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礼蓝动物保健（ELAN）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.的季度营收约是礼蓝动物保健的1.1倍（$1.2B vs $1.1B），礼蓝动物保健同比增速更快（12.2% vs -2.2%），礼蓝动物保健自由现金流更多（$46.0M vs $43.0M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -2.6%）
礼蓝动物保健是一家美国动物保健制药企业，专注于生产宠物及家畜用药品与疫苗。该公司原为礼来公司旗下子公司，2019年完成分拆独立，目前是全球第三大动物保健企业。
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。
ELAN 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
ELAN
高出14.4%
-2.2%
自由现金流更多
ELAN
多$3.0M
$43.0M
两年增速更快
TNET
近两年复合增速
-2.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $-276.0M | — |
| 毛利率 | 51.5% | — |
| 营业利润率 | -22.6% | 0.1% |
| 净利率 | -24.1% | — |
| 营收同比 | 12.2% | -2.2% |
| 净利润同比 | -3350.0% | — |
| 每股收益（稀释后） | $-0.55 | $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ELANTNET
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.2B | $1.3B |
净利润ELANTNET
| Q4 25 | $-276.0M | — | ||
| Q3 25 | $-34.0M | $34.0M | ||
| Q2 25 | $11.0M | $37.0M | ||
| Q1 25 | $67.0M | $85.0M | ||
| Q4 24 | $-8.0M | — | ||
| Q3 24 | $364.0M | $45.0M | ||
| Q2 24 | $-50.0M | $60.0M | ||
| Q1 24 | $32.0M | $91.0M |
毛利率ELANTNET
| Q4 25 | 51.5% | — | ||
| Q3 25 | 53.4% | — | ||
| Q2 25 | 57.5% | — | ||
| Q1 25 | 57.3% | — | ||
| Q4 24 | 50.9% | — | ||
| Q3 24 | 52.2% | — | ||
| Q2 24 | 58.2% | — | ||
| Q1 24 | 57.3% | — |
营业利润率ELANTNET
| Q4 25 | -22.6% | 0.1% | ||
| Q3 25 | -4.4% | 4.1% | ||
| Q2 25 | 2.0% | 4.1% | ||
| Q1 25 | 5.0% | 8.9% | ||
| Q4 24 | -5.0% | -2.9% | ||
| Q3 24 | 54.3% | 4.7% | ||
| Q2 24 | -2.7% | 6.5% | ||
| Q1 24 | 1.0% | 9.7% |
净利率ELANTNET
| Q4 25 | -24.1% | — | ||
| Q3 25 | -3.0% | 2.8% | ||
| Q2 25 | 0.9% | 3.0% | ||
| Q1 25 | 5.6% | 6.6% | ||
| Q4 24 | -0.8% | — | ||
| Q3 24 | 35.3% | 3.6% | ||
| Q2 24 | -4.2% | 4.9% | ||
| Q1 24 | 2.7% | 7.2% |
每股收益（稀释后）ELANTNET
| Q4 25 | $-0.55 | $0.02 | ||
| Q3 25 | $-0.07 | $0.70 | ||
| Q2 25 | $0.02 | $0.77 | ||
| Q1 25 | $0.13 | $1.71 | ||
| Q4 24 | $-0.01 | $-0.44 | ||
| Q3 24 | $0.73 | $0.89 | ||
| Q2 24 | $-0.10 | $1.20 | ||
| Q1 24 | $0.06 | $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 | $545.0M | $287.0M |
| 总债务越低越好 | $3.9B | — |
| 股东权益账面价值 | $6.5B | $54.0M |
| 总资产 | $13.4B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资ELANTNET
| Q4 25 | $545.0M | $287.0M | ||
| Q3 25 | $505.0M | $321.0M | ||
| Q2 25 | $539.0M | $407.0M | ||
| Q1 25 | $487.0M | $349.0M | ||
| Q4 24 | $468.0M | $360.0M | ||
| Q3 24 | $490.0M | $301.0M | ||
| Q2 24 | $416.0M | $249.0M | ||
| Q1 24 | $345.0M | $383.0M |
总债务ELANTNET
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $4.1B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.8B | — |
股东权益ELANTNET
| Q4 25 | $6.5B | $54.0M | ||
| Q3 25 | $6.7B | $110.0M | ||
| Q2 25 | $6.8B | $107.0M | ||
| Q1 25 | $6.4B | $63.0M | ||
| Q4 24 | $6.1B | $69.0M | ||
| Q3 24 | $6.5B | $129.0M | ||
| Q2 24 | $5.9B | $100.0M | ||
| Q1 24 | $6.1B | $143.0M |
总资产ELANTNET
| Q4 25 | $13.4B | $3.8B | ||
| Q3 25 | $13.6B | $3.4B | ||
| Q2 25 | $13.7B | $3.7B | ||
| Q1 25 | $12.9B | $3.8B | ||
| Q4 24 | $12.6B | $4.1B | ||
| Q3 24 | $13.3B | $3.7B | ||
| Q2 24 | $13.8B | $3.7B | ||
| Q1 24 | $14.0B | $4.0B |
负债/权益比ELANTNET
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.67× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 0.95× | — |
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 | $108.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $46.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 4.0% | 3.4% |
| 资本支出强度资本支出/营收 | 5.4% | 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 | $284.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流ELANTNET
| Q4 25 | $108.0M | $61.0M | ||
| Q3 25 | $219.0M | $72.0M | ||
| Q2 25 | $237.0M | $75.0M | ||
| Q1 25 | $-4.0M | $95.0M | ||
| Q4 24 | $177.0M | $65.0M | ||
| Q3 24 | $162.0M | $84.0M | ||
| Q2 24 | $200.0M | $39.0M | ||
| Q1 24 | $2.0M | $91.0M |
自由现金流ELANTNET
| Q4 25 | $46.0M | $43.0M | ||
| Q3 25 | $127.0M | $55.0M | ||
| Q2 25 | $180.0M | $57.0M | ||
| Q1 25 | $-69.0M | $79.0M | ||
| Q4 24 | $130.0M | $47.0M | ||
| Q3 24 | $120.0M | $59.0M | ||
| Q2 24 | $166.0M | $22.0M | ||
| Q1 24 | $-22.0M | $73.0M |
自由现金流率ELANTNET
| Q4 25 | 4.0% | 3.4% | ||
| Q3 25 | 11.2% | 4.5% | ||
| Q2 25 | 14.5% | 4.6% | ||
| Q1 25 | -5.8% | 6.1% | ||
| Q4 24 | 12.7% | 3.7% | ||
| Q3 24 | 11.7% | 4.8% | ||
| Q2 24 | 14.0% | 1.8% | ||
| Q1 24 | -1.8% | 5.8% |
资本支出强度ELANTNET
| Q4 25 | 5.4% | 1.4% | ||
| Q3 25 | 8.1% | 1.4% | ||
| Q2 25 | 4.6% | 1.5% | ||
| Q1 25 | 5.4% | 1.2% | ||
| Q4 24 | 4.6% | 1.4% | ||
| Q3 24 | 4.1% | 2.0% | ||
| Q2 24 | 2.9% | 1.4% | ||
| Q1 24 | 2.0% | 1.4% |
现金转化率ELANTNET
| Q4 25 | — | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | 21.55× | 2.03× | ||
| Q1 25 | -0.06× | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.45× | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | 0.06× | 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
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
