vs
Brown & Brown（BRO）与国民油井华高（NOV）财务数据对比。点击上方公司名可切换其他公司
国民油井华高的季度营收约是Brown & Brown的1.3倍（$2.1B vs $1.6B），Brown & Brown净利率更高（16.5% vs 1.0%，领先15.5%），Brown & Brown同比增速更快（35.8% vs -9.9%），Brown & Brown自由现金流更多（$424.0M vs $51.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -3.8%）
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。
NOV Inc.（前称国民油井华高）是总部位于美国得克萨斯州休斯顿的跨国企业，为上游油气行业提供钻探及生产作业所需的设备零部件、油田服务及供应链整合服务，在六大洲布局超500个运营点，下设能源设备、能源产品与服务两大业务板块。
BRO vs NOV — 直观对比
营收规模更大
NOV
是对方的1.3倍
$1.6B
营收增速更快
BRO
高出45.7%
-9.9%
净利率更高
BRO
高出15.5%
1.0%
自由现金流更多
BRO
多$373.0M
$51.0M
两年增速更快
BRO
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.1B |
| 净利润 | $265.0M | $20.0M |
| 毛利率 | — | 18.5% |
| 营业利润率 | — | 2.3% |
| 净利率 | 16.5% | 1.0% |
| 营收同比 | 35.8% | -9.9% |
| 净利润同比 | 26.8% | -73.0% |
| 每股收益（稀释后） | $0.55 | $0.05 |
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BRONOV
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.6B | $2.3B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.2B | $2.2B |
净利润BRONOV
| Q1 26 | — | $20.0M | ||
| Q4 25 | $265.0M | $-78.0M | ||
| Q3 25 | $227.0M | $42.0M | ||
| Q2 25 | $231.0M | $108.0M | ||
| Q1 25 | $331.0M | $73.0M | ||
| Q4 24 | $209.0M | $160.0M | ||
| Q3 24 | $234.0M | $130.0M | ||
| Q2 24 | $257.0M | $226.0M |
毛利率BRONOV
| Q1 26 | — | 18.5% | ||
| Q4 25 | — | 20.3% | ||
| Q3 25 | — | 18.9% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 21.3% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | 21.4% | ||
| Q2 24 | — | 26.6% |
营业利润率BRONOV
| Q1 26 | — | 2.3% | ||
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 4.9% | ||
| Q2 25 | — | 6.5% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | 23.3% | 9.0% | ||
| Q3 24 | 26.7% | 8.9% | ||
| Q2 24 | 29.4% | 14.1% |
净利率BRONOV
| Q1 26 | — | 1.0% | ||
| Q4 25 | 16.5% | -3.4% | ||
| Q3 25 | 14.1% | 1.9% | ||
| Q2 25 | 18.0% | 4.9% | ||
| Q1 25 | 23.6% | 3.5% | ||
| Q4 24 | 17.7% | 6.9% | ||
| Q3 24 | 19.7% | 5.9% | ||
| Q2 24 | 21.8% | 10.2% |
每股收益（稀释后）BRONOV
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.55 | $-0.20 | ||
| Q3 25 | $0.68 | $0.11 | ||
| Q2 25 | $0.78 | $0.29 | ||
| Q1 25 | $1.15 | $0.19 | ||
| Q4 24 | $0.73 | $0.40 | ||
| Q3 24 | $0.81 | $0.33 | ||
| Q2 24 | $0.90 | $0.57 |
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 | $1.3B |
| 总债务越低越好 | $7.6B | $1.7B |
| 股东权益账面价值 | $12.6B | — |
| 总资产 | $30.0B | $11.1B |
| 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BRONOV
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $8.9B | $1.1B | ||
| Q1 25 | $669.0M | $1.2B | ||
| Q4 24 | $685.0M | $1.2B | ||
| Q3 24 | $968.0M | $985.0M | ||
