vs
Brown & Brown（BRO）与Woodward, Inc.（WWD）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Woodward, Inc.的1.6倍（$1.6B vs $996.5M），Brown & Brown净利率更高（16.5% vs 13.4%，领先3.1%），Brown & Brown同比增速更快（35.8% vs 29.0%），Brown & Brown自由现金流更多（$424.0M vs $70.3M），过去两年Brown & Brown的营收复合增速更高（13.0% vs 9.2%）
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。
伍德沃德（Woodward, Inc.）是美国的控制系统及组件供应商，业务涵盖产品设计、制造与全链条服务，产品广泛应用于飞机、航空发动机、工业发动机与轮机、发电及移动工业设备领域，同时为国防领域供应军用装置及其他配套设备。
BRO vs WWD — 直观对比
营收规模更大
BRO
是对方的1.6倍
$996.5M
营收增速更快
BRO
高出6.9%
29.0%
净利率更高
BRO
高出3.1%
13.4%
自由现金流更多
BRO
多$353.7M
$70.3M
两年增速更快
BRO
近两年复合增速
9.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $996.5M |
| 净利润 | $265.0M | $133.7M |
| 毛利率 | — | 29.3% |
| 营业利润率 | — | 17.0% |
| 净利率 | 16.5% | 13.4% |
| 营收同比 | 35.8% | 29.0% |
| 净利润同比 | 26.8% | 53.5% |
| 每股收益（稀释后） | $0.55 | $2.17 |
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BROWWD
| Q4 25 | $1.6B | $996.5M | ||
| Q3 25 | $1.6B | $995.3M | ||
| Q2 25 | $1.3B | $915.4M | ||
| Q1 25 | $1.4B | $883.6M | ||
| Q4 24 | $1.2B | $772.7M | ||
| Q3 24 | $1.2B | $854.5M | ||
| Q2 24 | $1.2B | $847.7M | ||
| Q1 24 | $1.3B | $835.3M |
净利润BROWWD
| Q4 25 | $265.0M | $133.7M | ||
| Q3 25 | $227.0M | $137.6M | ||
| Q2 25 | $231.0M | $108.4M | ||
| Q1 25 | $331.0M | $108.9M | ||
| Q4 24 | $209.0M | $87.1M | ||
| Q3 24 | $234.0M | $83.3M | ||
| Q2 24 | $257.0M | $102.1M | ||
| Q1 24 | $293.0M | $97.6M |
毛利率BROWWD
| Q4 25 | — | 29.3% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 27.2% | ||
| Q1 25 | — | 27.2% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | 24.3% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 28.1% |
营业利润率BROWWD
| Q4 25 | — | 17.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 13.9% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | 23.3% | 13.2% | ||
| Q3 24 | 26.7% | 11.9% | ||
| Q2 24 | 29.4% | 14.4% | ||
| Q1 24 | 28.9% | 14.4% |
净利率BROWWD
| Q4 25 | 16.5% | 13.4% | ||
| Q3 25 | 14.1% | 13.8% | ||
| Q2 25 | 18.0% | 11.8% | ||
| Q1 25 | 23.6% | 12.3% | ||
| Q4 24 | 17.7% | 11.3% | ||
| Q3 24 | 19.7% | 9.7% | ||
| Q2 24 | 21.8% | 12.0% | ||
| Q1 24 | 23.3% | 11.7% |
每股收益（稀释后）BROWWD
| Q4 25 | $0.55 | $2.17 | ||
| Q3 25 | $0.68 | $2.23 | ||
| Q2 25 | $0.78 | $1.76 | ||
| Q1 25 | $1.15 | $1.78 | ||
| Q4 24 | $0.73 | $1.42 | ||
| Q3 24 | $0.81 | $1.36 | ||
| Q2 24 | $0.90 | $1.63 | ||
| Q1 24 | $1.02 | $1.56 |
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 | $454.2M |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $2.6B |
| 总资产 | $30.0B | $4.7B |
| 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BROWWD
| Q4 25 | $1.1B | $454.2M | ||
| Q3 25 | $1.2B | $327.4M | ||
| Q2 25 | $8.9B | $473.2M | ||
| Q1 25 | $669.0M | $364.1M | ||
| Q4 24 | $685.0M | $283.7M | ||
