vs
Brown & Brown（BRO）与赛莱默（XYL）财务数据对比。点击上方公司名可切换其他公司
赛莱默的季度营收约是Brown & Brown的1.3倍（$2.1B vs $1.6B），Brown & Brown净利率更高（16.5% vs 8.9%，领先7.6%），Brown & Brown同比增速更快（35.8% vs 2.7%），过去两年Brown & Brown的营收复合增速更高（13.0% vs -1.0%）
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。
该文本为植物学对木质部的定义说明，并非赛莱默公司（Xylem Inc.）的企业业务介绍。Xylem Inc.是一家专注于水技术与解决方案的全球企业，提供水务基础设施、水环境治理等相关设备与服务。
BRO vs XYL — 直观对比
营收规模更大
XYL
是对方的1.3倍
$1.6B
营收增速更快
BRO
高出33.1%
2.7%
净利率更高
BRO
高出7.6%
8.9%
两年增速更快
BRO
近两年复合增速
-1.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $2.1B |
| 净利润 | $265.0M | $189.0M |
| 毛利率 | — | 37.8% |
| 营业利润率 | — | 11.5% |
| 净利率 | 16.5% | 8.9% |
| 营收同比 | 35.8% | 2.7% |
| 净利润同比 | 26.8% | 13.2% |
| 每股收益（稀释后） | $0.55 | $0.79 |
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BROXYL
| Q1 26 | — | $2.1B | ||
| Q4 25 | $1.6B | $2.4B | ||
| Q3 25 | $1.6B | $2.3B | ||
| Q2 25 | $1.3B | $2.3B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.2B | $2.2B |
净利润BROXYL
| Q1 26 | — | $189.0M | ||
| Q4 25 | $265.0M | $335.0M | ||
| Q3 25 | $227.0M | $227.0M | ||
| Q2 25 | $231.0M | $226.0M | ||
| Q1 25 | $331.0M | $169.0M | ||
| Q4 24 | $209.0M | $326.0M | ||
| Q3 24 | $234.0M | $217.0M | ||
| Q2 24 | $257.0M | $194.0M |
毛利率BROXYL
| Q1 26 | — | 37.8% | ||
| Q4 25 | — | 38.9% | ||
| Q3 25 | — | 38.9% | ||
| Q2 25 | — | 38.8% | ||
| Q1 25 | — | 37.1% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 37.3% | ||
| Q2 24 | — | 37.8% |
营业利润率BROXYL
| Q1 26 | — | 11.5% | ||
| Q4 25 | — | 14.7% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | 23.3% | 11.8% | ||
| Q3 24 | 26.7% | 13.3% | ||
| Q2 24 | 29.4% | 11.7% |
净利率BROXYL
| Q1 26 | — | 8.9% | ||
| Q4 25 | 16.5% | 14.0% | ||
| Q3 25 | 14.1% | 10.0% | ||
| Q2 25 | 18.0% | 9.8% | ||
| Q1 25 | 23.6% | 8.2% | ||
| Q4 24 | 17.7% | 14.5% | ||
| Q3 24 | 19.7% | 10.3% | ||
| Q2 24 | 21.8% | 8.9% |
每股收益（稀释后）BROXYL
| Q1 26 | — | $0.79 | ||
| Q4 25 | $0.55 | $1.37 | ||
| Q3 25 | $0.68 | $0.93 | ||
| Q2 25 | $0.78 | $0.93 | ||
| Q1 25 | $1.15 | $0.69 | ||
| Q4 24 | $0.73 | $1.33 | ||
| Q3 24 | $0.81 | $0.89 | ||
| Q2 24 | $0.90 | $0.80 |
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 | $808.0M |
| 总债务越低越好 | $7.6B | $1.9B |
| 股东权益账面价值 | $12.6B | $11.0B |
| 总资产 | $30.0B | $17.0B |
| 负债/权益比越低杠杆越低 | 0.61× | 0.18× |
8季度趋势，按日历期对齐
现金及短期投资BROXYL
| Q1 26 | — | $808.0M | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $8.9B | $1.2B | ||
| Q1 25 | $669.0M | $1.1B | ||
| Q4 24 | $685.0M | $1.1B | ||
| Q3 24 | $968.0M | $989.0M | ||
| Q2 24 | $1.1B | $815.0M |
