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Designer Brands Inc.（DBI）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Designer Brands Inc.的1.7倍（$1.2B vs $752.4M），TRINET GROUP, INC.同比增速更快（-2.2% vs -3.2%），Designer Brands Inc.自由现金流更多（$57.5M vs $43.0M），过去两年Designer Brands Inc.的营收复合增速更高（-0.1% vs -0.6%）
Designer Brands Inc.是一家美国鞋履及时尚配饰零售商，主打销售设计师品牌与知名品牌商品，旗下拥有知名连锁零售品牌DSW（设计师鞋履仓库），目前在美国经营超过500家线下门店，同时运营线上电商平台。
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。
DBI vs TNET — 直观对比
营收规模更大
TNET
是对方的1.7倍
$752.4M
营收增速更快
TNET
高出1.0%
-3.2%
自由现金流更多
DBI
多$14.5M
$43.0M
两年增速更快
DBI
近两年复合增速
-0.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $752.4M | $1.2B |
| 净利润 | $18.2M | — |
| 毛利率 | 45.1% | — |
| 营业利润率 | 5.7% | 0.1% |
| 净利率 | 2.4% | — |
| 营收同比 | -3.2% | -2.2% |
| 净利润同比 | 40.0% | — |
| 每股收益（稀释后） | $0.35 | $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DBITNET
| Q4 25 | $752.4M | $1.2B | ||
| Q3 25 | $739.8M | $1.2B | ||
| Q2 25 | $686.9M | $1.2B | ||
| Q1 25 | $713.6M | $1.3B | ||
| Q4 24 | $777.2M | $1.3B | ||
| Q3 24 | $771.9M | $1.2B | ||
| Q2 24 | $746.6M | $1.2B | ||
| Q1 24 | $754.3M | $1.3B |
净利润DBITNET
| Q4 25 | $18.2M | — | ||
| Q3 25 | $10.8M | $34.0M | ||
| Q2 25 | $-17.4M | $37.0M | ||
| Q1 25 | $-38.2M | $85.0M | ||
| Q4 24 | $13.0M | — | ||
| Q3 24 | $13.8M | $45.0M | ||
| Q2 24 | $783.0K | $60.0M | ||
| Q1 24 | $-29.6M | $91.0M |
毛利率DBITNET
| Q4 25 | 45.1% | — | ||
| Q3 25 | 43.7% | — | ||
| Q2 25 | 43.0% | — | ||
| Q1 25 | 75.7% | — | ||
| Q4 24 | 43.0% | — | ||
| Q3 24 | 44.0% | — | ||
| Q2 24 | 44.2% | — | ||
| Q1 24 | 38.8% | — |
营业利润率DBITNET
| Q4 25 | 5.7% | 0.1% | ||
| Q3 25 | 3.6% | 4.1% | ||
| Q2 25 | -1.1% | 4.1% | ||
| Q1 25 | -3.6% | 8.9% | ||
| Q4 24 | 2.9% | -2.9% | ||
| Q3 24 | 3.7% | 4.7% | ||
| Q2 24 | 1.3% | 6.5% | ||
| Q1 24 | -4.8% | 9.7% |
净利率DBITNET
| Q4 25 | 2.4% | — | ||
| Q3 25 | 1.5% | 2.8% | ||
| Q2 25 | -2.5% | 3.0% | ||
| Q1 25 | -5.3% | 6.6% | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.8% | 3.6% | ||
| Q2 24 | 0.1% | 4.9% | ||
| Q1 24 | -3.9% | 7.2% |
每股收益（稀释后）DBITNET
| Q4 25 | $0.35 | $0.02 | ||
| Q3 25 | $0.22 | $0.70 | ||
| Q2 25 | $-0.36 | $0.77 | ||
| Q1 25 | $-0.69 | $1.71 | ||
| Q4 24 | $0.24 | $-0.44 | ||
| Q3 24 | $0.24 | $0.89 | ||
| Q2 24 | $0.01 | $1.20 | ||
| Q1 24 | $-899.54 | $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 | $51.4M | $287.0M |
| 总债务越低越好 | $463.1M | — |
| 股东权益账面价值 | $298.6M | $54.0M |
| 总资产 | $2.1B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.55× | — |
8季度趋势，按日历期对齐
现金及短期投资DBITNET
| Q4 25 | $51.4M | $287.0M | ||
| Q3 25 | $44.9M | $321.0M | ||
| Q2 25 | $46.0M | $407.0M | ||
| Q1 25 | $44.8M | $349.0M | ||
| Q4 24 | $36.2M | $360.0M | ||
| Q3 24 | $38.8M | $301.0M | ||
| Q2 24 | $43.4M | $249.0M | ||
| Q1 24 | $49.2M | $383.0M |
