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ADT Inc.（ADT）与TRINET GROUP, INC.（TNET）财务数据对比。点击上方公司名可切换其他公司
ADT Inc.的季度营收约是TRINET GROUP, INC.的1.0倍（$1.3B vs $1.2B），ADT Inc.同比增速更快（2.9% vs -2.2%），ADT Inc.自由现金流更多（$323.5M vs $43.0M），过去两年ADT Inc.的营收复合增速更高（2.7% vs -0.6%）
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
ADT vs TNET — 直观对比
营收规模更大
ADT
是对方的1.0倍
$1.2B
营收增速更快
ADT
高出5.0%
-2.2%
自由现金流更多
ADT
多$280.5M
$43.0M
两年增速更快
ADT
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $145.4M | — |
| 毛利率 | — | — |
| 营业利润率 | 26.1% | 0.1% |
| 净利率 | 11.4% | — |
| 营收同比 | 2.9% | -2.2% |
| 净利润同比 | -23.5% | — |
| 每股收益（稀释后） | — | $0.02 |
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ADTTNET
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.2B | $1.3B |
净利润ADTTNET
| Q4 25 | $145.4M | — | ||
| Q3 25 | $145.1M | $34.0M | ||
| Q2 25 | $165.2M | $37.0M | ||
| Q1 25 | $140.2M | $85.0M | ||
| Q4 24 | $190.0M | — | ||
| Q3 24 | $127.2M | $45.0M | ||
| Q2 24 | $92.4M | $60.0M | ||
| Q1 24 | $91.6M | $91.0M |
营业利润率ADTTNET
| Q4 25 | 26.1% | 0.1% | ||
| Q3 25 | 24.3% | 4.1% | ||
| Q2 25 | 26.6% | 4.1% | ||
| Q1 25 | 25.2% | 8.9% | ||
| Q4 24 | 32.4% | -2.9% | ||
| Q3 24 | 26.2% | 4.7% | ||
| Q2 24 | 23.6% | 6.5% | ||
| Q1 24 | 16.2% | 9.7% |
净利率ADTTNET
| Q4 25 | 11.4% | — | ||
| Q3 25 | 11.2% | 2.8% | ||
| Q2 25 | 12.8% | 3.0% | ||
| Q1 25 | 11.1% | 6.6% | ||
| Q4 24 | 15.3% | — | ||
| Q3 24 | 10.2% | 3.6% | ||
| Q2 24 | 7.7% | 4.9% | ||
| Q1 24 | 7.6% | 7.2% |
每股收益（稀释后）ADTTNET
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $0.70 | ||
| Q2 25 | — | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | — | $1.78 |
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 | $80.8M | $287.0M |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $3.8B | $54.0M |
| 总资产 | $15.8B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.95× | — |
8季度趋势，按日历期对齐
现金及短期投资ADTTNET
| Q4 25 | $80.8M | $287.0M | ||
| Q3 25 | $62.8M | $321.0M | ||
| Q2 25 | $45.2M | $407.0M | ||
| Q1 25 | $3.7M | $349.0M | ||
| Q4 24 | $96.2M | $360.0M | ||
| Q3 24 | $95.3M | $301.0M | ||
| Q2 24 | $37.9M | $249.0M | ||
| Q1 24 | $4.0M | $383.0M |
总债务ADTTNET
| Q4 25 | $7.4B | — | ||
| Q3 25 | $7.3B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.6B | — |
股东权益ADTTNET
| Q4 25 | $3.8B | $54.0M | ||
| Q3 25 | $3.7B | $110.0M | ||
| Q2 25 | $3.7B | $107.0M | ||
| Q1 25 | $3.6B | $63.0M | ||
| Q4 24 | $3.8B | $69.0M | ||
| Q3 24 | $3.9B | $129.0M | ||
| Q2 24 | $3.8B | $100.0M | ||
| Q1 24 | $3.7B | $143.0M |
总资产ADTTNET
| Q4 25 | $15.8B | $3.8B | ||
| Q3 25 | $16.0B | $3.4B | ||
| Q2 25 | $16.0B | $3.7B | ||
| Q1 25 | $15.8B | $3.8B | ||
| Q4 24 | $16.1B | $4.1B | ||
| Q3 24 | $16.1B | $3.7B | ||
| Q2 24 | $16.0B | $3.7B | ||
| Q1 24 | $15.9B | $4.0B |
负债/权益比ADTTNET
| Q4 25 | 1.95× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.84× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.98× | — | ||
| Q3 24 | 1.93× | — | ||
| Q2 24 | 1.98× | — | ||
| Q1 24 | 2.03× | — |
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 | $373.6M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $43.0M |
| 自由现金流率自由现金流/营收 | 25.4% | 3.4% |
| 资本支出强度资本支出/营收 | 3.9% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | $234.0M |
8季度趋势，按日历期对齐
经营现金流ADTTNET
| Q4 25 | $373.6M | $61.0M | ||
| Q3 25 | $480.1M | $72.0M | ||
| Q2 25 | $563.9M | $75.0M | ||
| Q1 25 | $466.6M | $95.0M | ||
| Q4 24 | $459.7M | $65.0M | ||
| Q3 24 | $498.2M | $84.0M | ||
| Q2 24 | $563.2M | $39.0M | ||
| Q1 24 | $363.8M | $91.0M |
自由现金流ADTTNET
| Q4 25 | $323.5M | $43.0M | ||
| Q3 25 | $437.4M | $55.0M | ||
| Q2 25 | $526.3M | $57.0M | ||
| Q1 25 | $421.2M | $79.0M | ||
| Q4 24 | $426.0M | $47.0M | ||
| Q3 24 | $455.5M | $59.0M | ||
| Q2 24 | $516.5M | $22.0M | ||
| Q1 24 | $323.1M | $73.0M |
自由现金流率ADTTNET
| Q4 25 | 25.4% | 3.4% | ||
| Q3 25 | 33.7% | 4.5% | ||
| Q2 25 | 40.9% | 4.6% | ||
| Q1 25 | 33.2% | 6.1% | ||
| Q4 24 | 34.3% | 3.7% | ||
| Q3 24 | 36.6% | 4.8% | ||
| Q2 24 | 42.9% | 1.8% | ||
| Q1 24 | 26.7% | 5.8% |
资本支出强度ADTTNET
| Q4 25 | 3.9% | 1.4% | ||
| Q3 25 | 3.3% | 1.4% | ||
| Q2 25 | 2.9% | 1.5% | ||
| Q1 25 | 3.6% | 1.2% | ||
| Q4 24 | 2.7% | 1.4% | ||
| Q3 24 | 3.4% | 2.0% | ||
| Q2 24 | 3.9% | 1.4% | ||
| Q1 24 | 3.4% | 1.4% |
现金转化率ADTTNET
| Q4 25 | 2.57× | — | ||
| Q3 25 | 3.31× | 2.12× | ||
| Q2 25 | 3.41× | 2.03× | ||
| Q1 25 | 3.33× | 1.12× | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 3.92× | 1.87× | ||
| Q2 24 | 6.10× | 0.65× | ||
| Q1 24 | 3.97× | 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
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Other | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
