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Chefs' Warehouse, Inc.（CHEF）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Chefs' Warehouse, Inc.的1.1倍（$1.2B vs $1.1B），Chefs' Warehouse, Inc.同比增速更快（10.5% vs -2.2%），Chefs' Warehouse, Inc.自由现金流更多（$65.8M vs $43.0M），过去两年Chefs' Warehouse, Inc.的营收复合增速更高（14.3% vs -0.6%）
Chefs' Warehouse, Inc. 是一家北美专业食品分销商，服务对象包括独立餐厅、高端餐饮场所、酒店、餐饮服务商等食品服务运营商，供应超15万种精选产品，涵盖手工食材、特色肉类、海鲜、乳制品、进口高端美食等，适配专业厨师的使用需求。
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。
CHEF vs TNET — 直观对比
营收规模更大
TNET
是对方的1.1倍
$1.1B
营收增速更快
CHEF
高出12.7%
-2.2%
自由现金流更多
CHEF
多$22.8M
$43.0M
两年增速更快
CHEF
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $21.7M | — |
| 毛利率 | 24.2% | — |
| 营业利润率 | 3.8% | 0.1% |
| 净利率 | 1.9% | — |
| 营收同比 | 10.5% | -2.2% |
| 净利润同比 | -9.4% | — |
| 每股收益（稀释后） | $0.50 | $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CHEFTNET
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $950.7M | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $931.5M | $1.2B | ||
| Q2 24 | $954.7M | $1.2B | ||
| Q1 24 | $874.5M | $1.3B |
净利润CHEFTNET
| Q4 25 | $21.7M | — | ||
| Q3 25 | $19.1M | $34.0M | ||
| Q2 25 | $21.2M | $37.0M | ||
| Q1 25 | $10.3M | $85.0M | ||
| Q4 24 | $23.9M | — | ||
| Q3 24 | $14.1M | $45.0M | ||
| Q2 24 | $15.5M | $60.0M | ||
| Q1 24 | $1.9M | $91.0M |
毛利率CHEFTNET
| Q4 25 | 24.2% | — | ||
| Q3 25 | 24.2% | — | ||
| Q2 25 | 24.6% | — | ||
| Q1 25 | 23.8% | — | ||
| Q4 24 | 24.3% | — | ||
| Q3 24 | 24.1% | — | ||
| Q2 24 | 24.0% | — | ||
| Q1 24 | 23.9% | — |
营业利润率CHEFTNET
| Q4 25 | 3.8% | 0.1% | ||
| Q3 25 | 3.8% | 4.1% | ||
| Q2 25 | 3.9% | 4.1% | ||
| Q1 25 | 2.4% | 8.9% | ||
| Q4 24 | 4.5% | -2.9% | ||
| Q3 24 | 3.4% | 4.7% | ||
| Q2 24 | 3.5% | 6.5% | ||
| Q1 24 | 1.8% | 9.7% |
净利率CHEFTNET
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.9% | 2.8% | ||
| Q2 25 | 2.1% | 3.0% | ||
| Q1 25 | 1.1% | 6.6% | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 1.5% | 3.6% | ||
| Q2 24 | 1.6% | 4.9% | ||
| Q1 24 | 0.2% | 7.2% |
每股收益（稀释后）CHEFTNET
| Q4 25 | $0.50 | $0.02 | ||
| Q3 25 | $0.44 | $0.70 | ||
| Q2 25 | $0.49 | $0.77 | ||
| Q1 25 | $0.25 | $1.71 | ||
| Q4 24 | $0.56 | $-0.44 | ||
| Q3 24 | $0.34 | $0.89 | ||
| Q2 24 | $0.37 | $1.20 | ||
| Q1 24 | $0.05 | $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 | $121.0M | $287.0M |
| 总债务越低越好 | $720.3M | — |
| 股东权益账面价值 | $604.3M | $54.0M |
| 总资产 | $2.0B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.19× | — |
8季度趋势，按日历期对齐
现金及短期投资CHEFTNET
| Q4 25 | $121.0M | $287.0M | ||
| Q3 25 | $65.1M | $321.0M | ||
| Q2 25 | $96.9M | $407.0M | ||
| Q1 25 | $116.5M | $349.0M | ||
| Q4 24 | $114.7M | $360.0M | ||
| Q3 24 | $50.7M | $301.0M | ||
| Q2 24 | $38.3M | $249.0M | ||
| Q1 24 | $42.3M | $383.0M |
总债务CHEFTNET
| Q4 25 | $720.3M | — | ||
| Q3 25 | $711.7M | — | ||
| Q2 25 | $690.2M | — | ||
