vs
Brown & Brown（BRO）与赫曼米勒（MLKN）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是赫曼米勒的1.7倍（$1.6B vs $955.2M），Brown & Brown净利率更高（16.5% vs 2.5%，领先14.0%），Brown & Brown同比增速更快（35.8% vs -1.6%），Brown & Brown自由现金流更多（$424.0M vs $34.0M）
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。
米勒诺尔公司以赫曼米勒之名开展业务，是美国知名办公家具、设备及家居产品制造商。其推出的埃隆椅、野口勇茶几、棉花糖沙发、米拉椅、伊姆斯休闲椅等产品享誉全球，此外该公司还在1968年研发出了现代办公隔间。
BRO vs MLKN — 直观对比
营收规模更大
BRO
是对方的1.7倍
$955.2M
营收增速更快
BRO
高出37.4%
-1.6%
净利率更高
BRO
高出14.0%
2.5%
自由现金流更多
BRO
多$390.0M
$34.0M
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $955.2M |
| 净利润 | $265.0M | $24.2M |
| 毛利率 | — | 39.0% |
| 营业利润率 | — | 5.1% |
| 净利率 | 16.5% | 2.5% |
| 营收同比 | 35.8% | -1.6% |
| 净利润同比 | 26.8% | -29.0% |
| 每股收益（稀释后） | $0.55 | $0.35 |
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BROMLKN
| Q4 25 | $1.6B | $955.2M | ||
| Q3 25 | $1.6B | $955.7M | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.3B | — |
净利润BROMLKN
| Q4 25 | $265.0M | $24.2M | ||
| Q3 25 | $227.0M | $20.2M | ||
| Q2 25 | $231.0M | — | ||
| Q1 25 | $331.0M | — | ||
| Q4 24 | $209.0M | — | ||
| Q3 24 | $234.0M | — | ||
| Q2 24 | $257.0M | — | ||
| Q1 24 | $293.0M | — |
毛利率BROMLKN
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 38.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率BROMLKN
| Q4 25 | — | 5.1% | ||
| Q3 25 | — | 5.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 23.3% | — | ||
| Q3 24 | 26.7% | — | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 28.9% | — |
净利率BROMLKN
| Q4 25 | 16.5% | 2.5% | ||
| Q3 25 | 14.1% | 2.1% | ||
| Q2 25 | 18.0% | — | ||
| Q1 25 | 23.6% | — | ||
| Q4 24 | 17.7% | — | ||
| Q3 24 | 19.7% | — | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 23.3% | — |
每股收益（稀释后）BROMLKN
| Q4 25 | $0.55 | $0.35 | ||
| Q3 25 | $0.68 | $0.29 | ||
| Q2 25 | $0.78 | — | ||
| Q1 25 | $1.15 | — | ||
| Q4 24 | $0.73 | — | ||
| Q3 24 | $0.81 | — | ||
| Q2 24 | $0.90 | — | ||
| Q1 24 | $1.02 | — |
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 | $180.4M |
| 总债务越低越好 | $7.6B | $1.3B |
| 股东权益账面价值 | $12.6B | $1.3B |
| 总资产 | $30.0B | $3.9B |
| 负债/权益比越低杠杆越低 | 0.61× | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资BROMLKN
| Q4 25 | $1.1B | $180.4M | ||
| Q3 25 | $1.2B | $167.2M | ||
| 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BROMLKN
| Q4 25 | $7.6B | $1.3B | ||
| Q3 25 | $7.7B | $1.3B | ||
| 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BROMLKN
| Q4 25 | $12.6B | $1.3B | ||
| Q3 25 | $12.4B | $1.3B | ||
| Q2 25 | $11.6B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.5B | — | ||
| Q2 24 | $6.0B | — | ||
| Q1 24 | $5.8B | — |
总资产BROMLKN
| Q4 25 | $30.0B | $3.9B | ||
| Q3 25 | $29.4B | $3.9B | ||
| Q2 25 | $25.6B | — | ||
| Q1 25 | $16.8B | — | ||
| Q4 24 | $17.6B | — | ||
| Q3 24 | $17.5B | — | ||
| Q2 24 | $15.9B | — | ||
| Q1 24 | $14.8B | — |
负债/权益比BROMLKN
| Q4 25 | 0.61× | 1.02× | ||
| Q3 25 | 0.62× | 1.02× | ||
| 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 | $64.6M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $34.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 3.6% |
| 资本支出强度资本支出/营收 | 1.2% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.68× | 2.67× |
| 过去12个月自由现金流最近4个季度 | $1.4B | — |
8季度趋势，按日历期对齐
经营现金流BROMLKN
| Q4 25 | $444.0M | $64.6M | ||
| Q3 25 | $468.0M | $9.4M | ||
| Q2 25 | $325.0M | — | ||
| Q1 25 | $213.0M | — | ||
| Q4 24 | $361.0M | — | ||
| Q3 24 | $440.0M | — | ||
| Q2 24 | $360.0M | — | ||
| Q1 24 | $13.0M | — |
自由现金流BROMLKN
| Q4 25 | $424.0M | $34.0M | ||
| Q3 25 | $452.0M | $-21.3M | ||
| Q2 25 | $310.0M | — | ||
| Q1 25 | $196.0M | — | ||
| Q4 24 | $341.0M | — | ||
| Q3 24 | $417.0M | — | ||
| Q2 24 | $334.0M | — | ||
| Q1 24 | $0 | — |
自由现金流率BROMLKN
| Q4 25 | 26.4% | 3.6% | ||
| Q3 25 | 28.1% | -2.2% | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 14.0% | — | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 35.2% | — | ||
| Q2 24 | 28.4% | — | ||
| Q1 24 | 0.0% | — |
资本支出强度BROMLKN
| Q4 25 | 1.2% | 3.2% | ||
| Q3 25 | 1.0% | 3.2% | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 1.0% | — |
现金转化率BROMLKN
| Q4 25 | 1.68× | 2.67× | ||
| Q3 25 | 2.06× | 0.47× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | 0.04× | — |
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% |
MLKN
| Workplace | $309.9M | 32% |
| Global Retail Segment | $275.8M | 29% |
| International Contract Segment | $170.9M | 18% |
| Performance Seating | $101.1M | 11% |
| Lifestyle | $52.9M | 6% |
| Other Products | $44.6M | 5% |
