vs
Brown & Brown（BRO）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是利氏兄弟拍卖行的1.3倍（$1.6B vs $1.2B），Brown & Brown净利率更高（16.5% vs 9.1%，领先7.4%），Brown & Brown同比增速更快（35.8% vs 5.4%），Brown & Brown自由现金流更多（$424.0M vs $186.5M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
BRO vs RBA — 直观对比
营收规模更大
BRO
是对方的1.3倍
$1.2B
营收增速更快
BRO
高出30.4%
5.4%
净利率更高
BRO
高出7.4%
9.1%
自由现金流更多
BRO
多$237.5M
$186.5M
两年增速更快
BRO
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $265.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | — | 14.7% |
| 净利率 | 16.5% | 9.1% |
| 营收同比 | 35.8% | 5.4% |
| 净利润同比 | 26.8% | -7.4% |
| 每股收益（稀释后） | $0.55 | $0.53 |
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BRORBA
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $981.8M | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
净利润BRORBA
| Q4 25 | $265.0M | $109.7M | ||
| Q3 25 | $227.0M | $95.5M | ||
| Q2 25 | $231.0M | $109.8M | ||
| Q1 25 | $331.0M | $113.4M | ||
| Q4 24 | $209.0M | $118.5M | ||
| Q3 24 | $234.0M | $76.1M | ||
| Q2 24 | $257.0M | $111.1M | ||
| Q1 24 | $293.0M | $107.4M |
营业利润率BRORBA
| Q4 25 | — | 14.7% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 17.1% | ||
| Q4 24 | 23.3% | 18.1% | ||
| Q3 24 | 26.7% | 15.6% | ||
| Q2 24 | 29.4% | 18.4% | ||
| Q1 24 | 28.9% | 18.7% |
净利率BRORBA
| Q4 25 | 16.5% | 9.1% | ||
| Q3 25 | 14.1% | 8.7% | ||
| Q2 25 | 18.0% | 9.3% | ||
| Q1 25 | 23.6% | 10.2% | ||
| Q4 24 | 17.7% | 10.4% | ||
| Q3 24 | 19.7% | 7.8% | ||
| Q2 24 | 21.8% | 10.1% | ||
| Q1 24 | 23.3% | 10.1% |
每股收益（稀释后）BRORBA
| Q4 25 | $0.55 | $0.53 | ||
| Q3 25 | $0.68 | $0.43 | ||
| Q2 25 | $0.78 | $0.53 | ||
| Q1 25 | $1.15 | $0.55 | ||
| Q4 24 | $0.73 | $0.58 | ||
| Q3 24 | $0.81 | $0.36 | ||
| Q2 24 | $0.90 | $0.54 | ||
| Q1 24 | $1.02 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $7.6B | $2.3B |
| 股东权益账面价值 | $12.6B | $5.6B |
| 总资产 | $30.0B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资BRORBA
| Q4 25 | $1.1B | $531.5M | ||
| Q3 25 | $1.2B | $674.7M | ||
| Q2 25 | $8.9B | $710.2M | ||
| Q1 25 | $669.0M | $578.1M | ||
| Q4 24 | $685.0M | $533.9M | ||
| Q3 24 | $968.0M | $650.7M | ||
| Q2 24 | $1.1B | $599.5M | ||
| Q1 24 | $591.0M | $462.8M |
总债务BRORBA
| Q4 25 | $7.6B | $2.3B | ||
| Q3 25 | $7.7B | $2.6B | ||
| Q2 25 | $7.5B | $2.6B | ||
| Q1 25 | $3.8B | $2.6B | ||
| Q4 24 | $3.8B | $2.6B | ||
