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塞拉尼斯（CE）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
塞拉尼斯的季度营收约是TRINET GROUP, INC.的1.8倍（$2.2B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -7.0%），塞拉尼斯自由现金流更多（$168.0M vs $43.0M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -8.1%）
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
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。
CE vs TNET — 直观对比
营收规模更大
CE
是对方的1.8倍
$1.2B
营收增速更快
TNET
高出4.8%
-7.0%
自由现金流更多
CE
多$125.0M
$43.0M
两年增速更快
TNET
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $14.0M | — |
| 毛利率 | 19.1% | — |
| 营业利润率 | 4.0% | 0.1% |
| 净利率 | 0.6% | — |
| 营收同比 | -7.0% | -2.2% |
| 净利润同比 | 100.7% | — |
| 每股收益（稀释后） | $0.13 | $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CETNET
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.6B | $1.3B |
净利润CETNET
| Q4 25 | $14.0M | — | ||
| Q3 25 | $-1.4B | $34.0M | ||
| Q2 25 | $199.0M | $37.0M | ||
| Q1 25 | $-21.0M | $85.0M | ||
| Q4 24 | $-1.9B | — | ||
| Q3 24 | $116.0M | $45.0M | ||
| Q2 24 | $155.0M | $60.0M | ||
| Q1 24 | $121.0M | $91.0M |
毛利率CETNET
| Q4 25 | 19.1% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 19.9% | — | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 23.5% | — | ||
| Q2 24 | 24.2% | — | ||
| Q1 24 | 21.2% | — |
营业利润率CETNET
| Q4 25 | 4.0% | 0.1% | ||
| Q3 25 | -52.7% | 4.1% | ||
| Q2 25 | 9.2% | 4.1% | ||
| Q1 25 | 7.0% | 8.9% | ||
| Q4 24 | -59.3% | -2.9% | ||
| Q3 24 | 9.4% | 4.7% | ||
| Q2 24 | 9.4% | 6.5% | ||
| Q1 24 | 8.0% | 9.7% |
净利率CETNET
| Q4 25 | 0.6% | — | ||
| Q3 25 | -56.1% | 2.8% | ||
| Q2 25 | 7.9% | 3.0% | ||
| Q1 25 | -0.9% | 6.6% | ||
| Q4 24 | -80.8% | — | ||
| Q3 24 | 4.4% | 3.6% | ||
| Q2 24 | 5.8% | 4.9% | ||
| Q1 24 | 4.6% | 7.2% |
每股收益（稀释后）CETNET
| Q4 25 | $0.13 | $0.02 | ||
| Q3 25 | $-12.39 | $0.70 | ||
| Q2 25 | $1.81 | $0.77 | ||
| Q1 25 | $-0.19 | $1.71 | ||
| Q4 24 | $-17.50 | $-0.44 | ||
| Q3 24 | $1.06 | $0.89 | ||
| Q2 24 | $1.41 | $1.20 | ||
| Q1 24 | $1.10 | $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 | $11.4B | — |
| 股东权益账面价值 | $4.0B | $54.0M |
| 总资产 | $21.7B | $3.8B |
| 负债/权益比越低杠杆越低 | 2.81× | — |
8季度趋势，按日历期对齐
现金及短期投资CETNET
| 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CETNET
| Q4 25 | $11.4B | — | ||
| Q3 25 | $11.7B | — | ||
| Q2 25 | $12.7B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $11.1B | — | ||
| Q3 24 | $11.3B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.0B | — |
股东权益CETNET
| Q4 25 | $4.0B | $54.0M | ||
| Q3 25 | $4.0B | $110.0M | ||
| Q2 25 | $5.3B | $107.0M | ||
| Q1 25 | $5.2B | $63.0M | ||
| Q4 24 | $5.2B | $69.0M | ||
| Q3 24 | $7.3B | $129.0M | ||
| Q2 24 | $7.2B | $100.0M | ||
| Q1 24 | $7.1B | $143.0M |
总资产CETNET
| Q4 25 | $21.7B | $3.8B | ||
| Q3 25 | $22.2B | $3.4B | ||
| Q2 25 | $23.7B | $3.7B | ||
| Q1 25 | $23.2B | $3.8B | ||
| Q4 24 | $22.9B | $4.1B | ||
| Q3 24 | $25.9B | $3.7B | ||
| Q2 24 | $25.8B | $3.7B | ||
| Q1 24 | $26.0B | $4.0B |
负债/权益比CETNET
| Q4 25 | 2.81× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.41× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 2.14× | — | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.54× | — | ||
| Q1 24 | 1.56× | — |
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 | $252.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 3.4% |
| 资本支出强度资本支出/营收 | 3.8% | 1.4% |
| 现金转化率经营现金流/净利润 | 18.00× | — |
| 过去12个月自由现金流最近4个季度 | $803.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流CETNET
| Q4 25 | $252.0M | $61.0M | ||
| Q3 25 | $447.0M | $72.0M | ||
| Q2 25 | $410.0M | $75.0M | ||
| Q1 25 | $37.0M | $95.0M | ||
| Q4 24 | $494.0M | $65.0M | ||
| Q3 24 | $79.0M | $84.0M | ||
| Q2 24 | $292.0M | $39.0M | ||
| Q1 24 | $101.0M | $91.0M |
自由现金流CETNET
| Q4 25 | $168.0M | $43.0M | ||
| Q3 25 | $383.0M | $55.0M | ||
| Q2 25 | $317.0M | $57.0M | ||
| Q1 25 | $-65.0M | $79.0M | ||
| Q4 24 | $389.0M | $47.0M | ||
| Q3 24 | $-9.0M | $59.0M | ||
| Q2 24 | $187.0M | $22.0M | ||
| Q1 24 | $-36.0M | $73.0M |
自由现金流率CETNET
| Q4 25 | 7.6% | 3.4% | ||
| Q3 25 | 15.8% | 4.5% | ||
| Q2 25 | 12.5% | 4.6% | ||
| Q1 25 | -2.7% | 6.1% | ||
| Q4 24 | 16.4% | 3.7% | ||
| Q3 24 | -0.3% | 4.8% | ||
| Q2 24 | 7.1% | 1.8% | ||
| Q1 24 | -1.4% | 5.8% |
资本支出强度CETNET
| Q4 25 | 3.8% | 1.4% | ||
| Q3 25 | 2.6% | 1.4% | ||
| Q2 25 | 3.7% | 1.5% | ||
| Q1 25 | 4.3% | 1.2% | ||
| Q4 24 | 4.4% | 1.4% | ||
| Q3 24 | 3.3% | 2.0% | ||
| Q2 24 | 4.0% | 1.4% | ||
| Q1 24 | 5.2% | 1.4% |
现金转化率CETNET
| Q4 25 | 18.00× | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | 2.06× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.68× | 1.87× | ||
| Q2 24 | 1.88× | 0.65× | ||
| Q1 24 | 0.83× | 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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
