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Cboe Global Markets（CBOE）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Cboe Global Markets的1.0倍（$1.2B vs $1.2B），Cboe Global Markets同比增速更快（8.7% vs -2.2%），Cboe Global Markets自由现金流更多（$332.1M vs $43.0M），过去两年Cboe Global Markets的营收复合增速更高（12.2% vs -0.6%）
Cboe Global Markets是总部位于美国芝加哥的金融交易所运营集团，旗下拥有并运营多类交易所及交易场所，业务覆盖股票、期权、期货、数字资产等多个交易领域，为全球市场参与者提供专业交易服务支持。
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。
CBOE vs TNET — 直观对比
营收规模更大
TNET
是对方的1.0倍
$1.2B
营收增速更快
CBOE
高出10.9%
-2.2%
自由现金流更多
CBOE
多$289.1M
$43.0M
两年增速更快
CBOE
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $313.5M | — |
| 毛利率 | 55.7% | — |
| 营业利润率 | 33.5% | 0.1% |
| 净利率 | 26.0% | — |
| 营收同比 | 8.7% | -2.2% |
| 净利润同比 | 59.5% | — |
| 每股收益（稀释后） | $2.97 | $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CBOETNET
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $974.0M | $1.2B | ||
| Q1 24 | $957.2M | $1.3B |
净利润CBOETNET
| Q4 25 | $313.5M | — | ||
| Q3 25 | $300.8M | $34.0M | ||
| Q2 25 | $235.1M | $37.0M | ||
| Q1 25 | $250.6M | $85.0M | ||
| Q4 24 | $196.5M | — | ||
| Q3 24 | $218.5M | $45.0M | ||
| Q2 24 | $140.4M | $60.0M | ||
| Q1 24 | $209.5M | $91.0M |
毛利率CBOETNET
| Q4 25 | 55.7% | — | ||
| Q3 25 | 53.0% | — | ||
| Q2 25 | 50.0% | — | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 50.4% | — | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 52.5% | — |
营业利润率CBOETNET
| Q4 25 | 33.5% | 0.1% | ||
| Q3 25 | 32.4% | 4.1% | ||
| Q2 25 | 28.9% | 4.1% | ||
| Q1 25 | 29.6% | 8.9% | ||
| Q4 24 | 27.0% | -2.9% | ||
| Q3 24 | 29.1% | 4.7% | ||
| Q2 24 | 21.6% | 6.5% | ||
| Q1 24 | 29.5% | 9.7% |
净利率CBOETNET
| Q4 25 | 26.0% | — | ||
| Q3 25 | 26.3% | 2.8% | ||
| Q2 25 | 20.0% | 3.0% | ||
| Q1 25 | 21.0% | 6.6% | ||
| Q4 24 | 17.7% | — | ||
| Q3 24 | 20.7% | 3.6% | ||
| Q2 24 | 14.4% | 4.9% | ||
| Q1 24 | 21.9% | 7.2% |
每股收益（稀释后）CBOETNET
| Q4 25 | $2.97 | $0.02 | ||
| Q3 25 | $2.85 | $0.70 | ||
| Q2 25 | $2.23 | $0.77 | ||
| Q1 25 | $2.37 | $1.71 | ||
| Q4 24 | $1.85 | $-0.44 | ||
| Q3 24 | $2.07 | $0.89 | ||
| Q2 24 | $1.33 | $1.20 | ||
| Q1 24 | $1.96 | $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 | $2.3B | $287.0M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $5.1B | $54.0M |
| 总资产 | $9.3B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.28× | — |
8季度趋势，按日历期对齐
现金及短期投资CBOETNET
| Q4 25 | $2.3B | $287.0M | ||
| Q3 25 | $1.5B | $321.0M | ||
| Q2 25 | $1.5B | $407.0M | ||
| Q1 25 | $1.2B | $349.0M | ||
| Q4 24 | $1.0B | $360.0M | ||
| Q3 24 | $763.2M | $301.0M | ||
| Q2 24 | $698.3M | $249.0M | ||
| Q1 24 | $595.1M | $383.0M |
总债务CBOETNET
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益CBOETNET
| Q4 25 | $5.1B | $54.0M | ||
| Q3 25 | $4.9B | $110.0M | ||
| Q2 25 | $4.7B | $107.0M | ||
| Q1 25 | $4.5B | $63.0M | ||
| Q4 24 | $4.3B | $69.0M | ||
| Q3 24 | $4.2B | $129.0M | ||
| Q2 24 | $4.0B | $100.0M | ||
| Q1 24 | $4.0B | $143.0M |
总资产CBOETNET
| Q4 25 | $9.3B | $3.8B | ||
| Q3 25 | $9.1B | $3.4B | ||
| Q2 25 | $9.0B | $3.7B | ||
| Q1 25 | $8.7B | $3.8B | ||
| Q4 24 | $7.8B | $4.1B | ||
| Q3 24 | $8.7B | $3.7B | ||
| Q2 24 | $9.3B | $3.7B | ||
| Q1 24 | $8.2B | $4.0B |
负债/权益比CBOETNET
| Q4 25 | 0.28× | — | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.36× | — |
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 | $352.1M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | $43.0M |
| 自由现金流率自由现金流/营收 | 27.6% | 3.4% |
| 资本支出强度资本支出/营收 | 1.7% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.12× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | $234.0M |
8季度趋势，按日历期对齐
经营现金流CBOETNET
| Q4 25 | $352.1M | $61.0M | ||
| Q3 25 | $153.9M | $72.0M | ||
| Q2 25 | $333.7M | $75.0M | ||
| Q1 25 | $912.9M | $95.0M | ||
| Q4 24 | $-710.4M | $65.0M | ||
| Q3 24 | $-578.5M | $84.0M | ||
| Q2 24 | $1.5B | $39.0M | ||
| Q1 24 | $895.6M | $91.0M |
自由现金流CBOETNET
| Q4 25 | $332.1M | $43.0M | ||
| Q3 25 | $137.9M | $55.0M | ||
| Q2 25 | $313.4M | $57.0M | ||
| Q1 25 | $898.2M | $79.0M | ||
| Q4 24 | $-734.2M | $47.0M | ||
| Q3 24 | $-590.5M | $59.0M | ||
| Q2 24 | $1.5B | $22.0M | ||
| Q1 24 | $888.3M | $73.0M |
自由现金流率CBOETNET
| Q4 25 | 27.6% | 3.4% | ||
| Q3 25 | 12.1% | 4.5% | ||
| Q2 25 | 26.7% | 4.6% | ||
| Q1 25 | 75.2% | 6.1% | ||
| Q4 24 | -66.3% | 3.7% | ||
| Q3 24 | -55.9% | 4.8% | ||
| Q2 24 | 151.6% | 1.8% | ||
| Q1 24 | 92.8% | 5.8% |
资本支出强度CBOETNET
| Q4 25 | 1.7% | 1.4% | ||
| Q3 25 | 1.4% | 1.4% | ||
| Q2 25 | 1.7% | 1.5% | ||
| Q1 25 | 1.2% | 1.2% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 1.1% | 2.0% | ||
| Q2 24 | 1.8% | 1.4% | ||
| Q1 24 | 0.8% | 1.4% |
现金转化率CBOETNET
| Q4 25 | 1.12× | — | ||
| Q3 25 | 0.51× | 2.12× | ||
| Q2 25 | 1.42× | 2.03× | ||
| Q1 25 | 3.64× | 1.12× | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | 1.87× | ||
| Q2 24 | 10.64× | 0.65× | ||
| Q1 24 | 4.27× | 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
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
