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Brown & Brown（BRO）与Tennessee Valley Authority（TVE）财务数据对比。点击上方公司名可切换其他公司
Tennessee Valley Authority的季度营收约是Brown & Brown的1.9倍（$3.0B vs $1.6B），Brown & Brown净利率更高（16.5% vs 8.7%，领先7.8%），Brown & Brown同比增速更快（35.8% vs 4.4%），Brown & Brown自由现金流更多（$424.0M vs $-814.0M），过去两年Brown & Brown的营收复合增速更高（13.0% vs -1.7%）
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。
田纳西河流域管理局（TVA）是美国联邦政府所有的电力公用事业企业，服务范围覆盖田纳西州全境，以及阿拉巴马州、密西西比州、肯塔基州的部分区域，还涵盖佐治亚州、北卡罗来纳州、弗吉尼亚州的小块区域。该企业虽归属联邦政府，但不依赖纳税人资金运营，运营模式与私营盈利企业类似，总部位于田纳西州诺克斯维尔。
BRO vs TVE — 直观对比
营收规模更大
TVE
是对方的1.9倍
$1.6B
营收增速更快
BRO
高出31.4%
4.4%
净利率更高
BRO
高出7.8%
8.7%
自由现金流更多
BRO
多$1.2B
$-814.0M
两年增速更快
BRO
近两年复合增速
-1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $3.0B |
| 净利润 | $265.0M | $266.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 18.1% |
| 净利率 | 16.5% | 8.7% |
| 营收同比 | 35.8% | 4.4% |
| 净利润同比 | 26.8% | 112.8% |
| 每股收益（稀释后） | $0.55 | — |
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BROTVE
| Q4 25 | $1.6B | $3.0B | ||
| Q3 25 | $1.6B | $3.9B | ||
| Q2 25 | $1.3B | $3.3B | ||
| Q1 25 | $1.4B | $3.5B | ||
| Q4 24 | $1.2B | $2.9B | ||
| Q3 24 | $1.2B | $3.5B | ||
| Q2 24 | $1.2B | $2.9B | ||
| Q1 24 | $1.3B | $3.2B |
净利润BROTVE
| Q4 25 | $265.0M | $266.0M | ||
| Q3 25 | $227.0M | $615.0M | ||
| Q2 25 | $231.0M | $212.0M | ||
| Q1 25 | $331.0M | $408.0M | ||
| Q4 24 | $209.0M | $125.0M | ||
| Q3 24 | $234.0M | $520.0M | ||
| Q2 24 | $257.0M | $181.0M | ||
| Q1 24 | $293.0M | $307.0M |
营业利润率BROTVE
| Q4 25 | — | 18.1% | ||
| Q3 25 | — | 23.6% | ||
| Q2 25 | — | 15.6% | ||
| Q1 25 | — | 20.3% | ||
| Q4 24 | 23.3% | 14.1% | ||
| Q3 24 | 26.7% | 22.7% | ||
| Q2 24 | 29.4% | 15.9% | ||
| Q1 24 | 28.9% | 18.4% |
净利率BROTVE
| Q4 25 | 16.5% | 8.7% | ||
| Q3 25 | 14.1% | 15.7% | ||
| Q2 25 | 18.0% | 6.4% | ||
| Q1 25 | 23.6% | 11.6% | ||
| Q4 24 | 17.7% | 4.3% | ||
| Q3 24 | 19.7% | 14.8% | ||
| Q2 24 | 21.8% | 6.3% | ||
| Q1 24 | 23.3% | 9.7% |
每股收益（稀释后）BROTVE
| Q4 25 | $0.55 | — | ||
| Q3 25 | $0.68 | — | ||
| Q2 25 | $0.78 | — | ||
| Q1 25 | $1.15 | — | ||
| Q4 24 | $0.73 | — | ||
| Q3 24 | $0.81 | — | ||
| Q2 24 | $0.90 | — | ||
| Q1 24 | $1.02 | — |
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 | $501.0M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | — |
| 总资产 | $30.0B | $59.5B |
| 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BROTVE
| Q4 25 | $1.1B | $501.0M | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $8.9B | $501.0M | ||
| Q1 25 | $669.0M | $502.0M | ||
| Q4 24 | $685.0M | $507.0M | ||
| Q3 24 | $968.0M | $502.0M | ||
