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Academy Sports & Outdoors, Inc.（ASO）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
Academy Sports & Outdoors, Inc.的季度营收约是TRINET GROUP, INC.的1.1倍（$1.4B vs $1.2B），Academy Sports & Outdoors, Inc.同比增速更快（3.0% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-13.6M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -12.2%）
Academy Sports & Outdoors是美国知名的运动户外用品连锁零售商，总部位于得克萨斯州哈里斯县，临近休斯顿。品牌曾由戈奇曼家族私有运营74年，2011年被私募机构KKR收购，2020年10月于纳斯达克挂牌上市，旗下门店主营各类运动装备、户外休闲用品等品类。
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。
ASO vs TNET — 直观对比
营收规模更大
ASO
是对方的1.1倍
$1.2B
营收增速更快
ASO
高出5.2%
-2.2%
自由现金流更多
TNET
多$56.6M
$-13.6M
两年增速更快
TNET
近两年复合增速
-12.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $71.6M | — |
| 毛利率 | 35.7% | — |
| 营业利润率 | 7.3% | 0.1% |
| 净利率 | 5.2% | — |
| 营收同比 | 3.0% | -2.2% |
| 净利润同比 | 8.8% | — |
| 每股收益（稀释后） | $1.05 | $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ASOTNET
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.8B | $1.3B |
净利润ASOTNET
| Q4 25 | $71.6M | — | ||
| Q3 25 | $125.4M | $34.0M | ||
| Q2 25 | $46.1M | $37.0M | ||
| Q1 25 | $133.6M | $85.0M | ||
| Q4 24 | $65.8M | — | ||
| Q3 24 | $142.6M | $45.0M | ||
| Q2 24 | $76.5M | $60.0M | ||
| Q1 24 | $168.2M | $91.0M |
毛利率ASOTNET
| Q4 25 | 35.7% | — | ||
| Q3 25 | 36.0% | — | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 32.2% | — | ||
| Q4 24 | 34.0% | — | ||
| Q3 24 | 36.1% | — | ||
| Q2 24 | 33.4% | — | ||
| Q1 24 | 33.3% | — |
营业利润率ASOTNET
| Q4 25 | 7.3% | 0.1% | ||
| Q3 25 | 10.8% | 4.1% | ||
| Q2 25 | 5.1% | 4.1% | ||
| Q1 25 | 9.2% | 8.9% | ||
| Q4 24 | 6.8% | -2.9% | ||
| Q3 24 | 12.3% | 4.7% | ||
| Q2 24 | 7.5% | 6.5% | ||
| Q1 24 | 11.4% | 9.7% |
净利率ASOTNET
| Q4 25 | 5.2% | — | ||
| Q3 25 | 7.8% | 2.8% | ||
| Q2 25 | 3.4% | 3.0% | ||
| Q1 25 | 8.0% | 6.6% | ||
| Q4 24 | 4.9% | — | ||
| Q3 24 | 9.2% | 3.6% | ||
| Q2 24 | 5.6% | 4.9% | ||
| Q1 24 | 9.4% | 7.2% |
每股收益（稀释后）ASOTNET
| Q4 25 | $1.05 | $0.02 | ||
| Q3 25 | $1.85 | $0.70 | ||
| Q2 25 | $0.68 | $0.77 | ||
| Q1 25 | $1.85 | $1.71 | ||
| Q4 24 | $0.92 | $-0.44 | ||
| Q3 24 | $1.95 | $0.89 | ||
| Q2 24 | $1.01 | $1.20 | ||
| Q1 24 | $2.19 | $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 | $289.5M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $54.0M |
| 总资产 | $5.4B | $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ASOTNET
