vs
Brown & Brown（BRO）与Primoris Services Corp（PRIM）财务数据对比。点击上方公司名可切换其他公司
Primoris Services Corp的季度营收约是Brown & Brown的1.2倍（$1.9B vs $1.6B），Brown & Brown净利率更高（16.5% vs 2.8%，领先13.7%），Brown & Brown同比增速更快（35.8% vs 6.7%），Brown & Brown自由现金流更多（$424.0M vs $121.1M），过去两年Primoris Services Corp的营收复合增速更高（14.7% 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。
Primoris Services Corp是总部位于美国的上市专业基建与工程建设企业，核心业务覆盖天然气管道、污水管网及供水管道建设领域，2014年入选《财富》1000强榜单，在北美能源及民生基建领域拥有丰富的项目运营经验。
BRO vs PRIM — 直观对比
营收规模更大
PRIM
是对方的1.2倍
$1.6B
营收增速更快
BRO
高出29.2%
6.7%
净利率更高
BRO
高出13.7%
2.8%
自由现金流更多
BRO
多$302.9M
$121.1M
两年增速更快
PRIM
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.9B |
| 净利润 | $265.0M | $51.7M |
| 毛利率 | — | 9.4% |
| 营业利润率 | — | 4.2% |
| 净利率 | 16.5% | 2.8% |
| 营收同比 | 35.8% | 6.7% |
| 净利润同比 | 26.8% | -4.2% |
| 每股收益（稀释后） | $0.55 | $0.94 |
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BROPRIM
| Q4 25 | $1.6B | $1.9B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.3B | $1.9B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.3B | $1.4B |
净利润BROPRIM
| Q4 25 | $265.0M | $51.7M | ||
| Q3 25 | $227.0M | $94.6M | ||
| Q2 25 | $231.0M | $84.3M | ||
| Q1 25 | $331.0M | $44.2M | ||
| Q4 24 | $209.0M | $54.0M | ||
| Q3 24 | $234.0M | $58.4M | ||
| Q2 24 | $257.0M | $49.5M | ||
| Q1 24 | $293.0M | $18.9M |
毛利率BROPRIM
| Q4 25 | — | 9.4% | ||
| Q3 25 | — | 10.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 10.6% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 11.9% | ||
| Q1 24 | — | 9.4% |
营业利润率BROPRIM
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 6.3% | ||
| Q2 25 | — | 6.7% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | 23.3% | 5.0% | ||
| Q3 24 | 26.7% | 6.0% | ||
| Q2 24 | 29.4% | 5.5% | ||
| Q1 24 | 28.9% | 3.1% |
净利率BROPRIM
| Q4 25 | 16.5% | 2.8% | ||
| Q3 25 | 14.1% | 4.3% | ||
| Q2 25 | 18.0% | 4.5% | ||
| Q1 25 | 23.6% | 2.7% | ||
| Q4 24 | 17.7% | 3.1% | ||
| Q3 24 | 19.7% | 3.5% | ||
| Q2 24 | 21.8% | 3.2% | ||
| Q1 24 | 23.3% | 1.3% |
每股收益（稀释后）BROPRIM
| Q4 25 | $0.55 | $0.94 | ||
| Q3 25 | $0.68 | $1.73 | ||
| Q2 25 | $0.78 | $1.54 | ||
| Q1 25 | $1.15 | $0.81 | ||
| Q4 24 | $0.73 | $0.98 | ||
| Q3 24 | $0.81 | $1.07 | ||
| Q2 24 | $0.90 | $0.91 | ||
| Q1 24 | $1.02 | $0.35 |
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 | $535.5M |
| 总债务越低越好 | $7.6B | $469.9M |
| 股东权益账面价值 | $12.6B | $1.7B |
| 总资产 | $30.0B | $4.4B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资BROPRIM
| Q4 25 | $1.1B | $535.5M | ||
| Q3 25 | $1.2B | $431.4M | ||
| Q2 25 | $8.9B | $390.3M | ||
| Q1 25 | $669.0M | $351.6M | ||
| Q4 24 | $685.0M | $455.8M | ||
| Q3 24 | $968.0M | $352.7M | ||
