vs
Brown & Brown（BRO）与Solventum（SOLV）财务数据对比。点击上方公司名可切换其他公司
Solventum的季度营收约是Brown & Brown的1.2倍（$2.0B vs $1.6B），Brown & Brown净利率更高（16.5% vs 3.2%，领先13.3%），Brown & Brown同比增速更快（35.8% vs -3.7%），Brown & Brown自由现金流更多（$424.0M vs $32.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -0.4%）
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。
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
BRO vs SOLV — 直观对比
营收规模更大
SOLV
是对方的1.2倍
$1.6B
营收增速更快
BRO
高出39.6%
-3.7%
净利率更高
BRO
高出13.3%
3.2%
自由现金流更多
BRO
多$392.0M
$32.0M
两年增速更快
BRO
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.0B |
| 净利润 | $265.0M | $63.0M |
| 毛利率 | — | 51.4% |
| 营业利润率 | — | 6.3% |
| 净利率 | 16.5% | 3.2% |
| 营收同比 | 35.8% | -3.7% |
| 净利润同比 | 26.8% | 103.2% |
| 每股收益（稀释后） | $0.55 | $0.37 |
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BROSOLV
| Q4 25 | $1.6B | $2.0B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.2B | $2.1B | ||
| Q1 24 | $1.3B | $2.0B |
净利润BROSOLV
| Q4 25 | $265.0M | $63.0M | ||
| Q3 25 | $227.0M | $1.3B | ||
| Q2 25 | $231.0M | $90.0M | ||
| Q1 25 | $331.0M | $137.0M | ||
| Q4 24 | $209.0M | $31.0M | ||
| Q3 24 | $234.0M | $122.0M | ||
| Q2 24 | $257.0M | $89.0M | ||
| Q1 24 | $293.0M | $237.0M |
毛利率BROSOLV
| Q4 25 | — | 51.4% | ||
| Q3 25 | — | 54.2% | ||
| Q2 25 | — | 54.4% | ||
| Q1 25 | — | 53.8% | ||
| Q4 24 | — | 53.9% | ||
| Q3 24 | — | 56.0% | ||
| Q2 24 | — | 54.6% | ||
| Q1 24 | — | 58.1% |
营业利润率BROSOLV
| Q4 25 | — | 6.3% | ||
| Q3 25 | — | 80.6% | ||
| Q2 25 | — | 9.9% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | 23.3% | 6.6% | ||
| Q3 24 | 26.7% | 13.2% | ||
| Q2 24 | 29.4% | 11.7% | ||
| Q1 24 | 28.9% | 18.9% |
净利率BROSOLV
| Q4 25 | 16.5% | 3.2% | ||
| Q3 25 | 14.1% | 60.4% | ||
| Q2 25 | 18.0% | 4.2% | ||
| Q1 25 | 23.6% | 6.6% | ||
| Q4 24 | 17.7% | 1.5% | ||
| Q3 24 | 19.7% | 5.9% | ||
| Q2 24 | 21.8% | 4.3% | ||
| Q1 24 | 23.3% | 11.8% |
每股收益（稀释后）BROSOLV
| Q4 25 | $0.55 | $0.37 | ||
| Q3 25 | $0.68 | $7.22 | ||
| Q2 25 | $0.78 | $0.51 | ||
| Q1 25 | $1.15 | $0.78 | ||
| Q4 24 | $0.73 | $0.18 | ||
| Q3 24 | $0.81 | $0.70 | ||
| Q2 24 | $0.90 | $0.51 | ||
| Q1 24 | $1.02 | $1.37 |
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 | $878.0M |
| 总债务越低越好 | $7.6B | $5.0B |
| 股东权益账面价值 | $12.6B | $5.0B |
| 总资产 | $30.0B | $14.3B |
| 负债/权益比越低杠杆越低 | 0.61× | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资BROSOLV
| Q4 25 | $1.1B | $878.0M | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $8.9B | $492.0M | ||
| Q1 25 | $669.0M | $534.0M | ||
| Q4 24 | $685.0M | $762.0M | ||
| Q3 24 | $968.0M | $772.0M | ||
| Q2 24 | $1.1B | $897.0M | ||
