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西联汇款（AFG）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
西联汇款的季度营收约是TRINET GROUP, INC.的1.7倍（$2.1B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -4.0%），过去两年西联汇款的营收复合增速更高（4.0% vs -0.6%）
西联汇款是总部位于美国科罗拉多州丹佛市的跨国金融服务企业，为全球个人及商业客户提供跨境汇款、支付等多元金融解决方案，在全球绝大多数国家和地区拥有覆盖广泛的服务网络。
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。
AFG vs TNET — 直观对比
营收规模更大
AFG
是对方的1.7倍
$1.2B
营收增速更快
TNET
高出1.8%
-4.0%
两年增速更快
AFG
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $299.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 18.4% | 0.1% |
| 净利率 | 14.5% | — |
| 营收同比 | -4.0% | -2.2% |
| 净利润同比 | 17.3% | — |
| 每股收益（稀释后） | $3.59 | $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AFGTNET
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.3B | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $1.9B | $1.2B | ||
| Q1 24 | $1.9B | $1.3B |
净利润AFGTNET
| Q4 25 | $299.0M | — | ||
| Q3 25 | $215.0M | $34.0M | ||
| Q2 25 | $174.0M | $37.0M | ||
| Q1 25 | $154.0M | $85.0M | ||
| Q4 24 | $255.0M | — | ||
| Q3 24 | $181.0M | $45.0M | ||
| Q2 24 | $209.0M | $60.0M | ||
| Q1 24 | $242.0M | $91.0M |
营业利润率AFGTNET
| Q4 25 | 18.4% | 0.1% | ||
| Q3 25 | 11.5% | 4.1% | ||
| Q2 25 | 11.9% | 4.1% | ||
| Q1 25 | 10.6% | 8.9% | ||
| Q4 24 | 14.9% | -2.9% | ||
| Q3 24 | 9.7% | 4.7% | ||
| Q2 24 | 14.3% | 6.5% | ||
| Q1 24 | 15.9% | 9.7% |
净利率AFGTNET
| Q4 25 | 14.5% | — | ||
| Q3 25 | 9.2% | 2.8% | ||
| Q2 25 | 9.0% | 3.0% | ||
| Q1 25 | 8.3% | 6.6% | ||
| Q4 24 | 11.9% | — | ||
| Q3 24 | 7.6% | 3.6% | ||
| Q2 24 | 11.0% | 4.9% | ||
| Q1 24 | 12.7% | 7.2% |
每股收益（稀释后）AFGTNET
| Q4 25 | $3.59 | $0.02 | ||
| Q3 25 | $2.58 | $0.70 | ||
| Q2 25 | $2.07 | $0.77 | ||
| Q1 25 | $1.84 | $1.71 | ||
| Q4 24 | $3.03 | $-0.44 | ||
| Q3 24 | $2.16 | $0.89 | ||
| Q2 24 | $2.49 | $1.20 | ||
| Q1 24 | $2.89 | $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 | $1.7B | $287.0M |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $4.8B | $54.0M |
| 总资产 | $32.6B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.38× | — |
8季度趋势，按日历期对齐
现金及短期投资AFGTNET
| Q4 25 | $1.7B | $287.0M | ||
| Q3 25 | $1.8B | $321.0M | ||
| Q2 25 | $1.3B | $407.0M | ||
| Q1 25 | $1.3B | $349.0M | ||
| Q4 24 | $1.4B | $360.0M | ||
| Q3 24 | $1.3B | $301.0M | ||
| Q2 24 | $1.1B | $249.0M | ||
| Q1 24 | $1.1B | $383.0M |
总债务AFGTNET
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
股东权益AFGTNET
| Q4 25 | $4.8B | $54.0M | ||
| Q3 25 | $4.7B | $110.0M | ||
| Q2 25 | $4.5B | $107.0M | ||
| Q1 25 | $4.4B | $63.0M | ||
| Q4 24 | $4.5B | $69.0M | ||
| Q3 24 | $4.7B | $129.0M | ||
| Q2 24 | $4.4B | $100.0M | ||
| Q1 24 | $4.2B | $143.0M |
总资产AFGTNET
| Q4 25 | $32.6B | $3.8B | ||
| Q3 25 | $33.8B | $3.4B | ||
| Q2 25 | $30.7B | $3.7B | ||
| Q1 25 | $30.3B | $3.8B | ||
| Q4 24 | $30.8B | $4.1B | ||
| Q3 24 | $32.6B | $3.7B | ||
| Q2 24 | $29.9B | $3.7B | ||
| Q1 24 | $30.0B | $4.0B |
负债/权益比AFGTNET
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.33× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.35× | — |
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 | $784.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | 2.62× | — |
| 过去12个月自由现金流最近4个季度 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流AFGTNET
| Q4 25 | $784.0M | $61.0M | ||
| Q3 25 | $216.0M | $72.0M | ||
| Q2 25 | $191.0M | $75.0M | ||
| Q1 25 | $342.0M | $95.0M | ||
| Q4 24 | $674.0M | $65.0M | ||
| Q3 24 | $459.0M | $84.0M | ||
| Q2 24 | $-88.0M | $39.0M | ||
| Q1 24 | $107.0M | $91.0M |
自由现金流AFGTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率AFGTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度AFGTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率AFGTNET
| Q4 25 | 2.62× | — | ||
| Q3 25 | 1.00× | 2.12× | ||
| Q2 25 | 1.10× | 2.03× | ||
| Q1 25 | 2.22× | 1.12× | ||
| Q4 24 | 2.64× | — | ||
| Q3 24 | 2.54× | 1.87× | ||
| Q2 24 | -0.42× | 0.65× | ||
| Q1 24 | 0.44× | 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
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
