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Core & Main, Inc.（CNM）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
Core & Main, Inc.的季度营收约是TRINET GROUP, INC.的1.7倍（$2.1B vs $1.2B），Core & Main, Inc.同比增速更快（0.0% vs -2.2%），Core & Main, Inc.自由现金流更多（$263.0M vs $43.0M），过去两年Core & Main, Inc.的营收复合增速更高（19.7% vs -0.6%）
Core & Main, Inc.总部位于美国密苏里州圣路易斯，是美国专业的水务及相关防护产品分销商，主营供水、污水处理、雨水排放、消防防护类产品，客户覆盖市政部门、私营水务企业及专业承包商，在全美49个州设有370个分支机构，服务6万客户，在售产品达22.5万种。
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。
CNM vs TNET — 直观对比
营收规模更大
CNM
是对方的1.7倍
$1.2B
营收增速更快
CNM
高出2.2%
-2.2%
自由现金流更多
CNM
多$220.0M
$43.0M
两年增速更快
CNM
近两年复合增速
-0.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $137.0M | — |
| 毛利率 | 27.2% | — |
| 营业利润率 | 10.7% | 0.1% |
| 净利率 | 6.6% | — |
| 营收同比 | 0.0% | -2.2% |
| 净利润同比 | 0.0% | — |
| 每股收益（稀释后） | $0.72 | $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CNMTNET
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $2.0B | $1.2B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.4B | $1.3B |
净利润CNMTNET
| Q4 25 | $137.0M | — | ||
| Q3 25 | $134.0M | $34.0M | ||
| Q2 25 | $100.0M | $37.0M | ||
| Q1 25 | $64.0M | $85.0M | ||
| Q4 24 | $133.0M | — | ||
| Q3 24 | $119.0M | $45.0M | ||
| Q2 24 | $95.0M | $60.0M | ||
| Q1 24 | $63.0M | $91.0M |
毛利率CNMTNET
| Q4 25 | 27.2% | — | ||
| Q3 25 | 26.8% | — | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 26.6% | — | ||
| Q4 24 | 26.6% | — | ||
| Q3 24 | 26.4% | — | ||
| Q2 24 | 26.9% | — | ||
| Q1 24 | 26.7% | — |
营业利润率CNMTNET
| Q4 25 | 10.7% | 0.1% | ||
| Q3 25 | 10.2% | 4.1% | ||
| Q2 25 | 8.9% | 4.1% | ||
| Q1 25 | 7.3% | 8.9% | ||
| Q4 24 | 10.9% | -2.9% | ||
| Q3 24 | 10.4% | 4.7% | ||
| Q2 24 | 9.6% | 6.5% | ||
| Q1 24 | 8.1% | 9.7% |
净利率CNMTNET
| Q4 25 | 6.6% | — | ||
| Q3 25 | 6.4% | 2.8% | ||
| Q2 25 | 5.2% | 3.0% | ||
| Q1 25 | 3.8% | 6.6% | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 6.1% | 3.6% | ||
| Q2 24 | 5.5% | 4.9% | ||
| Q1 24 | 4.4% | 7.2% |
每股收益（稀释后）CNMTNET
| Q4 25 | $0.72 | $0.02 | ||
| Q3 25 | $0.70 | $0.70 | ||
| Q2 25 | $0.52 | $0.77 | ||
| Q1 25 | $0.34 | $1.71 | ||
| Q4 24 | $0.69 | $-0.44 | ||
| Q3 24 | $0.61 | $0.89 | ||
| Q2 24 | $0.49 | $1.20 | ||
| Q1 24 | $0.34 | $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 | $89.0M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $54.0M |
| 总资产 | $6.3B | $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CNMTNET
| Q4 25 | $89.0M | $287.0M | ||
| Q3 25 | $25.0M | $321.0M | ||
| Q2 25 | $8.0M | $407.0M | ||
