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渤健（BIIB）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
渤健的季度营收约是TRINET GROUP, INC.的1.8倍（$2.3B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -7.1%），渤健自由现金流更多（$468.0M vs $43.0M），过去两年渤健的营收复合增速更高（-0.2% vs -0.6%）
渤健是总部位于美国马萨诸塞州剑桥市的跨国生物技术企业，专注于神经系统疾病治疗领域。公司核心产品包括用于多发性硬化症的特菲达、万立能等多款药物，以及治疗脊髓性肌萎缩症的诺西那生钠、治疗弗里德赖希共济失调的Skyclarys，致力于为神经疾病和罕见病患者提供创新疗法。
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。
BIIB vs TNET — 直观对比
营收规模更大
BIIB
是对方的1.8倍
$1.2B
营收增速更快
TNET
高出4.9%
-7.1%
自由现金流更多
BIIB
多$425.0M
$43.0M
两年增速更快
BIIB
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.2B |
| 净利润 | $-48.9M | — |
| 毛利率 | 78.3% | — |
| 营业利润率 | -2.5% | 0.1% |
| 净利率 | -2.1% | — |
| 营收同比 | -7.1% | -2.2% |
| 净利润同比 | -118.3% | — |
| 每股收益（稀释后） | $-0.35 | $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BIIBTNET
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.5B | $1.2B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.5B | $1.2B | ||
| Q2 24 | $2.5B | $1.2B | ||
| Q1 24 | $2.3B | $1.3B |
净利润BIIBTNET
| Q4 25 | $-48.9M | — | ||
| Q3 25 | $466.5M | $34.0M | ||
| Q2 25 | $634.8M | $37.0M | ||
| Q1 25 | $240.5M | $85.0M | ||
| Q4 24 | $266.7M | — | ||
| Q3 24 | $388.5M | $45.0M | ||
| Q2 24 | $583.6M | $60.0M | ||
| Q1 24 | $393.4M | $91.0M |
毛利率BIIBTNET
| Q4 25 | 78.3% | — | ||
| Q3 25 | 73.4% | — | ||
| Q2 25 | 77.1% | — | ||
| Q1 25 | 74.1% | — | ||
| Q4 24 | 76.2% | — | ||
| Q3 24 | 74.1% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 76.3% | — |
营业利润率BIIBTNET
| Q4 25 | -2.5% | 0.1% | ||
| Q3 25 | 22.0% | 4.1% | ||
| Q2 25 | 28.1% | 4.1% | ||
| Q1 25 | 12.8% | 8.9% | ||
| Q4 24 | 11.9% | -2.9% | ||
| Q3 24 | 18.3% | 4.7% | ||
| Q2 24 | 28.3% | 6.5% | ||
| Q1 24 | 20.3% | 9.7% |
净利率BIIBTNET
| Q4 25 | -2.1% | — | ||
| Q3 25 | 18.4% | 2.8% | ||
| Q2 25 | 24.0% | 3.0% | ||
| Q1 25 | 9.9% | 6.6% | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 15.8% | 3.6% | ||
| Q2 24 | 23.7% | 4.9% | ||
| Q1 24 | 17.2% | 7.2% |
每股收益（稀释后）BIIBTNET
| Q4 25 | $-0.35 | $0.02 | ||
| Q3 25 | $3.17 | $0.70 | ||
| Q2 25 | $4.33 | $0.77 | ||
| Q1 25 | $1.64 | $1.71 | ||
| Q4 24 | $1.82 | $-0.44 | ||
| Q3 24 | $2.66 | $0.89 | ||
| Q2 24 | $4.00 | $1.20 | ||
| Q1 24 | $2.70 | $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 | $6.3B | — |
| 股东权益账面价值 | $18.3B | $54.0M |
| 总资产 | $29.4B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.34× | — |
8季度趋势，按日历期对齐
现金及短期投资BIIBTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
总债务BIIBTNET
| Q4 25 | $6.3B | — | ||
| Q3 25 | $6.3B | — | ||
| Q2 25 | $6.3B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $6.3B | — | ||
