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FIRST HORIZON CORP（FHN）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FIRST HORIZON CORP的1.4倍（$1.2B vs $888.0M），FIRST HORIZON CORP同比增速更快（21.8% vs -2.2%），FIRST HORIZON CORP自由现金流更多（$389.0M vs $43.0M），过去两年FIRST HORIZON CORP的营收复合增速更高（20.0% vs -0.6%）
第一地平线公司（前身为第一田纳西银行）是一家成立于1864年的金融服务企业，总部位于美国田纳西州孟菲斯市。该公司通过旗下子公司第一地平线银行开展业务，网点覆盖美国东南部12个州，是该区域第四大区域性银行。
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。
FHN vs TNET — 直观对比
营收规模更大
TNET
是对方的1.4倍
$888.0M
营收增速更快
FHN
高出24.0%
-2.2%
自由现金流更多
FHN
多$346.0M
$43.0M
两年增速更快
FHN
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $888.0M | $1.2B |
| 净利润 | $261.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 38.5% | 0.1% |
| 净利率 | 29.4% | — |
| 营收同比 | 21.8% | -2.2% |
| 净利润同比 | 57.2% | — |
| 每股收益（稀释后） | $0.51 | $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FHNTNET
| Q4 25 | $888.0M | $1.2B | ||
| Q3 25 | $889.0M | $1.2B | ||
| Q2 25 | $830.0M | $1.2B | ||
| Q1 25 | $812.0M | $1.3B | ||
| Q4 24 | $729.0M | $1.3B | ||
| Q3 24 | $827.0M | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $819.0M | $1.3B |
净利润FHNTNET
| Q4 25 | $261.0M | — | ||
| Q3 25 | $262.0M | $34.0M | ||
| Q2 25 | $241.0M | $37.0M | ||
| Q1 25 | $218.0M | $85.0M | ||
| Q4 24 | $166.0M | — | ||
| Q3 24 | $218.0M | $45.0M | ||
| Q2 24 | — | $60.0M | ||
| Q1 24 | $192.0M | $91.0M |
营业利润率FHNTNET
| Q4 25 | 38.5% | 0.1% | ||
| Q3 25 | 38.7% | 4.1% | ||
| Q2 25 | 37.2% | 4.1% | ||
| Q1 25 | 35.1% | 8.9% | ||
| Q4 24 | 28.8% | -2.9% | ||
| Q3 24 | 34.0% | 4.7% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | 31.0% | 9.7% |
净利率FHNTNET
| Q4 25 | 29.4% | — | ||
| Q3 25 | 29.5% | 2.8% | ||
| Q2 25 | 29.0% | 3.0% | ||
| Q1 25 | 26.8% | 6.6% | ||
| Q4 24 | 22.8% | — | ||
| Q3 24 | 26.4% | 3.6% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | 23.4% | 7.2% |
每股收益（稀释后）FHNTNET
| Q4 25 | $0.51 | $0.02 | ||
| Q3 25 | $0.50 | $0.70 | ||
| Q2 25 | $0.45 | $0.77 | ||
| Q1 25 | $0.41 | $1.71 | ||
| Q4 24 | $0.29 | $-0.44 | ||
| Q3 24 | $0.40 | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | $0.33 | $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 | — | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.8B | $54.0M |
| 总资产 | $83.9B | $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FHNTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
股东权益FHNTNET
| Q4 25 | $8.8B | $54.0M | ||
| Q3 25 | $8.9B | $110.0M | ||
| Q2 25 | $9.0B | $107.0M | ||
| Q1 25 | $8.7B | $63.0M | ||
| Q4 24 | $8.8B | $69.0M | ||
| Q3 24 | $9.0B | $129.0M | ||
| Q2 24 | — | $100.0M | ||
| Q1 24 | $8.9B | $143.0M |
总资产FHNTNET
| Q4 25 | $83.9B | $3.8B | ||
| Q3 25 | $83.2B | $3.4B | ||
| Q2 25 | $82.1B | $3.7B | ||
| Q1 25 | $81.5B | $3.8B | ||
| Q4 24 | $82.2B | $4.1B | ||
| Q3 24 | $82.6B | $3.7B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | $81.8B | $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 | $396.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $389.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 43.8% | 3.4% |
| 资本支出强度资本支出/营收 | 0.8% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.52× | — |
| 过去12个月自由现金流最近4个季度 | $595.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流FHNTNET
| Q4 25 | $396.0M | $61.0M | ||
| Q3 25 | $-200.0M | $72.0M | ||
| Q2 25 | $83.0M | $75.0M | ||
| Q1 25 | $349.0M | $95.0M | ||
| Q4 24 | $191.0M | $65.0M | ||
| Q3 24 | $389.0M | $84.0M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | $838.0M | $91.0M |
自由现金流FHNTNET
| Q4 25 | $389.0M | $43.0M | ||
| Q3 25 | $-208.0M | $55.0M | ||
| Q2 25 | $74.0M | $57.0M | ||
| Q1 25 | $340.0M | $79.0M | ||
| Q4 24 | $174.0M | $47.0M | ||
| Q3 24 | $383.0M | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | $828.0M | $73.0M |
自由现金流率FHNTNET
| Q4 25 | 43.8% | 3.4% | ||
| Q3 25 | -23.4% | 4.5% | ||
| Q2 25 | 8.9% | 4.6% | ||
| Q1 25 | 41.9% | 6.1% | ||
| Q4 24 | 23.9% | 3.7% | ||
| Q3 24 | 46.3% | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | 101.1% | 5.8% |
资本支出强度FHNTNET
| Q4 25 | 0.8% | 1.4% | ||
| Q3 25 | 0.9% | 1.4% | ||
| Q2 25 | 1.1% | 1.5% | ||
| Q1 25 | 1.1% | 1.2% | ||
| Q4 24 | 2.3% | 1.4% | ||
| Q3 24 | 0.7% | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | 1.2% | 1.4% |
现金转化率FHNTNET
| Q4 25 | 1.52× | — | ||
| Q3 25 | -0.76× | 2.12× | ||
| Q2 25 | 0.34× | 2.03× | ||
| Q1 25 | 1.60× | 1.12× | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.78× | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | 4.36× | 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
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
