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奥尼兰姆制药（ALNY）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.的季度营收约是奥尼兰姆制药的1.1倍（$1.2B vs $1.2B），奥尼兰姆制药同比增速更快（96.4% vs -2.2%），过去两年奥尼兰姆制药的营收复合增速更高（33.0% vs -0.6%）
奥尼兰姆制药是美国生物制药企业，2002年成立，总部位于马萨诸塞州剑桥市，专注于研发及商业化针对基因明确疾病的RNA干扰（RNAi）疗法，2016年入选福布斯「100家最具创新力成长企业」榜单。
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。
ALNY vs TNET — 直观对比
营收规模更大
TNET
是对方的1.1倍
$1.2B
营收增速更快
ALNY
高出98.6%
-2.2%
两年增速更快
ALNY
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $206.0M | — |
| 毛利率 | 82.2% | — |
| 营业利润率 | 23.0% | 0.1% |
| 净利率 | 17.6% | — |
| 营收同比 | 96.4% | -2.2% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $1.51 | $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ALNYTNET
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $773.7M | $1.2B | ||
| Q1 25 | $594.2M | $1.3B | ||
| Q4 24 | $593.2M | $1.3B | ||
| Q3 24 | $500.9M | $1.2B | ||
| Q2 24 | $659.8M | $1.2B |
净利润ALNYTNET
| Q1 26 | $206.0M | — | ||
| Q4 25 | $186.4M | — | ||
| Q3 25 | $251.1M | $34.0M | ||
| Q2 25 | $-66.3M | $37.0M | ||
| Q1 25 | $-57.5M | $85.0M | ||
| Q4 24 | $-83.8M | — | ||
| Q3 24 | $-111.6M | $45.0M | ||
| Q2 24 | $-16.9M | $60.0M |
毛利率ALNYTNET
| Q1 26 | 82.2% | — | ||
| Q4 25 | 75.6% | — | ||
| Q3 25 | 84.2% | — | ||
| Q2 25 | 81.6% | — | ||
| Q1 25 | 88.2% | — | ||
| Q4 24 | 82.7% | — | ||
| Q3 24 | 83.6% | — | ||
| Q2 24 | 89.8% | — |
营业利润率ALNYTNET
| Q1 26 | 23.0% | — | ||
| Q4 25 | 12.0% | 0.1% | ||
| Q3 25 | 29.5% | 4.1% | ||
| Q2 25 | -2.1% | 4.1% | ||
| Q1 25 | 3.0% | 8.9% | ||
| Q4 24 | -17.7% | -2.9% | ||
| Q3 24 | -15.4% | 4.7% | ||
| Q2 24 | 7.4% | 6.5% |
净利率ALNYTNET
| Q1 26 | 17.6% | — | ||
| Q4 25 | 17.0% | — | ||
| Q3 25 | 20.1% | 2.8% | ||
| Q2 25 | -8.6% | 3.0% | ||
| Q1 25 | -9.7% | 6.6% | ||
| Q4 24 | -14.1% | — | ||
| Q3 24 | -22.3% | 3.6% | ||
| Q2 24 | -2.6% | 4.9% |
每股收益（稀释后）ALNYTNET
| Q1 26 | $1.51 | — | ||
| Q4 25 | $1.44 | $0.02 | ||
| Q3 25 | $1.84 | $0.70 | ||
| Q2 25 | $-0.51 | $0.77 | ||
| Q1 25 | $-0.44 | $1.71 | ||
| Q4 24 | $-0.66 | $-0.44 | ||
| Q3 24 | $-0.87 | $0.89 | ||
| Q2 24 | $-0.13 | $1.20 |
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 | — | — |
| 股东权益账面价值 | $1.1B | $54.0M |
| 总资产 | $5.1B | $3.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ALNYTNET
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.7B | $287.0M | ||
| Q3 25 | $1.5B | $321.0M | ||
| Q2 25 | $1.1B | $407.0M | ||
| Q1 25 | $1.0B | $349.0M | ||
| Q4 24 | $966.4M | $360.0M | ||
| Q3 24 | $1.1B | $301.0M | ||
| Q2 24 | $968.5M | $249.0M |
股东权益ALNYTNET
| Q1 26 | $1.1B | — | ||
| Q4 25 | $789.2M | $54.0M | ||
| Q3 25 | $233.9M | $110.0M | ||
| Q2 25 | $250.6M | $107.0M | ||
| Q1 25 | $115.4M | $63.0M | ||
| Q4 24 | $67.1M | $69.0M | ||
| Q3 24 | $32.4M | $129.0M | ||
| Q2 24 | $-3.1M | $100.0M |
总资产ALNYTNET
| Q1 26 | $5.1B | — | ||
| Q4 25 | $5.0B | $3.8B | ||
| Q3 25 | $4.9B | $3.4B | ||
| Q2 25 | $4.6B | $3.7B | ||
| Q1 25 | $4.2B | $3.8B | ||
| Q4 24 | $4.2B | $4.1B | ||
| Q3 24 | $4.2B | $3.7B | ||
| Q2 24 | $4.0B | $3.7B |
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 | — | $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 | — | — |
| 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ALNYTNET
| Q1 26 | — | — | ||
| Q4 25 | $163.6M | $61.0M | ||
| Q3 25 | $325.1M | $72.0M | ||
| Q2 25 | $153.7M | $75.0M | ||
| Q1 25 | $-118.3M | $95.0M | ||
| Q4 24 | $-94.7M | $65.0M | ||
| Q3 24 | $43.7M | $84.0M | ||
| Q2 24 | $124.2M | $39.0M |
自由现金流ALNYTNET
| Q1 26 | — | — | ||
| Q4 25 | $140.3M | $43.0M | ||
| Q3 25 | $313.0M | $55.0M | ||
| Q2 25 | $139.4M | $57.0M | ||
| Q1 25 | $-127.3M | $79.0M | ||
| Q4 24 | $-103.8M | $47.0M | ||
| Q3 24 | $39.5M | $59.0M | ||
| Q2 24 | $116.1M | $22.0M |
自由现金流率ALNYTNET
| Q1 26 | — | — | ||
| Q4 25 | 12.8% | 3.4% | ||
| Q3 25 | 25.1% | 4.5% | ||
| Q2 25 | 18.0% | 4.6% | ||
| Q1 25 | -21.4% | 6.1% | ||
| Q4 24 | -17.5% | 3.7% | ||
| Q3 24 | 7.9% | 4.8% | ||
| Q2 24 | 17.6% | 1.8% |
资本支出强度ALNYTNET
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 1.4% | ||
| Q3 25 | 1.0% | 1.4% | ||
| Q2 25 | 1.8% | 1.5% | ||
| Q1 25 | 1.5% | 1.2% | ||
| Q4 24 | 1.5% | 1.4% | ||
| Q3 24 | 0.8% | 2.0% | ||
| Q2 24 | 1.2% | 1.4% |
现金转化率ALNYTNET
| Q1 26 | — | — | ||
| Q4 25 | 0.88× | — | ||
| Q3 25 | 1.29× | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 0.65× |
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
ALNY
| AMVUTTRA | $889.9M | 76% |
| GIVLAARI | $74.4M | 6% |
| OXLUMO | $51.3M | 4% |
| Royalty revenue | $49.0M | 4% |
| Regeneron Pharmaceuticals | $46.3M | 4% |
| Roche | $35.6M | 3% |
| ONPATTRO | $20.5M | 2% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