| Q3 24 | $3.6B | $2.7B | ||
| Q2 24 | $4.1B | $2.8B | ||
| Q1 24 | $3.9B | $2.9B |
股东权益BRORBA
| Q4 25 | $12.6B | $5.6B | ||
| Q3 25 | $12.4B | $5.5B | ||
| Q2 25 | $11.6B | $5.5B | ||
| Q1 25 | $6.8B | $5.3B | ||
| Q4 24 | $6.4B | $5.2B | ||
| Q3 24 | $6.5B | $5.2B | ||
| Q2 24 | $6.0B | $5.2B | ||
| Q1 24 | $5.8B | $5.1B |
总资产BRORBA
| Q4 25 | $30.0B | $12.1B | ||
| Q3 25 | $29.4B | $12.2B | ||
| Q2 25 | $25.6B | $12.2B | ||
| Q1 25 | $16.8B | $11.9B | ||
| Q4 24 | $17.6B | $11.8B | ||
| Q3 24 | $17.5B | $11.9B | ||
| Q2 24 | $15.9B | $12.1B | ||
| Q1 24 | $14.8B | $12.0B |
负债/权益比BRORBA
| Q4 25 | 0.61× | 0.42× | ||
| Q3 25 | 0.62× | 0.47× | ||
| Q2 25 | 0.65× | 0.47× | ||
| Q1 25 | 0.56× | 0.50× | ||
| Q4 24 | 0.59× | 0.50× | ||
| Q3 24 | 0.55× | 0.52× | ||
| Q2 24 | 0.68× | 0.55× | ||
| Q1 24 | 0.67× | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $186.5M |
| 自由现金流率自由现金流/营收 | 26.4% | 15.5% |
| 资本支出强度资本支出/营收 | 1.2% | 5.7% |
| 现金转化率经营现金流/净利润 | 1.68× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $719.2M |
8季度趋势，按日历期对齐
经营现金流BRORBA
| Q4 25 | $444.0M | $255.2M | ||
| Q3 25 | $468.0M | $239.7M | ||
| Q2 25 | $325.0M | $326.5M | ||
| Q1 25 | $213.0M | $156.8M | ||
| Q4 24 | $361.0M | $184.5M | ||
| Q3 24 | $440.0M | $285.4M | ||
| Q2 24 | $360.0M | $337.3M | ||
| Q1 24 | $13.0M | $124.8M |
自由现金流BRORBA
| Q4 25 | $424.0M | $186.5M | ||
| Q3 25 | $452.0M | $188.5M | ||
| Q2 25 | $310.0M | $241.7M | ||
| Q1 25 | $196.0M | $102.5M | ||
| Q4 24 | $341.0M | $127.9M | ||
| Q3 24 | $417.0M | $248.5M | ||
| Q2 24 | $334.0M | $308.6M | ||
| Q1 24 | $0 | $79.6M |
自由现金流率BRORBA
| Q4 25 | 26.4% | 15.5% | ||
| Q3 25 | 28.1% | 17.3% | ||
| Q2 25 | 24.1% | 20.4% | ||
| Q1 25 | 14.0% | 9.2% | ||
| Q4 24 | 28.8% | 11.2% | ||
| Q3 24 | 35.2% | 25.3% | ||
| Q2 24 | 28.4% | 28.2% | ||
| Q1 24 | 0.0% | 7.5% |
资本支出强度BRORBA
| Q4 25 | 1.2% | 5.7% | ||
| Q3 25 | 1.0% | 4.7% | ||
| Q2 25 | 1.2% | 7.2% | ||
| Q1 25 | 1.2% | 4.9% | ||
| Q4 24 | 1.7% | 5.0% | ||
| Q3 24 | 1.9% | 3.8% | ||
| Q2 24 | 2.2% | 2.6% | ||
| Q1 24 | 1.0% | 4.2% |
现金转化率BRORBA
| Q4 25 | 1.68× | 2.33× | ||
| Q3 25 | 2.06× | 2.51× | ||
| Q2 25 | 1.41× | 2.97× | ||
| Q1 25 | 0.64× | 1.38× | ||
| Q4 24 | 1.73× | 1.56× | ||
| Q3 24 | 1.88× | 3.75× | ||
| Q2 24 | 1.40× | 3.04× | ||
| Q1 24 | 0.04× | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
