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Brown & Brown（BRO）与Vici Properties（VICI）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Vici Properties的1.6倍（$1.6B vs $1.0B），Vici Properties净利率更高（59.7% vs 16.5%，领先43.2%），Brown & Brown同比增速更快（35.8% vs 3.8%），过去两年Brown & Brown的营收复合增速更高（13.0% vs 3.2%）
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。
Vici Properties是总部位于美国纽约的房地产投资信托（REIT），专注于博彩及娱乐类物业。公司成立于2017年，由凯撒娱乐集团破产重组时分拆而来，目前在美加两国持有54家赌场、酒店、赛马场，4座高尔夫球场及38个保龄球馆。
BRO vs VICI — 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32.0%
3.8%
净利率更高
VICI
高出43.2%
16.5%
两年增速更快
BRO
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.0B |
| 净利润 | $265.0M | $604.8M |
| 毛利率 | — | 99.3% |
| 营业利润率 | — | 60.2% |
| 净利率 | 16.5% | 59.7% |
| 营收同比 | 35.8% | 3.8% |
| 净利润同比 | 26.8% | -1.6% |
| 每股收益（稀释后） | $0.55 | $0.57 |
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BROVICI
| Q4 25 | $1.6B | $1.0B | ||
| Q3 25 | $1.6B | $1.0B | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $1.4B | $984.2M | ||
| Q4 24 | $1.2B | $976.1M | ||
| Q3 24 | $1.2B | $964.7M | ||
| Q2 24 | $1.2B | $957.0M | ||
| Q1 24 | $1.3B | $951.5M |
净利润BROVICI
| Q4 25 | $265.0M | $604.8M | ||
| Q3 25 | $227.0M | $762.0M | ||
| Q2 25 | $231.0M | $865.1M | ||
| Q1 25 | $331.0M | $543.6M | ||
| Q4 24 | $209.0M | $614.6M | ||
| Q3 24 | $234.0M | $732.9M | ||
| Q2 24 | $257.0M | $741.3M | ||
| Q1 24 | $293.0M | $590.0M |
毛利率BROVICI
| Q4 25 | — | 99.3% | ||
| Q3 25 | — | 99.3% | ||
| Q2 25 | — | 99.3% | ||
| Q1 25 | — | 99.4% | ||
| Q4 24 | — | 99.3% | ||
| Q3 24 | — | 99.3% | ||
| Q2 24 | — | 99.3% | ||
| Q1 24 | — | 99.3% |
营业利润率BROVICI
| Q4 25 | — | 60.2% | ||
| Q3 25 | — | 77.2% | ||
| Q2 25 | — | 88.3% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | 23.3% | 64.2% | ||
| Q3 24 | 26.7% | 77.4% | ||
| Q2 24 | 29.4% | 79.0% | ||
| Q1 24 | 28.9% | 63.2% |
净利率BROVICI
| Q4 25 | 16.5% | 59.7% | ||
| Q3 25 | 14.1% | 75.6% | ||
| Q2 25 | 18.0% | 86.4% | ||
| Q1 25 | 23.6% | 55.2% | ||
| Q4 24 | 17.7% | 63.0% | ||
| Q3 24 | 19.7% | 76.0% | ||
| Q2 24 | 21.8% | 77.5% | ||
| Q1 24 | 23.3% | 62.0% |
每股收益（稀释后）BROVICI
| Q4 25 | $0.55 | $0.57 | ||
| Q3 25 | $0.68 | $0.71 | ||
| Q2 25 | $0.78 | $0.82 | ||
| Q1 25 | $1.15 | $0.51 | ||
| Q4 24 | $0.73 | $0.58 | ||
| Q3 24 | $0.81 | $0.70 | ||
| Q2 24 | $0.90 | $0.71 | ||
| Q1 24 | $1.02 | $0.57 |
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 | $608.0M |
| 总债务越低越好 | $7.6B | $16.8B |
| 股东权益账面价值 | $12.6B | $27.8B |
| 总资产 | $30.0B | $46.7B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资BROVICI
| Q4 25 | $1.1B | $608.0M | ||
| Q3 25 | $1.2B | $507.5M | ||
| Q2 25 | $8.9B | $233.0M | ||
| Q1 25 | $669.0M | $334.3M | ||
| Q4 24 | $685.0M | $524.6M | ||
| Q3 24 | $968.0M | $355.7M | ||
| Q2 24 | $1.1B | $347.2M | ||
| Q1 24 | $591.0M | $514.9M |
总债务BROVICI
| Q4 25 | $7.6B | $16.8B | ||
| Q3 25 | $7.7B | $16.8B | ||
| Q2 25 | $7.5B | $16.9B | ||
| Q1 25 | $3.8B | $16.8B | ||
| Q4 24 | $3.8B | $16.7B | ||
| Q3 24 | $3.6B | $16.7B | ||
| Q2 24 | $4.1B | $16.7B | ||
| Q1 24 | $3.9B | $16.7B |
股东权益BROVICI
| Q4 25 | $12.6B | $27.8B | ||
| Q3 25 | $12.4B | $27.7B | ||
| Q2 25 | $11.6B | $27.0B | ||
| Q1 25 | $6.8B | $26.6B | ||
| Q4 24 | $6.4B | $26.5B | ||
| Q3 24 | $6.5B | $26.1B | ||
| Q2 24 | $6.0B | $25.7B | ||
| Q1 24 | $5.8B | $25.4B |
总资产BROVICI
| Q4 25 | $30.0B | $46.7B | ||
| Q3 25 | $29.4B | $46.5B | ||
| Q2 25 | $25.6B | $46.1B | ||
| Q1 25 | $16.8B | $45.5B | ||
| Q4 24 | $17.6B | $45.4B | ||
| Q3 24 | $17.5B | $44.9B | ||
| Q2 24 | $15.9B | $44.5B | ||
| Q1 24 | $14.8B | $44.2B |
负债/权益比BROVICI
| Q4 25 | 0.61× | 0.60× | ||
| Q3 25 | 0.62× | 0.61× | ||
| Q2 25 | 0.65× | 0.63× | ||
| Q1 25 | 0.56× | 0.63× | ||
| Q4 24 | 0.59× | 0.63× | ||
| Q3 24 | 0.55× | 0.64× | ||
| Q2 24 | 0.68× | 0.65× | ||
| Q1 24 | 0.67× | 0.66× |
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 | $691.9M |
| 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× | 1.14× |
| 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BROVICI
| Q4 25 | $444.0M | $691.9M | ||
| Q3 25 | $468.0M | $586.3M | ||
| Q2 25 | $325.0M | $639.9M | ||
| Q1 25 | $213.0M | $591.9M | ||
| Q4 24 | $361.0M | $644.1M | ||
| Q3 24 | $440.0M | $579.1M | ||
| Q2 24 | $360.0M | $614.6M | ||
| Q1 24 | $13.0M | $543.7M |
自由现金流BROVICI
| 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BROVICI
| 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BROVICI
| 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BROVICI
| Q4 25 | 1.68× | 1.14× | ||
| Q3 25 | 2.06× | 0.77× | ||
| Q2 25 | 1.41× | 0.74× | ||
| Q1 25 | 0.64× | 1.09× | ||
| Q4 24 | 1.73× | 1.05× | ||
| Q3 24 | 1.88× | 0.79× | ||
| Q2 24 | 1.40× | 0.83× | ||
| Q1 24 | 0.04× | 0.92× |
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% |
VICI
| Fixed Rent | $504.3M | 50% |
| Other | $478.4M | 47% |
| Contingent Rent | $30.4M | 3% |
