vs
Brown & Brown（BRO）与施乐（XRX）财务数据对比。点击上方公司名可切换其他公司
施乐的季度营收约是Brown & Brown的1.3倍（$2.0B vs $1.6B），Brown & Brown同比增速更快（35.8% vs 25.7%），Brown & Brown自由现金流更多（$424.0M vs $192.0M），过去两年施乐的营收复合增速更高（16.2% vs 13.0%）
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。
施乐控股是源自美国的知名办公设备服务商，面向全球超160个国家提供打印机与数码文档相关产品及服务。1959年推出Xerox 914后，施乐成为静电复印市场的开创者，品牌名“xerox”甚至在英语中成为复印的代名词，公司总部现位于美国康涅狄格州诺沃克。
BRO vs XRX — 直观对比
营收规模更大
XRX
是对方的1.3倍
$1.6B
营收增速更快
BRO
高出10.1%
25.7%
自由现金流更多
BRO
多$232.0M
$192.0M
两年增速更快
XRX
近两年复合增速
13.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.0B |
| 净利润 | $265.0M | — |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 16.5% | — |
| 营收同比 | 35.8% | 25.7% |
| 净利润同比 | 26.8% | — |
| 每股收益（稀释后） | $0.55 | $-0.62 |
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BROXRX
| Q4 25 | $1.6B | $2.0B | ||
| Q3 25 | $1.6B | $2.0B | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.3B | $1.5B |
净利润BROXRX
| Q4 25 | $265.0M | — | ||
| Q3 25 | $227.0M | $-760.0M | ||
| Q2 25 | $231.0M | $-106.0M | ||
| Q1 25 | $331.0M | $-90.0M | ||
| Q4 24 | $209.0M | — | ||
| Q3 24 | $234.0M | $-1.2B | ||
| Q2 24 | $257.0M | $18.0M | ||
| Q1 24 | $293.0M | $-113.0M |
营业利润率BROXRX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 23.3% | — | ||
| Q3 24 | 26.7% | — | ||
| Q2 24 | 29.4% | — | ||
| Q1 24 | 28.9% | — |
净利率BROXRX
| Q4 25 | 16.5% | — | ||
| Q3 25 | 14.1% | -38.8% | ||
| Q2 25 | 18.0% | -6.7% | ||
| Q1 25 | 23.6% | -6.2% | ||
| Q4 24 | 17.7% | — | ||
| Q3 24 | 19.7% | -78.9% | ||
| Q2 24 | 21.8% | 1.1% | ||
| Q1 24 | 23.3% | -7.5% |
每股收益（稀释后）BROXRX
| Q4 25 | $0.55 | $-0.62 | ||
| Q3 25 | $0.68 | $-6.01 | ||
| Q2 25 | $0.78 | $-0.87 | ||
| Q1 25 | $1.15 | $-0.75 | ||
| Q4 24 | $0.73 | $-0.21 | ||
| Q3 24 | $0.81 | $-9.71 | ||
| Q2 24 | $0.90 | $0.11 | ||
| Q1 24 | $1.02 | $-0.94 |
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 | $512.0M |
| 总债务越低越好 | $7.6B | $4.0B |
| 股东权益账面价值 | $12.6B | $444.0M |
| 总资产 | $30.0B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.61× | 9.05× |
8季度趋势，按日历期对齐
现金及短期投资BROXRX
| Q4 25 | $1.1B | $512.0M | ||
| Q3 25 | $1.2B | $479.0M | ||
| Q2 25 | $8.9B | $449.0M | ||
| Q1 25 | $669.0M | $336.0M | ||
| Q4 24 | $685.0M | $576.0M | ||
| Q3 24 | $968.0M | $521.0M | ||
| Q2 24 | $1.1B | $485.0M | ||
| Q1 24 | $591.0M | $685.0M |
总债务BROXRX
| Q4 25 | $7.6B | $4.0B | ||
| Q3 25 | $7.7B | $4.1B | ||
| Q2 25 | $7.5B | $3.5B | ||
| Q1 25 | $3.8B | $2.7B | ||
| Q4 24 | $3.8B | $2.8B | ||
| Q3 24 | $3.6B | $2.8B | ||
| Q2 24 | $4.1B | $3.2B | ||
| Q1 24 | $3.9B | $3.2B |
