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盖尔斯（GES）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.的季度营收约是盖尔斯的1.6倍（$1.2B vs $791.4M），盖尔斯同比增速更快（7.2% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-56.3M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -5.8%）
盖尔斯是美国知名服饰品牌企业，以标志性的黑白风格广告广为人知。除核心服饰产品外，品牌还通过品牌授权模式推出腕表、珠宝、香水、包袋、鞋履等各类时尚配饰，在全球时尚消费市场拥有较高知名度。
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。
GES vs TNET — 直观对比
营收规模更大
TNET
是对方的1.6倍
$791.4M
营收增速更快
GES
高出9.4%
-2.2%
自由现金流更多
TNET
多$99.3M
$-56.3M
两年增速更快
TNET
近两年复合增速
-5.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $791.4M | $1.2B |
| 净利润 | $25.6M | — |
| 毛利率 | 42.5% | — |
| 营业利润率 | 2.9% | 0.1% |
| 净利率 | 3.2% | — |
| 营收同比 | 7.2% | -2.2% |
| 净利润同比 | 209.6% | — |
| 每股收益（稀释后） | $0.48 | $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GESTNET
| Q4 25 | $791.4M | $1.2B | ||
| Q3 25 | $772.9M | $1.2B | ||
| Q2 25 | $647.8M | $1.2B | ||
| Q1 25 | $932.3M | $1.3B | ||
| Q4 24 | $738.5M | $1.3B | ||
| Q3 24 | $732.6M | $1.2B | ||
| Q2 24 | $591.9M | $1.2B | ||
| Q1 24 | $891.0M | $1.3B |
净利润GESTNET
| Q4 25 | $25.6M | — | ||
| Q3 25 | $6.2M | $34.0M | ||
| Q2 25 | $-32.9M | $37.0M | ||
| Q1 25 | $81.4M | $85.0M | ||
| Q4 24 | $-23.4M | — | ||
| Q3 24 | $-10.6M | $45.0M | ||
| Q2 24 | $13.0M | $60.0M | ||
| Q1 24 | $115.3M | $91.0M |
毛利率GESTNET
| Q4 25 | 42.5% | — | ||
| Q3 25 | 42.5% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 44.1% | — | ||
| Q4 24 | 43.6% | — | ||
| Q3 24 | 43.7% | — | ||
| Q2 24 | 41.9% | — | ||
| Q1 24 | 45.4% | — |
营业利润率GESTNET
| Q4 25 | 2.9% | 0.1% | ||
| Q3 25 | 2.3% | 4.1% | ||
| Q2 25 | -5.1% | 4.1% | ||
| Q1 25 | 11.1% | 8.9% | ||
| Q4 24 | 5.7% | -2.9% | ||
| Q3 24 | 6.5% | 4.7% | ||
| Q2 24 | -3.4% | 6.5% | ||
| Q1 24 | 16.3% | 9.7% |
净利率GESTNET
| Q4 25 | 3.2% | — | ||
| Q3 25 | 0.8% | 2.8% | ||
| Q2 25 | -5.1% | 3.0% | ||
| Q1 25 | 8.7% | 6.6% | ||
| Q4 24 | -3.2% | — | ||
| Q3 24 | -1.4% | 3.6% | ||
| Q2 24 | 2.2% | 4.9% | ||
| Q1 24 | 12.9% | 7.2% |
每股收益（稀释后）GESTNET
| Q4 25 | $0.48 | $0.02 | ||
| Q3 25 | $0.12 | $0.70 | ||
| Q2 25 | $-0.65 | $0.77 | ||
| Q1 25 | $1.29 | $1.71 | ||
| Q4 24 | $-0.47 | $-0.44 | ||
| Q3 24 | $-0.28 | $0.89 | ||
| Q2 24 | $0.23 | $1.20 | ||
| Q1 24 | $1.90 | $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 | $154.2M | $287.0M |
| 总债务越低越好 | $299.5M | — |
| 股东权益账面价值 | $508.5M | $54.0M |
| 总资产 | $3.0B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.59× | — |
8季度趋势，按日历期对齐
现金及短期投资GESTNET
| Q4 25 | $154.2M | $287.0M | ||
| Q3 25 | $189.6M | $321.0M | ||
| Q2 25 | $151.2M | $407.0M | ||
| Q1 25 | $187.7M | $349.0M | ||
| Q4 24 | $140.9M | $360.0M | ||
| Q3 24 | $218.9M | $301.0M | ||
