vs
Brown & Brown（BRO）与思佳讯（SWKS）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是思佳讯的1.6倍（$1.6B vs $1.0B），Brown & Brown净利率更高（16.5% vs 7.6%，领先8.8%），Brown & Brown同比增速更快（35.8% vs 8.6%），Brown & Brown自由现金流更多（$424.0M vs $339.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -0.5%）
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。
思佳讯是总部位于美国加利福尼亚州尔湾的半导体企业，公司股票在纳斯达克全球精选市场挂牌交易，股票代码为SWKS，同时也是标普500指数的成分股之一，在全球射频半导体领域拥有较高市场地位。
BRO vs SWKS — 直观对比
营收规模更大
BRO
是对方的1.6倍
$1.0B
营收增速更快
BRO
高出27.2%
8.6%
净利率更高
BRO
高出8.8%
7.6%
自由现金流更多
BRO
多$85.0M
$339.0M
两年增速更快
BRO
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.0B |
| 净利润 | $265.0M | $79.2M |
| 毛利率 | — | 41.3% |
| 营业利润率 | — | 10.0% |
| 净利率 | 16.5% | 7.6% |
| 营收同比 | 35.8% | 8.6% |
| 净利润同比 | 26.8% | 15.3% |
| 每股收益（稀释后） | $0.55 | $0.53 |
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BROSWKS
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.6B | $1.1B | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.3B | $965.0M | ||
| Q1 25 | $1.4B | $953.2M | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.2B | $905.5M |
净利润BROSWKS
| Q1 26 | — | $79.2M | ||
| Q4 25 | $265.0M | $141.4M | ||
| Q3 25 | $227.0M | — | ||
| Q2 25 | $231.0M | $105.0M | ||
| Q1 25 | $331.0M | $68.7M | ||
| Q4 24 | $209.0M | $162.0M | ||
| Q3 24 | $234.0M | $60.5M | ||
| Q2 24 | $257.0M | $120.9M |
毛利率BROSWKS
| Q1 26 | — | 41.3% | ||
| Q4 25 | — | 40.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 41.6% | ||
| Q1 25 | — | 41.1% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 41.9% | ||
| Q2 24 | — | 40.2% |
营业利润率BROSWKS
| Q1 26 | — | 10.0% | ||
| Q4 25 | — | 10.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 11.5% | ||
| Q1 25 | — | 10.2% | ||
| Q4 24 | 23.3% | 16.9% | ||
| Q3 24 | 26.7% | 5.8% | ||
| Q2 24 | 29.4% | 14.4% |
净利率BROSWKS
| Q1 26 | — | 7.6% | ||
| Q4 25 | 16.5% | 12.9% | ||
| Q3 25 | 14.1% | — | ||
| Q2 25 | 18.0% | 10.9% | ||
| Q1 25 | 23.6% | 7.2% | ||
| Q4 24 | 17.7% | 15.2% | ||
| Q3 24 | 19.7% | 5.9% | ||
| Q2 24 | 21.8% | 13.4% |
每股收益（稀释后）BROSWKS
| Q1 26 | — | $0.53 | ||
| Q4 25 | $0.55 | $0.95 | ||
| Q3 25 | $0.68 | — | ||
| Q2 25 | $0.78 | $0.70 | ||
| Q1 25 | $1.15 | $0.43 | ||
| Q4 24 | $0.73 | $1.00 | ||
| Q3 24 | $0.81 | $0.36 | ||
| Q2 24 | $0.90 | $0.75 |
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 | $1.6B |
| 总债务越低越好 | $7.6B | $496.6M |
| 股东权益账面价值 | $12.6B | $5.8B |
| 总资产 | $30.0B | $7.9B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资BROSWKS
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $8.9B | $1.3B | ||
| Q1 25 | $669.0M | $1.5B | ||
| Q4 24 | $685.0M | $1.7B | ||
| Q3 24 | $968.0M | $1.6B | ||
| Q2 24 | $1.1B | $1.3B |
总债务BROSWKS
