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Brown & Brown（BRO）与NetApp（NTAP）财务数据对比。点击上方公司名可切换其他公司
NetApp的季度营收约是Brown & Brown的1.1倍（$1.7B vs $1.6B），NetApp净利率更高（17.9% vs 16.5%，领先1.4%），Brown & Brown同比增速更快（35.8% vs 2.8%），Brown & Brown自由现金流更多（$424.0M vs $78.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 3.0%）
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。
NetApp是总部位于美国加利福尼亚州圣何塞的企业级数据基础设施服务商，成立于1992年，2012至2021年连续入选《财富》世界500强。公司面向全球企业客户提供统一数据存储、集成数据服务及云运营解决方案，可满足线上线下全场景的应用与数据管理需求。
BRO vs NTAP — 直观对比
营收规模更大
NTAP
是对方的1.1倍
$1.6B
营收增速更快
BRO
高出33.0%
2.8%
净利率更高
NTAP
高出1.4%
16.5%
自由现金流更多
BRO
多$346.0M
$78.0M
两年增速更快
BRO
近两年复合增速
3.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.7B |
| 净利润 | $265.0M | $305.0M |
| 毛利率 | — | 72.0% |
| 营业利润率 | — | 23.4% |
| 净利率 | 16.5% | 17.9% |
| 营收同比 | 35.8% | 2.8% |
| 净利润同比 | 26.8% | 2.0% |
| 每股收益（稀释后） | $0.55 | $1.51 |
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BRONTAP
| Q4 25 | $1.6B | $1.7B | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.2B | $1.7B | ||
| Q1 24 | $1.3B | $1.6B |
净利润BRONTAP
| Q4 25 | $265.0M | $305.0M | ||
| Q3 25 | $227.0M | $233.0M | ||
| Q2 25 | $231.0M | $340.0M | ||
| Q1 25 | $331.0M | $299.0M | ||
| Q4 24 | $209.0M | $299.0M | ||
| Q3 24 | $234.0M | $248.0M | ||
| Q2 24 | $257.0M | $291.0M | ||
| Q1 24 | $293.0M | $313.0M |
毛利率BRONTAP
| Q4 25 | — | 72.0% | ||
| Q3 25 | — | 70.4% | ||
| Q2 25 | — | 68.9% | ||
| Q1 25 | — | 69.8% | ||
| Q4 24 | — | 71.0% | ||
| Q3 24 | — | 71.3% | ||
| Q2 24 | — | 70.5% | ||
| Q1 24 | — | 71.7% |
营业利润率BRONTAP
| Q4 25 | — | 23.4% | ||
| Q3 25 | — | 19.8% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 22.1% | ||
| Q4 24 | 23.3% | 20.8% | ||
| Q3 24 | 26.7% | 18.3% | ||
| Q2 24 | 29.4% | 21.9% | ||
| Q1 24 | 28.9% | 22.8% |
净利率BRONTAP
| Q4 25 | 16.5% | 17.9% | ||
| Q3 25 | 14.1% | 14.9% | ||
| Q2 25 | 18.0% | 19.6% | ||
| Q1 25 | 23.6% | 18.2% | ||
| Q4 24 | 17.7% | 18.0% | ||
| Q3 24 | 19.7% | 16.1% | ||
| Q2 24 | 21.8% | 17.4% | ||
| Q1 24 | 23.3% | 19.5% |
每股收益（稀释后）BRONTAP
| Q4 25 | $0.55 | $1.51 | ||
| Q3 25 | $0.68 | $1.15 | ||
| Q2 25 | $0.78 | $1.64 | ||
| Q1 25 | $1.15 | $1.44 | ||
| Q4 24 | $0.73 | $1.42 | ||
| Q3 24 | $0.81 | $1.17 | ||
| Q2 24 | $0.90 | $1.36 | ||
| Q1 24 | $1.02 | $1.48 |
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 | $3.0B |
| 总债务越低越好 | $7.6B | $2.5B |
| 股东权益账面价值 | $12.6B | $986.0M |
| 总资产 | $30.0B | $9.6B |
| 负债/权益比越低杠杆越低 | 0.61× | 2.52× |
8季度趋势，按日历期对齐
现金及短期投资BRONTAP
| Q4 25 | $1.1B | $3.0B | ||
| Q3 25 | $1.2B | $3.3B | ||
| Q2 25 | $8.9B | $3.8B | ||
| Q1 25 | $669.0M | $2.3B | ||
| Q4 24 | $685.0M | $2.2B | ||
| Q3 24 | $968.0M | $3.0B | ||
| Q2 24 | $1.1B | $3.3B | ||
| Q1 24 | $591.0M | $2.9B |
总债务BRONTAP
| Q4 25 | $7.6B | $2.5B | ||