| Q2 24 | $241.7M | $249.0M | ||
| Q1 24 | $360.3M | $383.0M |
总债务GESTNET
| Q4 25 | $299.5M | — | ||
| Q3 25 | $258.4M | — | ||
| Q2 25 | $241.7M | — | ||
| Q1 25 | $150.7M | — | ||
| Q4 24 | $238.3M | — | ||
| Q3 24 | $187.8M | — | ||
| Q2 24 | $196.9M | — | ||
| Q1 24 | $28.2M | — |
股东权益GESTNET
| Q4 25 | $508.5M | $54.0M | ||
| Q3 25 | $487.6M | $110.0M | ||
| Q2 25 | $483.6M | $107.0M | ||
| Q1 25 | $505.0M | $63.0M | ||
| Q4 24 | $450.7M | $69.0M | ||
| Q3 24 | $491.2M | $129.0M | ||
| Q2 24 | $565.5M | $100.0M | ||
| Q1 24 | $684.9M | $143.0M |
总资产GESTNET
| Q4 25 | $3.0B | $3.8B | ||
| Q3 25 | $3.0B | $3.4B | ||
| Q2 25 | $2.9B | $3.7B | ||
| Q1 25 | $2.8B | $3.8B | ||
| Q4 24 | $2.8B | $4.1B | ||
| Q3 24 | $2.8B | $3.7B | ||
| Q2 24 | $2.7B | $3.7B | ||
| Q1 24 | $2.6B | $4.0B |
负债/权益比GESTNET
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.50× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.53× | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | 0.35× | — | ||
| Q1 24 | 0.04× | — |
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 | $-39.5M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-56.3M | $43.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 3.4% |
| 资本支出强度资本支出/营收 | 2.1% | 1.4% |
| 现金转化率经营现金流/净利润 | -1.54× | — |
| 过去12个月自由现金流最近4个季度 | $62.5M | $234.0M |
8季度趋势，按日历期对齐
经营现金流GESTNET
| Q4 25 | $-39.5M | $61.0M | ||
| Q3 25 | $74.9M | $72.0M | ||
| Q2 25 | $-73.4M | $75.0M | ||
| Q1 25 | $183.2M | $95.0M | ||
| Q4 24 | $-83.3M | $65.0M | ||
| Q3 24 | $44.7M | $84.0M | ||
| Q2 24 | $-22.9M | $39.0M | ||
| Q1 24 | $289.5M | $91.0M |
自由现金流GESTNET
| Q4 25 | $-56.3M | $43.0M | ||
| Q3 25 | $53.4M | $55.0M | ||
| Q2 25 | $-95.3M | $57.0M | ||
| Q1 25 | $160.7M | $79.0M | ||
| Q4 24 | $-105.4M | $47.0M | ||
| Q3 24 | $24.3M | $59.0M | ||
| Q2 24 | $-44.0M | $22.0M | ||
| Q1 24 | $267.8M | $73.0M |
自由现金流率GESTNET
| Q4 25 | -7.1% | 3.4% | ||
| Q3 25 | 6.9% | 4.5% | ||
| Q2 25 | -14.7% | 4.6% | ||
| Q1 25 | 17.2% | 6.1% | ||
| Q4 24 | -14.3% | 3.7% | ||
| Q3 24 | 3.3% | 4.8% | ||
| Q2 24 | -7.4% | 1.8% | ||
| Q1 24 | 30.1% | 5.8% |
资本支出强度GESTNET
| Q4 25 | 2.1% | 1.4% | ||
| Q3 25 | 2.8% | 1.4% | ||
| Q2 25 | 3.4% | 1.5% | ||
| Q1 25 | 2.4% | 1.2% | ||
| Q4 24 | 3.0% | 1.4% | ||
| Q3 24 | 2.8% | 2.0% | ||
| Q2 24 | 3.6% | 1.4% | ||
| Q1 24 | 2.4% | 1.4% |
现金转化率GESTNET
| Q4 25 | -1.54× | — | ||
| Q3 25 | 12.00× | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | 2.25× | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | -1.76× | 0.65× | ||
| Q1 24 | 2.51× | 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
GES
| Products | $760.3M | 96% |
| Royalty | $31.1M | 4% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
