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Shift4 Payments, Inc.（FOUR）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Shift4 Payments, Inc.的1.0倍（$1.2B vs $1.2B），Shift4 Payments, Inc.同比增速更快（34.0% vs -2.2%），Shift4 Payments, Inc.自由现金流更多（$222.5M vs $43.0M），过去两年Shift4 Payments, Inc.的营收复合增速更高（29.6% vs -0.6%）
Shift4 Payments是美国支付处理服务商，总部位于宾夕法尼亚州阿伦敦，1999年由贾里德·艾萨克曼创立。公司为零售、酒店、休闲、餐饮等行业超20万家商户提供支付处理服务，主营移动支付软硬件等商业技术，2020年于纽约证券交易所挂牌上市。
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。
FOUR vs TNET — 直观对比
营收规模更大
TNET
是对方的1.0倍
$1.2B
营收增速更快
FOUR
高出36.2%
-2.2%
自由现金流更多
FOUR
多$179.5M
$43.0M
两年增速更快
FOUR
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $40.2M | — |
| 毛利率 | — | — |
| 营业利润率 | 10.8% | 0.1% |
| 净利率 | 3.4% | — |
| 营收同比 | 34.0% | -2.2% |
| 净利润同比 | -65.3% | — |
| 每股收益（稀释后） | — | $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FOURTNET
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $966.2M | $1.2B | ||
| Q1 25 | $848.3M | $1.3B | ||
| Q4 24 | $887.0M | $1.3B | ||
| Q3 24 | $909.2M | $1.2B | ||
| Q2 24 | $827.0M | $1.2B | ||
| Q1 24 | $707.4M | $1.3B |
净利润FOURTNET
| Q4 25 | $40.2M | — | ||
| Q3 25 | $28.1M | $34.0M | ||
| Q2 25 | $34.0M | $37.0M | ||
| Q1 25 | $16.7M | $85.0M | ||
| Q4 24 | $116.0M | — | ||
| Q3 24 | $53.8M | $45.0M | ||
| Q2 24 | $39.2M | $60.0M | ||
| Q1 24 | $20.6M | $91.0M |
营业利润率FOURTNET
| Q4 25 | 10.8% | 0.1% | ||
| Q3 25 | 9.7% | 4.1% | ||
| Q2 25 | 8.6% | 4.1% | ||
| Q1 25 | 3.0% | 8.9% | ||
| Q4 24 | 9.7% | -2.9% | ||
| Q3 24 | 8.8% | 4.7% | ||
| Q2 24 | 7.2% | 6.5% | ||
| Q1 24 | 3.0% | 9.7% |
净利率FOURTNET
| Q4 25 | 3.4% | — | ||
| Q3 25 | 2.4% | 2.8% | ||
| Q2 25 | 3.5% | 3.0% | ||
| Q1 25 | 2.0% | 6.6% | ||
| Q4 24 | 13.1% | — | ||
| Q3 24 | 5.9% | 3.6% | ||
| Q2 24 | 4.7% | 4.9% | ||
| Q1 24 | 2.9% | 7.2% |
每股收益（稀释后）FOURTNET
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $0.70 | ||
| Q2 25 | — | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | — | $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 | $964.0M | $287.0M |
| 总债务越低越好 | $4.5B | — |
| 股东权益账面价值 | $1.4B | $54.0M |
| 总资产 | $8.7B | $3.8B |
| 负债/权益比越低杠杆越低 | 3.15× | — |
8季度趋势，按日历期对齐
现金及短期投资FOURTNET
| Q4 25 | $964.0M | $287.0M | ||
| Q3 25 | $1.5B | $321.0M | ||
| Q2 25 | $3.0B | $407.0M | ||
| Q1 25 | $1.2B | $349.0M | ||
| Q4 24 | $1.2B | $360.0M | ||
| Q3 24 | $1.4B | $301.0M | ||
| Q2 24 | $205.0M | $249.0M | ||
| Q1 24 | $522.9M | $383.0M |
总债务FOURTNET
