vs
Brown & Brown（BRO）与RXO, Inc.（RXO）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RXO, Inc.的1.1倍（$1.6B vs $1.5B），Brown & Brown净利率更高（16.5% vs -3.1%，领先19.6%），Brown & Brown同比增速更快（35.8% vs -11.9%），Brown & Brown自由现金流更多（$424.0M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
BRO vs RXO — 直观对比
营收规模更大
BRO
是对方的1.1倍
$1.5B
营收增速更快
BRO
高出47.7%
-11.9%
净利率更高
BRO
高出19.6%
-3.1%
自由现金流更多
BRO
多$433.0M
$-9.0M
两年增速更快
RXO
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.5B |
| 净利润 | $265.0M | $-46.0M |
| 毛利率 | — | — |
| 营业利润率 | — | -2.9% |
| 净利率 | 16.5% | -3.1% |
| 营收同比 | 35.8% | -11.9% |
| 净利润同比 | 26.8% | -84.0% |
| 每股收益（稀释后） | $0.55 | $-0.28 |
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BRORXO
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.2B | $930.0M | ||
| Q1 24 | $1.3B | $913.0M |
净利润BRORXO
| Q4 25 | $265.0M | $-46.0M | ||
| Q3 25 | $227.0M | $-14.0M | ||
| Q2 25 | $231.0M | $-9.0M | ||
| Q1 25 | $331.0M | $-31.0M | ||
| Q4 24 | $209.0M | $-25.0M | ||
| Q3 24 | $234.0M | $-243.0M | ||
| Q2 24 | $257.0M | $-7.0M | ||
| Q1 24 | $293.0M | $-15.0M |
营业利润率BRORXO
| Q4 25 | — | -2.9% | ||
| Q3 25 | — | -0.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -2.1% | ||
| Q4 24 | 23.3% | -1.4% | ||
| Q3 24 | 26.7% | -1.9% | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 28.9% | -1.3% |
净利率BRORXO
| Q4 25 | 16.5% | -3.1% | ||
| Q3 25 | 14.1% | -1.0% | ||
| Q2 25 | 18.0% | -0.6% | ||
| Q1 25 | 23.6% | -2.2% | ||
| Q4 24 | 17.7% | -1.5% | ||
| Q3 24 | 19.7% | -23.4% | ||
| Q2 24 | 21.8% | -0.8% | ||
| Q1 24 | 23.3% | -1.6% |
每股收益（稀释后）BRORXO
| Q4 25 | $0.55 | $-0.28 | ||
| Q3 25 | $0.68 | $-0.08 | ||
| Q2 25 | $0.78 | $-0.05 | ||
| Q1 25 | $1.15 | $-0.18 | ||
| Q4 24 | $0.73 | $-0.17 | ||
| Q3 24 | $0.81 | $-1.81 | ||
| Q2 24 | $0.90 | $-0.06 | ||
| Q1 24 | $1.02 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | $7.6B | $387.0M |
| 股东权益账面价值 | $12.6B | $1.5B |
| 总资产 | $30.0B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资BRORXO
| Q4 25 | $1.1B | $17.0M | ||
| Q3 25 | $1.2B | $25.0M | ||
| Q2 25 | $8.9B | $18.0M | ||
| Q1 25 | $669.0M | $16.0M | ||
| Q4 24 | $685.0M | $35.0M | ||
| Q3 24 | $968.0M | $55.0M | ||
| Q2 24 | $1.1B | $7.0M | ||
| Q1 24 | $591.0M | $7.0M |
总债务BRORXO
| Q4 25 | $7.6B | $387.0M | ||
| Q3 25 | $7.7B | $387.0M | ||
| Q2 25 | $7.5B | $387.0M | ||
| Q1 25 | $3.8B | $387.0M | ||
| Q4 24 | $3.8B | $351.0M | ||
| Q3 24 | $3.6B | $352.0M | ||
| Q2 24 | $4.1B | $370.0M | ||
| Q1 24 | $3.9B | $351.0M |
股东权益BRORXO
| Q4 25 | $12.6B | $1.5B | ||
| Q3 25 | $12.4B | $1.6B | ||
| Q2 25 | $11.6B | $1.6B | ||
| Q1 25 | $6.8B | $1.6B | ||
| Q4 24 | $6.4B | $1.6B | ||
| Q3 24 | $6.5B | $1.7B | ||
| Q2 24 | $6.0B | $579.0M | ||
| Q1 24 | $5.8B | $582.0M |
总资产BRORXO
| Q4 25 | $30.0B | $3.3B | ||
| Q3 25 | $29.4B | $3.2B | ||
| Q2 25 | $25.6B | $3.2B | ||
| Q1 25 | $16.8B | $3.3B | ||
| Q4 24 | $17.6B | $3.4B | ||
| Q3 24 | $17.5B | $3.4B | ||
| Q2 24 | $15.9B | $1.8B | ||
| Q1 24 | $14.8B | $1.8B |
负债/权益比BRORXO
| Q4 25 | 0.61× | 0.25× | ||
| Q3 25 | 0.62× | 0.24× | ||
| Q2 25 | 0.65× | 0.24× | ||
| Q1 25 | 0.56× | 0.24× | ||
| Q4 24 | 0.59× | 0.22× | ||
| Q3 24 | 0.55× | 0.21× | ||
| Q2 24 | 0.68× | 0.64× | ||
| Q1 24 | 0.67× | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $-9.0M |
| 自由现金流率自由现金流/营收 | 26.4% | -0.6% |
| 资本支出强度资本支出/营收 | 1.2% | 1.1% |
| 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 | $-8.0M |
8季度趋势，按日历期对齐
经营现金流BRORXO
| Q4 25 | $444.0M | $7.0M | ||
| Q3 25 | $468.0M | $23.0M | ||
| Q2 25 | $325.0M | $23.0M | ||
| Q1 25 | $213.0M | $-2.0M | ||
| Q4 24 | $361.0M | $-7.0M | ||
| Q3 24 | $440.0M | $-7.0M | ||
| Q2 24 | $360.0M | $-5.0M | ||
| Q1 24 | $13.0M | $7.0M |
自由现金流BRORXO
| Q4 25 | $424.0M | $-9.0M | ||
| Q3 25 | $452.0M | $9.0M | ||
| Q2 25 | $310.0M | $9.0M | ||
| Q1 25 | $196.0M | $-17.0M | ||
| Q4 24 | $341.0M | $-19.0M | ||
| Q3 24 | $417.0M | $-18.0M | ||
| Q2 24 | $334.0M | $-16.0M | ||
| Q1 24 | $0 | $-4.0M |
自由现金流率BRORXO
| Q4 25 | 26.4% | -0.6% | ||
| Q3 25 | 28.1% | 0.6% | ||
| Q2 25 | 24.1% | 0.6% | ||
| Q1 25 | 14.0% | -1.2% | ||
| Q4 24 | 28.8% | -1.1% | ||
| Q3 24 | 35.2% | -1.7% | ||
| Q2 24 | 28.4% | -1.7% | ||
| Q1 24 | 0.0% | -0.4% |
资本支出强度BRORXO
| Q4 25 | 1.2% | 1.1% | ||
| Q3 25 | 1.0% | 1.0% | ||
| Q2 25 | 1.2% | 1.0% | ||
| Q1 25 | 1.2% | 1.0% | ||
| Q4 24 | 1.7% | 0.7% | ||
| Q3 24 | 1.9% | 1.1% | ||
| Q2 24 | 2.2% | 1.2% | ||
| Q1 24 | 1.0% | 1.2% |
现金转化率BRORXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
