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QWEST CORP（CTBB）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QWEST CORP的1.1倍（$1.2B vs $1.1B），TRINET GROUP, INC.同比增速更快（-2.2% vs -15.0%），QWEST CORP自由现金流更多（$160.0M vs $43.0M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -8.6%）
奎斯特公司（以CenturyLink QC名义运营）是一家隶属于 lumen Technologies 的地区性贝尔运营公司。其前身为1911年成立的山地电话电报公司，先后更名为山地贝尔、美国西部通讯，2000年改为现名，业务整合了原Malheur Bell、西北贝尔、太平洋西北贝尔的运营资源。
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。
CTBB 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
TNET
高出12.9%
-15.0%
自由现金流更多
CTBB
多$117.0M
$43.0M
两年增速更快
TNET
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $-2.1B | — |
| 毛利率 | 67.9% | — |
| 营业利润率 | -183.2% | 0.1% |
| 净利率 | -187.5% | — |
| 营收同比 | -15.0% | -2.2% |
| 净利润同比 | -627.9% | — |
| 每股收益（稀释后） | — | $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CTBBTNET
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润CTBBTNET
| Q4 25 | $-2.1B | — | ||
| Q3 25 | $176.0M | $34.0M | ||
| Q2 25 | $277.0M | $37.0M | ||
| Q1 25 | $284.0M | $85.0M | ||
| Q4 24 | $391.0M | — | ||
| Q3 24 | $365.0M | $45.0M | ||
| Q2 24 | $378.0M | $60.0M | ||
| Q1 24 | $353.0M | $91.0M |
毛利率CTBBTNET
| Q4 25 | 67.9% | — | ||
| Q3 25 | 65.3% | — | ||
| Q2 25 | 68.2% | — | ||
| Q1 25 | 69.3% | — | ||
| Q4 24 | 71.2% | — | ||
| Q3 24 | 69.9% | — | ||
| Q2 24 | 71.6% | — | ||
| Q1 24 | 71.9% | — |
营业利润率CTBBTNET
| Q4 25 | -183.2% | 0.1% | ||
| Q3 25 | 22.3% | 4.1% | ||
| Q2 25 | 33.1% | 4.1% | ||
| Q1 25 | 33.7% | 8.9% | ||
| Q4 24 | 40.7% | -2.9% | ||
| Q3 24 | 38.5% | 4.7% | ||
| Q2 24 | 40.3% | 6.5% | ||
| Q1 24 | 37.6% | 9.7% |
净利率CTBBTNET
| Q4 25 | -187.5% | — | ||
| Q3 25 | 16.1% | 2.8% | ||
| Q2 25 | 24.3% | 3.0% | ||
| Q1 25 | 24.7% | 6.6% | ||
| Q4 24 | 30.2% | — | ||
| Q3 24 | 28.2% | 3.6% | ||
| Q2 24 | 28.7% | 4.9% | ||
| Q1 24 | 26.8% | 7.2% |
每股收益（稀释后）CTBBTNET
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $0.70 | ||
| Q2 25 | — | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | — | $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 | $39.0M | $287.0M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $10.9B | $54.0M |
| 总资产 | $15.8B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.15× | — |
8季度趋势，按日历期对齐
现金及短期投资CTBBTNET
| Q4 25 | $39.0M | $287.0M | ||
| Q3 25 | $36.0M | $321.0M | ||
| Q2 25 | $25.0M | $407.0M | ||
| Q1 25 | $40.0M | $349.0M | ||
| Q4 24 | $26.0M | $360.0M | ||
| Q3 24 | $22.0M | $301.0M | ||
| Q2 24 | $18.0M | $249.0M | ||
| Q1 24 | $14.0M | $383.0M |
总债务CTBBTNET
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
股东权益CTBBTNET
| Q4 25 | $10.9B | $54.0M | ||
| Q3 25 | $13.0B | $110.0M | ||
| Q2 25 | $12.8B | $107.0M | ||
| Q1 25 | $12.5B | $63.0M | ||
| Q4 24 | $12.2B | $69.0M | ||
| Q3 24 | $11.9B | $129.0M | ||
| Q2 24 | $11.5B | $100.0M | ||
| Q1 24 | $11.1B | $143.0M |
总资产CTBBTNET
| Q4 25 | $15.8B | $3.8B | ||
| Q3 25 | $17.9B | $3.4B | ||
| Q2 25 | $17.8B | $3.7B | ||
| Q1 25 | $17.6B | $3.8B | ||
| Q4 24 | $17.4B | $4.1B | ||
| Q3 24 | $17.0B | $3.7B | ||
| Q2 24 | $16.6B | $3.7B | ||
| Q1 24 | $16.4B | $4.0B |
负债/权益比CTBBTNET
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.13× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.17× | — | ||
| Q1 24 | 0.17× | — |
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 | $402.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $160.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 14.5% | 3.4% |
| 资本支出强度资本支出/营收 | 22.0% | 1.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $938.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流CTBBTNET
| Q4 25 | $402.0M | $61.0M | ||
| Q3 25 | $427.0M | $72.0M | ||
| Q2 25 | $480.0M | $75.0M | ||
| Q1 25 | $453.0M | $95.0M | ||
| Q4 24 | $548.0M | $65.0M | ||
| Q3 24 | $627.0M | $84.0M | ||
| Q2 24 | $548.0M | $39.0M | ||
| Q1 24 | $471.0M | $91.0M |
自由现金流CTBBTNET
| Q4 25 | $160.0M | $43.0M | ||
| Q3 25 | $252.0M | $55.0M | ||
| Q2 25 | $276.0M | $57.0M | ||
| Q1 25 | $250.0M | $79.0M | ||
| Q4 24 | $277.0M | $47.0M | ||
| Q3 24 | $396.0M | $59.0M | ||
| Q2 24 | $280.0M | $22.0M | ||
| Q1 24 | $194.0M | $73.0M |
自由现金流率CTBBTNET
| Q4 25 | 14.5% | 3.4% | ||
| Q3 25 | 23.1% | 4.5% | ||
| Q2 25 | 24.2% | 4.6% | ||
| Q1 25 | 21.7% | 6.1% | ||
| Q4 24 | 21.4% | 3.7% | ||
| Q3 24 | 30.6% | 4.8% | ||
| Q2 24 | 21.3% | 1.8% | ||
| Q1 24 | 14.7% | 5.8% |
资本支出强度CTBBTNET
| Q4 25 | 22.0% | 1.4% | ||
| Q3 25 | 16.0% | 1.4% | ||
| Q2 25 | 17.9% | 1.5% | ||
| Q1 25 | 17.6% | 1.2% | ||
| Q4 24 | 20.9% | 1.4% | ||
| Q3 24 | 17.9% | 2.0% | ||
| Q2 24 | 20.4% | 1.4% | ||
| Q1 24 | 21.0% | 1.4% |
现金转化率CTBBTNET
| Q4 25 | — | — | ||
| Q3 25 | 2.43× | 2.12× | ||
| Q2 25 | 1.73× | 2.03× | ||
| Q1 25 | 1.60× | 1.12× | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 1.72× | 1.87× | ||
| Q2 24 | 1.45× | 0.65× | ||
| Q1 24 | 1.33× | 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
CTBB
| Nonrelated Party | $665.0M | 60% |
| Other | $436.0M | 40% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
