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Brown & Brown（BRO）与Taylor Morrison Home Corp（TMHC）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Taylor Morrison Home Corp的1.2倍（$1.6B vs $1.4B），Brown & Brown净利率更高（16.5% vs 7.1%，领先9.4%），Brown & Brown同比增速更快（35.8% vs -26.8%），过去两年Brown & Brown的营收复合增速更高（13.0% vs -16.5%）
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。
泰勒莫里森住房公司是美国规模最大的住宅建筑商之一，总部位于亚利桑那州斯科茨代尔，2007年7月由泰勒伍德罗与莫里森住房合并成立。公司业务覆盖亚利桑那、加利福尼亚、得克萨斯等十余个州，产品涵盖首次置业、中端及中高端住宅，可满足不同层级客户的住房需求。
BRO vs TMHC — 直观对比
营收规模更大
BRO
是对方的1.2倍
$1.4B
营收增速更快
BRO
高出62.7%
-26.8%
净利率更高
BRO
高出9.4%
7.1%
两年增速更快
BRO
近两年复合增速
-16.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.4B |
| 净利润 | $265.0M | $98.6M |
| 毛利率 | — | 21.0% |
| 营业利润率 | — | — |
| 净利率 | 16.5% | 7.1% |
| 营收同比 | 35.8% | -26.8% |
| 净利润同比 | 26.8% | -53.8% |
| 每股收益（稀释后） | $0.55 | $1.12 |
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BROTMHC
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.6B | $2.1B | ||
| Q3 25 | $1.6B | $2.1B | ||
| Q2 25 | $1.3B | $2.0B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.2B | $2.0B |
净利润BROTMHC
| Q1 26 | — | $98.6M | ||
| Q4 25 | $265.0M | $174.0M | ||
| Q3 25 | $227.0M | $201.4M | ||
| Q2 25 | $231.0M | $193.6M | ||
| Q1 25 | $331.0M | $213.5M | ||
| Q4 24 | $209.0M | $242.5M | ||
| Q3 24 | $234.0M | $251.1M | ||
| Q2 24 | $257.0M | $199.5M |
毛利率BROTMHC
| Q1 26 | — | 21.0% | ||
| Q4 25 | — | 22.0% | ||
| Q3 25 | — | 22.7% | ||
| Q2 25 | — | 23.0% | ||
| Q1 25 | — | 24.4% | ||
| Q4 24 | — | 23.9% | ||
| Q3 24 | — | 25.0% | ||
| Q2 24 | — | 23.7% |
营业利润率BROTMHC
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 23.3% | — | ||
| Q3 24 | 26.7% | — | ||
| Q2 24 | 29.4% | — |
净利率BROTMHC
| Q1 26 | — | 7.1% | ||
| Q4 25 | 16.5% | 8.3% | ||
| Q3 25 | 14.1% | 9.6% | ||
| Q2 25 | 18.0% | 9.5% | ||
| Q1 25 | 23.6% | 11.3% | ||
| Q4 24 | 17.7% | 10.3% | ||
| Q3 24 | 19.7% | 11.8% | ||
| Q2 24 | 21.8% | 10.0% |
每股收益（稀释后）BROTMHC
| Q1 26 | — | $1.12 | ||
| Q4 25 | $0.55 | $1.77 | ||
| Q3 25 | $0.68 | $2.01 | ||
| Q2 25 | $0.78 | $1.92 | ||
| Q1 25 | $1.15 | $2.07 | ||
| Q4 24 | $0.73 | $2.29 | ||
| Q3 24 | $0.81 | $2.37 | ||
| Q2 24 | $0.90 | $1.86 |
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 | $652.9M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $6.2B |
| 总资产 | $30.0B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.61× | — |
8季度趋势，按日历期对齐
现金及短期投资BROTMHC
| Q1 26 | — | $652.9M | ||
| Q4 25 | $1.1B | $850.0M | ||
| Q3 25 | $1.2B | $370.6M | ||
| Q2 25 | $8.9B | $130.2M | ||
| Q1 25 | $669.0M | $377.8M | ||
| Q4 24 | $685.0M | $487.2M | ||
