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Alignment Healthcare, Inc.（ALHC）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
TRINET GROUP, INC.的季度营收约是Alignment Healthcare, Inc.的1.2倍（$1.2B vs $1.0B），Alignment Healthcare, Inc.同比增速更快（44.4% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-55.4M），过去两年Alignment Healthcare, Inc.的营收复合增速更高（26.9% vs -0.6%）
Alignment Healthcare是总部位于美国的医疗保健企业，主打联邦医疗保险优势计划，为老年群体提供协调医疗服务、处方药保障及补充福利，采用价值导向医疗模式，与本土医疗机构合作，业务覆盖美国多个州，致力提升患者健康水平。
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。
ALHC vs TNET — 直观对比
营收规模更大
TNET
是对方的1.2倍
$1.0B
营收增速更快
ALHC
高出46.6%
-2.2%
自由现金流更多
TNET
多$98.4M
$-55.4M
两年增速更快
ALHC
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $-11.0M | — |
| 毛利率 | — | — |
| 营业利润率 | -1.0% | 0.1% |
| 净利率 | -1.1% | — |
| 营收同比 | 44.4% | -2.2% |
| 净利润同比 | 64.6% | — |
| 每股收益（稀释后） | $-0.04 | $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ALHCTNET
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $993.7M | $1.2B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $926.9M | $1.3B | ||
| Q4 24 | $701.2M | $1.3B | ||
| Q3 24 | $692.4M | $1.2B | ||
| Q2 24 | $681.3M | $1.2B | ||
| Q1 24 | $628.6M | $1.3B |
净利润ALHCTNET
| Q4 25 | $-11.0M | — | ||
| Q3 25 | $3.7M | $34.0M | ||
| Q2 25 | $15.7M | $37.0M | ||
| Q1 25 | $-9.1M | $85.0M | ||
| Q4 24 | $-31.1M | — | ||
| Q3 24 | $-26.4M | $45.0M | ||
| Q2 24 | $-24.0M | $60.0M | ||
| Q1 24 | $-46.5M | $91.0M |
营业利润率ALHCTNET
| Q4 25 | -1.0% | 0.1% | ||
| Q3 25 | 0.8% | 4.1% | ||
| Q2 25 | 2.2% | 4.1% | ||
| Q1 25 | -0.6% | 8.9% | ||
| Q4 24 | -3.2% | -2.9% | ||
| Q3 24 | -2.8% | 4.7% | ||
| Q2 24 | -2.7% | 6.5% | ||
| Q1 24 | -6.5% | 9.7% |
净利率ALHCTNET
| Q4 25 | -1.1% | — | ||
| Q3 25 | 0.4% | 2.8% | ||
| Q2 25 | 1.5% | 3.0% | ||
| Q1 25 | -1.0% | 6.6% | ||
| Q4 24 | -4.4% | — | ||
| Q3 24 | -3.8% | 3.6% | ||
| Q2 24 | -3.5% | 4.9% | ||
| Q1 24 | -7.4% | 7.2% |
每股收益（稀释后）ALHCTNET
| Q4 25 | $-0.04 | $0.02 | ||
| Q3 25 | $0.02 | $0.70 | ||
| Q2 25 | $0.07 | $0.77 | ||
| Q1 25 | $-0.05 | $1.71 | ||
| Q4 24 | $-0.15 | $-0.44 | ||
| Q3 24 | $-0.14 | $0.89 | ||
| Q2 24 | $-0.13 | $1.20 | ||
| Q1 24 | $-0.25 | $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 | $604.2M | $287.0M |
| 总债务越低越好 | $323.2M | — |
| 股东权益账面价值 | $179.3M | $54.0M |
| 总资产 | $1.1B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.80× | — |
8季度趋势，按日历期对齐
现金及短期投资ALHCTNET
| Q4 25 | $604.2M | $287.0M | ||
| Q3 25 | $644.1M | $321.0M | ||
| Q2 25 | $503.8M | $407.0M | ||
| Q1 25 | $479.5M | $349.0M | ||
