vs
Brown & Brown（BRO）与Sunrun Inc.（RUN）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Sunrun Inc.的1.4倍（$1.6B vs $1.2B），Brown & Brown净利率更高（16.5% vs 8.9%，领先7.6%），Sunrun Inc.同比增速更快（123.5% vs 35.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
BRO vs RUN — 直观对比
营收规模更大
BRO
是对方的1.4倍
$1.2B
营收增速更快
RUN
高出87.7%
35.8%
净利率更高
BRO
高出7.6%
8.9%
两年增速更快
RUN
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $265.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | — | 8.4% |
| 净利率 | 16.5% | 8.9% |
| 营收同比 | 35.8% | 123.5% |
| 净利润同比 | 26.8% | 103.7% |
| 每股收益（稀释后） | $0.55 | $0.38 |
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BRORUN
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.6B | $724.6M | ||
| Q2 25 | $1.3B | $569.3M | ||
| Q1 25 | $1.4B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.2B | $523.9M | ||
| Q1 24 | $1.3B | $458.2M |
净利润BRORUN
| Q4 25 | $265.0M | $103.6M | ||
| Q3 25 | $227.0M | $16.6M | ||
| Q2 25 | $231.0M | $279.8M | ||
| Q1 25 | $331.0M | $50.0M | ||
| Q4 24 | $209.0M | $-2.8B | ||
| Q3 24 | $234.0M | $-83.8M | ||
| Q2 24 | $257.0M | $139.1M | ||
| Q1 24 | $293.0M | $-87.8M |
营业利润率BRORUN
| Q4 25 | — | 8.4% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | -19.7% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | 23.3% | -628.0% | ||
| Q3 24 | 26.7% | -23.8% | ||
| Q2 24 | 29.4% | -24.4% | ||
| Q1 24 | 28.9% | -40.0% |
净利率BRORUN
| Q4 25 | 16.5% | 8.9% | ||
| Q3 25 | 14.1% | 2.3% | ||
| Q2 25 | 18.0% | 49.1% | ||
| Q1 25 | 23.6% | 9.9% | ||
| Q4 24 | 17.7% | -542.7% | ||
| Q3 24 | 19.7% | -15.6% | ||
| Q2 24 | 21.8% | 26.5% | ||
| Q1 24 | 23.3% | -19.2% |
每股收益（稀释后）BRORUN
| Q4 25 | $0.55 | $0.38 | ||
| Q3 25 | $0.68 | $0.06 | ||
| Q2 25 | $0.78 | $1.07 | ||
| Q1 25 | $1.15 | $0.20 | ||
| Q4 24 | $0.73 | $-12.59 | ||
| Q3 24 | $0.81 | $-0.37 | ||
| Q2 24 | $0.90 | $0.55 | ||
| Q1 24 | $1.02 | $-0.40 |
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 | — |
| 总债务越低越好 | $7.6B | $14.7B |
| 股东权益账面价值 | $12.6B | $3.1B |
| 总资产 | $30.0B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.61× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资BRORUN
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $8.9B | — | ||
| Q1 25 | $669.0M | — | ||
| Q4 24 | $685.0M | — | ||
| Q3 24 | $968.0M | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $591.0M | — |
总债务BRORUN
| Q4 25 | $7.6B | $14.7B | ||
| Q3 25 | $7.7B | $14.6B | ||
| Q2 25 | $7.5B | $14.0B | ||
| Q1 25 | $3.8B | $13.6B | ||
| Q4 24 | $3.8B | $12.9B | ||
| Q3 24 | $3.6B | $12.5B | ||
| Q2 24 | $4.1B | $12.0B | ||
| Q1 24 | $3.9B | $11.1B |
股东权益BRORUN
| Q4 25 | $12.6B | $3.1B | ||
| Q3 25 | $12.4B | $3.0B | ||
| Q2 25 | $11.6B | $2.9B | ||
| Q1 25 | $6.8B | $2.6B | ||
| Q4 24 | $6.4B | $2.6B | ||
| Q3 24 | $6.5B | $5.3B | ||
| Q2 24 | $6.0B | $5.4B | ||
| Q1 24 | $5.8B | $5.2B |
总资产BRORUN
| Q4 25 | $30.0B | $22.6B | ||
| Q3 25 | $29.4B | $22.2B | ||
| Q2 25 | $25.6B | $21.2B | ||
| Q1 25 | $16.8B | $20.4B | ||
| Q4 24 | $17.6B | $19.9B | ||
| Q3 24 | $17.5B | $22.1B | ||
| Q2 24 | $15.9B | $21.4B | ||
| Q1 24 | $14.8B | $20.8B |
负债/权益比BRORUN
| Q4 25 | 0.61× | 4.69× | ||
| Q3 25 | 0.62× | 4.90× | ||
| Q2 25 | 0.65× | 4.80× | ||
| Q1 25 | 0.56× | 5.19× | ||
| Q4 24 | 0.59× | 5.05× | ||
| Q3 24 | 0.55× | 2.36× | ||
| Q2 24 | 0.68× | 2.23× | ||
| Q1 24 | 0.67× | 2.15× |
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 | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | — |
| 自由现金流率自由现金流/营收 | 26.4% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 现金转化率经营现金流/净利润 | 1.68× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.4B | — |
8季度趋势，按日历期对齐
经营现金流BRORUN
| Q4 25 | $444.0M | $96.9M | ||
| Q3 25 | $468.0M | $-121.5M | ||
| Q2 25 | $325.0M | $-292.7M | ||
| Q1 25 | $213.0M | $-104.2M | ||
| Q4 24 | $361.0M | $-258.4M | ||
| Q3 24 | $440.0M | $-156.2M | ||
| Q2 24 | $360.0M | $-208.5M | ||
| Q1 24 | $13.0M | $-143.1M |
自由现金流BRORUN
| Q4 25 | $424.0M | — | ||
| Q3 25 | $452.0M | — | ||
| Q2 25 | $310.0M | — | ||
| Q1 25 | $196.0M | — | ||
| Q4 24 | $341.0M | — | ||
| Q3 24 | $417.0M | $-156.4M | ||
| Q2 24 | $334.0M | — | ||
| Q1 24 | $0 | — |
自由现金流率BRORUN
| Q4 25 | 26.4% | — | ||
| Q3 25 | 28.1% | — | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 14.0% | — | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 35.2% | -29.1% | ||
| Q2 24 | 28.4% | — | ||
| Q1 24 | 0.0% | — |
资本支出强度BRORUN
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | 0.0% | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 1.0% | — |
现金转化率BRORUN
| Q4 25 | 1.68× | 0.94× | ||
| Q3 25 | 2.06× | -7.33× | ||
| Q2 25 | 1.41× | -1.05× | ||
| Q1 25 | 0.64× | -2.08× | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.40× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