| Q4 25 | $4.5B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FOURTNET
| Q4 25 | $1.4B | $54.0M | ||
| Q3 25 | $1.7B | $110.0M | ||
| Q2 25 | $1.6B | $107.0M | ||
| Q1 25 | $805.2M | $63.0M | ||
| Q4 24 | $806.6M | $69.0M | ||
| Q3 24 | $811.8M | $129.0M | ||
| Q2 24 | $700.8M | $100.0M | ||
| Q1 24 | $674.5M | $143.0M |
总资产FOURTNET
| Q4 25 | $8.7B | $3.8B | ||
| Q3 25 | $9.0B | $3.4B | ||
| Q2 25 | $7.0B | $3.7B | ||
| Q1 25 | $5.0B | $3.8B | ||
| Q4 24 | $5.0B | $4.1B | ||
| Q3 24 | $5.0B | $3.7B | ||
| Q2 24 | $3.5B | $3.7B | ||
| Q1 24 | $3.4B | $4.0B |
负债/权益比FOURTNET
| Q4 25 | 3.15× | — | ||
| Q3 25 | 2.83× | — | ||
| Q2 25 | 2.34× | — | ||
| Q1 25 | 3.53× | — | ||
| Q4 24 | 3.52× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $223.7M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $222.5M | $43.0M |
| 自由现金流率自由现金流/营收 | 18.7% | 3.4% |
| 资本支出强度资本支出/营收 | 0.1% | 1.4% |
| 现金转化率经营现金流/净利润 | 5.56× | — |
| 过去12个月自由现金流最近4个季度 | $624.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流FOURTNET
| Q4 25 | $223.7M | $61.0M | ||
| Q3 25 | $171.8M | $72.0M | ||
| Q2 25 | $141.9M | $75.0M | ||
| Q1 25 | $96.6M | $95.0M | ||
| Q4 24 | $145.4M | $65.0M | ||
| Q3 24 | $182.1M | $84.0M | ||
| Q2 24 | $116.1M | $39.0M | ||
| Q1 24 | $56.7M | $91.0M |
自由现金流FOURTNET
| Q4 25 | $222.5M | $43.0M | ||
| Q3 25 | $165.4M | $55.0M | ||
| Q2 25 | $141.0M | $57.0M | ||
| Q1 25 | $95.1M | $79.0M | ||
| Q4 24 | $143.8M | $47.0M | ||
| Q3 24 | $180.1M | $59.0M | ||
| Q2 24 | $113.9M | $22.0M | ||
| Q1 24 | $55.4M | $73.0M |
自由现金流率FOURTNET
| Q4 25 | 18.7% | 3.4% | ||
| Q3 25 | 14.1% | 4.5% | ||
| Q2 25 | 14.6% | 4.6% | ||
| Q1 25 | 11.2% | 6.1% | ||
| Q4 24 | 16.2% | 3.7% | ||
| Q3 24 | 19.8% | 4.8% | ||
| Q2 24 | 13.8% | 1.8% | ||
| Q1 24 | 7.8% | 5.8% |
资本支出强度FOURTNET
| Q4 25 | 0.1% | 1.4% | ||
| Q3 25 | 0.5% | 1.4% | ||
| Q2 25 | 0.1% | 1.5% | ||
| Q1 25 | 0.2% | 1.2% | ||
| Q4 24 | 0.2% | 1.4% | ||
| Q3 24 | 0.2% | 2.0% | ||
| Q2 24 | 0.3% | 1.4% | ||
| Q1 24 | 0.2% | 1.4% |
现金转化率FOURTNET
| Q4 25 | 5.56× | — | ||
| Q3 25 | 6.11× | 2.12× | ||
| Q2 25 | 4.17× | 2.03× | ||
| Q1 25 | 5.78× | 1.12× | ||
| Q4 24 | 1.25× | — | ||
| Q3 24 | 3.38× | 1.87× | ||
| Q2 24 | 2.96× | 0.65× | ||
| Q1 24 | 2.75× | 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
FOUR
| Payments Based Revenue | $788.8M | 66% |
| Other | $255.0M | 21% |
| Subscription And Other Revenues | $144.8M | 12% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
