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Brown & Brown（BRO）与RYDER SYSTEM INC（R）财务数据对比。点击上方公司名可切换其他公司
RYDER SYSTEM INC的季度营收约是Brown & Brown的1.9倍（$3.1B vs $1.6B），Brown & Brown净利率更高（16.5% vs 3.0%，领先13.5%），Brown & Brown同比增速更快（35.8% vs 1.0%），Brown & Brown自由现金流更多（$424.0M vs $273.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -0.9%）
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。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
BRO vs R — 直观对比
营收规模更大
R
是对方的1.9倍
$1.6B
营收增速更快
BRO
高出34.8%
1.0%
净利率更高
BRO
高出13.5%
3.0%
自由现金流更多
BRO
多$151.0M
$273.0M
两年增速更快
BRO
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $3.1B |
| 净利润 | $265.0M | $93.0M |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 16.5% | 3.0% |
| 营收同比 | 35.8% | 1.0% |
| 净利润同比 | 26.8% | -5.1% |
| 每股收益（稀释后） | $0.55 | $2.34 |
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BROR
| Q1 26 | — | $3.1B | ||
| Q4 25 | $1.6B | $3.2B | ||
| Q3 25 | $1.6B | $3.2B | ||
| Q2 25 | $1.3B | $3.2B | ||
| Q1 25 | $1.4B | $3.1B | ||
| Q4 24 | $1.2B | $3.2B | ||
| Q3 24 | $1.2B | $3.2B | ||
| Q2 24 | $1.2B | $3.2B |
净利润BROR
| Q1 26 | — | $93.0M | ||
| Q4 25 | $265.0M | $132.0M | ||
| Q3 25 | $227.0M | $138.0M | ||
| Q2 25 | $231.0M | $131.0M | ||
| Q1 25 | $331.0M | $98.0M | ||
| Q4 24 | $209.0M | $135.0M | ||
| Q3 24 | $234.0M | $142.0M | ||
| Q2 24 | $257.0M | $127.0M |
营业利润率BROR
| Q1 26 | — | — | ||
| Q4 25 | — | 5.6% | ||
| Q3 25 | — | 6.0% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | 23.3% | 5.7% | ||
| Q3 24 | 26.7% | 5.9% | ||
| Q2 24 | 29.4% | 5.6% |
净利率BROR
| Q1 26 | — | 3.0% | ||
| Q4 25 | 16.5% | 4.2% | ||
| Q3 25 | 14.1% | 4.4% | ||
| Q2 25 | 18.0% | 4.1% | ||
| Q1 25 | 23.6% | 3.1% | ||
| Q4 24 | 17.7% | 4.2% | ||
| Q3 24 | 19.7% | 4.5% | ||
| Q2 24 | 21.8% | 4.0% |
每股收益（稀释后）BROR
| Q1 26 | — | $2.34 | ||
| Q4 25 | $0.55 | $3.22 | ||
| Q3 25 | $0.68 | $3.32 | ||
| Q2 25 | $0.78 | $3.13 | ||
| Q1 25 | $1.15 | $2.27 | ||
| Q4 24 | $0.73 | $3.09 | ||
| Q3 24 | $0.81 | $3.24 | ||
| Q2 24 | $0.90 | $2.84 |
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 | $182.0M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $2.9B |
| 总资产 | $30.0B | — |
| 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BROR
| Q1 26 | — | $182.0M | ||
| Q4 25 | $1.1B | $198.0M | ||
| Q3 25 | $1.2B | $189.0M | ||
| Q2 25 | $8.9B | $180.0M | ||
| Q1 25 | $669.0M | $151.0M | ||
| Q4 24 | $685.0M | $154.0M | ||
| Q3 24 | $968.0M | $162.0M | ||
| Q2 24 | $1.1B | $164.0M |
总债务BROR
| Q1 26 | — | — | ||
| Q4 25 | $7.6B | $6.8B | ||
