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CNO Financial Group, Inc.（CNO）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CNO Financial Group, Inc.的1.1倍（$1.2B vs $1.1B），CNO Financial Group, Inc.同比增速更快（4.2% vs -2.2%），过去两年CNO Financial Group, Inc.的营收复合增速更高（-0.6% vs -0.6%）
CNO金融集团是总部位于美国印第安纳州卡梅尔的金融服务控股公司，前身为康塞科公司。集团旗下保险子公司为美国超400万客户提供人寿保险、年金和补充健康保险产品，通过独立代理人、专属代理人，以及电视广告、直邮等直销触达用户。
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。
CNO 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
CNO
高出6.4%
-2.2%
两年增速更快
CNO
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 | $100.7M | — |
| 毛利率 | — | — |
| 营业利润率 | 15.2% | 0.1% |
| 净利率 | 8.8% | — |
| 营收同比 | 4.2% | -2.2% |
| 净利润同比 | -39.4% | — |
| 每股收益（稀释后） | $1.02 | $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CNOTNET
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.2B | $1.3B |
净利润CNOTNET
| Q4 25 | $100.7M | — | ||
| Q3 25 | $23.1M | $34.0M | ||
| Q2 25 | $91.8M | $37.0M | ||
| Q1 25 | $13.7M | $85.0M | ||
| Q4 24 | $166.1M | — | ||
| Q3 24 | $9.3M | $45.0M | ||
| Q2 24 | $116.3M | $60.0M | ||
| Q1 24 | $112.3M | $91.0M |
营业利润率CNOTNET
| Q4 25 | 15.2% | 0.1% | ||
| Q3 25 | 13.7% | 4.1% | ||
| Q2 25 | 9.8% | 4.1% | ||
| Q1 25 | 10.4% | 8.9% | ||
| Q4 24 | 15.8% | -2.9% | ||
| Q3 24 | 13.6% | 4.7% | ||
| Q2 24 | 13.9% | 6.5% | ||
| Q1 24 | 6.5% | 9.7% |
净利率CNOTNET
| Q4 25 | 8.8% | — | ||
| Q3 25 | 1.9% | 2.8% | ||
| Q2 25 | 8.0% | 3.0% | ||
| Q1 25 | 1.4% | 6.6% | ||
| Q4 24 | 15.1% | — | ||
| Q3 24 | 0.8% | 3.6% | ||
| Q2 24 | 10.9% | 4.9% | ||
| Q1 24 | 9.7% | 7.2% |
每股收益（稀释后）CNOTNET
| Q4 25 | $1.02 | $0.02 | ||
| Q3 25 | $0.24 | $0.70 | ||
| Q2 25 | $0.91 | $0.77 | ||
| Q1 25 | $0.13 | $1.71 | ||
| Q4 24 | $1.58 | $-0.44 | ||
| Q3 24 | $0.09 | $0.89 | ||
| Q2 24 | $1.06 | $1.20 | ||
| Q1 24 | $1.01 | $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 | — | — |
| 股东权益账面价值 | $2.6B | $54.0M |
| 总资产 | $38.8B | $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CNOTNET
| 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 |
股东权益CNOTNET
| Q4 25 | $2.6B | $54.0M | ||
| Q3 25 | $2.6B | $110.0M | ||
| Q2 25 | $2.5B | $107.0M | ||
| Q1 25 | $2.5B | $63.0M | ||
| Q4 24 | $2.5B | $69.0M | ||
| Q3 24 | $2.7B | $129.0M | ||
| Q2 24 | $2.4B | $100.0M | ||
| Q1 24 | $2.4B | $143.0M |
总资产CNOTNET
| Q4 25 | $38.8B | $3.8B | ||
| Q3 25 | $38.3B | $3.4B | ||
| Q2 25 | $37.3B | $3.7B | ||
| Q1 25 | $37.4B | $3.8B | ||
| Q4 24 | $37.9B | $4.1B | ||
| Q3 24 | $37.6B | $3.7B | ||
| Q2 24 | $36.3B | $3.7B | ||
| Q1 24 | $34.9B | $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 | $195.7M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | 1.94× | — |
| 过去12个月自由现金流最近4个季度 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流CNOTNET
| Q4 25 | $195.7M | $61.0M | ||
| Q3 25 | $197.8M | $72.0M | ||
| Q2 25 | $145.5M | $75.0M | ||
| Q1 25 | $136.7M | $95.0M | ||
| Q4 24 | $191.0M | $65.0M | ||
| Q3 24 | $231.2M | $84.0M | ||
| Q2 24 | $110.9M | $39.0M | ||
| Q1 24 | $94.6M | $91.0M |
自由现金流CNOTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率CNOTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度CNOTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率CNOTNET
| Q4 25 | 1.94× | — | ||
| Q3 25 | 8.56× | 2.12× | ||
| Q2 25 | 1.58× | 2.03× | ||
| Q1 25 | 9.98× | 1.12× | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 24.86× | 1.87× | ||
| Q2 24 | 0.95× | 0.65× | ||
| Q1 24 | 0.84× | 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
CNO
| Health Insurance Product Line | $496.4M | 43% |
| Life Insurance Segment | $268.8M | 24% |
| Other | $207.2M | 18% |
| Life And Annuity Insurance Product Line | $170.7M | 15% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