| Q1 24 | $6.3B | — |
股东权益BIIBTNET
| Q4 25 | $18.3B | $54.0M | ||
| Q3 25 | $18.2B | $110.0M | ||
| Q2 25 | $17.6B | $107.0M | ||
| Q1 25 | $17.0B | $63.0M | ||
| Q4 24 | $16.7B | $69.0M | ||
| Q3 24 | $16.4B | $129.0M | ||
| Q2 24 | $15.9B | $100.0M | ||
| Q1 24 | $15.2B | $143.0M |
总资产BIIBTNET
| Q4 25 | $29.4B | $3.8B | ||
| Q3 25 | $29.2B | $3.4B | ||
| Q2 25 | $28.3B | $3.7B | ||
| Q1 25 | $28.0B | $3.8B | ||
| Q4 24 | $28.0B | $4.1B | ||
| Q3 24 | $28.3B | $3.7B | ||
| Q2 24 | $26.8B | $3.7B | ||
| Q1 24 | $26.6B | $4.0B |
负债/权益比BIIBTNET
| Q4 25 | 0.34× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.36× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | 0.28× | — | ||
| Q2 24 | 0.40× | — | ||
| Q1 24 | 0.41× | — |
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 | $511.9M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $468.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 20.5% | 3.4% |
| 资本支出强度资本支出/营收 | 1.9% | 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 | $2.1B | $234.0M |
8季度趋势，按日历期对齐
经营现金流BIIBTNET
| Q4 25 | $511.9M | $61.0M | ||
| Q3 25 | $1.3B | $72.0M | ||
| Q2 25 | $160.9M | $75.0M | ||
| Q1 25 | $259.3M | $95.0M | ||
| Q4 24 | $760.9M | $65.0M | ||
| Q3 24 | $935.6M | $84.0M | ||
| Q2 24 | $625.8M | $39.0M | ||
| Q1 24 | $553.2M | $91.0M |
自由现金流BIIBTNET
| Q4 25 | $468.0M | $43.0M | ||
| Q3 25 | $1.2B | $55.0M | ||
| Q2 25 | $134.3M | $57.0M | ||
| Q1 25 | $222.2M | $79.0M | ||
| Q4 24 | $721.6M | $47.0M | ||
| Q3 24 | $900.6M | $59.0M | ||
| Q2 24 | $592.3M | $22.0M | ||
| Q1 24 | $507.3M | $73.0M |
自由现金流率BIIBTNET
| Q4 25 | 20.5% | 3.4% | ||
| Q3 25 | 48.4% | 4.5% | ||
| Q2 25 | 5.1% | 4.6% | ||
| Q1 25 | 9.1% | 6.1% | ||
| Q4 24 | 29.4% | 3.7% | ||
| Q3 24 | 36.5% | 4.8% | ||
| Q2 24 | 24.0% | 1.8% | ||
| Q1 24 | 22.1% | 5.8% |
资本支出强度BIIBTNET
| Q4 25 | 1.9% | 1.4% | ||
| Q3 25 | 1.8% | 1.4% | ||
| Q2 25 | 1.0% | 1.5% | ||
| Q1 25 | 1.5% | 1.2% | ||
| Q4 24 | 1.6% | 1.4% | ||
| Q3 24 | 1.4% | 2.0% | ||
| Q2 24 | 1.4% | 1.4% | ||
| Q1 24 | 2.0% | 1.4% |
现金转化率BIIBTNET
| Q4 25 | — | — | ||
| Q3 25 | 2.73× | 2.12× | ||
| Q2 25 | 0.25× | 2.03× | ||
| Q1 25 | 1.08× | 1.12× | ||
| Q4 24 | 2.85× | — | ||
| Q3 24 | 2.41× | 1.87× | ||
| Q2 24 | 1.07× | 0.65× | ||
| Q1 24 | 1.41× | 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
BIIB
| Products | $1.7B | 73% |
| Tysabri Product | $244.5M | 11% |
| AVONEX | $119.2M | 5% |
| SKYCLARYS | $88.9M | 4% |
| Alzheimers Collaboration | $47.1M | 2% |
| IMRALDI | $43.5M | 2% |
| TECFIDERA | $36.9M | 2% |
| PLEGRIDY | $24.7M | 1% |
| QALSODY | $7.8M | 0% |
| BYOOVIZ | $4.3M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
