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Corpay（CPAY）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
Corpay的季度营收约是TRINET GROUP, INC.的1.0倍（$1.2B vs $1.2B），Corpay同比增速更快（20.7% vs -2.2%），Corpay自由现金流更多（$760.3M vs $43.0M），过去两年Corpay的营收复合增速更高（15.5% vs -0.6%）
Corpay总部位于美国佐治亚州亚特兰大，是专业的支付与支出管理服务提供商，旗下系统及服务可帮助客户高效管控采购、支付全流程的相关费用，核心业务覆盖车辆相关支出、住宿支出及企业支付三大领域。
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。
CPAY vs TNET — 直观对比
营收规模更大
CPAY
是对方的1.0倍
$1.2B
营收增速更快
CPAY
高出22.9%
-2.2%
自由现金流更多
CPAY
多$717.3M
$43.0M
两年增速更快
CPAY
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 | $264.5M | — |
| 毛利率 | — | — |
| 营业利润率 | 45.2% | 0.1% |
| 净利率 | 21.2% | — |
| 营收同比 | 20.7% | -2.2% |
| 净利润同比 | 7.5% | — |
| 每股收益（稀释后） | $3.74 | $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CPAYTNET
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $975.7M | $1.2B | ||
| Q1 24 | $935.3M | $1.3B |
净利润CPAYTNET
| Q4 25 | $264.5M | — | ||
| Q3 25 | $277.9M | $34.0M | ||
| Q2 25 | $284.2M | $37.0M | ||
| Q1 25 | $243.2M | $85.0M | ||
| Q4 24 | $246.0M | — | ||
| Q3 24 | $276.4M | $45.0M | ||
| Q2 24 | $251.6M | $60.0M | ||
| Q1 24 | $229.8M | $91.0M |
营业利润率CPAYTNET
| Q4 25 | 45.2% | 0.1% | ||
| Q3 25 | 44.6% | 4.1% | ||
| Q2 25 | 43.5% | 4.1% | ||
| Q1 25 | 42.5% | 8.9% | ||
| Q4 24 | 47.2% | -2.9% | ||
| Q3 24 | 45.5% | 4.7% | ||
| Q2 24 | 44.4% | 6.5% | ||
| Q1 24 | 42.5% | 9.7% |
净利率CPAYTNET
| Q4 25 | 21.2% | — | ||
| Q3 25 | 23.7% | 2.8% | ||
| Q2 25 | 25.8% | 3.0% | ||
| Q1 25 | 24.2% | 6.6% | ||
| Q4 24 | 23.8% | — | ||
| Q3 24 | 26.9% | 3.6% | ||
| Q2 24 | 25.8% | 4.9% | ||
| Q1 24 | 24.6% | 7.2% |
每股收益（稀释后）CPAYTNET
| Q4 25 | $3.74 | $0.02 | ||
| Q3 25 | $3.91 | $0.70 | ||
| Q2 25 | $3.98 | $0.77 | ||
| Q1 25 | $3.40 | $1.71 | ||
| Q4 24 | $3.43 | $-0.44 | ||
| Q3 24 | $3.90 | $0.89 | ||
| Q2 24 | $3.52 | $1.20 | ||
| Q1 24 | $3.12 | $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 | $2.4B | $287.0M |
| 总债务越低越好 | $10.0B | — |
| 股东权益账面价值 | $3.9B | $54.0M |
| 总资产 | $26.4B | $3.8B |
| 负债/权益比越低杠杆越低 | 2.58× | — |
8季度趋势，按日历期对齐
现金及短期投资CPAYTNET
| Q4 25 | $2.4B | $287.0M | ||
| Q3 25 | $2.0B | $321.0M | ||
| Q2 25 | $2.2B | $407.0M | ||
| Q1 25 | $1.6B | $349.0M | ||
| Q4 24 | $1.6B | $360.0M | ||
| Q3 24 | $1.3B | $301.0M | ||
| Q2 24 | $1.4B | $249.0M | ||
| Q1 24 | $1.3B | $383.0M |
总债务CPAYTNET
