vs
Brown & Brown（BRO）与TKO Group Holdings（TKO）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TKO Group Holdings的1.5倍（$1.6B vs $1.0B），Brown & Brown净利率更高（16.5% vs -0.2%，领先16.7%），TKO Group Holdings同比增速更快（61.6% vs 35.8%），过去两年TKO Group Holdings的营收复合增速更高（28.4% 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。
TKO Group Holdings是美国体育及体育娱乐上市企业，成立于2023年9月12日，由奋进集团（Endeavor）子公司、终极格斗冠军赛（UFC）母公司Zuffa与职业摔跤品牌世界摔角娱乐（WWE）合并组建，主营综合格斗、职业摔跤赛事运营及相关娱乐内容业务。
BRO vs TKO — 直观对比
营收规模更大
BRO
是对方的1.5倍
$1.0B
营收增速更快
TKO
高出25.8%
35.8%
净利率更高
BRO
高出16.7%
-0.2%
两年增速更快
TKO
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.0B |
| 净利润 | $265.0M | $-2.4M |
| 毛利率 | — | — |
| 营业利润率 | — | 5.5% |
| 净利率 | 16.5% | -0.2% |
| 营收同比 | 35.8% | 61.6% |
| 净利润同比 | 26.8% | -107.7% |
| 每股收益（稀释后） | $0.55 | $-0.07 |
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BROTKO
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.2B | $642.2M | ||
| Q3 24 | $1.2B | $681.3M | ||
| Q2 24 | $1.2B | $851.2M | ||
| Q1 24 | $1.3B | $629.7M |
净利润BROTKO
| Q4 25 | $265.0M | $-2.4M | ||
| Q3 25 | $227.0M | $41.0M | ||
| Q2 25 | $231.0M | $98.4M | ||
| Q1 25 | $331.0M | $58.4M | ||
| Q4 24 | $209.0M | $31.0M | ||
| Q3 24 | $234.0M | $23.1M | ||
| Q2 24 | $257.0M | $59.1M | ||
| Q1 24 | $293.0M | $-103.8M |
营业利润率BROTKO
| Q4 25 | — | 5.5% | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 28.1% | ||
| Q1 25 | — | 18.7% | ||
| Q4 24 | 23.3% | 15.9% | ||
| Q3 24 | 26.7% | 20.0% | ||
| Q2 24 | 29.4% | 30.0% | ||
| Q1 24 | 28.9% | -33.4% |
净利率BROTKO
| Q4 25 | 16.5% | -0.2% | ||
| Q3 25 | 14.1% | 3.7% | ||
| Q2 25 | 18.0% | 7.5% | ||
| Q1 25 | 23.6% | 4.6% | ||
| Q4 24 | 17.7% | 4.8% | ||
| Q3 24 | 19.7% | 3.4% | ||
| Q2 24 | 21.8% | 6.9% | ||
| Q1 24 | 23.3% | -16.5% |
每股收益（稀释后）BROTKO
| Q4 25 | $0.55 | $-0.07 | ||
| Q3 25 | $0.68 | $0.47 | ||
| Q2 25 | $0.78 | $1.17 | ||
| Q1 25 | $1.15 | $0.69 | ||
| Q4 24 | $0.73 | $0.28 | ||
| Q3 24 | $0.81 | $0.28 | ||
| Q2 24 | $0.90 | $0.72 | ||
| Q1 24 | $1.02 | $-1.26 |
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 | $831.1M |
| 总债务越低越好 | $7.6B | $3.8B |
| 股东权益账面价值 | $12.6B | $3.7B |
| 总资产 | $30.0B | $15.5B |
| 负债/权益比越低杠杆越低 | 0.61× | 1.01× |
8季度趋势，按日历期对齐
现金及短期投资BROTKO
| Q4 25 | $1.1B | $831.1M | ||
| Q3 25 | $1.2B | $861.4M | ||
| Q2 25 | $8.9B | $535.1M | ||
| Q1 25 | $669.0M | $470.9M | ||
| Q4 24 | $685.0M | $525.6M | ||
| Q3 24 | $968.0M | $457.4M | ||
| Q2 24 | $1.1B | $277.5M | ||
| Q1 24 | $591.0M | $245.8M |
总债务BROTKO
| Q4 25 | $7.6B | $3.8B | ||
| Q3 25 | $7.7B | $3.7B | ||
| Q2 25 | $7.5B | $2.7B | ||