总债务DBITNET
| Q4 25 | $463.1M | — | ||
| Q3 25 | $509.6M | — | ||
| Q2 25 | $516.2M | — | ||
| Q1 25 | $484.3M | — | ||
| Q4 24 | $529.6M | — | ||
| Q3 24 | $459.0M | — | ||
| Q2 24 | $469.3M | — | ||
| Q1 24 | $420.3M | — |
股东权益DBITNET
| Q4 25 | $298.6M | $54.0M | ||
| Q3 25 | $280.8M | $110.0M | ||
| Q2 25 | $266.9M | $107.0M | ||
| Q1 25 | $278.5M | $63.0M | ||
| Q4 24 | $318.5M | $69.0M | ||
| Q3 24 | $355.5M | $129.0M | ||
| Q2 24 | $358.5M | $100.0M | ||
| Q1 24 | $359.2M | $143.0M |
总资产DBITNET
| Q4 25 | $2.1B | $3.8B | ||
| Q3 25 | $2.1B | $3.4B | ||
| Q2 25 | $2.1B | $3.7B | ||
| Q1 25 | $2.0B | $3.8B | ||
| Q4 24 | $2.1B | $4.1B | ||
| Q3 24 | $2.1B | $3.7B | ||
| Q2 24 | $2.2B | $3.7B | ||
| Q1 24 | $2.1B | $4.0B |
负债/权益比DBITNET
| Q4 25 | 1.55× | — | ||
| Q3 25 | 1.81× | — | ||
| Q2 25 | 1.93× | — | ||
| Q1 25 | 1.74× | — | ||
| Q4 24 | 1.66× | — | ||
| Q3 24 | 1.29× | — | ||
| Q2 24 | 1.31× | — | ||
| Q1 24 | 1.17× | — |
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 | $66.5M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $57.5M | $43.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 3.4% |
| 资本支出强度资本支出/营收 | 1.2% | 1.4% |
| 现金转化率经营现金流/净利润 | 3.65× | — |
| 过去12个月自由现金流最近4个季度 | $99.9M | $234.0M |
8季度趋势，按日历期对齐
经营现金流DBITNET
| Q4 25 | $66.5M | $61.0M | ||
| Q3 25 | $21.4M | $72.0M | ||
| Q2 25 | $-20.4M | $75.0M | ||
| Q1 25 | $70.1M | $95.0M | ||
| Q4 24 | $-9.8M | $65.0M | ||
| Q3 24 | $41.6M | $84.0M | ||
| Q2 24 | $-19.7M | $39.0M | ||
| Q1 24 | $-40.1M | $91.0M |
自由现金流DBITNET
| Q4 25 | $57.5M | $43.0M | ||
| Q3 25 | $11.9M | $55.0M | ||
| Q2 25 | $-27.6M | $57.0M | ||
| Q1 25 | $58.1M | $79.0M | ||
| Q4 24 | $-19.2M | $47.0M | ||
| Q3 24 | $28.0M | $59.0M | ||
| Q2 24 | $-35.6M | $22.0M | ||
| Q1 24 | $-52.8M | $73.0M |
自由现金流率DBITNET
| Q4 25 | 7.6% | 3.4% | ||
| Q3 25 | 1.6% | 4.5% | ||
| Q2 25 | -4.0% | 4.6% | ||
| Q1 25 | 8.1% | 6.1% | ||
| Q4 24 | -2.5% | 3.7% | ||
| Q3 24 | 3.6% | 4.8% | ||
| Q2 24 | -4.8% | 1.8% | ||
| Q1 24 | -7.0% | 5.8% |
资本支出强度DBITNET
| Q4 25 | 1.2% | 1.4% | ||
| Q3 25 | 1.3% | 1.4% | ||
| Q2 25 | 1.1% | 1.5% | ||
| Q1 25 | 1.7% | 1.2% | ||
| Q4 24 | 1.2% | 1.4% | ||
| Q3 24 | 1.8% | 2.0% | ||
| Q2 24 | 2.1% | 1.4% | ||
| Q1 24 | 1.7% | 1.4% |
现金转化率DBITNET
| Q4 25 | 3.65× | — | ||
| Q3 25 | 1.98× | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | -0.75× | — | ||
| Q3 24 | 3.01× | 1.87× | ||
| Q2 24 | -25.13× | 0.65× | ||
| Q1 24 | — | 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
DBI
| Womens | $280.7M | 37% |
| Athletic Footwear | $188.6M | 25% |
| Wholesale | $89.8M | 12% |
| Canada Retail Segment | $77.3M | 10% |
| Mens | $76.1M | 10% |
| Kids | $24.2M | 3% |
| Commission Income | $10.8M | 1% |
| Directto Consumer | $1.3M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
