vs
Brown & Brown（BRO）与越洋钻探（RIG）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是越洋钻探的1.5倍（$1.6B vs $1.0B），Brown & Brown净利率更高（16.5% vs 2.4%，领先14.1%），Brown & Brown同比增速更快（35.8% vs 9.6%），Brown & Brown自由现金流更多（$424.0M vs $321.0M），过去两年越洋钻探的营收复合增速更高（16.9% 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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
BRO vs RIG — 直观对比
营收规模更大
BRO
是对方的1.5倍
$1.0B
营收增速更快
BRO
高出26.3%
9.6%
净利率更高
BRO
高出14.1%
2.4%
自由现金流更多
BRO
多$103.0M
$321.0M
两年增速更快
RIG
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.0B |
| 净利润 | $265.0M | $25.0M |
| 毛利率 | — | 42.0% |
| 营业利润率 | — | 23.0% |
| 净利率 | 16.5% | 2.4% |
| 营收同比 | 35.8% | 9.6% |
| 净利润同比 | 26.8% | 257.1% |
| 每股收益（稀释后） | $0.55 | $0.13 |
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BRORIG
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.6B | $1.0B | ||
| Q2 25 | $1.3B | $988.0M | ||
| Q1 25 | $1.4B | $906.0M | ||
| Q4 24 | $1.2B | $952.0M | ||
| Q3 24 | $1.2B | $948.0M | ||
| Q2 24 | $1.2B | $861.0M | ||
| Q1 24 | $1.3B | $763.0M |
净利润BRORIG
| Q4 25 | $265.0M | $25.0M | ||
| Q3 25 | $227.0M | $-1.9B | ||
| Q2 25 | $231.0M | $-938.0M | ||
| Q1 25 | $331.0M | $-79.0M | ||
| Q4 24 | $209.0M | $7.0M | ||
| Q3 24 | $234.0M | $-494.0M | ||
| Q2 24 | $257.0M | $-123.0M | ||
| Q1 24 | $293.0M | $98.0M |
毛利率BRORIG
| Q4 25 | — | 42.0% | ||
| Q3 25 | — | 43.2% | ||
| Q2 25 | — | 39.4% | ||
| Q1 25 | — | 31.8% | ||
| Q4 24 | — | 39.2% | ||
| Q3 24 | — | 40.6% | ||
| Q2 24 | — | 38.0% | ||
| Q1 24 | — | 31.5% |
营业利润率BRORIG
| Q4 25 | — | 23.0% | ||
| Q3 25 | — | -163.1% | ||
| Q2 25 | — | -97.6% | ||
| Q1 25 | — | 7.1% | ||
| Q4 24 | 23.3% | 13.7% | ||
| Q3 24 | 26.7% | -51.2% | ||
| Q2 24 | 29.4% | -6.9% | ||
| Q1 24 | 28.9% | -0.4% |
净利率BRORIG
| Q4 25 | 16.5% | 2.4% | ||
| Q3 25 | 14.1% | -187.1% | ||
| Q2 25 | 18.0% | -94.9% | ||
| Q1 25 | 23.6% | -8.7% | ||
| Q4 24 | 17.7% | 0.7% | ||
| Q3 24 | 19.7% | -52.1% | ||
| Q2 24 | 21.8% | -14.3% | ||
| Q1 24 | 23.3% | 12.8% |
每股收益（稀释后）BRORIG
| Q4 25 | $0.55 | $0.13 | ||
| Q3 25 | $0.68 | $-2.00 | ||
| Q2 25 | $0.78 | $-1.06 | ||
| Q1 25 | $1.15 | $-0.11 | ||
| Q4 24 | $0.73 | $-0.14 | ||
| Q3 24 | $0.81 | $-0.58 | ||
| Q2 24 | $0.90 | $-0.15 | ||
| Q1 24 | $1.02 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | $7.6B | $5.2B |
| 股东权益账面价值 | $12.6B | $8.1B |
| 总资产 | $30.0B | $15.6B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资BRORIG
| Q4 25 | $1.1B | $620.0M | ||
| Q3 25 | $1.2B | $833.0M | ||
| Q2 25 | $8.9B | $377.0M | ||
| Q1 25 | $669.0M | $263.0M | ||
| Q4 24 | $685.0M | $560.0M | ||