| Q1 25 | $3.8B | $2.8B | ||
| Q4 24 | $3.8B | $2.8B | ||
| Q3 24 | $3.6B | $2.7B | ||
| Q2 24 | $4.1B | $2.7B | ||
| Q1 24 | $3.9B | $2.7B |
股东权益BROTKO
| Q4 25 | $12.6B | $3.7B | ||
| Q3 25 | $12.4B | $3.8B | ||
| Q2 25 | $11.6B | $4.3B | ||
| Q1 25 | $6.8B | $4.2B | ||
| Q4 24 | $6.4B | $4.1B | ||
| Q3 24 | $6.5B | $4.0B | ||
| Q2 24 | $6.0B | $4.0B | ||
| Q1 24 | $5.8B | $4.0B |
总资产BROTKO
| Q4 25 | $30.0B | $15.5B | ||
| Q3 25 | $29.4B | $15.5B | ||
| Q2 25 | $25.6B | $15.3B | ||
| Q1 25 | $16.8B | $15.0B | ||
| Q4 24 | $17.6B | $12.7B | ||
| Q3 24 | $17.5B | $12.8B | ||
| Q2 24 | $15.9B | $12.7B | ||
| Q1 24 | $14.8B | $12.7B |
负债/权益比BROTKO
| Q4 25 | 0.61× | 1.01× | ||
| Q3 25 | 0.62× | 0.98× | ||
| Q2 25 | 0.65× | 0.64× | ||
| Q1 25 | 0.56× | 0.66× | ||
| Q4 24 | 0.59× | 0.67× | ||
| Q3 24 | 0.55× | 0.67× | ||
| Q2 24 | 0.68× | 0.68× | ||
| Q1 24 | 0.67× | 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 | $309.9M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | — |
| 自由现金流率自由现金流/营收 | 26.4% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 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季度趋势，按日历期对齐
经营现金流BROTKO
| Q4 25 | $444.0M | $309.9M | ||
| Q3 25 | $468.0M | $416.8M | ||
| Q2 25 | $325.0M | $396.2M | ||
| Q1 25 | $213.0M | $162.8M | ||
| Q4 24 | $361.0M | $56.8M | ||
| Q3 24 | $440.0M | $236.5M | ||
| Q2 24 | $360.0M | $230.7M | ||
| Q1 24 | $13.0M | $59.3M |
自由现金流BROTKO
| Q4 25 | $424.0M | — | ||
| Q3 25 | $452.0M | — | ||
| Q2 25 | $310.0M | — | ||
| Q1 25 | $196.0M | — | ||
| Q4 24 | $341.0M | — | ||
| Q3 24 | $417.0M | — | ||
| Q2 24 | $334.0M | — | ||
| Q1 24 | $0 | — |
自由现金流率BROTKO
| Q4 25 | 26.4% | — | ||
| Q3 25 | 28.1% | — | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 14.0% | — | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 35.2% | — | ||
| Q2 24 | 28.4% | — | ||
| Q1 24 | 0.0% | — |
资本支出强度BROTKO
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 1.0% | — |
现金转化率BROTKO
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | 10.16× | ||
| Q2 25 | 1.41× | 4.03× | ||
| Q1 25 | 0.64× | 2.79× | ||
| Q4 24 | 1.73× | 1.83× | ||
| Q3 24 | 1.88× | 10.22× | ||
| Q2 24 | 1.40× | 3.90× | ||
| 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% |
TKO
| World Wrestling Entertainment Segment | $359.6M | 35% |
| IMG Segment | $247.6M | 24% |
| Media Rights Production And Content | $222.6M | 21% |
| Partnerships And Marketing | $93.3M | 9% |
| Live Events And Hospitality | $72.2M | 7% |
| Other | $29.4M | 3% |
| Consumer Products Licensing And Other | $13.2M | 1% |
