vs
Brown & Brown（BRO）与罗致恒富（RHI）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是罗致恒富的1.2倍（$1.6B vs $1.3B），Brown & Brown同比增速更快（35.8% vs -5.8%），Brown & Brown自由现金流更多（$424.0M vs $170.8M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -6.1%）
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。
罗致恒富是1948年成立的国际人力资源咨询机构，总部位于加利福尼亚州门洛帕克和圣拉蒙，是全球规模领先的会计与金融领域人才派遣服务商之一，在全球范围内设有超过345个办公点。
BRO vs RHI — 直观对比
营收规模更大
BRO
是对方的1.2倍
$1.3B
营收增速更快
BRO
高出41.6%
-5.8%
自由现金流更多
BRO
多$253.2M
$170.8M
两年增速更快
BRO
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.3B |
| 净利润 | $265.0M | — |
| 毛利率 | — | 37.6% |
| 营业利润率 | — | 1.7% |
| 净利率 | 16.5% | — |
| 营收同比 | 35.8% | -5.8% |
| 净利润同比 | 26.8% | — |
| 每股收益（稀释后） | $0.55 | $0.32 |
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BRORHI
| Q4 25 | $1.6B | $1.3B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.2B | $1.5B | ||
| Q1 24 | $1.3B | $1.5B |
净利润BRORHI
| Q4 25 | $265.0M | — | ||
| Q3 25 | $227.0M | $42.9M | ||
| Q2 25 | $231.0M | $41.0M | ||
| Q1 25 | $331.0M | $17.4M | ||
| Q4 24 | $209.0M | — | ||
| Q3 24 | $234.0M | $65.5M | ||
| Q2 24 | $257.0M | $68.2M | ||
| Q1 24 | $293.0M | $63.7M |
毛利率BRORHI
| Q4 25 | — | 37.6% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.9% | ||
| Q4 24 | — | 38.8% | ||
| Q3 24 | — | 39.0% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 38.1% |
营业利润率BRORHI
| Q4 25 | — | 1.7% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | 23.3% | 4.7% | ||
| Q3 24 | 26.7% | 4.1% | ||
| Q2 24 | 29.4% | 5.1% | ||
| Q1 24 | 28.9% | 2.8% |
净利率BRORHI
| Q4 25 | 16.5% | — | ||
| Q3 25 | 14.1% | 3.2% | ||
| Q2 25 | 18.0% | 3.0% | ||
| Q1 25 | 23.6% | 1.3% | ||
| Q4 24 | 17.7% | — | ||
| Q3 24 | 19.7% | 4.5% | ||
| Q2 24 | 21.8% | 4.6% | ||
| Q1 24 | 23.3% | 4.3% |
每股收益（稀释后）BRORHI
| Q4 25 | $0.55 | $0.32 | ||
| Q3 25 | $0.68 | $0.43 | ||
| Q2 25 | $0.78 | $0.41 | ||
| Q1 25 | $1.15 | $0.17 | ||
| Q4 24 | $0.73 | $0.53 | ||
| Q3 24 | $0.81 | $0.64 | ||
| Q2 24 | $0.90 | $0.66 | ||
| Q1 24 | $1.02 | $0.61 |
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 | $464.4M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $1.3B |
| 总资产 | $30.0B | $2.9B |
| 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BRORHI
| Q4 25 | $1.1B | $464.4M | ||
| Q3 25 | $1.2B | $365.3M | ||
| Q2 25 | $8.9B | $380.5M | ||
| Q1 25 | $669.0M | $342.5M | ||
| Q4 24 | $685.0M | $537.6M | ||
| Q3 24 | $968.0M | $570.5M | ||
| Q2 24 | $1.1B | $547.4M | ||
| Q1 24 | $591.0M | $540.9M |
总债务BRORHI
| Q4 25 | $7.6B | — | ||
| 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BRORHI
| Q4 25 | $12.6B | $1.3B | ||
| Q3 25 | $12.4B | $1.3B | ||
| Q2 25 | $11.6B | $1.3B | ||
| Q1 25 | $6.8B | $1.3B | ||
| Q4 24 | $6.4B | $1.4B | ||
| Q3 24 | $6.5B | $1.5B | ||
| Q2 24 | $6.0B | $1.5B | ||
| Q1 24 | $5.8B | $1.5B |
总资产BRORHI
| Q4 25 | $30.0B | $2.9B | ||
| Q3 25 | $29.4B | $2.8B | ||
| Q2 25 | $25.6B | $2.8B | ||
| Q1 25 | $16.8B | $2.7B | ||
| Q4 24 | $17.6B | $2.9B | ||
| Q3 24 | $17.5B | $3.0B | ||
| Q2 24 | $15.9B | $2.9B | ||
| Q1 24 | $14.8B | $2.9B |
负债/权益比BRORHI
| Q4 25 | 0.61× | — | ||
| 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 | $182.5M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $170.8M |
| 自由现金流率自由现金流/营收 | 26.4% | 13.1% |
| 资本支出强度资本支出/营收 | 1.2% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.68× | — |
| 过去12个月自由现金流最近4个季度 | $1.4B | $266.8M |
8季度趋势，按日历期对齐
经营现金流BRORHI
| Q4 25 | $444.0M | $182.5M | ||
| Q3 25 | $468.0M | $77.4M | ||
| Q2 25 | $325.0M | $119.4M | ||
| Q1 25 | $213.0M | $-59.3M | ||
| Q4 24 | $361.0M | $154.8M | ||
| Q3 24 | $440.0M | $129.6M | ||
| Q2 24 | $360.0M | $142.0M | ||
| Q1 24 | $13.0M | $-15.9M |
自由现金流BRORHI
| Q4 25 | $424.0M | $170.8M | ||
| Q3 25 | $452.0M | $63.6M | ||
| Q2 25 | $310.0M | $104.2M | ||
| Q1 25 | $196.0M | $-71.7M | ||
| Q4 24 | $341.0M | $140.5M | ||
| Q3 24 | $417.0M | $111.8M | ||
| Q2 24 | $334.0M | $129.6M | ||
| Q1 24 | $0 | $-27.7M |
自由现金流率BRORHI
| Q4 25 | 26.4% | 13.1% | ||
| Q3 25 | 28.1% | 4.7% | ||
| Q2 25 | 24.1% | 7.6% | ||
| Q1 25 | 14.0% | -5.3% | ||
| Q4 24 | 28.8% | 10.2% | ||
| Q3 24 | 35.2% | 7.6% | ||
| Q2 24 | 28.4% | 8.8% | ||
| Q1 24 | 0.0% | -1.9% |
资本支出强度BRORHI
| Q4 25 | 1.2% | 0.9% | ||
| Q3 25 | 1.0% | 1.0% | ||
| Q2 25 | 1.2% | 1.1% | ||
| Q1 25 | 1.2% | 0.9% | ||
| Q4 24 | 1.7% | 1.0% | ||
| Q3 24 | 1.9% | 1.2% | ||
| Q2 24 | 2.2% | 0.8% | ||
| Q1 24 | 1.0% | 0.8% |
现金转化率BRORHI
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | 1.80× | ||
| Q2 25 | 1.41× | 2.91× | ||
| Q1 25 | 0.64× | -3.42× | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | 1.98× | ||
| Q2 24 | 1.40× | 2.08× | ||
| Q1 24 | 0.04× | -0.25× |
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% |
RHI
| Finance And Accounting | $535.2M | 41% |
| Protiviti | $479.0M | 37% |
| Technology | $156.4M | 12% |
| Permanent Placement Talent Solutions | $102.6M | 8% |
| Other | $29.2M | 2% |