| Q3 24 | $968.0M | $282.3M | ||
| Q2 24 | $1.1B | $308.3M | ||
| Q1 24 | $591.0M | $316.9M |
总债务BROWWD
| Q4 25 | $7.6B | — | ||
| Q3 25 | $7.7B | $579.9M | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.6B | $655.5M | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $3.9B | — |
股东权益BROWWD
| Q4 25 | $12.6B | $2.6B | ||
| Q3 25 | $12.4B | $2.6B | ||
| Q2 25 | $11.6B | $2.5B | ||
| Q1 25 | $6.8B | $2.3B | ||
| Q4 24 | $6.4B | $2.2B | ||
| Q3 24 | $6.5B | $2.2B | ||
| Q2 24 | $6.0B | $2.2B | ||
| Q1 24 | $5.8B | $2.3B |
总资产BROWWD
| Q4 25 | $30.0B | $4.7B | ||
| Q3 25 | $29.4B | $4.6B | ||
| Q2 25 | $25.6B | $4.7B | ||
| Q1 25 | $16.8B | $4.5B | ||
| Q4 24 | $17.6B | $4.3B | ||
| Q3 24 | $17.5B | $4.4B | ||
| Q2 24 | $15.9B | $4.3B | ||
| Q1 24 | $14.8B | $4.4B |
负债/权益比BROWWD
| Q4 25 | 0.61× | — | ||
| Q3 25 | 0.62× | 0.23× | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.55× | 0.30× | ||
| 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 | $114.4M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $70.3M |
| 自由现金流率自由现金流/营收 | 26.4% | 7.1% |
| 资本支出强度资本支出/营收 | 1.2% | 4.4% |
| 现金转化率经营现金流/净利润 | 1.68× | 0.86× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $409.7M |
8季度趋势，按日历期对齐
经营现金流BROWWD
| Q4 25 | $444.0M | $114.4M | ||
| Q3 25 | $468.0M | $233.3M | ||
| Q2 25 | $325.0M | $125.6M | ||
| Q1 25 | $213.0M | $77.8M | ||
| Q4 24 | $361.0M | $34.5M | ||
| Q3 24 | $440.0M | $141.8M | ||
| Q2 24 | $360.0M | $153.2M | ||
| Q1 24 | $13.0M | $97.3M |
自由现金流BROWWD
| Q4 25 | $424.0M | $70.3M | ||
| Q3 25 | $452.0M | $180.9M | ||
| Q2 25 | $310.0M | $99.1M | ||
| Q1 25 | $196.0M | $59.4M | ||
| Q4 24 | $341.0M | $942.0K | ||
| Q3 24 | $417.0M | $117.7M | ||
| Q2 24 | $334.0M | $137.3M | ||
| Q1 24 | $0 | $82.8M |
自由现金流率BROWWD
| Q4 25 | 26.4% | 7.1% | ||
| Q3 25 | 28.1% | 18.2% | ||
| Q2 25 | 24.1% | 10.8% | ||
| Q1 25 | 14.0% | 6.7% | ||
| Q4 24 | 28.8% | 0.1% | ||
| Q3 24 | 35.2% | 13.8% | ||
| Q2 24 | 28.4% | 16.2% | ||
| Q1 24 | 0.0% | 9.9% |
资本支出强度BROWWD
| Q4 25 | 1.2% | 4.4% | ||
| Q3 25 | 1.0% | 5.3% | ||
| Q2 25 | 1.2% | 2.9% | ||
| Q1 25 | 1.2% | 2.1% | ||
| Q4 24 | 1.7% | 4.3% | ||
| Q3 24 | 1.9% | 2.8% | ||
| Q2 24 | 2.2% | 1.9% | ||
| Q1 24 | 1.0% | 1.7% |
现金转化率BROWWD
| Q4 25 | 1.68× | 0.86× | ||
| Q3 25 | 2.06× | 1.70× | ||
| Q2 25 | 1.41× | 1.16× | ||
| Q1 25 | 0.64× | 0.71× | ||
| Q4 24 | 1.73× | 0.40× | ||
| Q3 24 | 1.88× | 1.70× | ||
| Q2 24 | 1.40× | 1.50× | ||
| 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% |
WWD
| Transferred At Point In Time | $253.6M | 25% |
| Commercial OEM | $187.9M | 19% |
| Transportation | $166.3M | 17% |
| Defense OEM | $138.2M | 14% |
| Power Generation | $122.8M | 12% |
| Oil And Gas | $72.4M | 7% |
| Defense Aftermarket | $63.8M | 6% |
