vs
Brown & Brown（BRO）与诺唯真游轮控股（NCLH）财务数据对比。点击上方公司名可切换其他公司
诺唯真游轮控股的季度营收约是Brown & Brown的1.4倍（$2.2B vs $1.6B），Brown & Brown净利率更高（16.5% vs 0.6%，领先15.9%），Brown & Brown同比增速更快（35.8% vs 6.4%），Brown & Brown自由现金流更多（$424.0M vs $21.5M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 1.2%）
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。
诺唯真游轮（NCL）1966年创立于挪威，为美国知名游轮运营商，总部设于佛罗里达州迈阿密-戴德县，注册地为巴哈马，由诺唯真游轮控股全资持有。按载客量计算，该品牌为全球第四大游轮公司，2021年占全球游轮市场载客量份额约8.6%。
BRO vs NCLH — 直观对比
营收规模更大
NCLH
是对方的1.4倍
$1.6B
营收增速更快
BRO
高出29.4%
6.4%
净利率更高
BRO
高出15.9%
0.6%
自由现金流更多
BRO
多$402.5M
$21.5M
两年增速更快
BRO
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.2B |
| 净利润 | $265.0M | $14.3M |
| 毛利率 | — | 41.0% |
| 营业利润率 | — | 8.3% |
| 净利率 | 16.5% | 0.6% |
| 营收同比 | 35.8% | 6.4% |
| 净利润同比 | 26.8% | -94.4% |
| 每股收益（稀释后） | $0.55 | $0.08 |
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BRONCLH
| Q4 25 | $1.6B | $2.2B | ||
| Q3 25 | $1.6B | $2.9B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.2B | $2.4B | ||
| Q1 24 | $1.3B | $2.2B |
净利润BRONCLH
| Q4 25 | $265.0M | $14.3M | ||
| Q3 25 | $227.0M | $419.3M | ||
| Q2 25 | $231.0M | $30.0M | ||
| Q1 25 | $331.0M | $-40.3M | ||
| Q4 24 | $209.0M | $254.5M | ||
| Q3 24 | $234.0M | $474.9M | ||
| Q2 24 | $257.0M | $163.4M | ||
| Q1 24 | $293.0M | $17.4M |
毛利率BRONCLH
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 38.7% | ||
| Q1 24 | — | 36.7% |
营业利润率BRONCLH
| Q4 25 | — | 8.3% | ||
| Q3 25 | — | 25.5% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | 23.3% | 10.2% | ||
| Q3 24 | 26.7% | 24.6% | ||
| Q2 24 | 29.4% | 14.4% | ||
| Q1 24 | 28.9% | 10.0% |
净利率BRONCLH
| Q4 25 | 16.5% | 0.6% | ||
| Q3 25 | 14.1% | 14.3% | ||
| Q2 25 | 18.0% | 1.2% | ||
| Q1 25 | 23.6% | -1.9% | ||
| Q4 24 | 17.7% | 12.1% | ||
| Q3 24 | 19.7% | 16.9% | ||
| Q2 24 | 21.8% | 6.9% | ||
| Q1 24 | 23.3% | 0.8% |
每股收益（稀释后）BRONCLH
| Q4 25 | $0.55 | $0.08 | ||
| Q3 25 | $0.68 | $0.86 | ||
| Q2 25 | $0.78 | $0.07 | ||
| Q1 25 | $1.15 | $-0.09 | ||
| Q4 24 | $0.73 | $0.55 | ||
| Q3 24 | $0.81 | $0.95 | ||
| Q2 24 | $0.90 | $0.35 | ||
| Q1 24 | $1.02 | $0.04 |
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 | $209.9M |
| 总债务越低越好 | $7.6B | $13.7B |
| 股东权益账面价值 | $12.6B | $2.2B |
| 总资产 | $30.0B | $22.5B |
| 负债/权益比越低杠杆越低 | 0.61× | 6.21× |
8季度趋势，按日历期对齐
现金及短期投资BRONCLH
| Q4 25 | $1.1B | $209.9M | ||
| Q3 25 | $1.2B | $166.8M | ||
| Q2 25 | $8.9B | $184.0M | ||
| Q1 25 | $669.0M | $184.4M | ||
| Q4 24 | $685.0M | $190.8M | ||
| Q3 24 | $968.0M | $332.5M | ||
| Q2 24 | $1.1B | $594.1M | ||
| Q1 24 | $591.0M | $559.8M |
总债务BRONCLH
| Q4 25 | $7.6B | $13.7B | ||
| Q3 25 | $7.7B | $13.6B | ||