| Q4 25 | $10.0B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CPAYTNET
| Q4 25 | $3.9B | $54.0M | ||
| Q3 25 | $4.1B | $110.0M | ||
| Q2 25 | $3.9B | $107.0M | ||
| Q1 25 | $3.5B | $63.0M | ||
| Q4 24 | $3.1B | $69.0M | ||
| Q3 24 | $3.1B | $129.0M | ||
| Q2 24 | $2.8B | $100.0M | ||
| Q1 24 | $3.3B | $143.0M |
总资产CPAYTNET
| Q4 25 | $26.4B | $3.8B | ||
| Q3 25 | $19.7B | $3.4B | ||
| Q2 25 | $20.4B | $3.7B | ||
| Q1 25 | $18.5B | $3.8B | ||
| Q4 24 | $18.0B | $4.1B | ||
| Q3 24 | $17.6B | $3.7B | ||
| Q2 24 | $16.2B | $3.7B | ||
| Q1 24 | $15.8B | $4.0B |
负债/权益比CPAYTNET
| Q4 25 | 2.58× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.07× | — | ||
| Q1 25 | 2.37× | — | ||
| Q4 24 | 2.56× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $812.7M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $760.3M | $43.0M |
| 自由现金流率自由现金流/营收 | 60.9% | 3.4% |
| 资本支出强度资本支出/营收 | 4.2% | 1.4% |
| 现金转化率经营现金流/净利润 | 3.07× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | $234.0M |
8季度趋势，按日历期对齐
经营现金流CPAYTNET
| Q4 25 | $812.7M | $61.0M | ||
| Q3 25 | $-378.9M | $72.0M | ||
| Q2 25 | $1.1B | $75.0M | ||
| Q1 25 | $-74.2M | $95.0M | ||
| Q4 24 | $648.7M | $65.0M | ||
| Q3 24 | $400.8M | $84.0M | ||
| Q2 24 | $540.9M | $39.0M | ||
| Q1 24 | $350.2M | $91.0M |
自由现金流CPAYTNET
| Q4 25 | $760.3M | $43.0M | ||
| Q3 25 | $-429.8M | $55.0M | ||
| Q2 25 | $1.1B | $57.0M | ||
| Q1 25 | $-118.9M | $79.0M | ||
| Q4 24 | $604.6M | $47.0M | ||
| Q3 24 | $355.0M | $59.0M | ||
| Q2 24 | $496.8M | $22.0M | ||
| Q1 24 | $309.0M | $73.0M |
自由现金流率CPAYTNET
| Q4 25 | 60.9% | 3.4% | ||
| Q3 25 | -36.7% | 4.5% | ||
| Q2 25 | 98.7% | 4.6% | ||
| Q1 25 | -11.8% | 6.1% | ||
| Q4 24 | 58.4% | 3.7% | ||
| Q3 24 | 34.5% | 4.8% | ||
| Q2 24 | 50.9% | 1.8% | ||
| Q1 24 | 33.0% | 5.8% |
资本支出强度CPAYTNET
| Q4 25 | 4.2% | 1.4% | ||
| Q3 25 | 4.3% | 1.4% | ||
| Q2 25 | 4.8% | 1.5% | ||
| Q1 25 | 4.5% | 1.2% | ||
| Q4 24 | 4.3% | 1.4% | ||
| Q3 24 | 4.4% | 2.0% | ||
| Q2 24 | 4.5% | 1.4% | ||
| Q1 24 | 4.4% | 1.4% |
现金转化率CPAYTNET
| Q4 25 | 3.07× | — | ||
| Q3 25 | -1.36× | 2.12× | ||
| Q2 25 | 4.01× | 2.03× | ||
| Q1 25 | -0.30× | 1.12× | ||
| Q4 24 | 2.64× | — | ||
| Q3 24 | 1.45× | 1.87× | ||
| Q2 24 | 2.15× | 0.65× | ||
| Q1 24 | 1.52× | 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
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