| Q3 24 | $968.0M | $256.4M | ||
| Q2 24 | $1.1B | $246.8M |
总债务BROTMHC
| Q1 26 | — | — | ||
| Q4 25 | $7.6B | $2.3B | ||
| Q3 25 | $7.7B | $2.2B | ||
| Q2 25 | $7.5B | $2.1B | ||
| Q1 25 | $3.8B | $2.1B | ||
| Q4 24 | $3.8B | $2.1B | ||
| Q3 24 | $3.6B | $2.1B | ||
| Q2 24 | $4.1B | $2.2B |
股东权益BROTMHC
| Q1 26 | — | $6.2B | ||
| Q4 25 | $12.6B | $6.3B | ||
| Q3 25 | $12.4B | $6.2B | ||
| Q2 25 | $11.6B | $6.1B | ||
| Q1 25 | $6.8B | $6.0B | ||
| Q4 24 | $6.4B | $5.9B | ||
| Q3 24 | $6.5B | $5.7B | ||
| Q2 24 | $6.0B | $5.5B |
总资产BROTMHC
| Q1 26 | — | $9.8B | ||
| Q4 25 | $30.0B | $9.8B | ||
| Q3 25 | $29.4B | $9.6B | ||
| Q2 25 | $25.6B | $9.5B | ||
| Q1 25 | $16.8B | $9.4B | ||
| Q4 24 | $17.6B | $9.3B | ||
| Q3 24 | $17.5B | $9.3B | ||
| Q2 24 | $15.9B | $9.1B |
负债/权益比BROTMHC
| Q1 26 | — | — | ||
| Q4 25 | 0.61× | 0.36× | ||
| Q3 25 | 0.62× | 0.35× | ||
| Q2 25 | 0.65× | 0.35× | ||
| Q1 25 | 0.56× | 0.35× | ||
| Q4 24 | 0.59× | 0.36× | ||
| Q3 24 | 0.55× | 0.37× | ||
| Q2 24 | 0.68× | 0.39× |
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 | — |
| 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BROTMHC
| Q1 26 | — | — | ||
| Q4 25 | $444.0M | $646.4M | ||
| Q3 25 | $468.0M | $219.6M | ||
| Q2 25 | $325.0M | $-126.0M | ||
| Q1 25 | $213.0M | $77.2M | ||
| Q4 24 | $361.0M | $438.2M | ||
| Q3 24 | $440.0M | $135.9M | ||
| Q2 24 | $360.0M | $-233.3M |
自由现金流BROTMHC
| Q1 26 | — | — | ||
| Q4 25 | $424.0M | $635.3M | ||
| Q3 25 | $452.0M | $206.6M | ||
| Q2 25 | $310.0M | $-133.6M | ||
| Q1 25 | $196.0M | $68.7M | ||
| Q4 24 | $341.0M | $428.2M | ||
| Q3 24 | $417.0M | $127.1M | ||
| Q2 24 | $334.0M | $-241.7M |
自由现金流率BROTMHC
| Q1 26 | — | — | ||
| Q4 25 | 26.4% | 30.3% | ||
| Q3 25 | 28.1% | 9.9% | ||
| Q2 25 | 24.1% | -6.6% | ||
| Q1 25 | 14.0% | 3.6% | ||
| Q4 24 | 28.8% | 18.2% | ||
| Q3 24 | 35.2% | 6.0% | ||
| Q2 24 | 28.4% | -12.1% |
资本支出强度BROTMHC
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 0.5% | ||
| Q3 25 | 1.0% | 0.6% | ||
| Q2 25 | 1.2% | 0.4% | ||
| Q1 25 | 1.2% | 0.4% | ||
| Q4 24 | 1.7% | 0.4% | ||
| Q3 24 | 1.9% | 0.4% | ||
| Q2 24 | 2.2% | 0.4% |
现金转化率BROTMHC
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 3.71× | ||
| Q3 25 | 2.06× | 1.09× | ||
| Q2 25 | 1.41× | -0.65× | ||
| Q1 25 | 0.64× | 0.36× | ||
| Q4 24 | 1.73× | 1.81× | ||
| Q3 24 | 1.88× | 0.54× | ||
| Q2 24 | 1.40× | -1.17× |
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% |
TMHC
| Home closings revenue, net | $1.3B | 95% |
| Financial services revenue, net | $49.3M | 4% |
| Land closings revenue | $14.5M | 1% |
| Amenity and other revenue | $11.9M | 1% |
