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达美乐（DPZ）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.的季度营收约是达美乐的1.1倍（$1.2B vs $1.2B），达美乐同比增速更快（3.5% vs -2.2%），达美乐自由现金流更多（$147.0M vs $43.0M），过去两年达美乐的营收复合增速更高（3.0% vs -0.6%）
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
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。
DPZ vs TNET — 直观对比
营收规模更大
TNET
是对方的1.1倍
$1.2B
营收增速更快
DPZ
高出5.7%
-2.2%
自由现金流更多
DPZ
多$104.0M
$43.0M
两年增速更快
DPZ
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $139.8M | — |
| 毛利率 | 40.4% | — |
| 营业利润率 | 20.0% | 0.1% |
| 净利率 | 12.2% | — |
| 营收同比 | 3.5% | -2.2% |
| 净利润同比 | -6.6% | — |
| 每股收益（稀释后） | $4.13 | $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DPZTNET
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B |
净利润DPZTNET
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $139.3M | $34.0M | ||
| Q2 25 | $131.1M | $37.0M | ||
| Q1 25 | $149.7M | $85.0M | ||
| Q4 24 | $169.4M | — | ||
| Q3 24 | $146.9M | $45.0M | ||
| Q2 24 | $142.0M | $60.0M |
毛利率DPZTNET
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 40.1% | — | ||
| Q2 25 | 40.3% | — | ||
| Q1 25 | 39.8% | — | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 39.2% | — | ||
| Q2 24 | 39.8% | — |
营业利润率DPZTNET
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | 19.5% | 4.1% | ||
| Q2 25 | 19.7% | 4.1% | ||
| Q1 25 | 18.9% | 8.9% | ||
| Q4 24 | 19.0% | -2.9% | ||
| Q3 24 | 18.4% | 4.7% | ||
| Q2 24 | 17.9% | 6.5% |
净利率DPZTNET
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 12.1% | 2.8% | ||
| Q2 25 | 11.4% | 3.0% | ||
| Q1 25 | 13.5% | 6.6% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 13.6% | 3.6% | ||
| Q2 24 | 12.9% | 4.9% |
每股收益（稀释后）DPZTNET
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $0.02 | ||
| Q3 25 | $4.08 | $0.70 | ||
| Q2 25 | $3.81 | $0.77 | ||
| Q1 25 | $4.33 | $1.71 | ||
| Q4 24 | $4.89 | $-0.44 | ||
| Q3 24 | $4.19 | $0.89 | ||
| Q2 24 | $4.03 | $1.20 |
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 | $232.9M | $287.0M |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | — | $54.0M |
| 总资产 | $1.8B | $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DPZTNET
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $287.0M | ||
| Q3 25 | $139.7M | $321.0M | ||
| Q2 25 | $272.9M | $407.0M | ||
| Q1 25 | $304.3M | $349.0M | ||
| Q4 24 | $186.1M | $360.0M | ||
| Q3 24 | $189.1M | $301.0M | ||
| Q2 24 | $283.7M | $249.0M |
总债务DPZTNET
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $3.8B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $5.0B | — |
股东权益DPZTNET
| Q1 26 | — | — | ||
| Q4 25 | — | $54.0M | ||
| Q3 25 | $-4.0B | $110.0M | ||
| Q2 25 | $-4.0B | $107.0M | ||
| Q1 25 | $-3.9B | $63.0M | ||
| Q4 24 | $-4.0B | $69.0M | ||
| Q3 24 | $-4.0B | $129.0M | ||
| Q2 24 | $-3.9B | $100.0M |
总资产DPZTNET
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $3.8B | ||
| Q3 25 | $1.7B | $3.4B | ||
| Q2 25 | $1.8B | $3.7B | ||
| Q1 25 | $1.9B | $3.8B | ||
| Q4 24 | $1.7B | $4.1B | ||
| Q3 24 | $1.8B | $3.7B | ||
| Q2 24 | $1.9B | $3.7B |
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 | $162.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 3.4% |
| 资本支出强度资本支出/营收 | 1.3% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.16× | — |
| 过去12个月自由现金流最近4个季度 | $642.6M | $234.0M |
8季度趋势，按日历期对齐
经营现金流DPZTNET
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $61.0M | ||
| Q3 25 | $185.4M | $72.0M | ||
| Q2 25 | $187.8M | $75.0M | ||
| Q1 25 | $179.1M | $95.0M | ||
| Q4 24 | $178.0M | $65.0M | ||
| Q3 24 | $172.7M | $84.0M | ||
| Q2 24 | $150.7M | $39.0M |
自由现金流DPZTNET
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $43.0M | ||
| Q3 25 | $164.0M | $55.0M | ||
| Q2 25 | $167.3M | $57.0M | ||
| Q1 25 | $164.3M | $79.0M | ||
| Q4 24 | $135.9M | $47.0M | ||
| Q3 24 | $145.6M | $59.0M | ||
| Q2 24 | $127.2M | $22.0M |
自由现金流率DPZTNET
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | 14.3% | 4.5% | ||
| Q2 25 | 14.6% | 4.6% | ||
| Q1 25 | 14.8% | 6.1% | ||
| Q4 24 | 9.4% | 3.7% | ||
| Q3 24 | 13.5% | 4.8% | ||
| Q2 24 | 11.6% | 1.8% |
资本支出强度DPZTNET
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 1.4% | ||
| Q3 25 | 1.9% | 1.4% | ||
| Q2 25 | 1.8% | 1.5% | ||
| Q1 25 | 1.3% | 1.2% | ||
| Q4 24 | 2.9% | 1.4% | ||
| Q3 24 | 2.5% | 2.0% | ||
| Q2 24 | 2.1% | 1.4% |
现金转化率DPZTNET
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.33× | 2.12× | ||
| Q2 25 | 1.43× | 2.03× | ||
| Q1 25 | 1.20× | 1.12× | ||
| Q4 24 | 1.05× | — | ||
| Q3 24 | 1.18× | 1.87× | ||
| Q2 24 | 1.06× | 0.65× |
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
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