| Q2 24 | $1.1B | $501.0M | ||
| Q1 24 | $591.0M | $508.0M |
总债务BROTVE
| Q4 25 | $7.6B | — | ||
| Q3 25 | $7.7B | $22.1B | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.6B | $19.1B | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $3.9B | — |
股东权益BROTVE
| Q4 25 | $12.6B | — | ||
| Q3 25 | $12.4B | — | ||
| Q2 25 | $11.6B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.5B | — | ||
| Q2 24 | $6.0B | — | ||
| Q1 24 | $5.8B | — |
总资产BROTVE
| Q4 25 | $30.0B | $59.5B | ||
| Q3 25 | $29.4B | $60.9B | ||
| Q2 25 | $25.6B | $59.9B | ||
| Q1 25 | $16.8B | $59.3B | ||
| Q4 24 | $17.6B | $58.4B | ||
| Q3 24 | $17.5B | $57.7B | ||
| Q2 24 | $15.9B | $56.2B | ||
| Q1 24 | $14.8B | $52.3B |
负债/权益比BROTVE
| 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 | $330.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $-814.0M |
| 自由现金流率自由现金流/营收 | 26.4% | -26.7% |
| 资本支出强度资本支出/营收 | 1.2% | 37.5% |
| 现金转化率经营现金流/净利润 | 1.68× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $-1.2B |
8季度趋势，按日历期对齐
经营现金流BROTVE
| Q4 25 | $444.0M | $330.0M | ||
| Q3 25 | $468.0M | $1.2B | ||
| Q2 25 | $325.0M | $615.0M | ||
| Q1 25 | $213.0M | $1.0B | ||
| Q4 24 | $361.0M | $450.0M | ||
| Q3 24 | $440.0M | $1.1B | ||
| Q2 24 | $360.0M | $508.0M | ||
| Q1 24 | $13.0M | $1.0B |
自由现金流BROTVE
| Q4 25 | $424.0M | $-814.0M | ||
| Q3 25 | $452.0M | $233.0M | ||
| Q2 25 | $310.0M | $-431.0M | ||
| Q1 25 | $196.0M | $-176.0M | ||
| Q4 24 | $341.0M | $-759.0M | ||
| Q3 24 | $417.0M | $164.0M | ||
| Q2 24 | $334.0M | $-248.0M | ||
| Q1 24 | $0 | $276.0M |
自由现金流率BROTVE
| Q4 25 | 26.4% | -26.7% | ||
| Q3 25 | 28.1% | 6.0% | ||
| Q2 25 | 24.1% | -13.0% | ||
| Q1 25 | 14.0% | -5.0% | ||
| Q4 24 | 28.8% | -26.0% | ||
| Q3 24 | 35.2% | 4.7% | ||
| Q2 24 | 28.4% | -8.6% | ||
| Q1 24 | 0.0% | 8.8% |
资本支出强度BROTVE
| Q4 25 | 1.2% | 37.5% | ||
| Q3 25 | 1.0% | 25.9% | ||
| Q2 25 | 1.2% | 31.6% | ||
| Q1 25 | 1.2% | 33.6% | ||
| Q4 24 | 1.7% | 41.4% | ||
| Q3 24 | 1.9% | 25.6% | ||
| Q2 24 | 2.2% | 26.3% | ||
| Q1 24 | 1.0% | 24.2% |
现金转化率BROTVE
| Q4 25 | 1.68× | 1.24× | ||
| Q3 25 | 2.06× | 2.03× | ||
| Q2 25 | 1.41× | 2.90× | ||
| Q1 25 | 0.64× | 2.48× | ||
| Q4 24 | 1.73× | 3.60× | ||
| Q3 24 | 1.88× | 2.05× | ||
| Q2 24 | 1.40× | 2.81× | ||
| Q1 24 | 0.04× | 3.38× |
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% |
TVE
| TN | $2.0B | 65% |
| AL | $449.0M | 15% |
| MS | $266.0M | 9% |
| KY | $193.0M | 6% |
| GA | $75.0M | 2% |
| Federal Agencies And Other | $29.0M | 1% |
| NC | $23.0M | 1% |
| VA | $12.0M | 0% |
| Off System Sales Member | $2.0M | 0% |
