ||
| Q1 24 | 1.0% | 2.1% |
现金转化率BROMKSI
| Q4 25 | 1.68× | 1.33× | ||
| Q3 25 | 2.06× | 2.66× | ||
| Q2 25 | 1.41× | 2.66× | ||
| Q1 25 | 0.64× | 2.71× | ||
| Q4 24 | 1.73× | 1.96× | ||
| Q3 24 | 1.88× | 2.63× | ||
| Q2 24 | 1.40× | 5.30× | ||
| Q1 24 | 0.04× | 4.47× |
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% |
MKSI
| Electronics And Packaging | $303.0M | 29% |
| Specialty Industrial | $295.0M | 29% |
| Photonics Solutions Division | $274.0M | 26% |
| Services | $125.0M | 12% |
| Other | $37.0M | 4% |
