vs
Brown & Brown（BRO）与百济神州（ONC）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是百济神州的1.1倍（$1.6B vs $1.5B），Brown & Brown净利率更高（16.5% vs 4.4%，领先12.1%），Brown & Brown同比增速更快（35.8% vs 32.8%），Brown & Brown自由现金流更多（$424.0M vs $379.8M），过去两年百济神州的营收复合增速更高（41.2% vs 13.0%）
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。
BeOne Medicines（原百济神州）是一家跨国肿瘤领域制药企业，专注于癌症治疗创新药物的研发与商业化，致力于为全球癌症患者提供更有效、可及性更高的治疗方案，改善患者的生存质量与预后。
BRO vs ONC — 直观对比
营收规模更大
BRO
是对方的1.1倍
$1.5B
营收增速更快
BRO
高出3.0%
32.8%
净利率更高
BRO
高出12.1%
4.4%
自由现金流更多
BRO
多$44.2M
$379.8M
两年增速更快
ONC
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.5B |
| 净利润 | $265.0M | $66.5M |
| 毛利率 | — | 90.5% |
| 营业利润率 | — | 12.4% |
| 净利率 | 16.5% | 4.4% |
| 营收同比 | 35.8% | 32.8% |
| 净利润同比 | 26.8% | 143.8% |
| 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BROONC
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.2B | $929.2M | ||
| Q1 24 | $1.3B | $751.7M |
净利润BROONC
| Q4 25 | $265.0M | $66.5M | ||
| Q3 25 | $227.0M | $124.8M | ||
| Q2 25 | $231.0M | $94.3M | ||
| Q1 25 | $331.0M | $1.3M | ||
| Q4 24 | $209.0M | $-151.9M | ||
| Q3 24 | $234.0M | $-121.3M | ||
| Q2 24 | $257.0M | $-120.4M | ||
| Q1 24 | $293.0M | $-251.2M |
毛利率BROONC
| Q4 25 | — | 90.5% | ||
| Q3 25 | — | 86.1% | ||
| Q2 25 | — | 87.5% | ||
| Q1 25 | — | 85.2% | ||
| Q4 24 | — | 85.8% | ||
| Q3 24 | — | 83.0% | ||
| Q2 24 | — | 85.1% | ||
| Q1 24 | — | 83.4% |
营业利润率BROONC
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | — | 6.7% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | 23.3% | -7.0% | ||
| Q3 24 | 26.7% | -12.0% | ||
| Q2 24 | 29.4% | -11.5% | ||
| Q1 24 | 28.9% | -34.8% |
净利率BROONC
| Q4 25 | 16.5% | 4.4% | ||
| Q3 25 | 14.1% | 8.8% | ||
| Q2 25 | 18.0% | 7.2% | ||
| Q1 25 | 23.6% | 0.1% | ||
| Q4 24 | 17.7% | -13.5% | ||
| Q3 24 | 19.7% | -12.1% | ||
| Q2 24 | 21.8% | -13.0% | ||
| Q1 24 | 23.3% | -33.4% |
每股收益（稀释后）BROONC
| Q4 25 | $0.55 | $0.05 | ||
| Q3 25 | $0.68 | $0.08 | ||
| Q2 25 | $0.78 | $0.06 | ||
| Q1 25 | $1.15 | $0.00 | ||
| Q4 24 | $0.73 | $-0.10 | ||
| Q3 24 | $0.81 | $-0.09 | ||
| Q2 24 | $0.90 | $-0.09 | ||
| Q1 24 | $1.02 | $-0.19 |
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 | $4.5B |
| 总债务越低越好 | $7.6B | $836.4M |
| 股东权益账面价值 | $12.6B | $4.4B |
| 总资产 | $30.0B | $8.2B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资BROONC
| Q4 25 | $1.1B | $4.5B | ||
| Q3 25 | $1.2B | $4.0B | ||
