vs
百富门（BF.B）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.的季度营收约是百富门的1.2倍（$1.2B vs $1.0B），TRINET GROUP, INC.同比增速更快（-2.2% vs -5.4%），百富门自由现金流更多（$107.0M vs $43.0M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -1.6%）
百富门（Brown-Forman）是美国家族控股上市企业，属全球规模最大的葡萄酒及烈酒经营集团之一，总部位于肯塔基州路易斯维尔。旗下拥有杰克丹尼、伍德福德珍藏、格兰多纳等多个国际知名酒类品牌，曾持有的南方安逸等品牌已于2016年出售。
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。
BF.B 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
TNET
高出3.2%
-5.4%
自由现金流更多
BF.B
多$64.0M
$43.0M
两年增速更快
TNET
近两年复合增速
-1.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $224.0M | — |
| 毛利率 | 59.4% | — |
| 营业利润率 | 29.4% | 0.1% |
| 净利率 | 21.6% | — |
| 营收同比 | -5.4% | -2.2% |
| 净利润同比 | -13.2% | — |
| 每股收益（稀释后） | $0.47 | $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BF.BTNET
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $924.0M | $1.2B | ||
| Q2 25 | $894.0M | $1.2B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $951.0M | $1.2B | ||
| Q2 24 | $964.0M | $1.2B | ||
| Q1 24 | $1.1B | $1.3B |
净利润BF.BTNET
| Q4 25 | $224.0M | — | ||
| Q3 25 | $170.0M | $34.0M | ||
| Q2 25 | $146.0M | $37.0M | ||
| Q1 25 | $270.0M | $85.0M | ||
| Q4 24 | $258.0M | — | ||
| Q3 24 | $195.0M | $45.0M | ||
| Q2 24 | $266.0M | $60.0M | ||
| Q1 24 | $285.0M | $91.0M |
毛利率BF.BTNET
| Q4 25 | 59.4% | — | ||
| Q3 25 | 59.7% | — | ||
| Q2 25 | 57.4% | — | ||
| Q1 25 | 59.8% | — | ||
| Q4 24 | 59.0% | — | ||
| Q3 24 | 59.4% | — | ||
| Q2 24 | 59.0% | — | ||
| Q1 24 | 59.4% | — |
营业利润率BF.BTNET
| Q4 25 | 29.4% | 0.1% | ||
| Q3 25 | 28.1% | 4.1% | ||
| Q2 25 | 22.9% | 4.1% | ||
| Q1 25 | 27.1% | 8.9% | ||
| Q4 24 | 31.1% | -2.9% | ||
| Q3 24 | 29.5% | 4.7% | ||
| Q2 24 | 38.9% | 6.5% | ||
| Q1 24 | 34.9% | 9.7% |
净利率BF.BTNET
| Q4 25 | 21.6% | — | ||
| Q3 25 | 18.4% | 2.8% | ||
| Q2 25 | 16.3% | 3.0% | ||
| Q1 25 | 26.1% | 6.6% | ||
| Q4 24 | 23.6% | — | ||
| Q3 24 | 20.5% | 3.6% | ||
| Q2 24 | 27.6% | 4.9% | ||
| Q1 24 | 26.7% | 7.2% |
每股收益（稀释后）BF.BTNET
| Q4 25 | $0.47 | $0.02 | ||
| Q3 25 | $0.36 | $0.70 | ||
| Q2 25 | $0.31 | $0.77 | ||
| Q1 25 | $0.57 | $1.71 | ||
| Q4 24 | $0.55 | $-0.44 | ||
| Q3 24 | $0.41 | $0.89 | ||
| Q2 24 | $0.56 | $1.20 | ||
| Q1 24 | $0.60 | $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 | $319.0M | $287.0M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $4.1B | $54.0M |
| 总资产 | $8.2B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.59× | — |
8季度趋势，按日历期对齐
现金及短期投资BF.BTNET
| Q4 25 | $319.0M | $287.0M | ||
| Q3 25 | $471.0M | $321.0M | ||
| Q2 25 | $444.0M | $407.0M | ||
| Q1 25 | $599.0M | $349.0M | ||
| Q4 24 | $416.0M | $360.0M | ||