| Q1 25 | $8.0M | $349.0M | ||
| Q4 24 | $10.0M | $360.0M | ||
| Q3 24 | $13.0M | $301.0M | ||
| Q2 24 | $30.0M | $249.0M | ||
| Q1 24 | $1.0M | $383.0M |
股东权益CNMTNET
| Q4 25 | $2.0B | $54.0M | ||
| Q3 25 | $1.9B | $110.0M | ||
| Q2 25 | $1.7B | $107.0M | ||
| Q1 25 | $1.7B | $63.0M | ||
| Q4 24 | $1.7B | $69.0M | ||
| Q3 24 | $1.6B | $129.0M | ||
| Q2 24 | $1.6B | $100.0M | ||
| Q1 24 | $1.5B | $143.0M |
总资产CNMTNET
| Q4 25 | $6.3B | $3.8B | ||
| Q3 25 | $6.3B | $3.4B | ||
| Q2 25 | $6.3B | $3.7B | ||
| Q1 25 | $5.9B | $3.8B | ||
| Q4 24 | $6.2B | $4.1B | ||
| Q3 24 | $6.1B | $3.7B | ||
| Q2 24 | $6.0B | $3.7B | ||
| Q1 24 | $5.1B | $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 | $271.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $263.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 3.4% |
| 资本支出强度资本支出/营收 | 0.4% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.98× | — |
| 过去12个月自由现金流最近4个季度 | $575.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流CNMTNET
| Q4 25 | $271.0M | $61.0M | ||
| Q3 25 | $34.0M | $72.0M | ||
| Q2 25 | $77.0M | $75.0M | ||
| Q1 25 | $235.0M | $95.0M | ||
| Q4 24 | $260.0M | $65.0M | ||
| Q3 24 | $48.0M | $84.0M | ||
| Q2 24 | $78.0M | $39.0M | ||
| Q1 24 | $294.0M | $91.0M |
自由现金流CNMTNET
| Q4 25 | $263.0M | $43.0M | ||
| Q3 25 | $24.0M | $55.0M | ||
| Q2 25 | $64.0M | $57.0M | ||
| Q1 25 | $224.0M | $79.0M | ||
| Q4 24 | $252.0M | $47.0M | ||
| Q3 24 | $39.0M | $59.0M | ||
| Q2 24 | $71.0M | $22.0M | ||
| Q1 24 | $289.0M | $73.0M |
自由现金流率CNMTNET
| Q4 25 | 12.8% | 3.4% | ||
| Q3 25 | 1.1% | 4.5% | ||
| Q2 25 | 3.3% | 4.6% | ||
| Q1 25 | 13.2% | 6.1% | ||
| Q4 24 | 12.4% | 3.7% | ||
| Q3 24 | 2.0% | 4.8% | ||
| Q2 24 | 4.1% | 1.8% | ||
| Q1 24 | 20.1% | 5.8% |
资本支出强度CNMTNET
| Q4 25 | 0.4% | 1.4% | ||
| Q3 25 | 0.5% | 1.4% | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 0.6% | 1.2% | ||
| Q4 24 | 0.4% | 1.4% | ||
| Q3 24 | 0.5% | 2.0% | ||
| Q2 24 | 0.4% | 1.4% | ||
| Q1 24 | 0.3% | 1.4% |
现金转化率CNMTNET
| Q4 25 | 1.98× | — | ||
| Q3 25 | 0.25× | 2.12× | ||
| Q2 25 | 0.77× | 2.03× | ||
| Q1 25 | 3.67× | 1.12× | ||
| Q4 24 | 1.95× | — | ||
| Q3 24 | 0.40× | 1.87× | ||
| Q2 24 | 0.82× | 0.65× | ||
| Q1 24 | 4.67× | 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
CNM
| Pipes Valves And Fitting Products | $1.4B | 67% |
| Storm Drainage Products | $333.0M | 16% |
| Meter Products | $195.0M | 9% |
| Fire Protection Products | $152.0M | 7% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