| Q1 25 | $681.1M | — | ||
| Q4 24 | $688.7M | — | ||
| Q3 24 | $666.6M | — | ||
| Q2 24 | $660.8M | — | ||
| Q1 24 | $667.3M | — |
股东权益CHEFTNET
| Q4 25 | $604.3M | $54.0M | ||
| Q3 25 | $576.6M | $110.0M | ||
| Q2 25 | $557.7M | $107.0M | ||
| Q1 25 | $541.6M | $63.0M | ||
| Q4 24 | $537.6M | $69.0M | ||
| Q3 24 | $480.3M | $129.0M | ||
| Q2 24 | $461.9M | $100.0M | ||
| Q1 24 | $447.8M | $143.0M |
总资产CHEFTNET
| Q4 25 | $2.0B | $3.8B | ||
| Q3 25 | $1.9B | $3.4B | ||
| Q2 25 | $1.9B | $3.7B | ||
| Q1 25 | $1.8B | $3.8B | ||
| Q4 24 | $1.9B | $4.1B | ||
| Q3 24 | $1.8B | $3.7B | ||
| Q2 24 | $1.7B | $3.7B | ||
| Q1 24 | $1.7B | $4.0B |
负债/权益比CHEFTNET
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.23× | — | ||
| Q2 25 | 1.24× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.28× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 1.43× | — | ||
| Q1 24 | 1.49× | — |
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 | $73.9M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $65.8M | $43.0M |
| 自由现金流率自由现金流/营收 | 5.8% | 3.4% |
| 资本支出强度资本支出/营收 | 0.7% | 1.4% |
| 现金转化率经营现金流/净利润 | 3.41× | — |
| 过去12个月自由现金流最近4个季度 | $87.8M | $234.0M |
8季度趋势，按日历期对齐
经营现金流CHEFTNET
| Q4 25 | $73.9M | $61.0M | ||
| Q3 25 | $-8.7M | $72.0M | ||
| Q2 25 | $14.5M | $75.0M | ||
| Q1 25 | $49.6M | $95.0M | ||
| Q4 24 | $73.0M | $65.0M | ||
| Q3 24 | $19.8M | $84.0M | ||
| Q2 24 | $29.3M | $39.0M | ||
| Q1 24 | $30.9M | $91.0M |
自由现金流CHEFTNET
| Q4 25 | $65.8M | $43.0M | ||
| Q3 25 | $-19.7M | $55.0M | ||
| Q2 25 | $4.5M | $57.0M | ||
| Q1 25 | $37.2M | $79.0M | ||
| Q4 24 | $64.6M | $47.0M | ||
| Q3 24 | $11.8M | $59.0M | ||
| Q2 24 | $13.3M | $22.0M | ||
| Q1 24 | $13.8M | $73.0M |
自由现金流率CHEFTNET
| Q4 25 | 5.8% | 3.4% | ||
| Q3 25 | -1.9% | 4.5% | ||
| Q2 25 | 0.4% | 4.6% | ||
| Q1 25 | 3.9% | 6.1% | ||
| Q4 24 | 6.3% | 3.7% | ||
| Q3 24 | 1.3% | 4.8% | ||
| Q2 24 | 1.4% | 1.8% | ||
| Q1 24 | 1.6% | 5.8% |
资本支出强度CHEFTNET
| Q4 25 | 0.7% | 1.4% | ||
| Q3 25 | 1.1% | 1.4% | ||
| Q2 25 | 1.0% | 1.5% | ||
| Q1 25 | 1.3% | 1.2% | ||
| Q4 24 | 0.8% | 1.4% | ||
| Q3 24 | 0.9% | 2.0% | ||
| Q2 24 | 1.7% | 1.4% | ||
| Q1 24 | 2.0% | 1.4% |
现金转化率CHEFTNET
| Q4 25 | 3.41× | — | ||
| Q3 25 | -0.46× | 2.12× | ||
| Q2 25 | 0.68× | 2.03× | ||
| Q1 25 | 4.82× | 1.12× | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | 1.41× | 1.87× | ||
| Q2 24 | 1.89× | 0.65× | ||
| Q1 24 | 16.00× | 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
CHEF
| Center Of The Plate Product | $459.1M | 40% |
| Dry Goods Product | $175.7M | 15% |
| Pastry Product | $160.5M | 14% |
| Produce | $147.9M | 13% |
| Cheese And Charcuterie Product | $75.3M | 7% |
| Dairy And Eggs Product | $69.2M | 6% |
| Oils And Vinegar Product | $32.4M | 3% |
| Kitchen Supplies Product | $22.4M | 2% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