| Q3 24 | $416.0M | $301.0M | ||
| Q2 24 | $446.0M | $249.0M | ||
| Q1 24 | $589.0M | $383.0M |
总债务BF.BTNET
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.7B | — |
股东权益BF.BTNET
| Q4 25 | $4.1B | $54.0M | ||
| Q3 25 | $4.0B | $110.0M | ||
| Q2 25 | $4.0B | $107.0M | ||
| Q1 25 | $3.8B | $63.0M | ||
| Q4 24 | $3.7B | $69.0M | ||
| Q3 24 | $3.5B | $129.0M | ||
| Q2 24 | $3.5B | $100.0M | ||
| Q1 24 | $3.2B | $143.0M |
总资产BF.BTNET
| Q4 25 | $8.2B | $3.8B | ||
| Q3 25 | $8.2B | $3.4B | ||
| Q2 25 | $8.1B | $3.7B | ||
| Q1 25 | $8.1B | $3.8B | ||
| Q4 24 | $8.3B | $4.1B | ||
| Q3 24 | $8.2B | $3.7B | ||
| Q2 24 | $8.2B | $3.7B | ||
| Q1 24 | $8.2B | $4.0B |
负债/权益比BF.BTNET
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.77× | — | ||
| Q2 24 | 0.76× | — | ||
| Q1 24 | 0.83× | — |
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 | $132.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $107.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 10.3% | 3.4% |
| 资本支出强度资本支出/营收 | 2.4% | 1.4% |
| 现金转化率经营现金流/净利润 | 0.59× | — |
| 过去12个月自由现金流最近4个季度 | $610.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流BF.BTNET
| Q4 25 | $132.0M | $61.0M | ||
| Q3 25 | $160.0M | $72.0M | ||
| Q2 25 | $152.0M | $75.0M | ||
| Q1 25 | $317.0M | $95.0M | ||
| Q4 24 | $112.0M | $65.0M | ||
| Q3 24 | $17.0M | $84.0M | ||
| Q2 24 | $285.0M | $39.0M | ||
| Q1 24 | $265.0M | $91.0M |
自由现金流BF.BTNET
| Q4 25 | $107.0M | $43.0M | ||
| Q3 25 | $129.0M | $55.0M | ||
| Q2 25 | $102.0M | $57.0M | ||
| Q1 25 | $272.0M | $79.0M | ||
| Q4 24 | $81.0M | $47.0M | ||
| Q3 24 | $-24.0M | $59.0M | ||
| Q2 24 | $205.0M | $22.0M | ||
| Q1 24 | $196.0M | $73.0M |
自由现金流率BF.BTNET
| Q4 25 | 10.3% | 3.4% | ||
| Q3 25 | 14.0% | 4.5% | ||
| Q2 25 | 11.4% | 4.6% | ||
| Q1 25 | 26.3% | 6.1% | ||
| Q4 24 | 7.4% | 3.7% | ||
| Q3 24 | -2.5% | 4.8% | ||
| Q2 24 | 21.3% | 1.8% | ||
| Q1 24 | 18.3% | 5.8% |
资本支出强度BF.BTNET
| Q4 25 | 2.4% | 1.4% | ||
| Q3 25 | 3.4% | 1.4% | ||
| Q2 25 | 5.6% | 1.5% | ||
| Q1 25 | 4.3% | 1.2% | ||
| Q4 24 | 2.8% | 1.4% | ||
| Q3 24 | 4.3% | 2.0% | ||
| Q2 24 | 8.3% | 1.4% | ||
| Q1 24 | 6.5% | 1.4% |
现金转化率BF.BTNET
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.94× | 2.12× | ||
| Q2 25 | 1.04× | 2.03× | ||
| Q1 25 | 1.17× | 1.12× | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.09× | 1.87× | ||
| Q2 24 | 1.07× | 0.65× | ||
| Q1 24 | 0.93× | 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
BF.B
| Whiskey | $771.0M | 74% |
| Ready To Drink | $138.0M | 13% |
| Tequila | $67.0M | 6% |
| Restofportfolio | $52.0M | 5% |
| Nonbrandedandbulk | $8.0M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
