vs
Brown & Brown（BRO）与SIRIUS XM HOLDINGS INC.（SIRI）财务数据对比。点击上方公司名可切换其他公司
SIRIUS XM HOLDINGS INC.的季度营收约是Brown & Brown的1.4倍（$2.2B vs $1.6B），Brown & Brown净利率更高（16.5% vs 4.5%，领先12.0%），Brown & Brown同比增速更快（35.8% vs 0.2%），SIRIUS XM HOLDINGS INC.自由现金流更多（$536.0M vs $424.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 0.7%）
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。
天狼星XM控股旗下的XM卫星广播是美国及加拿大三大卫星与在线广播服务商之一，采用类似付费有线电视的订阅制模式运营。平台拥有73个音乐频道、39个新闻、体育、访谈及娱乐频道，另设21个区域交通气象频道与23个体育赛事直播频道，服务覆盖北美大量付费用户。
BRO vs SIRI — 直观对比
营收规模更大
SIRI
是对方的1.4倍
$1.6B
营收增速更快
BRO
高出35.6%
0.2%
净利率更高
BRO
高出12.0%
4.5%
自由现金流更多
SIRI
多$112.0M
$424.0M
两年增速更快
BRO
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.2B |
| 净利润 | $265.0M | $99.0M |
| 毛利率 | — | 53.1% |
| 营业利润率 | — | 10.3% |
| 净利率 | 16.5% | 4.5% |
| 营收同比 | 35.8% | 0.2% |
| 净利润同比 | 26.8% | -55.4% |
| 每股收益（稀释后） | $0.55 | $0.23 |
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BROSIRI
| Q4 25 | $1.6B | $2.2B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.3B | $2.1B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.2B | $2.2B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.2B | $2.2B | ||
| Q1 24 | $1.3B | $2.2B |
净利润BROSIRI
| Q4 25 | $265.0M | $99.0M | ||
| Q3 25 | $227.0M | $297.0M | ||
| Q2 25 | $231.0M | $205.0M | ||
| Q1 25 | $331.0M | $204.0M | ||
| Q4 24 | $209.0M | $222.0M | ||
| Q3 24 | $234.0M | $-2.5B | ||
| Q2 24 | $257.0M | $304.0M | ||
| Q1 24 | $293.0M | $265.0M |
毛利率BROSIRI
| Q4 25 | — | 53.1% | ||
| Q3 25 | — | 52.2% | ||
| Q2 25 | — | 52.4% | ||
| Q1 25 | — | 52.0% | ||
| Q4 24 | — | 52.9% | ||
| Q3 24 | — | 53.2% | ||
| Q2 24 | — | 53.5% | ||
| Q1 24 | — | 52.5% |
营业利润率BROSIRI
| Q4 25 | — | 10.3% | ||
| Q3 25 | — | 22.8% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | — | 18.7% | ||
| Q4 24 | 23.3% | 20.2% | ||
| Q3 24 | 26.7% | -133.6% | ||
| Q2 24 | 29.4% | 23.2% | ||
| Q1 24 | 28.9% | 20.2% |
净利率BROSIRI
| Q4 25 | 16.5% | 4.5% | ||
| Q3 25 | 14.1% | 13.8% | ||
| Q2 25 | 18.0% | 9.6% | ||
| Q1 25 | 23.6% | 9.9% | ||
| Q4 24 | 17.7% | 10.1% | ||
| Q3 24 | 19.7% | -113.1% | ||
| Q2 24 | 21.8% | 14.0% | ||
| Q1 24 | 23.3% | 12.3% |
每股收益（稀释后）BROSIRI
| Q4 25 | $0.55 | $0.23 | ||
| Q3 25 | $0.68 | $0.84 | ||
| Q2 25 | $0.78 | $0.57 | ||
| Q1 25 | $1.15 | $0.59 | ||
| Q4 24 | $0.73 | $2.45 | ||
| Q3 24 | $0.81 | $-8.74 | ||
| Q2 24 | $0.90 | $0.08 | ||
| Q1 24 | $1.02 | $0.07 |
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 | $94.0M |
| 总债务越低越好 | $7.6B | $8.6B |
| 股东权益账面价值 | $12.6B | $11.6B |
| 总资产 | $30.0B | $27.2B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.75× |
8季度趋势，按日历期对齐
现金及短期投资BROSIRI
| Q4 25 | $1.1B | $94.0M | ||
| Q3 25 | $1.2B | $79.0M | ||
| Q2 25 | $8.9B | $92.0M | ||
| Q1 25 | $669.0M | $127.0M | ||
| Q4 24 | $685.0M | $162.0M | ||
| Q3 24 | $968.0M | $127.0M | ||
| Q2 24 | $1.1B | $100.0M | ||