| Q2 25 | $8.9B | $2.8B | ||
| Q1 25 | $669.0M | $2.5B | ||
| Q4 24 | $685.0M | $2.6B | ||
| Q3 24 | $968.0M | $2.7B | ||
| Q2 24 | $1.1B | $2.6B | ||
| Q1 24 | $591.0M | $2.8B |
总债务BROONC
| Q4 25 | $7.6B | $836.4M | ||
| Q3 25 | $7.7B | — | ||
| 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BROONC
| Q4 25 | $12.6B | $4.4B | ||
| Q3 25 | $12.4B | $4.1B | ||
| Q2 25 | $11.6B | $3.8B | ||
| Q1 25 | $6.8B | $3.5B | ||
| Q4 24 | $6.4B | $3.3B | ||
| Q3 24 | $6.5B | $3.4B | ||
| Q2 24 | $6.0B | $3.4B | ||
| Q1 24 | $5.8B | $3.4B |
总资产BROONC
| Q4 25 | $30.0B | $8.2B | ||
| Q3 25 | $29.4B | $7.6B | ||
| Q2 25 | $25.6B | $6.3B | ||
| Q1 25 | $16.8B | $5.8B | ||
| Q4 24 | $17.6B | $5.9B | ||
| Q3 24 | $17.5B | $5.8B | ||
| Q2 24 | $15.9B | $5.7B | ||
| Q1 24 | $14.8B | $5.7B |
负债/权益比BROONC
| Q4 25 | 0.61× | 0.19× | ||
| Q3 25 | 0.62× | — | ||
| 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 | $417.3M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $379.8M |
| 自由现金流率自由现金流/营收 | 26.4% | 25.4% |
| 资本支出强度资本支出/营收 | 1.2% | 2.5% |
| 现金转化率经营现金流/净利润 | 1.68× | 6.28× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $941.7M |
8季度趋势，按日历期对齐
经营现金流BROONC
| Q4 25 | $444.0M | $417.3M | ||
| Q3 25 | $468.0M | $402.6M | ||
| Q2 25 | $325.0M | $263.6M | ||
| Q1 25 | $213.0M | $44.1M | ||
| Q4 24 | $361.0M | $75.2M | ||
| Q3 24 | $440.0M | $188.4M | ||
| Q2 24 | $360.0M | $-95.6M | ||
| Q1 24 | $13.0M | $-308.6M |
自由现金流BROONC
| Q4 25 | $424.0M | $379.8M | ||
| Q3 25 | $452.0M | $354.5M | ||
| Q2 25 | $310.0M | $219.8M | ||
| Q1 25 | $196.0M | $-12.3M | ||
| Q4 24 | $341.0M | $-17.3M | ||
| Q3 24 | $417.0M | $54.7M | ||
| Q2 24 | $334.0M | $-205.5M | ||
| Q1 24 | $0 | $-465.1M |
自由现金流率BROONC
| Q4 25 | 26.4% | 25.4% | ||
| Q3 25 | 28.1% | 25.1% | ||
| Q2 25 | 24.1% | 16.7% | ||
| Q1 25 | 14.0% | -1.1% | ||
| Q4 24 | 28.8% | -1.5% | ||
| Q3 24 | 35.2% | 5.5% | ||
| Q2 24 | 28.4% | -22.1% | ||
| Q1 24 | 0.0% | -61.9% |
资本支出强度BROONC
| Q4 25 | 1.2% | 2.5% | ||
| Q3 25 | 1.0% | 3.4% | ||
| Q2 25 | 1.2% | 3.3% | ||
| Q1 25 | 1.2% | 5.0% | ||
| Q4 24 | 1.7% | 8.2% | ||
| Q3 24 | 1.9% | 13.3% | ||
| Q2 24 | 2.2% | 11.8% | ||
| Q1 24 | 1.0% | 20.8% |
现金转化率BROONC
| Q4 25 | 1.68× | 6.28× | ||
| Q3 25 | 2.06× | 3.22× | ||
| Q2 25 | 1.41× | 2.79× | ||
| Q1 25 | 0.64× | 34.71× | ||
| 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% |
ONC
暂无分部数据