| Q4 25 | $289.5M | $287.0M | ||
| Q3 25 | $300.9M | $321.0M | ||
| Q2 25 | $285.1M | $407.0M | ||
| Q1 25 | $288.9M | $349.0M | ||
| Q4 24 | $296.0M | $360.0M | ||
| Q3 24 | $324.6M | $301.0M | ||
| Q2 24 | $378.1M | $249.0M | ||
| Q1 24 | $347.9M | $383.0M |
股东权益ASOTNET
| Q4 25 | $2.1B | $54.0M | ||
| Q3 25 | $2.1B | $110.0M | ||
| Q2 25 | $1.9B | $107.0M | ||
| Q1 25 | $2.0B | $63.0M | ||
| Q4 24 | $2.0B | $69.0M | ||
| Q3 24 | $2.0B | $129.0M | ||
| Q2 24 | $1.9B | $100.0M | ||
| Q1 24 | $2.0B | $143.0M |
总资产ASOTNET
| Q4 25 | $5.4B | $3.8B | ||
| Q3 25 | $5.3B | $3.4B | ||
| Q2 25 | $5.2B | $3.7B | ||
| Q1 25 | $4.9B | $3.8B | ||
| Q4 24 | $5.1B | $4.1B | ||
| Q3 24 | $4.9B | $3.7B | ||
| Q2 24 | $4.9B | $3.7B | ||
| Q1 24 | $4.7B | $4.0B |
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 | $49.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-13.6M | $43.0M |
| 自由现金流率自由现金流/营收 | -1.0% | 3.4% |
| 资本支出强度资本支出/营收 | 4.5% | 1.4% |
| 现金转化率经营现金流/净利润 | 0.68× | — |
| 过去12个月自由现金流最近4个季度 | $191.4M | $234.0M |
8季度趋势，按日历期对齐
经营现金流ASOTNET
| Q4 25 | $49.0M | $61.0M | ||
| Q3 25 | $78.6M | $72.0M | ||
| Q2 25 | $157.5M | $75.0M | ||
| Q1 25 | $140.2M | $95.0M | ||
| Q4 24 | $96.9M | $65.0M | ||
| Q3 24 | $91.3M | $84.0M | ||
| Q2 24 | $199.7M | $39.0M | ||
| Q1 24 | $234.7M | $91.0M |
自由现金流ASOTNET
| Q4 25 | $-13.6M | $43.0M | ||
| Q3 25 | $21.8M | $55.0M | ||
| Q2 25 | $106.6M | $57.0M | ||
| Q1 25 | $76.4M | $79.0M | ||
| Q4 24 | $34.4M | $47.0M | ||
| Q3 24 | $50.1M | $59.0M | ||
| Q2 24 | $167.4M | $22.0M | ||
| Q1 24 | $178.9M | $73.0M |
自由现金流率ASOTNET
| Q4 25 | -1.0% | 3.4% | ||
| Q3 25 | 1.4% | 4.5% | ||
| Q2 25 | 7.9% | 4.6% | ||
| Q1 25 | 4.6% | 6.1% | ||
| Q4 24 | 2.6% | 3.7% | ||
| Q3 24 | 3.2% | 4.8% | ||
| Q2 24 | 12.3% | 1.8% | ||
| Q1 24 | 10.0% | 5.8% |
资本支出强度ASOTNET
| Q4 25 | 4.5% | 1.4% | ||
| Q3 25 | 3.5% | 1.4% | ||
| Q2 25 | 3.8% | 1.5% | ||
| Q1 25 | 3.8% | 1.2% | ||
| Q4 24 | 4.6% | 1.4% | ||
| Q3 24 | 2.7% | 2.0% | ||
| Q2 24 | 2.4% | 1.4% | ||
| Q1 24 | 3.1% | 1.4% |
现金转化率ASOTNET
| Q4 25 | 0.68× | — | ||
| Q3 25 | 0.63× | 2.12× | ||
| Q2 25 | 3.42× | 2.03× | ||
| Q1 25 | 1.05× | 1.12× | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 0.64× | 1.87× | ||
| Q2 24 | 2.61× | 0.65× | ||
| Q1 24 | 1.40× | 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
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