| Q2 24 | $1.1B | $207.4M | ||
| Q1 24 | $591.0M | $177.6M |
总债务BROPRIM
| Q4 25 | $7.6B | $469.9M | ||
| Q3 25 | $7.7B | $486.0M | ||
| Q2 25 | $7.5B | $603.1M | ||
| Q1 25 | $3.8B | $612.0M | ||
| Q4 24 | $3.8B | $734.8M | ||
| Q3 24 | $3.6B | $903.7M | ||
| Q2 24 | $4.1B | $933.0M | ||
| Q1 24 | $3.9B | $951.7M |
股东权益BROPRIM
| Q4 25 | $12.6B | $1.7B | ||
| Q3 25 | $12.4B | $1.6B | ||
| Q2 25 | $11.6B | $1.5B | ||
| Q1 25 | $6.8B | $1.4B | ||
| Q4 24 | $6.4B | $1.4B | ||
| Q3 24 | $6.5B | $1.4B | ||
| Q2 24 | $6.0B | $1.3B | ||
| Q1 24 | $5.8B | $1.2B |
总资产BROPRIM
| Q4 25 | $30.0B | $4.4B | ||
| Q3 25 | $29.4B | $4.6B | ||
| Q2 25 | $25.6B | $4.5B | ||
| Q1 25 | $16.8B | $4.2B | ||
| Q4 24 | $17.6B | $4.2B | ||
| Q3 24 | $17.5B | $4.2B | ||
| Q2 24 | $15.9B | $4.0B | ||
| Q1 24 | $14.8B | $4.0B |
负债/权益比BROPRIM
| Q4 25 | 0.61× | 0.28× | ||
| Q3 25 | 0.62× | 0.30× | ||
| Q2 25 | 0.65× | 0.39× | ||
| Q1 25 | 0.56× | 0.42× | ||
| Q4 24 | 0.59× | 0.52× | ||
| Q3 24 | 0.55× | 0.67× | ||
| Q2 24 | 0.68× | 0.72× | ||
| Q1 24 | 0.67× | 0.76× |
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 | $142.9M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $121.1M |
| 自由现金流率自由现金流/营收 | 26.4% | 6.5% |
| 资本支出强度资本支出/营收 | 1.2% | 1.2% |
| 现金转化率经营现金流/净利润 | 1.68× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $340.5M |
8季度趋势，按日历期对齐
经营现金流BROPRIM
| Q4 25 | $444.0M | $142.9M | ||
| Q3 25 | $468.0M | $182.9M | ||
| Q2 25 | $325.0M | $78.5M | ||
| Q1 25 | $213.0M | $66.2M | ||
| Q4 24 | $361.0M | $298.3M | ||
| Q3 24 | $440.0M | $222.5M | ||
| Q2 24 | $360.0M | $16.1M | ||
| Q1 24 | $13.0M | $-28.5M |
自由现金流BROPRIM
| Q4 25 | $424.0M | $121.1M | ||
| Q3 25 | $452.0M | $148.4M | ||
| Q2 25 | $310.0M | $45.3M | ||
| Q1 25 | $196.0M | $25.6M | ||
| Q4 24 | $341.0M | $270.0M | ||
| Q3 24 | $417.0M | $158.8M | ||
| Q2 24 | $334.0M | $-8.1M | ||
| Q1 24 | $0 | $-38.9M |
自由现金流率BROPRIM
| Q4 25 | 26.4% | 6.5% | ||
| Q3 25 | 28.1% | 6.8% | ||
| Q2 25 | 24.1% | 2.4% | ||
| Q1 25 | 14.0% | 1.6% | ||
| Q4 24 | 28.8% | 15.5% | ||
| Q3 24 | 35.2% | 9.6% | ||
| Q2 24 | 28.4% | -0.5% | ||
| Q1 24 | 0.0% | -2.8% |
资本支出强度BROPRIM
| Q4 25 | 1.2% | 1.2% | ||
| Q3 25 | 1.0% | 1.6% | ||
| Q2 25 | 1.2% | 1.8% | ||
| Q1 25 | 1.2% | 2.5% | ||
| Q4 24 | 1.7% | 1.6% | ||
| Q3 24 | 1.9% | 3.9% | ||
| Q2 24 | 2.2% | 1.5% | ||
| Q1 24 | 1.0% | 0.7% |
现金转化率BROPRIM
| Q4 25 | 1.68× | 2.76× | ||
| Q3 25 | 2.06× | 1.93× | ||
| Q2 25 | 1.41× | 0.93× | ||
| Q1 25 | 0.64× | 1.50× | ||
| Q4 24 | 1.73× | 5.53× | ||
| Q3 24 | 1.88× | 3.81× | ||
| Q2 24 | 1.40× | 0.32× | ||
| Q1 24 | 0.04× | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