| Q3 25 | $7.7B | $2.5B | ||
| Q2 25 | $7.5B | $3.2B | ||
| Q1 25 | $3.8B | $2.0B | ||
| Q4 24 | $3.8B | $2.0B | ||
| Q3 24 | $3.6B | $2.4B | ||
| Q2 24 | $4.1B | $2.4B | ||
| Q1 24 | $3.9B | $2.4B |
股东权益BRONTAP
| Q4 25 | $12.6B | $986.0M | ||
| Q3 25 | $12.4B | $975.0M | ||
| Q2 25 | $11.6B | $1.0B | ||
| Q1 25 | $6.8B | $995.0M | ||
| Q4 24 | $6.4B | $892.0M | ||
| Q3 24 | $6.5B | $929.0M | ||
| Q2 24 | $6.0B | $1.1B | ||
| Q1 24 | $5.8B | $994.0M |
总资产BRONTAP
| Q4 25 | $30.0B | $9.6B | ||
| Q3 25 | $29.4B | $9.7B | ||
| Q2 25 | $25.6B | $10.8B | ||
| Q1 25 | $16.8B | $9.0B | ||
| Q4 24 | $17.6B | $9.0B | ||
| Q3 24 | $17.5B | $9.3B | ||
| Q2 24 | $15.9B | $9.9B | ||
| Q1 24 | $14.8B | $9.4B |
负债/权益比BRONTAP
| Q4 25 | 0.61× | 2.52× | ||
| Q3 25 | 0.62× | 2.55× | ||
| Q2 25 | 0.65× | 3.11× | ||
| Q1 25 | 0.56× | 2.00× | ||
| Q4 24 | 0.59× | 2.23× | ||
| Q3 24 | 0.55× | 2.58× | ||
| Q2 24 | 0.68× | 2.09× | ||
| Q1 24 | 0.67× | 2.41× |
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 | $127.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $78.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 4.6% |
| 资本支出强度资本支出/营收 | 1.2% | 2.9% |
| 现金转化率经营现金流/净利润 | 1.68× | 0.42× |
| 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BRONTAP
| Q4 25 | $444.0M | $127.0M | ||
| Q3 25 | $468.0M | $673.0M | ||
| Q2 25 | $325.0M | — | ||
| Q1 25 | $213.0M | $385.0M | ||
| Q4 24 | $361.0M | — | ||
| Q3 24 | $440.0M | $341.0M | ||
| Q2 24 | $360.0M | $613.0M | ||
| Q1 24 | $13.0M | $484.0M |
自由现金流BRONTAP
| Q4 25 | $424.0M | $78.0M | ||
| Q3 25 | $452.0M | $620.0M | ||
| Q2 25 | $310.0M | — | ||
| Q1 25 | $196.0M | $338.0M | ||
| Q4 24 | $341.0M | — | ||
| Q3 24 | $417.0M | $300.0M | ||
| Q2 24 | $334.0M | $567.0M | ||
| Q1 24 | $0 | $448.0M |
自由现金流率BRONTAP
| Q4 25 | 26.4% | 4.6% | ||
| Q3 25 | 28.1% | 39.8% | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 14.0% | 20.6% | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 35.2% | 19.5% | ||
| Q2 24 | 28.4% | 34.0% | ||
| Q1 24 | 0.0% | 27.9% |
资本支出强度BRONTAP
| Q4 25 | 1.2% | 2.9% | ||
| Q3 25 | 1.0% | 3.4% | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.2% | 2.9% | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | 2.7% | ||
| Q2 24 | 2.2% | 2.8% | ||
| Q1 24 | 1.0% | 2.2% |
现金转化率BRONTAP
| Q4 25 | 1.68× | 0.42× | ||
| Q3 25 | 2.06× | 2.89× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | 1.29× | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | 1.38× | ||
| Q2 24 | 1.40× | 2.11× | ||
| Q1 24 | 0.04× | 1.55× |
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% |
NTAP
| Products | $788.0M | 46% |
| Support | $647.0M | 38% |
| Public Cloud Segment | $171.0M | 10% |
| Professional And Other Services | $99.0M | 6% |