股东权益BROXRX
| Q4 25 | $12.6B | $444.0M | ||
| Q3 25 | $12.4B | $365.0M | ||
| Q2 25 | $11.6B | $1.1B | ||
| Q1 25 | $6.8B | $1.1B | ||
| Q4 24 | $6.4B | $1.1B | ||
| Q3 24 | $6.5B | $1.3B | ||
| Q2 24 | $6.0B | $2.4B | ||
| Q1 24 | $5.8B | $2.4B |
总资产BROXRX
| Q4 25 | $30.0B | $9.8B | ||
| Q3 25 | $29.4B | $10.1B | ||
| Q2 25 | $25.6B | $8.9B | ||
| Q1 25 | $16.8B | $8.2B | ||
| Q4 24 | $17.6B | $8.4B | ||
| Q3 24 | $17.5B | $8.3B | ||
| Q2 24 | $15.9B | $9.5B | ||
| Q1 24 | $14.8B | $9.9B |
负债/权益比BROXRX
| Q4 25 | 0.61× | 9.05× | ||
| Q3 25 | 0.62× | 11.10× | ||
| Q2 25 | 0.65× | 3.11× | ||
| Q1 25 | 0.56× | 2.56× | ||
| Q4 24 | 0.59× | 2.62× | ||
| Q3 24 | 0.55× | 2.11× | ||
| Q2 24 | 0.68× | 1.34× | ||
| Q1 24 | 0.67× | 1.35× |
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 | $208.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $192.0M |
| 自由现金流率自由现金流/营收 | 26.4% | 9.5% |
| 资本支出强度资本支出/营收 | 1.2% | 0.8% |
| 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 | $187.0M |
8季度趋势，按日历期对齐
经营现金流BROXRX
| Q4 25 | $444.0M | $208.0M | ||
| Q3 25 | $468.0M | $116.0M | ||
| Q2 25 | $325.0M | $-11.0M | ||
| Q1 25 | $213.0M | $-89.0M | ||
| Q4 24 | $361.0M | $351.0M | ||
| Q3 24 | $440.0M | $116.0M | ||
| Q2 24 | $360.0M | $123.0M | ||
| Q1 24 | $13.0M | $-79.0M |
自由现金流BROXRX
| Q4 25 | $424.0M | $192.0M | ||
| Q3 25 | $452.0M | $104.0M | ||
| Q2 25 | $310.0M | $-15.0M | ||
| Q1 25 | $196.0M | $-94.0M | ||
| Q4 24 | $341.0M | $346.0M | ||
| Q3 24 | $417.0M | $108.0M | ||
| Q2 24 | $334.0M | $117.0M | ||
| Q1 24 | $0 | $-87.0M |
自由现金流率BROXRX
| Q4 25 | 26.4% | 9.5% | ||
| Q3 25 | 28.1% | 5.3% | ||
| Q2 25 | 24.1% | -1.0% | ||
| Q1 25 | 14.0% | -6.5% | ||
| Q4 24 | 28.8% | 21.5% | ||
| Q3 24 | 35.2% | 7.1% | ||
| Q2 24 | 28.4% | 7.4% | ||
| Q1 24 | 0.0% | -5.8% |
资本支出强度BROXRX
| Q4 25 | 1.2% | 0.8% | ||
| Q3 25 | 1.0% | 0.6% | ||
| Q2 25 | 1.2% | 0.3% | ||
| Q1 25 | 1.2% | 0.3% | ||
| Q4 24 | 1.7% | 0.3% | ||
| Q3 24 | 1.9% | 0.5% | ||
| Q2 24 | 2.2% | 0.4% | ||
| Q1 24 | 1.0% | 0.5% |
现金转化率BROXRX
| Q4 25 | 1.68× | — | ||
| Q3 25 | 2.06× | — | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.40× | 6.83× | ||
| Q1 24 | 0.04× | — |
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% |
XRX
| Other | $596.0M | 29% |
| Manufactured Product Other | $485.0M | 24% |
| Supplies Paper And Other Sales | $483.0M | 24% |
| IT Solutions Segment | $155.0M | 8% |
| CA | $128.0M | 6% |
| IT Products | $100.0M | 5% |
| Rental And Other | $52.0M | 3% |
| Financial Service | $29.0M | 1% |
