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DROPBOX, INC.（DBX）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DROPBOX, INC.的2.0倍（$1.2B vs $636.2M），DROPBOX, INC.同比增速更快（-1.1% vs -2.2%），DROPBOX, INC.自由现金流更多（$224.9M vs $43.0M），过去两年DROPBOX, INC.的营收复合增速更高（0.4% vs -0.6%）
Dropbox是总部位于美国加利福尼亚州旧金山的云服务企业，2007年由麻省理工学院学生德鲁·休斯顿与阿拉什·费尔多西创立，初创阶段获得创业孵化器Y Combinator的种子投资，核心业务包含云存储、文件同步、个人云及配套客户端软件等服务。
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。
DBX vs TNET — 直观对比
营收规模更大
TNET
是对方的2.0倍
$636.2M
营收增速更快
DBX
高出1.0%
-2.2%
自由现金流更多
DBX
多$181.9M
$43.0M
两年增速更快
DBX
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $1.2B |
| 净利润 | $108.7M | — |
| 毛利率 | 79.2% | — |
| 营业利润率 | 25.5% | 0.1% |
| 净利率 | 17.1% | — |
| 营收同比 | -1.1% | -2.2% |
| 净利润同比 | 5.7% | — |
| 每股收益（稀释后） | $0.43 | $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DBXTNET
| Q4 25 | $636.2M | $1.2B | ||
| Q3 25 | $634.4M | $1.2B | ||
| Q2 25 | $625.7M | $1.2B | ||
| Q1 25 | $624.7M | $1.3B | ||
| Q4 24 | $643.6M | $1.3B | ||
| Q3 24 | $638.8M | $1.2B | ||
| Q2 24 | $634.5M | $1.2B | ||
| Q1 24 | $631.3M | $1.3B |
净利润DBXTNET
| Q4 25 | $108.7M | — | ||
| Q3 25 | $123.8M | $34.0M | ||
| Q2 25 | $125.6M | $37.0M | ||
| Q1 25 | $150.3M | $85.0M | ||
| Q4 24 | $102.8M | — | ||
| Q3 24 | $106.7M | $45.0M | ||
| Q2 24 | $110.5M | $60.0M | ||
| Q1 24 | $132.3M | $91.0M |
毛利率DBXTNET
| Q4 25 | 79.2% | — | ||
| Q3 25 | 79.8% | — | ||
| Q2 25 | 80.2% | — | ||
| Q1 25 | 81.3% | — | ||
| Q4 24 | 81.2% | — | ||
| Q3 24 | 82.5% | — | ||
| Q2 24 | 83.1% | — | ||
| Q1 24 | 83.2% | — |
营业利润率DBXTNET
| Q4 25 | 25.5% | 0.1% | ||
| Q3 25 | 27.5% | 4.1% | ||
| Q2 25 | 26.9% | 4.1% | ||
| Q1 25 | 29.4% | 8.9% | ||
| Q4 24 | 13.7% | -2.9% | ||
| Q3 24 | 20.0% | 4.7% | ||
| Q2 24 | 20.0% | 6.5% | ||
| Q1 24 | 22.7% | 9.7% |
净利率DBXTNET
| Q4 25 | 17.1% | — | ||
| Q3 25 | 19.5% | 2.8% | ||
| Q2 25 | 20.1% | 3.0% | ||
| Q1 25 | 24.1% | 6.6% | ||
| Q4 24 | 16.0% | — | ||
| Q3 24 | 16.7% | 3.6% | ||
| Q2 24 | 17.4% | 4.9% | ||
| Q1 24 | 21.0% | 7.2% |
每股收益（稀释后）DBXTNET
| Q4 25 | $0.43 | $0.02 | ||
| Q3 25 | $0.47 | $0.70 | ||
| Q2 25 | $0.45 | $0.77 | ||
| Q1 25 | $0.51 | $1.71 | ||
| Q4 24 | $0.33 | $-0.44 | ||
| Q3 24 | $0.34 | $0.89 | ||
| Q2 24 | $0.34 | $1.20 | ||
| Q1 24 | $0.39 | $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 | $891.3M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-1.8B | $54.0M |