| Q1 24 | $591.0M | $71.0M |
总债务BROSIRI
| Q4 25 | $7.6B | $8.6B | ||
| Q3 25 | $7.7B | $9.0B | ||
| Q2 25 | $7.5B | $10.1B | ||
| Q1 25 | $3.8B | $10.4B | ||
| Q4 24 | $3.8B | $10.3B | ||
| Q3 24 | $3.6B | $10.1B | ||
| Q2 24 | $4.1B | $9.0B | ||
| Q1 24 | $3.9B | $8.7B |
股东权益BROSIRI
| Q4 25 | $12.6B | $11.6B | ||
| Q3 25 | $12.4B | $11.6B | ||
| Q2 25 | $11.6B | $11.3B | ||
| Q1 25 | $6.8B | $11.2B | ||
| Q4 24 | $6.4B | $11.1B | ||
| Q3 24 | $6.5B | $10.9B | ||
| Q2 24 | $6.0B | $-2.1B | ||
| Q1 24 | $5.8B | $-2.4B |
总资产BROSIRI
| Q4 25 | $30.0B | $27.2B | ||
| Q3 25 | $29.4B | $27.4B | ||
| Q2 25 | $25.6B | $27.3B | ||
| Q1 25 | $16.8B | $27.4B | ||
| Q4 24 | $17.6B | $27.5B | ||
| Q3 24 | $17.5B | $27.5B | ||
| Q2 24 | $15.9B | $11.2B | ||
| Q1 24 | $14.8B | $11.2B |
负债/权益比BROSIRI
| Q4 25 | 0.61× | 0.75× | ||
| Q3 25 | 0.62× | 0.78× | ||
| Q2 25 | 0.65× | 0.89× | ||
| Q1 25 | 0.56× | 0.93× | ||
| Q4 24 | 0.59× | 0.93× | ||
| Q3 24 | 0.55× | 0.93× | ||
| Q2 24 | 0.68× | — | ||
| Q1 24 | 0.67× | — |
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 | $680.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $536.0M |
| 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% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.68× | 6.87× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.2B |
8季度趋势，按日历期对齐
经营现金流BROSIRI
| Q4 25 | $444.0M | $680.0M | ||
| Q3 25 | $468.0M | $430.0M | ||
| Q2 25 | $325.0M | $546.0M | ||
| Q1 25 | $213.0M | $242.0M | ||
| Q4 24 | $361.0M | $679.0M | ||
| Q3 24 | $440.0M | $240.0M | ||
| Q2 24 | $360.0M | $514.0M | ||
| Q1 24 | $13.0M | $308.0M |
自由现金流BROSIRI
| Q4 25 | $424.0M | $536.0M | ||
| Q3 25 | $452.0M | $255.0M | ||
| Q2 25 | $310.0M | $401.0M | ||
| Q1 25 | $196.0M | $53.0M | ||
| Q4 24 | $341.0M | $514.0M | ||
| Q3 24 | $417.0M | $24.0M | ||
| Q2 24 | $334.0M | $341.0M | ||
| Q1 24 | $0 | $134.0M |
自由现金流率BROSIRI
| Q4 25 | 26.4% | 24.4% | ||
| Q3 25 | 28.1% | 11.8% | ||
| Q2 25 | 24.1% | 18.8% | ||
| Q1 25 | 14.0% | 2.6% | ||
| Q4 24 | 28.8% | 23.5% | ||
| Q3 24 | 35.2% | 1.1% | ||
| Q2 24 | 28.4% | 15.7% | ||
| Q1 24 | 0.0% | 6.2% |
资本支出强度BROSIRI
| Q4 25 | 1.2% | 6.6% | ||
| Q3 25 | 1.0% | 8.1% | ||
| Q2 25 | 1.2% | 6.8% | ||
| Q1 25 | 1.2% | 9.1% | ||
| Q4 24 | 1.7% | 7.5% | ||
| Q3 24 | 1.9% | 9.9% | ||
| Q2 24 | 2.2% | 7.9% | ||
| Q1 24 | 1.0% | 8.0% |
现金转化率BROSIRI
| Q4 25 | 1.68× | 6.87× | ||
| Q3 25 | 2.06× | 1.45× | ||
| Q2 25 | 1.41× | 2.66× | ||
| Q1 25 | 0.64× | 1.19× | ||
| Q4 24 | 1.73× | 3.06× | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.40× | 1.69× | ||
| Q1 24 | 0.04× | 1.16× |
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% |
SIRI
| Subscription And Circulation | $1.6B | 74% |
| Advertising | $491.0M | 22% |
| Cost Of Sales Equipment Products And Services | $48.0M | 2% |
| Other Revenue | $28.0M | 1% |
