vs
大都会人寿（MET）与韦莱韬悦（WTW）财务数据对比。点击上方公司名可切换其他公司
韦莱韬悦的季度营收约是大都会人寿的4.8倍（$2.9B vs $600.0M），大都会人寿净利率更高（134.8% vs 25.5%，领先109.3%），大都会人寿同比增速更快（7.9% vs -3.5%），过去两年韦莱韬悦的营收复合增速更高（12.0% vs 2.0%）
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。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
MET vs WTW — 直观对比
营收规模更大
WTW
是对方的4.8倍
$600.0M
营收增速更快
MET
高出11.5%
-3.5%
净利率更高
MET
高出109.3%
25.5%
两年增速更快
WTW
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $600.0M | $2.9B |
| 净利润 | $809.0M | $735.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 35.3% |
| 净利率 | 134.8% | 25.5% |
| 营收同比 | 7.9% | -3.5% |
| 净利润同比 | -36.3% | -41.0% |
| 每股收益（稀释后） | $1.18 | $7.50 |
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METWTW
| Q4 25 | $600.0M | $2.9B | ||
| Q3 25 | $621.0M | $2.2B | ||
| Q2 25 | $604.0M | $2.2B | ||
| Q1 25 | $611.0M | $2.2B | ||
| Q4 24 | $556.0M | $3.0B | ||
| Q3 24 | $554.0M | $2.2B | ||
| Q2 24 | $558.0M | $2.2B | ||
| Q1 24 | $577.0M | $2.3B |
净利润METWTW
| Q4 25 | $809.0M | $735.0M | ||
| Q3 25 | $896.0M | $304.0M | ||
| Q2 25 | $729.0M | $331.0M | ||
| Q1 25 | $945.0M | $235.0M | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $-1.7B | ||
| Q2 24 | $946.0M | $141.0M | ||
| Q1 24 | $867.0M | $190.0M |
营业利润率METWTW
| Q4 25 | — | 35.3% | ||
| Q3 25 | — | 18.7% | ||
| Q2 25 | — | 16.6% | ||
| Q1 25 | — | 19.8% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | — | -34.2% | ||
| Q2 24 | — | 9.6% | ||
| Q1 24 | — | 12.2% |
净利率METWTW
| Q4 25 | 134.8% | 25.5% | ||
| Q3 25 | 144.3% | 13.6% | ||
| Q2 25 | 120.7% | 14.9% | ||
| Q1 25 | 154.7% | 10.8% | ||
| Q4 24 | 228.6% | 41.7% | ||
| Q3 24 | 242.2% | -74.8% | ||
| Q2 24 | 169.5% | 6.4% | ||
| Q1 24 | 150.3% | 8.3% |
每股收益（稀释后）METWTW
| Q4 25 | $1.18 | $7.50 | ||
| Q3 25 | $1.22 | $3.11 | ||
| Q2 25 | $1.03 | $3.32 | ||
| Q1 25 | $1.28 | $2.33 | ||
| Q4 24 | $1.75 | $12.29 | ||
| Q3 24 | $1.81 | $-16.44 | ||
| Q2 24 | $1.28 | $1.36 | ||
| Q1 24 | $1.10 | $1.83 |
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 | $25.6B | $3.2B |
| 总债务越低越好 | — | $9.7B |
| 股东权益账面价值 | $28.4B | $8.0B |
| 总资产 | $745.2B | $29.5B |
| 负债/权益比越低杠杆越低 | — | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资METWTW
| Q4 25 | $25.6B | $3.2B | ||
| Q3 25 | $26.2B | $1.9B | ||
| Q2 25 | $27.5B | $2.0B | ||
| Q1 25 | $26.9B | $1.5B | ||
| Q4 24 | $25.2B | $1.9B | ||
| Q3 24 | $26.4B | $1.4B | ||
| Q2 24 | $24.6B | $1.2B | ||
| Q1 24 | $24.7B | $1.9B |
总债务METWTW
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益METWTW
| Q4 25 | $28.4B | $8.0B | ||
| Q3 25 | $28.9B | $7.7B | ||
| Q2 25 | $27.7B | $8.1B | ||
| Q1 25 | $27.5B | $8.1B | ||
| Q4 24 | $27.4B | $7.9B | ||
| Q3 24 | $30.9B | $7.5B | ||
| Q2 24 | $27.3B | $9.3B | ||
| Q1 24 | $28.5B | $9.5B |
总资产METWTW
| Q4 25 | $745.2B | $29.5B | ||
| Q3 25 | $719.7B | $27.4B | ||
| Q2 25 | $702.5B | $28.5B | ||
| Q1 25 | $688.3B | $28.1B | ||
| Q4 24 | $677.5B | $27.7B | ||
| Q3 24 | $705.0B | $27.2B | ||
| Q2 24 | $675.7B | $29.6B | ||
| Q1 24 | $677.6B | $30.2B |
负债/权益比METWTW
| Q4 25 | — | 1.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $7.1B | $771.0M |
| 自由现金流经营现金流 - 资本支出 | — | $708.0M |
| 自由现金流率自由现金流/营收 | — | 24.6% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | 8.75× | 1.05× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流METWTW
| Q4 25 | $7.1B | $771.0M | ||
| Q3 25 | $3.6B | $678.0M | ||
| Q2 25 | $2.2B | $361.0M | ||
| Q1 25 | $4.3B | $-35.0M | ||
| Q4 24 | $4.6B | $599.0M | ||
| Q3 24 | $4.2B | $482.0M | ||
| Q2 24 | $3.5B | $407.0M | ||
| Q1 24 | $2.3B | $24.0M |
自由现金流METWTW
| Q4 25 | — | $708.0M | ||
| Q3 25 | — | $621.0M | ||
| Q2 25 | — | $303.0M | ||
| Q1 25 | — | $-86.0M | ||
| Q4 24 | — | $543.0M | ||
| Q3 24 | — | $419.0M | ||
| Q2 24 | — | $341.0M | ||
| Q1 24 | — | $-36.0M |
自由现金流率METWTW
| Q4 25 | — | 24.6% | ||
| Q3 25 | — | 27.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | -3.9% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 18.7% | ||
| Q2 24 | — | 15.4% | ||
| Q1 24 | — | -1.6% |
资本支出强度METWTW
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 2.6% |
现金转化率METWTW
| Q4 25 | 8.75× | 1.05× | ||
| Q3 25 | 3.98× | 2.23× | ||
| Q2 25 | 3.00× | 1.09× | ||
| Q1 25 | 4.51× | -0.15× | ||
| Q4 24 | 3.63× | 0.48× | ||
| Q3 24 | 3.11× | — | ||
| Q2 24 | 3.69× | 2.89× | ||
| Q1 24 | 2.69× | 0.13× |
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
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% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