| 总资产 | $2.8B | $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DBXTNET
| Q4 25 | $891.3M | $287.0M | ||
| Q3 25 | $730.7M | $321.0M | ||
| Q2 25 | $736.3M | $407.0M | ||
| Q1 25 | $942.2M | $349.0M | ||
| Q4 24 | $1.3B | $360.0M | ||
| Q3 24 | $517.6M | $301.0M | ||
| Q2 24 | $515.1M | $249.0M | ||
| Q1 24 | $548.9M | $383.0M |
股东权益DBXTNET
| Q4 25 | $-1.8B | $54.0M | ||
| Q3 25 | $-1.5B | $110.0M | ||
| Q2 25 | $-1.3B | $107.0M | ||
| Q1 25 | $-1.1B | $63.0M | ||
| Q4 24 | $-752.4M | $69.0M | ||
| Q3 24 | $-546.1M | $129.0M | ||
| Q2 24 | $-371.3M | $100.0M | ||
| Q1 24 | $-277.2M | $143.0M |
总资产DBXTNET
| Q4 25 | $2.8B | $3.8B | ||
| Q3 25 | $2.8B | $3.4B | ||
| Q2 25 | $2.8B | $3.7B | ||
| Q1 25 | $3.0B | $3.8B | ||
| Q4 24 | $3.3B | $4.1B | ||
| Q3 24 | $2.6B | $3.7B | ||
| Q2 24 | $2.7B | $3.7B | ||
| Q1 24 | $2.8B | $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 | $235.4M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $224.9M | $43.0M |
| 自由现金流率自由现金流/营收 | 35.4% | 3.4% |
| 资本支出强度资本支出/营收 | 1.7% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.17× | — |
| 过去12个月自由现金流最近4个季度 | $930.8M | $234.0M |
8季度趋势，按日历期对齐
经营现金流DBXTNET
| Q4 25 | $235.4M | $61.0M | ||
| Q3 25 | $302.1M | $72.0M | ||
| Q2 25 | $260.5M | $75.0M | ||
| Q1 25 | $153.8M | $95.0M | ||
| Q4 24 | $213.8M | $65.0M | ||
| Q3 24 | $274.2M | $84.0M | ||
| Q2 24 | $230.6M | $39.0M | ||
| Q1 24 | $175.5M | $91.0M |
自由现金流DBXTNET
| Q4 25 | $224.9M | $43.0M | ||
| Q3 25 | $293.7M | $55.0M | ||
| Q2 25 | $258.5M | $57.0M | ||
| Q1 25 | $153.7M | $79.0M | ||
| Q4 24 | $210.5M | $47.0M | ||
| Q3 24 | $270.1M | $59.0M | ||
| Q2 24 | $224.7M | $22.0M | ||
| Q1 24 | $166.3M | $73.0M |
自由现金流率DBXTNET
| Q4 25 | 35.4% | 3.4% | ||
| Q3 25 | 46.3% | 4.5% | ||
| Q2 25 | 41.3% | 4.6% | ||
| Q1 25 | 24.6% | 6.1% | ||
| Q4 24 | 32.7% | 3.7% | ||
| Q3 24 | 42.3% | 4.8% | ||
| Q2 24 | 35.4% | 1.8% | ||
| Q1 24 | 26.3% | 5.8% |
资本支出强度DBXTNET
| Q4 25 | 1.7% | 1.4% | ||
| Q3 25 | 1.3% | 1.4% | ||
| Q2 25 | 0.3% | 1.5% | ||
| Q1 25 | 0.0% | 1.2% | ||
| Q4 24 | 0.5% | 1.4% | ||
| Q3 24 | 0.6% | 2.0% | ||
| Q2 24 | 0.9% | 1.4% | ||
| Q1 24 | 1.5% | 1.4% |
现金转化率DBXTNET
| Q4 25 | 2.17× | — | ||
| Q3 25 | 2.44× | 2.12× | ||
| Q2 25 | 2.07× | 2.03× | ||
| Q1 25 | 1.02× | 1.12× | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.57× | 1.87× | ||
| Q2 24 | 2.09× | 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
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
