vs
Brown & Brown（BRO）与RUSH ENTERPRISES INC \TX\（RUSHA）财务数据对比。点击上方公司名可切换其他公司
RUSH ENTERPRISES INC \TX\的季度营收约是Brown & Brown的1.0倍（$1.7B vs $1.6B），Brown & Brown净利率更高（16.5% vs 3.7%，领先12.8%），Brown & Brown同比增速更快（35.8% vs -9.0%），Brown & Brown自由现金流更多（$424.0M vs $411.6M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
BRO vs RUSHA — 直观对比
营收规模更大
RUSHA
是对方的1.0倍
$1.6B
营收增速更快
BRO
高出44.8%
-9.0%
净利率更高
BRO
高出12.8%
3.7%
自由现金流更多
BRO
多$12.4M
$411.6M
两年增速更快
BRO
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.7B |
| 净利润 | $265.0M | $61.7M |
| 毛利率 | — | 20.4% |
| 营业利润率 | — | 4.9% |
| 净利率 | 16.5% | 3.7% |
| 营收同比 | 35.8% | -9.0% |
| 净利润同比 | 26.8% | 1.8% |
| 每股收益（稀释后） | $0.55 | $0.77 |
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BRORUSHA
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.6B | $1.7B | ||
| Q3 25 | $1.6B | $1.8B | ||
| Q2 25 | $1.3B | $1.8B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $1.2B | $1.8B | ||
| Q2 24 | $1.2B | $1.9B |
净利润BRORUSHA
| Q1 26 | — | $61.7M | ||
| Q4 25 | $265.0M | $64.3M | ||
| Q3 25 | $227.0M | $66.7M | ||
| Q2 25 | $231.0M | $72.4M | ||
| Q1 25 | $331.0M | $60.3M | ||
| Q4 24 | $209.0M | $74.8M | ||
| Q3 24 | $234.0M | $79.1M | ||
| Q2 24 | $257.0M | $78.7M |
毛利率BRORUSHA
| Q1 26 | — | 20.4% | ||
| Q4 25 | — | 20.8% | ||
| Q3 25 | — | 21.0% | ||
| Q2 25 | — | 20.7% | ||
| Q1 25 | — | 20.3% | ||
| Q4 24 | — | 19.3% | ||
| Q3 24 | — | 21.0% | ||
| Q2 24 | — | 20.2% |
营业利润率BRORUSHA
| Q1 26 | — | 4.9% | ||
| Q4 25 | — | 5.5% | ||
| Q3 25 | — | 5.6% | ||
| Q2 25 | — | 6.0% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | 23.3% | 5.8% | ||
| Q3 24 | 26.7% | 6.7% | ||
| Q2 24 | 29.4% | 6.4% |
净利率BRORUSHA
| Q1 26 | — | 3.7% | ||
| Q4 25 | 16.5% | 3.8% | ||
| Q3 25 | 14.1% | 3.7% | ||
| Q2 25 | 18.0% | 3.9% | ||
| Q1 25 | 23.6% | 3.4% | ||
| Q4 24 | 17.7% | 3.9% | ||
| Q3 24 | 19.7% | 4.4% | ||
| Q2 24 | 21.8% | 4.1% |
每股收益（稀释后）BRORUSHA
| Q1 26 | — | $0.77 | ||
| Q4 25 | $0.55 | $0.81 | ||
| Q3 25 | $0.68 | $0.83 | ||
| Q2 25 | $0.78 | $0.90 | ||
| Q1 25 | $1.15 | $0.73 | ||
| Q4 24 | $0.73 | $-95.13 | ||
| Q3 24 | $0.81 | $0.97 | ||
| Q2 24 | $0.90 | $97.00 |
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 | $277.8M |
| 股东权益账面价值 | $12.6B | $2.3B |
| 总资产 | $30.0B | $4.5B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资BRORUSHA
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $212.6M | ||
| Q3 25 | $1.2B | $242.0M | ||
| Q2 25 | $8.9B | $211.1M | ||
| Q1 25 | $669.0M | $228.7M | ||