| Q1 24 | $591.0M | $996.0M |
总债务BROSOLV
| Q4 25 | $7.6B | $5.0B | ||
| Q3 25 | $7.7B | $5.1B | ||
| Q2 25 | $7.5B | $7.8B | ||
| Q1 25 | $3.8B | $7.9B | ||
| Q4 24 | $3.8B | $8.0B | ||
| Q3 24 | $3.6B | $8.1B | ||
| Q2 24 | $4.1B | $8.3B | ||
| Q1 24 | $3.9B | $8.3B |
股东权益BROSOLV
| Q4 25 | $12.6B | $5.0B | ||
| Q3 25 | $12.4B | $5.0B | ||
| Q2 25 | $11.6B | $3.6B | ||
| Q1 25 | $6.8B | $3.3B | ||
| Q4 24 | $6.4B | $3.0B | ||
| Q3 24 | $6.5B | $3.2B | ||
| Q2 24 | $6.0B | $2.9B | ||
| Q1 24 | $5.8B | $3.9B |
总资产BROSOLV
| Q4 25 | $30.0B | $14.3B | ||
| Q3 25 | $29.4B | $14.0B | ||
| Q2 25 | $25.6B | $15.1B | ||
| Q1 25 | $16.8B | $14.5B | ||
| Q4 24 | $17.6B | $14.5B | ||
| Q3 24 | $17.5B | $14.7B | ||
| Q2 24 | $15.9B | $14.6B | ||
| Q1 24 | $14.8B | $14.7B |
负债/权益比BROSOLV
| Q4 25 | 0.61× | 1.00× | ||
| Q3 25 | 0.62× | 1.03× | ||
| Q2 25 | 0.65× | 2.14× | ||
| Q1 25 | 0.56× | 2.43× | ||
| Q4 24 | 0.59× | 2.71× | ||
| Q3 24 | 0.55× | 2.54× | ||
| Q2 24 | 0.68× | 2.90× | ||
| Q1 24 | 0.67× | 2.16× |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $32.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 1.6% |
| 资本支出强度资本支出/营收 | 1.2% | 3.2% |
| 现金转化率经营现金流/净利润 | 1.68× | 1.51× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $-10.0M |
8季度趋势，按日历期对齐
经营现金流BROSOLV
| Q4 25 | $444.0M | $95.0M | ||
| Q3 25 | $468.0M | $76.0M | ||
| Q2 25 | $325.0M | $169.0M | ||
| Q1 25 | $213.0M | $29.0M | ||
| Q4 24 | $361.0M | $219.0M | ||
| Q3 24 | $440.0M | $169.0M | ||
| Q2 24 | $360.0M | $355.0M | ||
| Q1 24 | $13.0M | $442.0M |
自由现金流BROSOLV
| Q4 25 | $424.0M | $32.0M | ||
| Q3 25 | $452.0M | $-21.0M | ||
| Q2 25 | $310.0M | $59.0M | ||
| Q1 25 | $196.0M | $-80.0M | ||
| Q4 24 | $341.0M | $92.0M | ||
| Q3 24 | $417.0M | $76.0M | ||
| Q2 24 | $334.0M | $297.0M | ||
| Q1 24 | $0 | $340.0M |
自由现金流率BROSOLV
| Q4 25 | 26.4% | 1.6% | ||
| Q3 25 | 28.1% | -1.0% | ||
| Q2 25 | 24.1% | 2.7% | ||
| Q1 25 | 14.0% | -3.9% | ||
| Q4 24 | 28.8% | 4.4% | ||
| Q3 24 | 35.2% | 3.7% | ||
| Q2 24 | 28.4% | 14.3% | ||
| Q1 24 | 0.0% | 16.9% |
资本支出强度BROSOLV
| Q4 25 | 1.2% | 3.2% | ||
| Q3 25 | 1.0% | 4.6% | ||
| Q2 25 | 1.2% | 5.1% | ||
| Q1 25 | 1.2% | 5.3% | ||
| Q4 24 | 1.7% | 6.1% | ||
| Q3 24 | 1.9% | 4.5% | ||
| Q2 24 | 2.2% | 2.8% | ||
| Q1 24 | 1.0% | 5.1% |
现金转化率BROSOLV
| Q4 25 | 1.68× | 1.51× | ||
| Q3 25 | 2.06× | 0.06× | ||
| Q2 25 | 1.41× | 1.88× | ||
| Q1 25 | 0.64× | 0.21× | ||
| Q4 24 | 1.73× | 7.06× | ||
| Q3 24 | 1.88× | 1.39× | ||
| Q2 24 | 1.40× | 3.99× | ||
| Q1 24 | 0.04× | 1.86× |
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% |
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
