vs
Brown & Brown（BRO）与豪士科（OSK）财务数据对比。点击上方公司名可切换其他公司
豪士科的季度营收约是Brown & Brown的1.7倍（$2.7B vs $1.6B），Brown & Brown净利率更高（16.5% vs 5.0%，领先11.5%），Brown & Brown同比增速更快（35.8% vs 3.5%），豪士科自由现金流更多（$540.3M vs $424.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 2.8%）
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。
豪士科（原称豪士科卡车）是美国知名工业企业，主营特种卡车、军用车辆、机场消防设备、高空作业设备等产品的设计与制造。旗下拥有威斯康星州的消防车制造商Pierce Manufacturing，以及生产各类升降作业设备的JLG工业公司。
BRO vs OSK — 直观对比
营收规模更大
OSK
是对方的1.7倍
$1.6B
营收增速更快
BRO
高出32.4%
3.5%
净利率更高
BRO
高出11.5%
5.0%
自由现金流更多
OSK
多$116.3M
$424.0M
两年增速更快
BRO
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.7B |
| 净利润 | $265.0M | $133.8M |
| 毛利率 | — | 15.8% |
| 营业利润率 | — | 7.9% |
| 净利率 | 16.5% | 5.0% |
| 营收同比 | 35.8% | 3.5% |
| 净利润同比 | 26.8% | -12.6% |
| 每股收益（稀释后） | $0.55 | — |
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BROOSK
| Q4 25 | $1.6B | $2.7B | ||
| Q3 25 | $1.6B | $2.7B | ||
| Q2 25 | $1.3B | $2.7B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.2B | $2.6B | ||
| Q3 24 | $1.2B | $2.7B | ||
| Q2 24 | $1.2B | $2.8B | ||
| Q1 24 | $1.3B | $2.5B |
净利润BROOSK
| Q4 25 | $265.0M | $133.8M | ||
| Q3 25 | $227.0M | $196.2M | ||
| Q2 25 | $231.0M | $204.8M | ||
| Q1 25 | $331.0M | $112.2M | ||
| Q4 24 | $209.0M | $153.1M | ||
| Q3 24 | $234.0M | $180.3M | ||
| Q2 24 | $257.0M | $168.6M | ||
| Q1 24 | $293.0M | $179.4M |
毛利率BROOSK
| Q4 25 | — | 15.8% | ||
| Q3 25 | — | 17.5% | ||
| Q2 25 | — | 19.2% | ||
| Q1 25 | — | 17.3% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | — | 18.5% | ||
| Q2 24 | — | 19.2% | ||
| Q1 24 | — | 18.5% |
营业利润率BROOSK
| Q4 25 | — | 7.9% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | 23.3% | 8.6% | ||
| Q3 24 | 26.7% | 9.7% | ||
| Q2 24 | 29.4% | 9.2% | ||
| Q1 24 | 28.9% | 10.2% |
净利率BROOSK
| Q4 25 | 16.5% | 5.0% | ||
| Q3 25 | 14.1% | 7.3% | ||
| Q2 25 | 18.0% | 7.5% | ||
| Q1 25 | 23.6% | 4.9% | ||
| Q4 24 | 17.7% | 5.9% | ||
| Q3 24 | 19.7% | 6.6% | ||
| Q2 24 | 21.8% | 5.9% | ||
| Q1 24 | 23.3% | 7.1% |
每股收益（稀释后）BROOSK
| Q4 25 | $0.55 | — | ||
| Q3 25 | $0.68 | — | ||
| 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 | $479.8M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $4.5B |
| 总资产 | $30.0B | $10.1B |
| 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BROOSK
| Q4 25 | $1.1B | $479.8M | ||
| Q3 25 | $1.2B | $211.8M | ||
| Q2 25 | $8.9B | $191.7M | ||
| Q1 25 | $669.0M | $210.3M | ||
| Q4 24 | $685.0M | $204.9M | ||
| Q3 24 | $968.0M | $160.9M | ||
| Q2 24 | $1.1B | $141.4M | ||
| Q1 24 | $591.0M | $69.9M |
总债务BROOSK
| Q4 25 | $7.6B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.6B | $602.3M | ||
