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拜玛林制药（BMRN）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.的季度营收约是拜玛林制药的1.4倍（$1.2B vs $874.6M），拜玛林制药同比增速更快（17.0% vs -2.2%），拜玛林制药自由现金流更多（$58.9M vs $43.0M），过去两年拜玛林制药的营收复合增速更高（16.1% vs -0.6%）
拜玛林制药是总部位于美国加利福尼亚州圣拉斐尔的生物技术企业，在美洲、亚洲、欧洲多地设有办事机构及生产设施，核心业务聚焦酶替代疗法研发，是全球首个推出Ⅰ型粘多糖贮积症治疗药物拉罗尼酶及苯丙酮尿症治疗药物的企业。
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。
BMRN vs TNET — 直观对比
营收规模更大
TNET
是对方的1.4倍
$874.6M
营收增速更快
BMRN
高出19.2%
-2.2%
自由现金流更多
BMRN
多$15.9M
$43.0M
两年增速更快
BMRN
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $874.6M | $1.2B |
| 净利润 | $-46.6M | — |
| 毛利率 | 68.5% | — |
| 营业利润率 | -5.1% | 0.1% |
| 净利率 | -5.3% | — |
| 营收同比 | 17.0% | -2.2% |
| 净利润同比 | -137.3% | — |
| 每股收益（稀释后） | $-0.22 | $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BMRNTNET
| Q4 25 | $874.6M | $1.2B | ||
| Q3 25 | $776.1M | $1.2B | ||
| Q2 25 | $825.4M | $1.2B | ||
| Q1 25 | $745.1M | $1.3B | ||
| Q4 24 | $747.3M | $1.3B | ||
| Q3 24 | $745.7M | $1.2B | ||
| Q2 24 | $712.0M | $1.2B | ||
| Q1 24 | $648.8M | $1.3B |
净利润BMRNTNET
| Q4 25 | $-46.6M | — | ||
| Q3 25 | $-30.7M | $34.0M | ||
| Q2 25 | $240.5M | $37.0M | ||
| Q1 25 | $185.7M | $85.0M | ||
| Q4 24 | $124.9M | — | ||
| Q3 24 | $106.1M | $45.0M | ||
| Q2 24 | $107.2M | $60.0M | ||
| Q1 24 | $88.7M | $91.0M |
毛利率BMRNTNET
| Q4 25 | 68.5% | — | ||
| Q3 25 | 82.0% | — | ||
| Q2 25 | 81.8% | — | ||
| Q1 25 | 79.7% | — | ||
| Q4 24 | 81.8% | — | ||
| Q3 24 | 74.7% | — | ||
| Q2 24 | 81.7% | — | ||
| Q1 24 | 80.7% | — |
营业利润率BMRNTNET
| Q4 25 | -5.1% | 0.1% | ||
| Q3 25 | -6.0% | 4.1% | ||
| Q2 25 | 33.5% | 4.1% | ||
| Q1 25 | 30.0% | 8.9% | ||
| Q4 24 | 21.6% | -2.9% | ||
| Q3 24 | 15.3% | 4.7% | ||
| Q2 24 | 16.9% | 6.5% | ||
| Q1 24 | 13.6% | 9.7% |
净利率BMRNTNET
| Q4 25 | -5.3% | — | ||
| Q3 25 | -4.0% | 2.8% | ||
| Q2 25 | 29.1% | 3.0% | ||
| Q1 25 | 24.9% | 6.6% | ||
| Q4 24 | 16.7% | — | ||
| Q3 24 | 14.2% | 3.6% | ||
| Q2 24 | 15.1% | 4.9% | ||
| Q1 24 | 13.7% | 7.2% |
每股收益（稀释后）BMRNTNET
| Q4 25 | $-0.22 | $0.02 | ||
| Q3 25 | $-0.16 | $0.70 | ||
| Q2 25 | $1.23 | $0.77 | ||
| Q1 25 | $0.95 | $1.71 | ||
| Q4 24 | $0.65 | $-0.44 | ||
| Q3 24 | $0.55 | $0.89 | ||
| Q2 24 | $0.55 | $1.20 | ||
| Q1 24 | $0.46 | $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 | $1.3B | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.1B | $54.0M |
| 总资产 | $7.6B | $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BMRNTNET
| Q4 25 | $1.3B | $287.0M | ||
| Q3 25 | $1.3B | $321.0M | ||
| Q2 25 | $1.2B | $407.0M | ||
