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First American Financial Corp（FAF）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
First American Financial Corp的季度营收约是TRINET GROUP, INC.的1.6倍（$2.0B vs $1.2B），First American Financial Corp同比增速更快（21.6% vs -2.2%），First American Financial Corp自由现金流更多（$324.5M vs $43.0M），过去两年First American Financial Corp的营收复合增速更高（19.9% vs -0.6%）
第一美国金融公司是美国知名金融服务企业，主要面向房地产及抵押贷款行业开展业务，核心服务涵盖产权保险、房产交易与抵押业务相关的交割结算服务，在全球地产金融服务领域具备成熟的服务能力与较高的行业认可度。
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。
FAF vs TNET — 直观对比
营收规模更大
FAF
是对方的1.6倍
$1.2B
营收增速更快
FAF
高出23.8%
-2.2%
自由现金流更多
FAF
多$281.5M
$43.0M
两年增速更快
FAF
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.2B |
| 净利润 | $211.9M | — |
| 毛利率 | — | — |
| 营业利润率 | 14.0% | 0.1% |
| 净利率 | 10.3% | — |
| 营收同比 | 21.6% | -2.2% |
| 净利润同比 | 192.7% | — |
| 每股收益（稀释后） | $2.04 | $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FAFTNET
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.6B | $1.3B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.4B | $1.3B |
净利润FAFTNET
| Q4 25 | $211.9M | — | ||
| Q3 25 | $189.6M | $34.0M | ||
| Q2 25 | $146.1M | $37.0M | ||
| Q1 25 | $74.2M | $85.0M | ||
| Q4 24 | $72.4M | — | ||
| Q3 24 | $-104.0M | $45.0M | ||
| Q2 24 | $116.0M | $60.0M | ||
| Q1 24 | $46.7M | $91.0M |
营业利润率FAFTNET
| Q4 25 | 14.0% | 0.1% | ||
| Q3 25 | 12.5% | 4.1% | ||
| Q2 25 | 10.6% | 4.1% | ||
| Q1 25 | 6.1% | 8.9% | ||
| Q4 24 | 5.9% | -2.9% | ||
| Q3 24 | -10.3% | 4.7% | ||
| Q2 24 | 9.4% | 6.5% | ||
| Q1 24 | 4.1% | 9.7% |
净利率FAFTNET
| Q4 25 | 10.3% | — | ||
| Q3 25 | 9.6% | 2.8% | ||
| Q2 25 | 7.9% | 3.0% | ||
| Q1 25 | 4.7% | 6.6% | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | -7.4% | 3.6% | ||
| Q2 24 | 7.2% | 4.9% | ||
| Q1 24 | 3.3% | 7.2% |
每股收益（稀释后）FAFTNET
| Q4 25 | $2.04 | $0.02 | ||
| Q3 25 | $1.84 | $0.70 | ||
| Q2 25 | $1.41 | $0.77 | ||
| Q1 25 | $0.71 | $1.71 | ||
| Q4 24 | $0.70 | $-0.44 | ||
| Q3 24 | $-1.00 | $0.89 | ||
| Q2 24 | $1.11 | $1.20 | ||
| Q1 24 | $0.45 | $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 | $1.4B | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.5B | $54.0M |
| 总资产 | $16.2B | $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FAFTNET
| Q4 25 | $1.4B | $287.0M | ||
| Q3 25 | $2.9B | $321.0M | ||
| Q2 25 | $2.0B | $407.0M | ||
| Q1 25 | $2.0B | $349.0M | ||
| Q4 24 | $1.7B | $360.0M | ||
| Q3 24 | $3.0B | $301.0M | ||
| Q2 24 | $2.0B | $249.0M | ||
| Q1 24 | $1.5B | $383.0M |
股东权益FAFTNET
| Q4 25 | $5.5B | $54.0M | ||
| Q3 25 | $5.3B | $110.0M | ||
| Q2 25 | $5.1B | $107.0M | ||
| Q1 25 | $5.0B | $63.0M | ||
| Q4 24 | $4.9B | $69.0M | ||
| Q3 24 | $5.1B | $129.0M | ||
| Q2 24 | $4.8B | $100.0M | ||
| Q1 24 | $4.8B | $143.0M |
总资产FAFTNET
| Q4 25 | $16.2B | $3.8B | ||
| Q3 25 | $17.6B | $3.4B | ||
| Q2 25 | $16.3B | $3.7B | ||
| Q1 25 | $15.5B | $3.8B | ||
| Q4 24 | $14.9B | $4.1B | ||
| Q3 24 | $16.6B | $3.7B | ||
| Q2 24 | $15.2B | $3.7B | ||
| Q1 24 | $14.7B | $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 | $369.3M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $324.5M | $43.0M |
| 自由现金流率自由现金流/营收 | 15.8% | 3.4% |
| 资本支出强度资本支出/营收 | 2.2% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.74× | — |
| 过去12个月自由现金流最近4个季度 | $762.5M | $234.0M |
8季度趋势，按日历期对齐
经营现金流FAFTNET
| Q4 25 | $369.3M | $61.0M | ||
| Q3 25 | $272.5M | $72.0M | ||
| Q2 25 | $361.8M | $75.0M | ||
| Q1 25 | $-52.8M | $95.0M | ||
| Q4 24 | $324.6M | $65.0M | ||
| Q3 24 | $236.9M | $84.0M | ||
| Q2 24 | $266.7M | $39.0M | ||
| Q1 24 | $69.3M | $91.0M |
自由现金流FAFTNET
| Q4 25 | $324.5M | $43.0M | ||
| Q3 25 | $223.1M | $55.0M | ||
| Q2 25 | $309.4M | $57.0M | ||
| Q1 25 | $-94.5M | $79.0M | ||
| Q4 24 | $266.2M | $47.0M | ||
| Q3 24 | $185.4M | $59.0M | ||
| Q2 24 | $210.0M | $22.0M | ||
| Q1 24 | $17.6M | $73.0M |
自由现金流率FAFTNET
| Q4 25 | 15.8% | 3.4% | ||
| Q3 25 | 11.3% | 4.5% | ||
| Q2 25 | 16.8% | 4.6% | ||
| Q1 25 | -6.0% | 6.1% | ||
| Q4 24 | 15.8% | 3.7% | ||
| Q3 24 | 13.2% | 4.8% | ||
| Q2 24 | 13.0% | 1.8% | ||
| Q1 24 | 1.2% | 5.8% |
资本支出强度FAFTNET
| Q4 25 | 2.2% | 1.4% | ||
| Q3 25 | 2.5% | 1.4% | ||
| Q2 25 | 2.8% | 1.5% | ||
| Q1 25 | 2.6% | 1.2% | ||
| Q4 24 | 3.5% | 1.4% | ||
| Q3 24 | 3.7% | 2.0% | ||
| Q2 24 | 3.5% | 1.4% | ||
| Q1 24 | 3.6% | 1.4% |
现金转化率FAFTNET
| Q4 25 | 1.74× | — | ||
| Q3 25 | 1.44× | 2.12× | ||
| Q2 25 | 2.48× | 2.03× | ||
| Q1 25 | -0.71× | 1.12× | ||
| Q4 24 | 4.48× | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | 2.30× | 0.65× | ||
| Q1 24 | 1.48× | 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
FAF
| Title Insurance And Services | $1.9B | 94% |
| Home Warranty | $110.3M | 5% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
