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Graham Holdings Co（GHC）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
Graham Holdings Co的季度营收约是TRINET GROUP, INC.的1.0倍（$1.3B vs $1.2B），Graham Holdings Co同比增速更快（0.4% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $5.0M），过去两年Graham Holdings Co的营收复合增速更高（4.2% vs -0.6%）
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
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。
GHC vs TNET — 直观对比
营收规模更大
GHC
是对方的1.0倍
$1.2B
营收增速更快
GHC
高出2.6%
-2.2%
自由现金流更多
TNET
多$38.0M
$5.0M
两年增速更快
GHC
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $108.7M | — |
| 毛利率 | — | — |
| 营业利润率 | 3.8% | 0.1% |
| 净利率 | 8.7% | — |
| 营收同比 | 0.4% | -2.2% |
| 净利润同比 | -80.2% | — |
| 每股收益（稀释后） | $24.76 | $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GHCTNET
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.2B | $1.3B |
净利润GHCTNET
| Q4 25 | $108.7M | — | ||
| Q3 25 | $122.9M | $34.0M | ||
| Q2 25 | $36.7M | $37.0M | ||
| Q1 25 | $23.9M | $85.0M | ||
| Q4 24 | $548.8M | — | ||
| Q3 24 | $72.5M | $45.0M | ||
| Q2 24 | $-21.0M | $60.0M | ||
| Q1 24 | $124.4M | $91.0M |
营业利润率GHCTNET
| Q4 25 | 3.8% | 0.1% | ||
| Q3 25 | 5.2% | 4.1% | ||
| Q2 25 | 6.0% | 4.1% | ||
| Q1 25 | 4.1% | 8.9% | ||
| Q4 24 | 5.8% | -2.9% | ||
| Q3 24 | 6.8% | 4.7% | ||
| Q2 24 | 2.2% | 6.5% | ||
| Q1 24 | 3.1% | 9.7% |
净利率GHCTNET
| Q4 25 | 8.7% | — | ||
| Q3 25 | 9.6% | 2.8% | ||
| Q2 25 | 3.0% | 3.0% | ||
| Q1 25 | 2.0% | 6.6% | ||
| Q4 24 | 44.1% | — | ||
| Q3 24 | 6.0% | 3.6% | ||
| Q2 24 | -1.8% | 4.9% | ||
| Q1 24 | 10.8% | 7.2% |
每股收益（稀释后）GHCTNET
| Q4 25 | $24.76 | $0.02 | ||
| Q3 25 | $27.91 | $0.70 | ||
| Q2 25 | $8.35 | $0.77 | ||
| Q1 25 | $5.45 | $1.71 | ||
| Q4 24 | $124.05 | $-0.44 | ||
| Q3 24 | $16.42 | $0.89 | ||
| Q2 24 | $-4.79 | $1.20 | ||
| Q1 24 | $27.72 | $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 | $267.0M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.8B | $54.0M |
| 总资产 | $8.4B | $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GHCTNET
| Q4 25 | $267.0M | $287.0M | ||
| Q3 25 | $190.8M | $321.0M | ||
| Q2 25 | $176.2M | $407.0M | ||
| Q1 25 | $156.7M | $349.0M | ||
| Q4 24 | $260.9M | $360.0M | ||
| Q3 24 | $244.4M | $301.0M | ||
| Q2 24 | $140.7M | $249.0M | ||
| Q1 24 | $130.9M | $383.0M |
股东权益GHCTNET
| Q4 25 | $4.8B | $54.0M | ||
| Q3 25 | $4.5B | $110.0M | ||
| Q2 25 | $4.4B | $107.0M | ||
| Q1 25 | $4.3B | $63.0M | ||
| Q4 24 | $4.3B | $69.0M | ||
| Q3 24 | $4.0B | $129.0M | ||
| Q2 24 | $4.0B | $100.0M | ||
| Q1 24 | $4.0B | $143.0M |
总资产GHCTNET
| Q4 25 | $8.4B | $3.8B | ||
| Q3 25 | $7.9B | $3.4B | ||
| Q2 25 | $7.6B | $3.7B | ||
| Q1 25 | $7.6B | $3.8B | ||
| Q4 24 | $7.7B | $4.1B | ||
| Q3 24 | $7.4B | $3.7B | ||
| Q2 24 | $7.2B | $3.7B | ||
| Q1 24 | $7.3B | $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 | $28.3M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 0.4% | 3.4% |
| 资本支出强度资本支出/营收 | 1.9% | 1.4% |
| 现金转化率经营现金流/净利润 | 0.26× | — |
| 过去12个月自由现金流最近4个季度 | $275.3M | $234.0M |
8季度趋势，按日历期对齐
经营现金流GHCTNET
| Q4 25 | $28.3M | $61.0M | ||
| Q3 25 | $178.1M | $72.0M | ||
| Q2 25 | $94.8M | $75.0M | ||
| Q1 25 | $46.0M | $95.0M | ||
| Q4 24 | $116.3M | $65.0M | ||
| Q3 24 | $237.6M | $84.0M | ||
| Q2 24 | $52.0M | $39.0M | ||
| Q1 24 | $1.1M | $91.0M |
自由现金流GHCTNET
| Q4 25 | $5.0M | $43.0M | ||
| Q3 25 | $161.8M | $55.0M | ||
| Q2 25 | $78.0M | $57.0M | ||
| Q1 25 | $30.5M | $79.0M | ||
| Q4 24 | $91.1M | $47.0M | ||
| Q3 24 | $219.4M | $59.0M | ||
| Q2 24 | $33.7M | $22.0M | ||
| Q1 24 | $-20.2M | $73.0M |
自由现金流率GHCTNET
| Q4 25 | 0.4% | 3.4% | ||
| Q3 25 | 12.6% | 4.5% | ||
| Q2 25 | 6.4% | 4.6% | ||
| Q1 25 | 2.6% | 6.1% | ||
| Q4 24 | 7.3% | 3.7% | ||
| Q3 24 | 18.2% | 4.8% | ||
| Q2 24 | 2.8% | 1.8% | ||
| Q1 24 | -1.8% | 5.8% |
资本支出强度GHCTNET
| Q4 25 | 1.9% | 1.4% | ||
| Q3 25 | 1.3% | 1.4% | ||
| Q2 25 | 1.4% | 1.5% | ||
| Q1 25 | 1.3% | 1.2% | ||
| Q4 24 | 2.0% | 1.4% | ||
| Q3 24 | 1.5% | 2.0% | ||
| Q2 24 | 1.5% | 1.4% | ||
| Q1 24 | 1.8% | 1.4% |
现金转化率GHCTNET
| Q4 25 | 0.26× | — | ||
| Q3 25 | 1.45× | 2.12× | ||
| Q2 25 | 2.58× | 2.03× | ||
| Q1 25 | 1.93× | 1.12× | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 3.28× | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | 0.01× | 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
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
