vs
Brown & Brown（BRO）与大都会人寿（MET）财务数据对比。点击上方公司名可切换其他公司
Brown & Brown的季度营收约是大都会人寿的2.7倍（$1.6B vs $600.0M），大都会人寿净利率更高（134.8% vs 16.5%，领先118.3%），Brown & Brown同比增速更快（35.8% vs 7.9%），过去两年Brown & Brown的营收复合增速更高（13.0% vs 2.0%）
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。
大都会人寿（MetLife）是全球规模领先的保险、年金及员工福利服务提供商之一，创立于1868年，业务覆盖超60个国家和地区，服务约9000万客户，2018年位列《财富》美国500强营收排行榜第43位。
BRO vs MET — 直观对比
营收规模更大
BRO
是对方的2.7倍
$600.0M
营收增速更快
BRO
高出27.9%
7.9%
净利率更高
MET
高出118.3%
16.5%
两年增速更快
BRO
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $600.0M |
| 净利润 | $265.0M | $809.0M |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 16.5% | 134.8% |
| 营收同比 | 35.8% | 7.9% |
| 净利润同比 | 26.8% | -36.3% |
| 每股收益（稀释后） | $0.55 | $1.18 |
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BROMET
| Q4 25 | $1.6B | $600.0M | ||
| Q3 25 | $1.6B | $621.0M | ||
| Q2 25 | $1.3B | $604.0M | ||
| Q1 25 | $1.4B | $611.0M | ||
| Q4 24 | $1.2B | $556.0M | ||
| Q3 24 | $1.2B | $554.0M | ||
| Q2 24 | $1.2B | $558.0M | ||
| Q1 24 | $1.3B | $577.0M |
净利润BROMET
| Q4 25 | $265.0M | $809.0M | ||
| Q3 25 | $227.0M | $896.0M | ||
| Q2 25 | $231.0M | $729.0M | ||
| Q1 25 | $331.0M | $945.0M | ||
| Q4 24 | $209.0M | $1.3B | ||
| Q3 24 | $234.0M | $1.3B | ||
| Q2 24 | $257.0M | $946.0M | ||
| Q1 24 | $293.0M | $867.0M |
营业利润率BROMET
| 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BROMET
| Q4 25 | 16.5% | 134.8% | ||
| Q3 25 | 14.1% | 144.3% | ||
| Q2 25 | 18.0% | 120.7% | ||
| Q1 25 | 23.6% | 154.7% | ||
| Q4 24 | 17.7% | 228.6% | ||
| Q3 24 | 19.7% | 242.2% | ||
| Q2 24 | 21.8% | 169.5% | ||
| Q1 24 | 23.3% | 150.3% |
每股收益（稀释后）BROMET
| Q4 25 | $0.55 | $1.18 | ||
| Q3 25 | $0.68 | $1.22 | ||
| Q2 25 | $0.78 | $1.03 | ||
| Q1 25 | $1.15 | $1.28 | ||
| Q4 24 | $0.73 | $1.75 | ||
| Q3 24 | $0.81 | $1.81 | ||
| Q2 24 | $0.90 | $1.28 | ||
| Q1 24 | $1.02 | $1.10 |
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 | $25.6B |
| 总债务越低越好 | $7.6B | — |
| 股东权益账面价值 | $12.6B | $28.4B |
| 总资产 | $30.0B | $745.2B |
| 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BROMET
| Q4 25 | $1.1B | $25.6B | ||
| Q3 25 | $1.2B | $26.2B | ||
| Q2 25 | $8.9B | $27.5B | ||
| Q1 25 | $669.0M | $26.9B | ||
| Q4 24 | $685.0M | $25.2B | ||
| Q3 24 | $968.0M | $26.4B | ||
| Q2 24 | $1.1B | $24.6B | ||
| Q1 24 | $591.0M | $24.7B |
总债务BROMET
| Q4 25 | $7.6B | — | ||
| Q3 25 | $7.7B | — | ||
| Q2 25 | $7.5B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $3.9B | — |
股东权益BROMET
| Q4 25 | $12.6B | $28.4B | ||
| Q3 25 | $12.4B | $28.9B | ||
| Q2 25 | $11.6B | $27.7B | ||
| Q1 25 | $6.8B | $27.5B | ||
| Q4 24 | $6.4B | $27.4B | ||
| Q3 24 | $6.5B | $30.9B | ||
| Q2 24 | $6.0B | $27.3B | ||
| Q1 24 | $5.8B | $28.5B |
总资产BROMET
| Q4 25 | $30.0B | $745.2B | ||
| Q3 25 | $29.4B | $719.7B | ||
| Q2 25 | $25.6B | $702.5B | ||
| Q1 25 | $16.8B | $688.3B | ||
| Q4 24 | $17.6B | $677.5B | ||
| Q3 24 | $17.5B | $705.0B | ||
| Q2 24 | $15.9B | $675.7B | ||
| Q1 24 | $14.8B | $677.6B |
负债/权益比BROMET
| 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 | $7.1B |
| 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× | 8.75× |
| 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BROMET
| Q4 25 | $444.0M | $7.1B | ||
| Q3 25 | $468.0M | $3.6B | ||
| Q2 25 | $325.0M | $2.2B | ||
| Q1 25 | $213.0M | $4.3B | ||
| Q4 24 | $361.0M | $4.6B | ||
| Q3 24 | $440.0M | $4.2B | ||
| Q2 24 | $360.0M | $3.5B | ||
| Q1 24 | $13.0M | $2.3B |
自由现金流BROMET
| 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BROMET
| 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BROMET
| 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BROMET
| Q4 25 | 1.68× | 8.75× | ||
| Q3 25 | 2.06× | 3.98× | ||
| Q2 25 | 1.41× | 3.00× | ||
| Q1 25 | 0.64× | 4.51× | ||
| Q4 24 | 1.73× | 3.63× | ||
| Q3 24 | 1.88× | 3.11× | ||
| Q2 24 | 1.40× | 3.69× | ||
| Q1 24 | 0.04× | 2.69× |
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% |
MET
| Other | $165.0M | 28% |
| Prepaidlegalplansandadministrativeonlycontracts | $158.0M | 26% |
| Vision Fee For Service Arrangements | $140.0M | 23% |
| Administrative Service | $76.0M | 13% |
| Distribution Service | $36.0M | 6% |
| Feebasedinvestmentmanagementservices | $25.0M | 4% |