总债务BROXYL
| Q1 26 | — | $1.9B | ||
| Q4 25 | $7.6B | $2.0B | ||
| Q3 25 | $7.7B | $2.0B | ||
| Q2 25 | $7.5B | $2.0B | ||
| Q1 25 | $3.8B | $2.0B | ||
| Q4 24 | $3.8B | $2.0B | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $4.1B | — |
股东权益BROXYL
| Q1 26 | — | $11.0B | ||
| Q4 25 | $12.6B | $11.5B | ||
| Q3 25 | $12.4B | $11.2B | ||
| Q2 25 | $11.6B | $11.1B | ||
| Q1 25 | $6.8B | $10.8B | ||
| Q4 24 | $6.4B | $10.6B | ||
| Q3 24 | $6.5B | $10.6B | ||
| Q2 24 | $6.0B | $10.3B |
总资产BROXYL
| Q1 26 | — | $17.0B | ||
| Q4 25 | $30.0B | $17.6B | ||
| Q3 25 | $29.4B | $17.3B | ||
| Q2 25 | $25.6B | $17.2B | ||
| Q1 25 | $16.8B | $16.6B | ||
| Q4 24 | $17.6B | $16.5B | ||
| Q3 24 | $17.5B | $16.0B | ||
| Q2 24 | $15.9B | $15.8B |
负债/权益比BROXYL
| Q1 26 | — | 0.18× | ||
| Q4 25 | 0.61× | 0.17× | ||
| Q3 25 | 0.62× | 0.18× | ||
| Q2 25 | 0.65× | 0.18× | ||
| Q1 25 | 0.56× | 0.19× | ||
| Q4 24 | 0.59× | 0.19× | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.68× | — |
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 | — |
| 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% | 4.2% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流BROXYL
| Q1 26 | — | — | ||
| Q4 25 | $444.0M | $543.0M | ||
| Q3 25 | $468.0M | $360.0M | ||
| Q2 25 | $325.0M | $305.0M | ||
| Q1 25 | $213.0M | $33.0M | ||
| Q4 24 | $361.0M | $575.0M | ||
| Q3 24 | $440.0M | $311.0M | ||
| Q2 24 | $360.0M | $288.0M |
自由现金流BROXYL
| Q1 26 | — | — | ||
| Q4 25 | $424.0M | $460.0M | ||
| Q3 25 | $452.0M | $281.0M | ||
| Q2 25 | $310.0M | $207.0M | ||
| Q1 25 | $196.0M | $-38.0M | ||
| Q4 24 | $341.0M | $475.0M | ||
| Q3 24 | $417.0M | $237.0M | ||
| Q2 24 | $334.0M | $215.0M |
自由现金流率BROXYL
| Q1 26 | — | — | ||
| Q4 25 | 26.4% | 19.2% | ||
| Q3 25 | 28.1% | 12.4% | ||
| Q2 25 | 24.1% | 9.0% | ||
| Q1 25 | 14.0% | -1.8% | ||
| Q4 24 | 28.8% | 21.1% | ||
| Q3 24 | 35.2% | 11.3% | ||
| Q2 24 | 28.4% | 9.9% |
资本支出强度BROXYL
| Q1 26 | — | 4.2% | ||
| Q4 25 | 1.2% | 3.5% | ||
| Q3 25 | 1.0% | 3.5% | ||
| Q2 25 | 1.2% | 4.3% | ||
| Q1 25 | 1.2% | 3.4% | ||
| Q4 24 | 1.7% | 4.4% | ||
| Q3 24 | 1.9% | 3.5% | ||
| Q2 24 | 2.2% | 3.4% |
现金转化率BROXYL
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 1.62× | ||
| Q3 25 | 2.06× | 1.59× | ||
| Q2 25 | 1.41× | 1.35× | ||
| Q1 25 | 0.64× | 0.20× | ||
| Q4 24 | 1.73× | 1.76× | ||
| Q3 24 | 1.88× | 1.43× | ||
| Q2 24 | 1.40× | 1.48× |
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% |
XYL
| Revenue from products | $1.8B | 83% |
| Revenue from services | $368.0M | 17% |