| Q4 24 | $470.6M | $360.0M | ||
| Q3 24 | $381.0M | $301.0M | ||
| Q2 24 | $363.7M | $249.0M | ||
| Q1 24 | $301.7M | $383.0M |
总债务ALHCTNET
| Q4 25 | $323.2M | — | ||
| Q3 25 | $322.7M | — | ||
| Q2 25 | $322.3M | — | ||
| Q1 25 | $321.9M | — | ||
| Q4 24 | $321.4M | — | ||
| Q3 24 | $212.0M | — | ||
| Q2 24 | $211.7M | — | ||
| Q1 24 | $162.0M | — |
股东权益ALHCTNET
| Q4 25 | $179.3M | $54.0M | ||
| Q3 25 | $161.9M | $110.0M | ||
| Q2 25 | $141.0M | $107.0M | ||
| Q1 25 | $108.1M | $63.0M | ||
| Q4 24 | $99.9M | $69.0M | ||
| Q3 24 | $114.5M | $129.0M | ||
| Q2 24 | $123.7M | $100.0M | ||
| Q1 24 | $130.9M | $143.0M |
总资产ALHCTNET
| Q4 25 | $1.1B | $3.8B | ||
| Q3 25 | $1.1B | $3.4B | ||
| Q2 25 | $1.0B | $3.7B | ||
| Q1 25 | $895.6M | $3.8B | ||
| Q4 24 | $782.1M | $4.1B | ||
| Q3 24 | $692.3M | $3.7B | ||
| Q2 24 | $716.3M | $3.7B | ||
| Q1 24 | $633.2M | $4.0B |
负债/权益比ALHCTNET
| Q4 25 | 1.80× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.71× | — | ||
| Q1 24 | 1.24× | — |
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 | $-50.4M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-55.4M | $43.0M |
| 自由现金流率自由现金流/营收 | -5.5% | 3.4% |
| 资本支出强度资本支出/营收 | 0.5% | 1.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $113.1M | $234.0M |
8季度趋势，按日历期对齐
经营现金流ALHCTNET
| Q4 25 | $-50.4M | $61.0M | ||
| Q3 25 | $144.6M | $72.0M | ||
| Q2 25 | $29.1M | $75.0M | ||
| Q1 25 | $16.6M | $95.0M | ||
| Q4 24 | $-8.7M | $65.0M | ||
| Q3 24 | $26.2M | $84.0M | ||
| Q2 24 | $23.5M | $39.0M | ||
| Q1 24 | $-6.2M | $91.0M |
自由现金流ALHCTNET
| Q4 25 | $-55.4M | $43.0M | ||
| Q3 25 | $139.1M | $55.0M | ||
| Q2 25 | $21.1M | $57.0M | ||
| Q1 25 | $8.4M | $79.0M | ||
| Q4 24 | $-18.0M | $47.0M | ||
| Q3 24 | $16.9M | $59.0M | ||
| Q2 24 | $11.8M | $22.0M | ||
| Q1 24 | $-17.4M | $73.0M |
自由现金流率ALHCTNET
| Q4 25 | -5.5% | 3.4% | ||
| Q3 25 | 14.0% | 4.5% | ||
| Q2 25 | 2.1% | 4.6% | ||
| Q1 25 | 0.9% | 6.1% | ||
| Q4 24 | -2.6% | 3.7% | ||
| Q3 24 | 2.4% | 4.8% | ||
| Q2 24 | 1.7% | 1.8% | ||
| Q1 24 | -2.8% | 5.8% |
资本支出强度ALHCTNET
| Q4 25 | 0.5% | 1.4% | ||
| Q3 25 | 0.6% | 1.4% | ||
| Q2 25 | 0.8% | 1.5% | ||
| Q1 25 | 0.9% | 1.2% | ||
| Q4 24 | 1.3% | 1.4% | ||
| Q3 24 | 1.3% | 2.0% | ||
| Q2 24 | 1.7% | 1.4% | ||
| Q1 24 | 1.8% | 1.4% |
现金转化率ALHCTNET
| Q4 25 | — | — | ||
| Q3 25 | 38.77× | 2.12× | ||
| Q2 25 | 1.86× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 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
ALHC
暂无分部数据
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
