vs
F5, Inc.（FFIV）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F5, Inc.的1.5倍（$1.2B vs $811.7M），F5, Inc.同比增速更快（11.0% vs -2.2%），过去两年F5, Inc.的营收复合增速更高（8.0% vs -0.6%）
F5, Inc.是一家美国科技企业，专注于应用安全、多云管理、线上反欺诈、应用交付网络（ADN）相关业务，同时提供应用可用性与性能优化、网络安全、访问授权管理等产品及解决方案，助力各行业客户保障数字化业务稳定运营，提升运行效率。
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。
FFIV vs TNET — 直观对比
营收规模更大
TNET
是对方的1.5倍
$811.7M
营收增速更快
FFIV
高出13.2%
-2.2%
两年增速更快
FFIV
近两年复合增速
-0.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $811.7M | $1.2B |
| 净利润 | $148.0M | — |
| 毛利率 | 81.4% | — |
| 营业利润率 | 22.1% | 0.1% |
| 净利率 | 18.2% | — |
| 营收同比 | 11.0% | -2.2% |
| 净利润同比 | 1.5% | — |
| 每股收益（稀释后） | $2.58 | $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FFIVTNET
| Q1 26 | $811.7M | — | ||
| Q4 25 | $822.5M | $1.2B | ||
| Q3 25 | $810.1M | $1.2B | ||
| Q2 25 | $780.4M | $1.2B | ||
| Q1 25 | $731.1M | $1.3B | ||
| Q4 24 | $766.5M | $1.3B | ||
| Q3 24 | $746.7M | $1.2B | ||
| Q2 24 | $695.5M | $1.2B |
净利润FFIVTNET
| Q1 26 | $148.0M | — | ||
| Q4 25 | $180.1M | — | ||
| Q3 25 | $190.5M | $34.0M | ||
| Q2 25 | $189.9M | $37.0M | ||
| Q1 25 | $145.5M | $85.0M | ||
| Q4 24 | $166.4M | — | ||
| Q3 24 | $165.3M | $45.0M | ||
| Q2 24 | $144.1M | $60.0M |
毛利率FFIVTNET
| Q1 26 | 81.4% | — | ||
| Q4 25 | 81.5% | — | ||
| Q3 25 | 82.2% | — | ||
| Q2 25 | 81.0% | — | ||
| Q1 25 | 80.7% | — | ||
| Q4 24 | 81.7% | — | ||
| Q3 24 | 80.8% | — | ||
| Q2 24 | 80.4% | — |
营业利润率FFIVTNET
| Q1 26 | 22.1% | — | ||
| Q4 25 | 26.0% | 0.1% | ||
| Q3 25 | 25.4% | 4.1% | ||
| Q2 25 | 25.2% | 4.1% | ||
| Q1 25 | 21.7% | 8.9% | ||
| Q4 24 | 26.8% | -2.9% | ||
| Q3 24 | 25.6% | 4.7% | ||
| Q2 24 | 23.4% | 6.5% |
净利率FFIVTNET
| Q1 26 | 18.2% | — | ||
| Q4 25 | 21.9% | — | ||
| Q3 25 | 23.5% | 2.8% | ||
| Q2 25 | 24.3% | 3.0% | ||
| Q1 25 | 19.9% | 6.6% | ||
| Q4 24 | 21.7% | — | ||
| Q3 24 | 22.1% | 3.6% | ||
| Q2 24 | 20.7% | 4.9% |
每股收益（稀释后）FFIVTNET
| Q1 26 | $2.58 | — | ||
| Q4 25 | $3.10 | $0.02 | ||
| Q3 25 | $3.25 | $0.70 | ||
| Q2 25 | $3.25 | $0.77 | ||
| Q1 25 | $2.48 | $1.71 | ||
| Q4 24 | $2.82 | $-0.44 | ||
| Q3 24 | $2.79 | $0.89 | ||
| Q2 24 | $2.44 | $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 | $1.4B | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.6B | $54.0M |
| 总资产 | $6.5B | $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FFIVTNET
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.2B | $287.0M | ||
| Q3 25 | $1.3B | $321.0M | ||
| Q2 25 | $1.4B | $407.0M | ||
| Q1 25 | $1.3B | $349.0M | ||
| Q4 24 | $1.2B | $360.0M | ||
| Q3 24 | $1.1B | $301.0M | ||
| Q2 24 | $935.6M | $249.0M |
股东权益FFIVTNET
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.5B | $54.0M | ||
| Q3 25 | $3.6B | $110.0M | ||
| Q2 25 | $3.5B | $107.0M | ||
| Q1 25 | $3.3B | $63.0M | ||
| Q4 24 | $3.2B | $69.0M | ||
| Q3 24 | $3.1B | $129.0M | ||
| Q2 24 | $3.0B | $100.0M |
总资产FFIVTNET
| Q1 26 | $6.5B | — | ||
| Q4 25 | $6.3B | $3.8B | ||
| Q3 25 | $6.3B | $3.4B | ||
| Q2 25 | $6.1B | $3.7B | ||
| Q1 25 | $5.9B | $3.8B | ||
| Q4 24 | $5.9B | $4.1B | ||
| Q3 24 | $5.6B | $3.7B | ||
| Q2 24 | $5.4B | $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 | $525.1M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | 3.55× | — |
| 过去12个月自由现金流最近4个季度 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流FFIVTNET
| Q1 26 | $525.1M | — | ||
| Q4 25 | $159.2M | $61.0M | ||
| Q3 25 | $208.1M | $72.0M | ||
| Q2 25 | $282.2M | $75.0M | ||
| Q1 25 | $256.6M | $95.0M | ||
| Q4 24 | $202.8M | $65.0M | ||
| Q3 24 | $246.5M | $84.0M | ||
| Q2 24 | $159.0M | $39.0M |
自由现金流FFIVTNET
| Q1 26 | — | — | ||
| Q4 25 | $149.5M | $43.0M | ||
| Q3 25 | $191.9M | $55.0M | ||
| Q2 25 | $273.7M | $57.0M | ||
| Q1 25 | $246.1M | $79.0M | ||
| Q4 24 | $194.7M | $47.0M | ||
| Q3 24 | $240.4M | $59.0M | ||
| Q2 24 | $153.1M | $22.0M |
自由现金流率FFIVTNET
| Q1 26 | — | — | ||
| Q4 25 | 18.2% | 3.4% | ||
| Q3 25 | 23.7% | 4.5% | ||
| Q2 25 | 35.1% | 4.6% | ||
| Q1 25 | 33.7% | 6.1% | ||
| Q4 24 | 25.4% | 3.7% | ||
| Q3 24 | 32.2% | 4.8% | ||
| Q2 24 | 22.0% | 1.8% |
资本支出强度FFIVTNET
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 1.4% | ||
| Q3 25 | 2.0% | 1.4% | ||
| Q2 25 | 1.1% | 1.5% | ||
| Q1 25 | 1.4% | 1.2% | ||
| Q4 24 | 1.1% | 1.4% | ||
| Q3 24 | 0.8% | 2.0% | ||
| Q2 24 | 0.8% | 1.4% |
现金转化率FFIVTNET
| Q1 26 | 3.55× | — | ||
| Q4 25 | 0.88× | — | ||
| Q3 25 | 1.09× | 2.12× | ||
| Q2 25 | 1.49× | 2.03× | ||
| Q1 25 | 1.76× | 1.12× | ||
| Q4 24 | 1.22× | — | ||
| Q3 24 | 1.49× | 1.87× | ||
| Q2 24 | 1.10× | 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
FFIV
暂无分部数据
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