| Q3 25 | $7.7B | $7.3B | ||
| Q2 25 | $7.5B | $7.0B | ||
| Q1 25 | $3.8B | $6.7B | ||
| Q4 24 | $3.8B | $6.7B | ||
| Q3 24 | $3.6B | $6.6B | ||
| Q2 24 | $4.1B | $6.5B |
股东权益BROR
| Q1 26 | — | $2.9B | ||
| Q4 25 | $12.6B | $3.1B | ||
| Q3 25 | $12.4B | $3.1B | ||
| Q2 25 | $11.6B | $3.1B | ||
| Q1 25 | $6.8B | $3.0B | ||
| Q4 24 | $6.4B | $3.1B | ||
| Q3 24 | $6.5B | $3.1B | ||
| Q2 24 | $6.0B | $3.1B |
总资产BROR
| Q1 26 | — | — | ||
| Q4 25 | $30.0B | $16.4B | ||
| Q3 25 | $29.4B | $16.5B | ||
| Q2 25 | $25.6B | $16.5B | ||
| Q1 25 | $16.8B | $16.4B | ||
| Q4 24 | $17.6B | $16.7B | ||
| Q3 24 | $17.5B | $16.5B | ||
| Q2 24 | $15.9B | $16.4B |
负债/权益比BROR
| Q1 26 | — | — | ||
| Q4 25 | 0.61× | 2.24× | ||
| Q3 25 | 0.62× | 2.35× | ||
| Q2 25 | 0.65× | 2.27× | ||
| Q1 25 | 0.56× | 2.21× | ||
| Q4 24 | 0.59× | 2.14× | ||
| Q3 24 | 0.55× | 2.17× | ||
| Q2 24 | 0.68× | 2.09× |
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 | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $273.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 8.7% |
| 资本支出强度资本支出/营收 | 1.2% | 13.7% |
| 现金转化率经营现金流/净利润 | 1.68× | 6.27× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $595.0M |
8季度趋势，按日历期对齐
经营现金流BROR
| Q1 26 | — | $583.0M | ||
| Q4 25 | $444.0M | $749.0M | ||
| Q3 25 | $468.0M | $442.0M | ||
| Q2 25 | $325.0M | $752.0M | ||
| Q1 25 | $213.0M | $651.0M | ||
| Q4 24 | $361.0M | $558.0M | ||
| Q3 24 | $440.0M | $629.0M | ||
| Q2 24 | $360.0M | $552.0M |
自由现金流BROR
| Q1 26 | — | $273.0M | ||
| Q4 25 | $424.0M | $344.0M | ||
| Q3 25 | $452.0M | $-85.0M | ||
| Q2 25 | $310.0M | $63.0M | ||
| Q1 25 | $196.0M | $137.0M | ||
| Q4 24 | $341.0M | $-201.0M | ||
| Q3 24 | $417.0M | $30.0M | ||
| Q2 24 | $334.0M | $-87.0M |
自由现金流率BROR
| Q1 26 | — | 8.7% | ||
| Q4 25 | 26.4% | 10.8% | ||
| Q3 25 | 28.1% | -2.7% | ||
| Q2 25 | 24.1% | 2.0% | ||
| Q1 25 | 14.0% | 4.4% | ||
| Q4 24 | 28.8% | -6.3% | ||
| Q3 24 | 35.2% | 0.9% | ||
| Q2 24 | 28.4% | -2.7% |
资本支出强度BROR
| Q1 26 | — | 13.7% | ||
| Q4 25 | 1.2% | 12.8% | ||
| Q3 25 | 1.0% | 16.6% | ||
| Q2 25 | 1.2% | 21.6% | ||
| Q1 25 | 1.2% | 16.4% | ||
| Q4 24 | 1.7% | 23.8% | ||
| Q3 24 | 1.9% | 18.9% | ||
| Q2 24 | 2.2% | 20.1% |
现金转化率BROR
| Q1 26 | — | 6.27× | ||
| Q4 25 | 1.68× | 5.67× | ||
| Q3 25 | 2.06× | 3.20× | ||
| Q2 25 | 1.41× | 5.74× | ||
| Q1 25 | 0.64× | 6.64× | ||
| Q4 24 | 1.73× | 4.13× | ||
| Q3 24 | 1.88× | 4.43× | ||
| Q2 24 | 1.40× | 4.35× |
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% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