| Q4 24 | $685.0M | $228.1M | ||
| Q3 24 | $968.0M | $185.1M | ||
| Q2 24 | $1.1B | $167.3M |
总债务BRORUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | $7.6B | $274.8M | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | $408.4M | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $4.1B | — |
股东权益BRORUSHA
| Q1 26 | — | $2.3B | ||
| Q4 25 | $12.6B | $2.2B | ||
| Q3 25 | $12.4B | $2.2B | ||
| Q2 25 | $11.6B | $2.2B | ||
| Q1 25 | $6.8B | $2.2B | ||
| Q4 24 | $6.4B | $2.1B | ||
| Q3 24 | $6.5B | $2.1B | ||
| Q2 24 | $6.0B | $2.0B |
总资产BRORUSHA
| Q1 26 | — | $4.5B | ||
| Q4 25 | $30.0B | $4.4B | ||
| Q3 25 | $29.4B | $4.6B | ||
| Q2 25 | $25.6B | $4.7B | ||
| Q1 25 | $16.8B | $4.7B | ||
| Q4 24 | $17.6B | $4.6B | ||
| Q3 24 | $17.5B | $4.6B | ||
| Q2 24 | $15.9B | $4.5B |
负债/权益比BRORUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | 0.61× | 0.12× | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.59× | 0.19× | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.68× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $411.6M |
| 自由现金流率自由现金流/营收 | 26.4% | 24.4% |
| 资本支出强度资本支出/营收 | 1.2% | 2.0% |
| 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 | $828.4M |
8季度趋势，按日历期对齐
经营现金流BRORUSHA
| Q1 26 | — | — | ||
| Q4 25 | $444.0M | $112.9M | ||
| Q3 25 | $468.0M | $367.8M | ||
| Q2 25 | $325.0M | $227.6M | ||
| Q1 25 | $213.0M | $153.5M | ||
| Q4 24 | $361.0M | $392.3M | ||
| Q3 24 | $440.0M | $111.7M | ||
| Q2 24 | $360.0M | $270.6M |
自由现金流BRORUSHA
| Q1 26 | — | $411.6M | ||
| Q4 25 | $424.0M | $31.9M | ||
| Q3 25 | $452.0M | $271.2M | ||
| Q2 25 | $310.0M | $113.8M | ||
| Q1 25 | $196.0M | $45.1M | ||
| Q4 24 | $341.0M | $263.5M | ||
| Q3 24 | $417.0M | $-20.0M | ||
| Q2 24 | $334.0M | $177.2M |
自由现金流率BRORUSHA
| Q1 26 | — | 24.4% | ||
| Q4 25 | 26.4% | 1.9% | ||
| Q3 25 | 28.1% | 15.2% | ||
| Q2 25 | 24.1% | 6.2% | ||
| Q1 25 | 14.0% | 2.6% | ||
| Q4 24 | 28.8% | 13.7% | ||
| Q3 24 | 35.2% | -1.1% | ||
| Q2 24 | 28.4% | 9.1% |
资本支出强度BRORUSHA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 1.2% | 4.8% | ||
| Q3 25 | 1.0% | 5.4% | ||
| Q2 25 | 1.2% | 6.2% | ||
| Q1 25 | 1.2% | 6.2% | ||
| Q4 24 | 1.7% | 6.7% | ||
| Q3 24 | 1.9% | 7.3% | ||
| Q2 24 | 2.2% | 4.8% |
现金转化率BRORUSHA
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 1.75× | ||
| Q3 25 | 2.06× | 5.51× | ||
| Q2 25 | 1.41× | 3.14× | ||
| Q1 25 | 0.64× | 2.55× | ||
| Q4 24 | 1.73× | 5.25× | ||
| Q3 24 | 1.88× | 1.41× | ||
| Q2 24 | 1.40× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