| Q1 25 | $1.0B | $349.0M | ||
| Q4 24 | $942.8M | $360.0M | ||
| Q3 24 | $675.4M | $301.0M | ||
| Q2 24 | $972.1M | $249.0M | ||
| Q1 24 | $747.0M | $383.0M |
股东权益BMRNTNET
| Q4 25 | $6.1B | $54.0M | ||
| Q3 25 | $6.1B | $110.0M | ||
| Q2 25 | $6.0B | $107.0M | ||
| Q1 25 | $5.8B | $63.0M | ||
| Q4 24 | $5.7B | $69.0M | ||
| Q3 24 | $5.4B | $129.0M | ||
| Q2 24 | $5.3B | $100.0M | ||
| Q1 24 | $5.1B | $143.0M |
总资产BMRNTNET
| Q4 25 | $7.6B | $3.8B | ||
| Q3 25 | $7.6B | $3.4B | ||
| Q2 25 | $7.5B | $3.7B | ||
| Q1 25 | $7.1B | $3.8B | ||
| Q4 24 | $7.0B | $4.1B | ||
| Q3 24 | $6.9B | $3.7B | ||
| Q2 24 | $7.1B | $3.7B | ||
| Q1 24 | $6.9B | $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 | $99.6M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $58.9M | $43.0M |
| 自由现金流率自由现金流/营收 | 6.7% | 3.4% |
| 资本支出强度资本支出/营收 | 4.7% | 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 | $725.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流BMRNTNET
| Q4 25 | $99.6M | $61.0M | ||
| Q3 25 | $368.7M | $72.0M | ||
| Q2 25 | $185.3M | $75.0M | ||
| Q1 25 | $174.4M | $95.0M | ||
| Q4 24 | $185.6M | $65.0M | ||
| Q3 24 | $221.5M | $84.0M | ||
| Q2 24 | $118.8M | $39.0M | ||
| Q1 24 | $47.0M | $91.0M |
自由现金流BMRNTNET
| Q4 25 | $58.9M | $43.0M | ||
| Q3 25 | $340.2M | $55.0M | ||
| Q2 25 | $168.2M | $57.0M | ||
| Q1 25 | $157.6M | $79.0M | ||
| Q4 24 | $166.1M | $47.0M | ||
| Q3 24 | $203.0M | $59.0M | ||
| Q2 24 | $97.4M | $22.0M | ||
| Q1 24 | $20.9M | $73.0M |
自由现金流率BMRNTNET
| Q4 25 | 6.7% | 3.4% | ||
| Q3 25 | 43.8% | 4.5% | ||
| Q2 25 | 20.4% | 4.6% | ||
| Q1 25 | 21.2% | 6.1% | ||
| Q4 24 | 22.2% | 3.7% | ||
| Q3 24 | 27.2% | 4.8% | ||
| Q2 24 | 13.7% | 1.8% | ||
| Q1 24 | 3.2% | 5.8% |
资本支出强度BMRNTNET
| Q4 25 | 4.7% | 1.4% | ||
| Q3 25 | 3.7% | 1.4% | ||
| Q2 25 | 2.1% | 1.5% | ||
| Q1 25 | 2.3% | 1.2% | ||
| Q4 24 | 2.6% | 1.4% | ||
| Q3 24 | 2.5% | 2.0% | ||
| Q2 24 | 3.0% | 1.4% | ||
| Q1 24 | 4.0% | 1.4% |
现金转化率BMRNTNET
| Q4 25 | — | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | 0.77× | 2.03× | ||
| Q1 25 | 0.94× | 1.12× | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 2.09× | 1.87× | ||
| Q2 24 | 1.11× | 0.65× | ||
| Q1 24 | 0.53× | 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
BMRN
| VOXZOGO | $273.4M | 31% |
| VIMIZIM | $205.5M | 24% |
| PALYNZIQ | $125.3M | 14% |
| NAGLAZYME | $120.2M | 14% |
| Other | $49.4M | 6% |
| ALDURAZYME | $49.4M | 6% |
| KUVAN | $23.3M | 3% |
| Royalty And Other | $15.2M | 2% |
| ROCTAVIAN | $12.8M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
