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FULLER H B CO（FUL）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FULLER H B CO的1.4倍（$1.2B vs $892.0M），TRINET GROUP, INC.同比增速更快（-2.2% vs -2.8%），FULLER H B CO自由现金流更多（$68.9M vs $43.0M），过去两年FULLER H B CO的营收复合增速更高（5.0% vs -0.6%）
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
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。
FUL vs TNET — 直观对比
营收规模更大
TNET
是对方的1.4倍
$892.0M
营收增速更快
TNET
高出0.6%
-2.8%
自由现金流更多
FUL
多$25.9M
$43.0M
两年增速更快
FUL
近两年复合增速
-0.6%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $1.2B |
| 净利润 | $67.2M | — |
| 毛利率 | 32.0% | — |
| 营业利润率 | 12.3% | 0.1% |
| 净利率 | 7.5% | — |
| 营收同比 | -2.8% | -2.2% |
| 净利润同比 | 21.3% | — |
| 每股收益（稀释后） | $1.22 | $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FULTNET
| Q4 25 | — | $1.2B | ||
| Q3 25 | $892.0M | $1.2B | ||
| Q2 25 | $898.1M | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $917.9M | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $810.4M | $1.3B |
净利润FULTNET
| Q4 25 | — | — | ||
| Q3 25 | $67.2M | $34.0M | ||
| Q2 25 | $41.8M | $37.0M | ||
| Q1 25 | — | $85.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $55.4M | $45.0M | ||
| Q2 24 | — | $60.0M | ||
| Q1 24 | $31.0M | $91.0M |
毛利率FULTNET
| Q4 25 | — | — | ||
| Q3 25 | 32.0% | — | ||
| Q2 25 | 31.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 30.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 29.5% | — |
营业利润率FULTNET
| Q4 25 | — | 0.1% | ||
| Q3 25 | 12.3% | 4.1% | ||
| Q2 25 | 11.1% | 4.1% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | -2.9% | ||
| Q3 24 | 11.4% | 4.7% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | 8.3% | 9.7% |
净利率FULTNET
| Q4 25 | — | — | ||
| Q3 25 | 7.5% | 2.8% | ||
| Q2 25 | 4.7% | 3.0% | ||
| Q1 25 | — | 6.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | 6.0% | 3.6% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | 3.8% | 7.2% |
每股收益（稀释后）FULTNET
| Q4 25 | — | $0.02 | ||
| Q3 25 | $1.22 | $0.70 | ||
| Q2 25 | $0.76 | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | $0.98 | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | $0.55 | $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 | $122.5M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $54.0M |
| 总资产 | $5.2B | $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FULTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | $122.5M | $321.0M | ||
| Q2 25 | $96.8M | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | $131.4M | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | $165.2M | $383.0M |
股东权益FULTNET
| Q4 25 | — | $54.0M | ||
| Q3 25 | $2.0B | $110.0M | ||
| Q2 25 | $1.9B | $107.0M | ||
| Q1 25 | — | $63.0M | ||
| Q4 24 | — | $69.0M | ||
| Q3 24 | $1.8B | $129.0M | ||
| Q2 24 | — | $100.0M | ||
| Q1 24 | $1.8B | $143.0M |
总资产FULTNET
| Q4 25 | — | $3.8B | ||
| Q3 25 | $5.2B | $3.4B | ||
| Q2 25 | $5.1B | $3.7B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | $5.0B | $3.7B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | $4.7B | $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 | $99.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | $43.0M |
| 自由现金流率自由现金流/营收 | 7.7% | 3.4% |
| 资本支出强度资本支出/营收 | 3.4% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.47× | — |
| 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FULTNET
| Q4 25 | — | $61.0M | ||
| Q3 25 | $99.0M | $72.0M | ||
| Q2 25 | — | $75.0M | ||
| Q1 25 | — | $95.0M | ||
| Q4 24 | — | $65.0M | ||
| Q3 24 | $169.4M | $84.0M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | $47.4M | $91.0M |
自由现金流FULTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | $68.9M | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | $99.9M | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | $4.1M | $73.0M |
自由现金流率FULTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | 7.7% | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | 10.9% | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | 0.5% | 5.8% |
资本支出强度FULTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | 3.4% | 1.4% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 7.6% | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | 5.3% | 1.4% |
现金转化率FULTNET
| Q4 25 | — | — | ||
| Q3 25 | 1.47× | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.06× | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | 1.53× | 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
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
