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EPAM Systems（EPAM）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
EPAM Systems的季度营收约是TRINET GROUP, INC.的1.1倍（$1.4B vs $1.2B），EPAM Systems同比增速更快（12.8% vs -2.2%），EPAM Systems自由现金流更多（$268.1M vs $43.0M），过去两年EPAM Systems的营收复合增速更高（9.9% vs -0.6%）
EPAM Systems是总部位于美国宾夕法尼亚州纽敦的企业，核心业务涵盖软件工程服务、数字平台研发、数字产品设计三大板块，同时是MACH联盟的创始成员，在全球数字化服务赛道拥有深厚的技术积累与行业认可度。
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。
EPAM vs TNET — 直观对比
营收规模更大
EPAM
是对方的1.1倍
$1.2B
营收增速更快
EPAM
高出14.9%
-2.2%
自由现金流更多
EPAM
多$225.1M
$43.0M
两年增速更快
EPAM
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $109.4M | — |
| 毛利率 | 30.1% | — |
| 营业利润率 | 10.6% | 0.1% |
| 净利率 | 7.8% | — |
| 营收同比 | 12.8% | -2.2% |
| 净利润同比 | 5.9% | — |
| 每股收益（稀释后） | $1.97 | $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EPAMTNET
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.2B | $1.3B |
净利润EPAMTNET
| Q4 25 | $109.4M | — | ||
| Q3 25 | $106.8M | $34.0M | ||
| Q2 25 | $88.0M | $37.0M | ||
| Q1 25 | $73.5M | $85.0M | ||
| Q4 24 | $103.3M | — | ||
| Q3 24 | $136.3M | $45.0M | ||
| Q2 24 | $98.6M | $60.0M | ||
| Q1 24 | $116.2M | $91.0M |
毛利率EPAMTNET
| Q4 25 | 30.1% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 34.6% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 28.4% | — |
营业利润率EPAMTNET
| Q4 25 | 10.6% | 0.1% | ||
| Q3 25 | 10.4% | 4.1% | ||
| Q2 25 | 9.3% | 4.1% | ||
| Q1 25 | 7.6% | 8.9% | ||
| Q4 24 | 10.9% | -2.9% | ||
| Q3 24 | 15.2% | 4.7% | ||
| Q2 24 | 10.5% | 6.5% | ||
| Q1 24 | 9.5% | 9.7% |
净利率EPAMTNET
| Q4 25 | 7.8% | — | ||
| Q3 25 | 7.7% | 2.8% | ||
| Q2 25 | 6.5% | 3.0% | ||
| Q1 25 | 5.6% | 6.6% | ||
| Q4 24 | 8.3% | — | ||
| Q3 24 | 11.7% | 3.6% | ||
| Q2 24 | 8.6% | 4.9% | ||
| Q1 24 | 10.0% | 7.2% |
每股收益（稀释后）EPAMTNET
| Q4 25 | $1.97 | $0.02 | ||
| Q3 25 | $1.91 | $0.70 | ||
| Q2 25 | $1.56 | $0.77 | ||
| Q1 25 | $1.28 | $1.71 | ||
| Q4 24 | $1.80 | $-0.44 | ||
| Q3 24 | $2.37 | $0.89 | ||
| Q2 24 | $1.70 | $1.20 | ||
| Q1 24 | $1.97 | $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 | $1.3B | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | $54.0M |
| 总资产 | $4.9B | $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EPAMTNET
| Q4 25 | $1.3B | $287.0M | ||
| Q3 25 | $1.2B | $321.0M | ||
| Q2 25 | $1.0B | $407.0M | ||
| Q1 25 | $1.2B | $349.0M | ||
| Q4 24 | $1.3B | $360.0M | ||
| Q3 24 | $2.1B | $301.0M | ||
| Q2 24 | $1.8B | $249.0M | ||
| Q1 24 | $2.0B | $383.0M |
股东权益EPAMTNET
| Q4 25 | $3.7B | $54.0M | ||
| Q3 25 | $3.7B | $110.0M | ||
| Q2 25 | $3.7B | $107.0M | ||
| Q1 25 | $3.6B | $63.0M | ||
| Q4 24 | $3.6B | $69.0M | ||
| Q3 24 | $3.6B | $129.0M | ||
| Q2 24 | $3.4B | $100.0M | ||
| Q1 24 | $3.5B | $143.0M |
总资产EPAMTNET
| Q4 25 | $4.9B | $3.8B | ||
| Q3 25 | $4.8B | $3.4B | ||
| Q2 25 | $4.7B | $3.7B | ||
| Q1 25 | $4.7B | $3.8B | ||
| Q4 24 | $4.8B | $4.1B | ||
| Q3 24 | $4.5B | $3.7B | ||
| Q2 24 | $4.2B | $3.7B | ||
| Q1 24 | $4.4B | $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 | $282.9M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $268.1M | $43.0M |
| 自由现金流率自由现金流/营收 | 19.0% | 3.4% |
| 资本支出强度资本支出/营收 | 1.1% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.59× | — |
| 过去12个月自由现金流最近4个季度 | $612.7M | $234.0M |
8季度趋势，按日历期对齐
经营现金流EPAMTNET
| Q4 25 | $282.9M | $61.0M | ||
| Q3 25 | $294.7M | $72.0M | ||
| Q2 25 | $53.2M | $75.0M | ||
| Q1 25 | $24.2M | $95.0M | ||
| Q4 24 | $130.3M | $65.0M | ||
| Q3 24 | $242.0M | $84.0M | ||
| Q2 24 | $57.0M | $39.0M | ||
| Q1 24 | $129.9M | $91.0M |
自由现金流EPAMTNET
| Q4 25 | $268.1M | $43.0M | ||
| Q3 25 | $286.4M | $55.0M | ||
| Q2 25 | $43.4M | $57.0M | ||
| Q1 25 | $14.8M | $79.0M | ||
| Q4 24 | $114.5M | $47.0M | ||
| Q3 24 | $237.0M | $59.0M | ||
| Q2 24 | $52.3M | $22.0M | ||
| Q1 24 | $123.2M | $73.0M |
自由现金流率EPAMTNET
| Q4 25 | 19.0% | 3.4% | ||
| Q3 25 | 20.5% | 4.5% | ||
| Q2 25 | 3.2% | 4.6% | ||
| Q1 25 | 1.1% | 6.1% | ||
| Q4 24 | 9.2% | 3.7% | ||
| Q3 24 | 20.3% | 4.8% | ||
| Q2 24 | 4.6% | 1.8% | ||
| Q1 24 | 10.6% | 5.8% |
资本支出强度EPAMTNET
| Q4 25 | 1.1% | 1.4% | ||
| Q3 25 | 0.6% | 1.4% | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 0.7% | 1.2% | ||
| Q4 24 | 1.3% | 1.4% | ||
| Q3 24 | 0.4% | 2.0% | ||
| Q2 24 | 0.4% | 1.4% | ||
| Q1 24 | 0.6% | 1.4% |
现金转化率EPAMTNET
| Q4 25 | 2.59× | — | ||
| Q3 25 | 2.76× | 2.12× | ||
| Q2 25 | 0.60× | 2.03× | ||
| Q1 25 | 0.33× | 1.12× | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | 1.77× | 1.87× | ||
| Q2 24 | 0.58× | 0.65× | ||
| Q1 24 | 1.12× | 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
EPAM
暂无分部数据
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