| Q1 26 | — | $496.6M | ||
| Q4 25 | $7.6B | $496.4M | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.5B | $496.2M | ||
| Q1 25 | $3.8B | $995.1M | ||
| Q4 24 | $3.8B | $994.7M | ||
| Q3 24 | $3.6B | $994.3M | ||
| Q2 24 | $4.1B | $994.0M |
股东权益BROSWKS
| Q1 26 | — | $5.8B | ||
| Q4 25 | $12.6B | $5.8B | ||
| Q3 25 | $12.4B | — | ||
| Q2 25 | $11.6B | $5.7B | ||
| Q1 25 | $6.8B | $5.9B | ||
| Q4 24 | $6.4B | $6.4B | ||
| Q3 24 | $6.5B | $6.3B | ||
| Q2 24 | $6.0B | $6.3B |
总资产BROSWKS
| Q1 26 | — | $7.9B | ||
| Q4 25 | $30.0B | $7.9B | ||
| Q3 25 | $29.4B | — | ||
| Q2 25 | $25.6B | $7.7B | ||
| Q1 25 | $16.8B | $7.9B | ||
| Q4 24 | $17.6B | $8.3B | ||
| Q3 24 | $17.5B | $8.3B | ||
| Q2 24 | $15.9B | $8.2B |
负债/权益比BROSWKS
| Q1 26 | — | 0.09× | ||
| Q4 25 | 0.61× | 0.09× | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 0.65× | 0.09× | ||
| Q1 25 | 0.56× | 0.17× | ||
| Q4 24 | 0.59× | 0.16× | ||
| Q3 24 | 0.55× | 0.16× | ||
| Q2 24 | 0.68× | 0.16× |
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 | $395.5M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $339.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 32.7% |
| 资本支出强度资本支出/营收 | 1.2% | 5.5% |
| 现金转化率经营现金流/净利润 | 1.68× | 4.99× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $1.1B |
8季度趋势，按日历期对齐
经营现金流BROSWKS
| Q1 26 | — | $395.5M | ||
| Q4 25 | $444.0M | $200.0M | ||
| Q3 25 | $468.0M | — | ||
| Q2 25 | $325.0M | $314.2M | ||
| Q1 25 | $213.0M | $409.4M | ||
| Q4 24 | $361.0M | $377.2M | ||
| Q3 24 | $440.0M | $476.1M | ||
| Q2 24 | $360.0M | $273.4M |
自由现金流BROSWKS
| Q1 26 | — | $339.0M | ||
| Q4 25 | $424.0M | $144.0M | ||
| Q3 25 | $452.0M | — | ||
| Q2 25 | $310.0M | $252.7M | ||
| Q1 25 | $196.0M | $370.9M | ||
| Q4 24 | $341.0M | $338.2M | ||
| Q3 24 | $417.0M | $393.3M | ||
| Q2 24 | $334.0M | $249.0M |
自由现金流率BROSWKS
| Q1 26 | — | 32.7% | ||
| Q4 25 | 26.4% | 13.1% | ||
| Q3 25 | 28.1% | — | ||
| Q2 25 | 24.1% | 26.2% | ||
| Q1 25 | 14.0% | 38.9% | ||
| Q4 24 | 28.8% | 31.7% | ||
| Q3 24 | 35.2% | 38.4% | ||
| Q2 24 | 28.4% | 27.5% |
资本支出强度BROSWKS
| Q1 26 | — | 5.5% | ||
| Q4 25 | 1.2% | 5.1% | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 1.2% | 6.4% | ||
| Q1 25 | 1.2% | 4.0% | ||
| Q4 24 | 1.7% | 3.6% | ||
| Q3 24 | 1.9% | 8.1% | ||
| Q2 24 | 2.2% | 2.7% |
现金转化率BROSWKS
| Q1 26 | — | 4.99× | ||
| Q4 25 | 1.68× | 1.41× | ||
| Q3 25 | 2.06× | — | ||
| Q2 25 | 1.41× | 2.99× | ||
| Q1 25 | 0.64× | 5.96× | ||
| Q4 24 | 1.73× | 2.33× | ||
| Q3 24 | 1.88× | 7.87× | ||
| Q2 24 | 1.40× | 2.26× |
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% |
SWKS
| Sales Channel Through Intermediary | $915.6M | 88% |
| Sales Channel Directly To Consumer | $119.8M | 12% |
