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Brown & Brown（BRO）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.3倍（$1.6B vs $1.2B），Brown & Brown同比增速更快（35.8% vs -2.2%），Brown & Brown自由现金流更多（$424.0M vs $43.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
BRO vs TNET — 直观对比
营收规模更大
BRO
是对方的1.3倍
$1.2B
营收增速更快
BRO
高出38.0%
-2.2%
自由现金流更多
BRO
多$381.0M
$43.0M
两年增速更快
BRO
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $265.0M | — |
| 毛利率 | — | — |
| 营业利润率 | — | 0.1% |
| 净利率 | 16.5% | — |
| 营收同比 | 35.8% | -2.2% |
| 净利润同比 | 26.8% | — |
| 每股收益（稀释后） | $0.55 | $0.02 |
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BROTNET
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润BROTNET
| Q4 25 | $265.0M | — | ||
| Q3 25 | $227.0M | $34.0M | ||
| Q2 25 | $231.0M | $37.0M | ||
| Q1 25 | $331.0M | $85.0M | ||
| Q4 24 | $209.0M | — | ||
| Q3 24 | $234.0M | $45.0M | ||
| Q2 24 | $257.0M | $60.0M | ||
| Q1 24 | $293.0M | $91.0M |
营业利润率BROTNET
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | 23.3% | -2.9% | ||
| Q3 24 | 26.7% | 4.7% | ||
| Q2 24 | 29.4% | 6.5% | ||
| Q1 24 | 28.9% | 9.7% |
净利率BROTNET
| Q4 25 | 16.5% | — | ||
| Q3 25 | 14.1% | 2.8% | ||
| Q2 25 | 18.0% | 3.0% | ||
| Q1 25 | 23.6% | 6.6% | ||
| Q4 24 | 17.7% | — | ||
| Q3 24 | 19.7% | 3.6% | ||
| Q2 24 | 21.8% | 4.9% | ||
| Q1 24 | 23.3% | 7.2% |
每股收益（稀释后）BROTNET
| Q4 25 | $0.55 | $0.02 | ||
| Q3 25 | $0.68 | $0.70 | ||
| Q2 25 | $0.78 | $0.77 | ||
| Q1 25 | $1.15 | $1.71 | ||
| Q4 24 | $0.73 | $-0.44 | ||
| Q3 24 | $0.81 | $0.89 | ||
| Q2 24 | $0.90 | $1.20 | ||
| Q1 24 | $1.02 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $54.0M |
| 总资产 | $30.0B | $3.8B |
| 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BROTNET
| Q4 25 | $1.1B | $287.0M | ||
| Q3 25 | $1.2B | $321.0M | ||
| Q2 25 | $8.9B | $407.0M | ||
| Q1 25 | $669.0M | $349.0M | ||
| Q4 24 | $685.0M | $360.0M | ||
| Q3 24 | $968.0M | $301.0M | ||
| Q2 24 | $1.1B | $249.0M | ||
| Q1 24 | $591.0M | $383.0M |
总债务BROTNET
| Q4 25 | $7.6B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $3.9B | — |
股东权益BROTNET
| Q4 25 | $12.6B | $54.0M | ||
| Q3 25 | $12.4B | $110.0M | ||
| Q2 25 | $11.6B | $107.0M | ||
| Q1 25 | $6.8B | $63.0M | ||
| Q4 24 | $6.4B | $69.0M | ||
| Q3 24 | $6.5B | $129.0M | ||
| Q2 24 | $6.0B | $100.0M | ||
| Q1 24 | $5.8B | $143.0M |
总资产BROTNET
| Q4 25 | $30.0B | $3.8B | ||
| Q3 25 | $29.4B | $3.4B | ||
| Q2 25 | $25.6B | $3.7B | ||
| Q1 25 | $16.8B | $3.8B | ||
| Q4 24 | $17.6B | $4.1B | ||
| Q3 24 | $17.5B | $3.7B | ||
| Q2 24 | $15.9B | $3.7B | ||
| Q1 24 | $14.8B | $4.0B |
负债/权益比BROTNET
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.55× | — | ||
| 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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 3.4% |
| 资本支出强度资本支出/营收 | 1.2% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流BROTNET
| Q4 25 | $444.0M | $61.0M | ||
| Q3 25 | $468.0M | $72.0M | ||
| Q2 25 | $325.0M | $75.0M | ||
| Q1 25 | $213.0M | $95.0M | ||
| Q4 24 | $361.0M | $65.0M | ||
| Q3 24 | $440.0M | $84.0M | ||
| Q2 24 | $360.0M | $39.0M | ||
| Q1 24 | $13.0M | $91.0M |
自由现金流BROTNET
| Q4 25 | $424.0M | $43.0M | ||
| Q3 25 | $452.0M | $55.0M | ||
| Q2 25 | $310.0M | $57.0M | ||
| Q1 25 | $196.0M | $79.0M | ||
| Q4 24 | $341.0M | $47.0M | ||
| Q3 24 | $417.0M | $59.0M | ||
| Q2 24 | $334.0M | $22.0M | ||
| Q1 24 | $0 | $73.0M |
自由现金流率BROTNET
| Q4 25 | 26.4% | 3.4% | ||
| Q3 25 | 28.1% | 4.5% | ||
| Q2 25 | 24.1% | 4.6% | ||
| Q1 25 | 14.0% | 6.1% | ||
| Q4 24 | 28.8% | 3.7% | ||
| Q3 24 | 35.2% | 4.8% | ||
| Q2 24 | 28.4% | 1.8% | ||
| Q1 24 | 0.0% | 5.8% |
资本支出强度BROTNET
| Q4 25 | 1.2% | 1.4% | ||
| Q3 25 | 1.0% | 1.4% | ||
| Q2 25 | 1.2% | 1.5% | ||
| Q1 25 | 1.2% | 1.2% | ||
| Q4 24 | 1.7% | 1.4% | ||
| Q3 24 | 1.9% | 2.0% | ||
| Q2 24 | 2.2% | 1.4% | ||
| Q1 24 | 1.0% | 1.4% |
现金转化率BROTNET
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | 2.12× | ||
| Q2 25 | 1.41× | 2.03× | ||
| Q1 25 | 0.64× | 1.12× | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | 1.87× | ||
| Q2 24 | 1.40× | 0.65× | ||
| Q1 24 | 0.04× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
