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Brighthouse Financial, Inc.（BHF）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
Brighthouse Financial, Inc.的季度营收约是TRINET GROUP, INC.的1.4倍（$1.7B vs $1.2B），Brighthouse Financial, Inc.同比增速更快（40.2% vs -2.2%），过去两年Brighthouse Financial, Inc.的营收复合增速更高（9.8% vs -0.6%）
Brighthouse Financial是总部位于美国北卡罗来纳州夏洛特的保险公司，核心业务为销售年金和人寿保险产品。截至2018年3月，该公司是美国规模领先的年金和人寿保险提供商之一，总资产达2190亿美元，有效保单及年金合约数量约260万份。
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。
BHF vs TNET — 直观对比
营收规模更大
BHF
是对方的1.4倍
$1.2B
营收增速更快
BHF
高出42.4%
-2.2%
两年增速更快
BHF
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $137.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 8.9% | 0.1% |
| 净利率 | 8.1% | — |
| 营收同比 | 40.2% | -2.2% |
| 净利润同比 | -79.6% | — |
| 每股收益（稀释后） | $1.84 | $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BHFTNET
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $871.0M | $1.2B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $2.0B | $1.2B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | — | $1.3B |
净利润BHFTNET
| Q4 25 | $137.0M | — | ||
| Q3 25 | $479.0M | $34.0M | ||
| Q2 25 | $85.0M | $37.0M | ||
| Q1 25 | $-268.0M | $85.0M | ||
| Q4 24 | $671.0M | — | ||
| Q3 24 | $176.0M | $45.0M | ||
| Q2 24 | $34.0M | $60.0M | ||
| Q1 24 | — | $91.0M |
营业利润率BHFTNET
| Q4 25 | 8.9% | 0.1% | ||
| Q3 25 | 32.2% | 4.1% | ||
| Q2 25 | 10.7% | 4.1% | ||
| Q1 25 | -14.8% | 8.9% | ||
| Q4 24 | 69.2% | -2.9% | ||
| Q3 24 | 9.3% | 4.7% | ||
| Q2 24 | 1.0% | 6.5% | ||
| Q1 24 | — | 9.7% |
净利率BHFTNET
| Q4 25 | 8.1% | — | ||
| Q3 25 | 26.4% | 2.8% | ||
| Q2 25 | 9.8% | 3.0% | ||
| Q1 25 | -11.2% | 6.6% | ||
| Q4 24 | 55.7% | — | ||
| Q3 24 | 8.7% | 3.6% | ||
| Q2 24 | 2.4% | 4.9% | ||
| Q1 24 | — | 7.2% |
每股收益（稀释后）BHFTNET
| Q4 25 | $1.84 | $0.02 | ||
| Q3 25 | $7.89 | $0.70 | ||
| Q2 25 | $1.02 | $0.77 | ||
| Q1 25 | $-5.04 | $1.71 | ||
| Q4 24 | $10.27 | $-0.44 | ||
| Q3 24 | $2.47 | $0.89 | ||
| Q2 24 | $0.12 | $1.20 | ||
| Q1 24 | — | $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 | — | $287.0M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $6.8B | $54.0M |
| 总资产 | $241.8B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.47× | — |
8季度趋势，按日历期对齐
现金及短期投资BHFTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | $1.9B | $360.0M | ||
| Q3 24 | $1.8B | $301.0M | ||
| Q2 24 | $1.4B | $249.0M | ||
| Q1 24 | — | $383.0M |
总债务BHFTNET
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | — | — |
股东权益BHFTNET
| Q4 25 | $6.8B | $54.0M | ||
| Q3 25 | $6.4B | $110.0M | ||
| Q2 25 | $5.7B | $107.0M | ||
| Q1 25 | $5.2B | $63.0M | ||
| Q4 24 | $5.0B | $69.0M | ||
| Q3 24 | $5.5B | $129.0M | ||
| Q2 24 | $4.1B | $100.0M | ||
| Q1 24 | — | $143.0M |
总资产BHFTNET
| Q4 25 | $241.8B | $3.8B | ||
| Q3 25 | $244.7B | $3.4B | ||
| Q2 25 | $242.6B | $3.7B | ||
| Q1 25 | $234.7B | $3.8B | ||
| Q4 24 | $238.5B | $4.1B | ||
| Q3 24 | $245.2B | $3.7B | ||
| Q2 24 | $237.4B | $3.7B | ||
| Q1 24 | — | $4.0B |
负债/权益比BHFTNET
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.76× | — | ||
| Q1 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 | $-3.0M | $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 | -0.02× | — |
| 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BHFTNET
| Q4 25 | $-3.0M | $61.0M | ||
| Q3 25 | $117.0M | $72.0M | ||
| Q2 25 | $-1.0M | $75.0M | ||
| Q1 25 | $146.0M | $95.0M | ||
| Q4 24 | $-118.0M | $65.0M | ||
| Q3 24 | $24.0M | $84.0M | ||
| Q2 24 | $334.0M | $39.0M | ||
| Q1 24 | — | $91.0M |
自由现金流BHFTNET
| 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BHFTNET
| 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BHFTNET
| 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BHFTNET
| Q4 25 | -0.02× | — | ||
| Q3 25 | 0.24× | 2.12× | ||
| Q2 25 | -0.01× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | -0.18× | — | ||
| Q3 24 | 0.14× | 1.87× | ||
| Q2 24 | 9.82× | 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
BHF
| Annuities | $926.0M | 55% |
| Runoff | $319.0M | 19% |
| Life | $298.0M | 18% |
| Other | $78.0M | 5% |
| Distribution Service | $66.0M | 4% |
| Accident And Health Insurance Segment | $2.0M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