| Q3 24 | $968.0M | $435.0M | ||
| Q2 24 | $1.1B | $475.0M | ||
| Q1 24 | $591.0M | $446.0M |
总债务BRORIG
| Q4 25 | $7.6B | $5.2B | ||
| Q3 25 | $7.7B | $4.8B | ||
| Q2 25 | $7.5B | $5.9B | ||
| Q1 25 | $3.8B | $5.9B | ||
| Q4 24 | $3.8B | $6.2B | ||
| Q3 24 | $3.6B | $6.5B | ||
| Q2 24 | $4.1B | $6.8B | ||
| Q1 24 | $3.9B | $6.8B |
股东权益BRORIG
| Q4 25 | $12.6B | $8.1B | ||
| Q3 25 | $12.4B | $8.1B | ||
| Q2 25 | $11.6B | $9.4B | ||
| Q1 25 | $6.8B | $10.2B | ||
| Q4 24 | $6.4B | $10.3B | ||
| Q3 24 | $6.5B | $10.2B | ||
| Q2 24 | $6.0B | $10.7B | ||
| Q1 24 | $5.8B | $10.5B |
总资产BRORIG
| Q4 25 | $30.0B | $15.6B | ||
| Q3 25 | $29.4B | $16.2B | ||
| Q2 25 | $25.6B | $17.8B | ||
| Q1 25 | $16.8B | $19.0B | ||
| Q4 24 | $17.6B | $19.4B | ||
| Q3 24 | $17.5B | $19.5B | ||
| Q2 24 | $15.9B | $20.3B | ||
| Q1 24 | $14.8B | $19.9B |
负债/权益比BRORIG
| Q4 25 | 0.61× | 0.64× | ||
| Q3 25 | 0.62× | 0.60× | ||
| Q2 25 | 0.65× | 0.63× | ||
| Q1 25 | 0.56× | 0.58× | ||
| Q4 24 | 0.59× | 0.60× | ||
| Q3 24 | 0.55× | 0.64× | ||
| Q2 24 | 0.68× | 0.63× | ||
| Q1 24 | 0.67× | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $321.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 30.8% |
| 资本支出强度资本支出/营收 | 1.2% | 2.7% |
| 现金转化率经营现金流/净利润 | 1.68× | 13.96× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $626.0M |
8季度趋势，按日历期对齐
经营现金流BRORIG
| Q4 25 | $444.0M | $349.0M | ||
| Q3 25 | $468.0M | $246.0M | ||
| Q2 25 | $325.0M | $128.0M | ||
| Q1 25 | $213.0M | $26.0M | ||
| Q4 24 | $361.0M | $206.0M | ||
| Q3 24 | $440.0M | $194.0M | ||
| Q2 24 | $360.0M | $133.0M | ||
| Q1 24 | $13.0M | $-86.0M |
自由现金流BRORIG
| Q4 25 | $424.0M | $321.0M | ||
| Q3 25 | $452.0M | $235.0M | ||
| Q2 25 | $310.0M | $104.0M | ||
| Q1 25 | $196.0M | $-34.0M | ||
| Q4 24 | $341.0M | $177.0M | ||
| Q3 24 | $417.0M | $136.0M | ||
| Q2 24 | $334.0M | $49.0M | ||
| Q1 24 | $0 | $-169.0M |
自由现金流率BRORIG
| Q4 25 | 26.4% | 30.8% | ||
| Q3 25 | 28.1% | 22.9% | ||
| Q2 25 | 24.1% | 10.5% | ||
| Q1 25 | 14.0% | -3.8% | ||
| Q4 24 | 28.8% | 18.6% | ||
| Q3 24 | 35.2% | 14.3% | ||
| Q2 24 | 28.4% | 5.7% | ||
| Q1 24 | 0.0% | -22.1% |
资本支出强度BRORIG
| Q4 25 | 1.2% | 2.7% | ||
| Q3 25 | 1.0% | 1.1% | ||
| Q2 25 | 1.2% | 2.4% | ||
| Q1 25 | 1.2% | 6.6% | ||
| Q4 24 | 1.7% | 3.0% | ||
| Q3 24 | 1.9% | 6.1% | ||
| Q2 24 | 2.2% | 9.8% | ||
| Q1 24 | 1.0% | 10.9% |
现金转化率BRORIG
| Q4 25 | 1.68× | 13.96× | ||
| Q3 25 | 2.06× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | 29.43× | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | 0.04× | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