| Q2 25 | $7.5B | $12.6B | ||
| Q1 25 | $3.8B | $12.9B | ||
| Q4 24 | $3.8B | $11.8B | ||
| Q3 24 | $3.6B | $11.8B | ||
| Q2 24 | $4.1B | $11.9B | ||
| Q1 24 | $3.9B | $12.0B |
股东权益BRONCLH
| Q4 25 | $12.6B | $2.2B | ||
| Q3 25 | $12.4B | $2.2B | ||
| Q2 25 | $11.6B | $1.6B | ||
| Q1 25 | $6.8B | $1.4B | ||
| Q4 24 | $6.4B | $1.4B | ||
| Q3 24 | $6.5B | $1.1B | ||
| Q2 24 | $6.0B | $693.1M | ||
| Q1 24 | $5.8B | $362.1M |
总资产BRONCLH
| Q4 25 | $30.0B | $22.5B | ||
| Q3 25 | $29.4B | $22.2B | ||
| Q2 25 | $25.6B | $21.6B | ||
| Q1 25 | $16.8B | $21.4B | ||
| Q4 24 | $17.6B | $20.0B | ||
| Q3 24 | $17.5B | $19.8B | ||
| Q2 24 | $15.9B | $20.1B | ||
| Q1 24 | $14.8B | $19.8B |
负债/权益比BRONCLH
| Q4 25 | 0.61× | 6.21× | ||
| Q3 25 | 0.62× | 6.22× | ||
| Q2 25 | 0.65× | 8.05× | ||
| Q1 25 | 0.56× | 9.09× | ||
| Q4 24 | 0.59× | 8.26× | ||
| Q3 24 | 0.55× | 10.35× | ||
| Q2 24 | 0.68× | 17.19× | ||
| Q1 24 | 0.67× | 33.16× |
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 | $459.1M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $21.5M |
| 自由现金流率自由现金流/营收 | 26.4% | 1.0% |
| 资本支出强度资本支出/营收 | 1.2% | 19.5% |
| 现金转化率经营现金流/净利润 | 1.68× | 32.21× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $-1.2B |
8季度趋势，按日历期对齐
经营现金流BRONCLH
| Q4 25 | $444.0M | $459.1M | ||
| Q3 25 | $468.0M | $236.6M | ||
| Q2 25 | $325.0M | $714.9M | ||
| Q1 25 | $213.0M | $679.2M | ||
| Q4 24 | $361.0M | $399.3M | ||
| Q3 24 | $440.0M | $172.5M | ||
| Q2 24 | $360.0M | $670.9M | ||
| Q1 24 | $13.0M | $807.2M |
自由现金流BRONCLH
| Q4 25 | $424.0M | $21.5M | ||
| Q3 25 | $452.0M | $-726.5M | ||
| Q2 25 | $310.0M | $381.2M | ||
| Q1 25 | $196.0M | $-846.0M | ||
| Q4 24 | $341.0M | $155.8M | ||
| Q3 24 | $417.0M | $-195.5M | ||
| Q2 24 | $334.0M | $330.2M | ||
| Q1 24 | $0 | $548.3M |
自由现金流率BRONCLH
| Q4 25 | 26.4% | 1.0% | ||
| Q3 25 | 28.1% | -24.7% | ||
| Q2 25 | 24.1% | 15.1% | ||
| Q1 25 | 14.0% | -39.8% | ||
| Q4 24 | 28.8% | 7.4% | ||
| Q3 24 | 35.2% | -7.0% | ||
| Q2 24 | 28.4% | 13.9% | ||
| Q1 24 | 0.0% | 25.0% |
资本支出强度BRONCLH
| Q4 25 | 1.2% | 19.5% | ||
| Q3 25 | 1.0% | 32.8% | ||
| Q2 25 | 1.2% | 13.3% | ||
| Q1 25 | 1.2% | 71.7% | ||
| Q4 24 | 1.7% | 11.5% | ||
| Q3 24 | 1.9% | 13.1% | ||
| Q2 24 | 2.2% | 14.4% | ||
| Q1 24 | 1.0% | 11.8% |
现金转化率BRONCLH
| Q4 25 | 1.68× | 32.21× | ||
| Q3 25 | 2.06× | 0.56× | ||
| Q2 25 | 1.41× | 23.83× | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | 1.57× | ||
| Q3 24 | 1.88× | 0.36× | ||
| Q2 24 | 1.40× | 4.10× | ||
| Q1 24 | 0.04× | 46.51× |
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% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