| Q2 24 | $1.1B | $827.0M |
总债务BRONOV
| Q1 26 | — | $1.7B | ||
| Q4 25 | $7.6B | $1.7B | ||
| Q3 25 | $7.7B | $1.7B | ||
| Q2 25 | $7.5B | $1.7B | ||
| Q1 25 | $3.8B | $1.7B | ||
| Q4 24 | $3.8B | $1.7B | ||
| Q3 24 | $3.6B | $1.7B | ||
| Q2 24 | $4.1B | $1.7B |
股东权益BRONOV
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $6.3B | ||
| Q3 25 | $12.4B | $6.5B | ||
| Q2 25 | $11.6B | $6.5B | ||
| Q1 25 | $6.8B | $6.4B | ||
| Q4 24 | $6.4B | $6.4B | ||
| Q3 24 | $6.5B | $6.5B | ||
| Q2 24 | $6.0B | $6.4B |
总资产BRONOV
| Q1 26 | — | $11.1B | ||
| Q4 25 | $30.0B | $11.3B | ||
| Q3 25 | $29.4B | $11.3B | ||
| Q2 25 | $25.6B | $11.4B | ||
| Q1 25 | $16.8B | $11.3B | ||
| Q4 24 | $17.6B | $11.4B | ||
| Q3 24 | $17.5B | $11.4B | ||
| Q2 24 | $15.9B | $11.3B |
负债/权益比BRONOV
| Q1 26 | — | — | ||
| Q4 25 | 0.61× | 0.27× | ||
| Q3 25 | 0.62× | 0.27× | ||
| Q2 25 | 0.65× | 0.27× | ||
| Q1 25 | 0.56× | 0.27× | ||
| Q4 24 | 0.59× | 0.27× | ||
| Q3 24 | 0.55× | 0.27× | ||
| Q2 24 | 0.68× | 0.27× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $51.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 2.5% |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 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 | $876.0M |
8季度趋势，按日历期对齐
经营现金流BRONOV
| Q1 26 | — | — | ||
| Q4 25 | $444.0M | $573.0M | ||
| Q3 25 | $468.0M | $352.0M | ||
| Q2 25 | $325.0M | $191.0M | ||
| Q1 25 | $213.0M | $135.0M | ||
| Q4 24 | $361.0M | $591.0M | ||
| Q3 24 | $440.0M | $359.0M | ||
| Q2 24 | $360.0M | $432.0M |
自由现金流BRONOV
| Q1 26 | — | $51.0M | ||
| Q4 25 | $424.0M | $472.0M | ||
| Q3 25 | $452.0M | $245.0M | ||
| Q2 25 | $310.0M | $108.0M | ||
| Q1 25 | $196.0M | $51.0M | ||
| Q4 24 | $341.0M | $473.0M | ||
| Q3 24 | $417.0M | $277.0M | ||
| Q2 24 | $334.0M | $350.0M |
自由现金流率BRONOV
| Q1 26 | — | 2.5% | ||
| Q4 25 | 26.4% | 20.7% | ||
| Q3 25 | 28.1% | 11.3% | ||
| Q2 25 | 24.1% | 4.9% | ||
| Q1 25 | 14.0% | 2.4% | ||
| Q4 24 | 28.8% | 20.5% | ||
| Q3 24 | 35.2% | 12.6% | ||
| Q2 24 | 28.4% | 15.8% |
资本支出强度BRONOV
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 4.4% | ||
| Q3 25 | 1.0% | 4.9% | ||
| Q2 25 | 1.2% | 3.8% | ||
| Q1 25 | 1.2% | 4.0% | ||
| Q4 24 | 1.7% | 5.1% | ||
| Q3 24 | 1.9% | 3.7% | ||
| Q2 24 | 2.2% | 3.7% |
现金转化率BRONOV
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | 8.38× | ||
| Q2 25 | 1.41× | 1.77× | ||
| Q1 25 | 0.64× | 1.85× | ||
| Q4 24 | 1.73× | 3.69× | ||
| Q3 24 | 1.88× | 2.76× | ||
| Q2 24 | 1.40× | 1.91× |
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% |
NOV
| Energy Equipment | $1.2B | 58% |
| Energy Products and Services | $897.0M | 44% |