| Q2 24 | $4.1B | $599.1M | ||
| Q1 24 | $3.9B | $598.9M |
股东权益BROOSK
| Q4 25 | $12.6B | $4.5B | ||
| Q3 25 | $12.4B | $4.5B | ||
| Q2 25 | $11.6B | $4.5B | ||
| Q1 25 | $6.8B | $4.2B | ||
| Q4 24 | $6.4B | $4.2B | ||
| Q3 24 | $6.5B | $4.1B | ||
| Q2 24 | $6.0B | $3.9B | ||
| Q1 24 | $5.8B | $3.8B |
总资产BROOSK
| Q4 25 | $30.0B | $10.1B | ||
| Q3 25 | $29.4B | $9.8B | ||
| Q2 25 | $25.6B | $10.0B | ||
| Q1 25 | $16.8B | $9.8B | ||
| Q4 24 | $17.6B | $9.4B | ||
| Q3 24 | $17.5B | $9.9B | ||
| Q2 24 | $15.9B | $9.7B | ||
| Q1 24 | $14.8B | $9.5B |
负债/权益比BROOSK
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.55× | 0.15× | ||
| Q2 24 | 0.68× | 0.15× | ||
| Q1 24 | 0.67× | 0.16× |
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 | $600.1M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $540.3M |
| 自由现金流率自由现金流/营收 | 26.4% | 20.1% |
| 资本支出强度资本支出/营收 | 1.2% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.68× | 4.49× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $618.0M |
8季度趋势，按日历期对齐
经营现金流BROOSK
| Q4 25 | $444.0M | $600.1M | ||
| Q3 25 | $468.0M | $489.0M | ||
| Q2 25 | $325.0M | $89.2M | ||
| Q1 25 | $213.0M | $-394.9M | ||
| Q4 24 | $361.0M | $790.8M | ||
| Q3 24 | $440.0M | $326.1M | ||
| Q2 24 | $360.0M | $-211.0M | ||
| Q1 24 | $13.0M | $-355.8M |
自由现金流BROOSK
| Q4 25 | $424.0M | $540.3M | ||
| Q3 25 | $452.0M | $464.3M | ||
| Q2 25 | $310.0M | $48.6M | ||
| Q1 25 | $196.0M | $-435.2M | ||
| Q4 24 | $341.0M | $703.3M | ||
| Q3 24 | $417.0M | $272.2M | ||
| Q2 24 | $334.0M | $-250.5M | ||
| Q1 24 | $0 | $-455.9M |
自由现金流率BROOSK
| Q4 25 | 26.4% | 20.1% | ||
| Q3 25 | 28.1% | 17.3% | ||
| Q2 25 | 24.1% | 1.8% | ||
| Q1 25 | 14.0% | -18.8% | ||
| Q4 24 | 28.8% | 27.1% | ||
| Q3 24 | 35.2% | 9.9% | ||
| Q2 24 | 28.4% | -8.8% | ||
| Q1 24 | 0.0% | -17.9% |
资本支出强度BROOSK
| Q4 25 | 1.2% | 2.2% | ||
| Q3 25 | 1.0% | 0.9% | ||
| Q2 25 | 1.2% | 1.5% | ||
| Q1 25 | 1.2% | 1.7% | ||
| Q4 24 | 1.7% | 3.4% | ||
| Q3 24 | 1.9% | 2.0% | ||
| Q2 24 | 2.2% | 1.4% | ||
| Q1 24 | 1.0% | 3.9% |
现金转化率BROOSK
| Q4 25 | 1.68× | 4.49× | ||
| Q3 25 | 2.06× | 2.49× | ||
| Q2 25 | 1.41× | 0.44× | ||
| Q1 25 | 0.64× | -3.52× | ||
| Q4 24 | 1.73× | 5.17× | ||
| Q3 24 | 1.88× | 1.81× | ||
| Q2 24 | 1.40× | -1.25× | ||
| Q1 24 | 0.04× | -1.98× |
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% |
OSK
| Vocational Segment | $922.4M | 34% |
| Aerial Works Platforms | $548.6M | 20% |
| Other Access Equipment | $311.8M | 12% |
| Telehandlers | $311.2M | 12% |
| Airport Products | $252.7M | 9% |
| Delivery Vehicles | $165.0M | 6% |
| Other Vocational | $130.7M | 5% |
| Transferred Over Time | $23.5M | 1% |
