vs
Brown & Brown（BRO）与Rivian Automotive, Inc.（RIVN）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Rivian Automotive, Inc.的1.2倍（$1.6B vs $1.3B），Brown & Brown净利率更高（16.5% vs -63.1%，领先79.6%），Brown & Brown同比增速更快（35.8% vs -25.8%），Brown & Brown自由现金流更多（$424.0M vs $-1.1B），过去两年Brown & Brown的营收复合增速更高（13.0% vs 3.3%）
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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
BRO vs RIVN — 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61.7%
-25.8%
净利率更高
BRO
高出79.6%
-63.1%
自由现金流更多
BRO
多$1.6B
$-1.1B
两年增速更快
BRO
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.3B |
| 净利润 | $265.0M | $-811.0M |
| 毛利率 | — | 9.3% |
| 营业利润率 | — | -64.8% |
| 净利率 | 16.5% | -63.1% |
| 营收同比 | 35.8% | -25.8% |
| 净利润同比 | 26.8% | -9.0% |
| 每股收益（稀释后） | $0.55 | $-0.66 |
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BRORIVN
| Q4 25 | $1.6B | $1.3B | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.2B | $874.0M | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
净利润BRORIVN
| Q4 25 | $265.0M | $-811.0M | ||
| Q3 25 | $227.0M | $-1.2B | ||
| Q2 25 | $231.0M | $-1.1B | ||
| Q1 25 | $331.0M | $-545.0M | ||
| Q4 24 | $209.0M | $-744.0M | ||
| Q3 24 | $234.0M | $-1.1B | ||
| Q2 24 | $257.0M | $-1.5B | ||
| Q1 24 | $293.0M | $-1.4B |
毛利率BRORIVN
| Q4 25 | — | 9.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | -15.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | -44.9% | ||
| Q2 24 | — | -38.9% | ||
| Q1 24 | — | -43.8% |
营业利润率BRORIVN
| Q4 25 | — | -64.8% | ||
| Q3 25 | — | -63.1% | ||
| Q2 25 | — | -85.5% | ||
| Q1 25 | — | -52.8% | ||
| Q4 24 | 23.3% | -38.1% | ||
| Q3 24 | 26.7% | -133.8% | ||
| Q2 24 | 29.4% | -118.7% | ||
| Q1 24 | 28.9% | -123.3% |
净利率BRORIVN
| Q4 25 | 16.5% | -63.1% | ||
| Q3 25 | 14.1% | -75.3% | ||
| Q2 25 | 18.0% | -85.7% | ||
| Q1 25 | 23.6% | -44.0% | ||
| Q4 24 | 17.7% | -42.9% | ||
| Q3 24 | 19.7% | -125.9% | ||
| Q2 24 | 21.8% | -125.8% | ||
| Q1 24 | 23.3% | -120.1% |
每股收益（稀释后）BRORIVN
| Q4 25 | $0.55 | $-0.66 | ||
| Q3 25 | $0.68 | $-0.96 | ||
| Q2 25 | $0.78 | $-0.97 | ||
| Q1 25 | $1.15 | $-0.48 | ||
| Q4 24 | $0.73 | $-0.67 | ||
| Q3 24 | $0.81 | $-1.08 | ||
| Q2 24 | $0.90 | $-1.46 | ||
| Q1 24 | $1.02 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $4.6B |
| 总资产 | $30.0B | $14.9B |
| 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BRORIVN
| Q4 25 | $1.1B | $6.1B | ||
| Q3 25 | $1.2B | $7.1B | ||
| Q2 25 | $8.9B | $7.5B | ||
| Q1 25 | $669.0M | $7.2B | ||
| Q4 24 | $685.0M | $7.7B | ||
| Q3 24 | $968.0M | $6.7B | ||
| Q2 24 | $1.1B | $7.9B | ||
| Q1 24 | $591.0M | $7.9B |
总债务BRORIVN
| 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 | $5.5B | ||
| Q1 24 | $3.9B | $4.4B |
股东权益BRORIVN
| Q4 25 | $12.6B | $4.6B | ||
| Q3 25 | $12.4B | $5.1B | ||
| Q2 25 | $11.6B | $6.1B | ||
| Q1 25 | $6.8B | $6.2B | ||
| Q4 24 | $6.4B | $6.6B | ||
| Q3 24 | $6.5B | $5.9B | ||
| Q2 24 | $6.0B | $6.8B | ||
| Q1 24 | $5.8B | $8.1B |
总资产BRORIVN
| Q4 25 | $30.0B | $14.9B | ||
| Q3 25 | $29.4B | $15.2B | ||
| Q2 25 | $25.6B | $15.6B | ||
| Q1 25 | $16.8B | $15.5B | ||
| Q4 24 | $17.6B | $15.4B | ||
| Q3 24 | $17.5B | $14.3B | ||
| Q2 24 | $15.9B | $15.4B | ||
| Q1 24 | $14.8B | $15.7B |
负债/权益比BRORIVN
| 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× | 0.81× | ||
| Q1 24 | 0.67× | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $-1.1B |
| 自由现金流率自由现金流/营收 | 26.4% | -89.0% |
| 资本支出强度资本支出/营收 | 1.2% | 36.0% |
| 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 | $-2.5B |
8季度趋势，按日历期对齐
经营现金流BRORIVN
| Q4 25 | $444.0M | $-681.0M | ||
| Q3 25 | $468.0M | $26.0M | ||
| Q2 25 | $325.0M | $64.0M | ||
| Q1 25 | $213.0M | $-188.0M | ||
| Q4 24 | $361.0M | $1.2B | ||
| Q3 24 | $440.0M | $-876.0M | ||
| Q2 24 | $360.0M | $-754.0M | ||
| Q1 24 | $13.0M | $-1.3B |
自由现金流BRORIVN
| Q4 25 | $424.0M | $-1.1B | ||
| Q3 25 | $452.0M | $-421.0M | ||
| Q2 25 | $310.0M | $-398.0M | ||
| Q1 25 | $196.0M | $-526.0M | ||
| Q4 24 | $341.0M | $856.0M | ||
| Q3 24 | $417.0M | $-1.2B | ||
| Q2 24 | $334.0M | $-1.0B | ||
| Q1 24 | $0 | $-1.5B |
自由现金流率BRORIVN
| Q4 25 | 26.4% | -89.0% | ||
| Q3 25 | 28.1% | -27.0% | ||
| Q2 25 | 24.1% | -30.5% | ||
| Q1 25 | 14.0% | -42.4% | ||
| Q4 24 | 28.8% | 49.4% | ||
| Q3 24 | 35.2% | -131.9% | ||
| Q2 24 | 28.4% | -89.6% | ||
| Q1 24 | 0.0% | -126.5% |
资本支出强度BRORIVN
| Q4 25 | 1.2% | 36.0% | ||
| Q3 25 | 1.0% | 28.7% | ||
| Q2 25 | 1.2% | 35.5% | ||
| Q1 25 | 1.2% | 27.3% | ||
| Q4 24 | 1.7% | 18.9% | ||
| Q3 24 | 1.9% | 31.7% | ||
| Q2 24 | 2.2% | 24.4% | ||
| Q1 24 | 1.0% | 21.1% |
现金转化率BRORIVN
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | 0.04× | — |
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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
