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GLOBUS MEDICAL INC（GMED）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GLOBUS MEDICAL INC的1.5倍（$1.2B vs $826.4M），GLOBUS MEDICAL INC同比增速更快（25.7% vs -2.2%），GLOBUS MEDICAL INC自由现金流更多（$202.4M vs $43.0M），过去两年GLOBUS MEDICAL INC的营收复合增速更高（16.7% vs -0.6%）
Globus Medical是总部位于美国宾夕法尼亚州奥杜邦的上市骨科医疗器械企业，专注于相关产品的设计、研发与商业化，助力外科医生为肌肉骨骼系统疾病患者提供治疗方案，促进患者康复。
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。
GMED vs TNET — 直观对比
营收规模更大
TNET
是对方的1.5倍
$826.4M
营收增速更快
GMED
高出27.9%
-2.2%
自由现金流更多
GMED
多$159.4M
$43.0M
两年增速更快
GMED
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $826.4M | $1.2B |
| 净利润 | $140.6M | — |
| 毛利率 | 68.4% | — |
| 营业利润率 | 20.5% | 0.1% |
| 净利率 | 17.0% | — |
| 营收同比 | 25.7% | -2.2% |
| 净利润同比 | 430.4% | — |
| 每股收益（稀释后） | $1.01 | $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GMEDTNET
| Q4 25 | $826.4M | $1.2B | ||
| Q3 25 | $769.0M | $1.2B | ||
| Q2 25 | $745.3M | $1.2B | ||
| Q1 25 | $598.1M | $1.3B | ||
| Q4 24 | $657.3M | $1.3B | ||
| Q3 24 | $625.7M | $1.2B | ||
| Q2 24 | $629.7M | $1.2B | ||
| Q1 24 | $606.7M | $1.3B |
净利润GMEDTNET
| Q4 25 | $140.6M | — | ||
| Q3 25 | $119.0M | $34.0M | ||
| Q2 25 | $202.8M | $37.0M | ||
| Q1 25 | $75.5M | $85.0M | ||
| Q4 24 | $26.5M | — | ||
| Q3 24 | $51.8M | $45.0M | ||
| Q2 24 | $31.8M | $60.0M | ||
| Q1 24 | $-7.1M | $91.0M |
毛利率GMEDTNET
| Q4 25 | 68.4% | — | ||
| Q3 25 | 67.2% | — | ||
| Q2 25 | 66.6% | — | ||
| Q1 25 | 67.3% | — | ||
| Q4 24 | 59.9% | — | ||
| Q3 24 | 56.8% | — | ||
| Q2 24 | 58.7% | — | ||
| Q1 24 | 60.2% | — |
营业利润率GMEDTNET
| Q4 25 | 20.5% | 0.1% | ||
| Q3 25 | 17.9% | 4.1% | ||
| Q2 25 | 10.2% | 4.1% | ||
| Q1 25 | 16.2% | 8.9% | ||
| Q4 24 | 9.2% | -2.9% | ||
| Q3 24 | 7.7% | 4.7% | ||
| Q2 24 | 7.9% | 6.5% | ||
| Q1 24 | 1.3% | 9.7% |
净利率GMEDTNET
| Q4 25 | 17.0% | — | ||
| Q3 25 | 15.5% | 2.8% | ||
| Q2 25 | 27.2% | 3.0% | ||
| Q1 25 | 12.6% | 6.6% | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 8.3% | 3.6% | ||
| Q2 24 | 5.0% | 4.9% | ||
| Q1 24 | -1.2% | 7.2% |
每股收益（稀释后）GMEDTNET
| Q4 25 | $1.01 | $0.02 | ||
| Q3 25 | $0.88 | $0.70 | ||
| Q2 25 | $1.49 | $0.77 | ||
| Q1 25 | $0.54 | $1.71 | ||
| Q4 24 | $0.19 | $-0.44 | ||
| Q3 24 | $0.38 | $0.89 | ||
| Q2 24 | $0.23 | $1.20 | ||
| Q1 24 | $-0.05 | $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 | $557.2M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.6B | $54.0M |
| 总资产 | $5.3B | $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GMEDTNET
| Q4 25 | $557.2M | $287.0M | ||
| Q3 25 | $18.8M | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | $890.1M | $360.0M | ||
| Q3 24 | $71.9M | $301.0M | ||
| Q2 24 | $82.5M | $249.0M | ||
| Q1 24 | $80.4M | $383.0M |
股东权益GMEDTNET
| Q4 25 | $4.6B | $54.0M | ||
| Q3 25 | $4.4B | $110.0M | ||
| Q2 25 | $4.3B | $107.0M | ||
| Q1 25 | $4.1B | $63.0M | ||
| Q4 24 | $4.2B | $69.0M | ||
| Q3 24 | $4.1B | $129.0M | ||
| Q2 24 | $4.0B | $100.0M | ||
| Q1 24 | $3.9B | $143.0M |
总资产GMEDTNET
| Q4 25 | $5.3B | $3.8B | ||
| Q3 25 | $5.1B | $3.4B | ||
| Q2 25 | $5.0B | $3.7B | ||
| Q1 25 | $4.7B | $3.8B | ||
| Q4 24 | $5.3B | $4.1B | ||
| Q3 24 | $5.1B | $3.7B | ||
| Q2 24 | $5.0B | $3.7B | ||
| Q1 24 | $4.9B | $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 | $248.6M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $202.4M | $43.0M |
| 自由现金流率自由现金流/营收 | 24.5% | 3.4% |
| 资本支出强度资本支出/营收 | 5.6% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.77× | — |
| 过去12个月自由现金流最近4个季度 | $588.8M | $234.0M |
8季度趋势，按日历期对齐
经营现金流GMEDTNET
| Q4 25 | $248.6M | $61.0M | ||
| Q3 25 | $249.7M | $72.0M | ||
| Q2 25 | $77.9M | $75.0M | ||
| Q1 25 | $177.3M | $95.0M | ||
| Q4 24 | $210.3M | $65.0M | ||
| Q3 24 | $203.7M | $84.0M | ||
| Q2 24 | $54.3M | $39.0M | ||
| Q1 24 | $52.4M | $91.0M |
自由现金流GMEDTNET
| Q4 25 | $202.4M | $43.0M | ||
| Q3 25 | $213.9M | $55.0M | ||
| Q2 25 | $31.3M | $57.0M | ||
| Q1 25 | $141.2M | $79.0M | ||
| Q4 24 | $193.2M | $47.0M | ||
| Q3 24 | $161.7M | $59.0M | ||
| Q2 24 | $26.5M | $22.0M | ||
| Q1 24 | $23.8M | $73.0M |
自由现金流率GMEDTNET
| Q4 25 | 24.5% | 3.4% | ||
| Q3 25 | 27.8% | 4.5% | ||
| Q2 25 | 4.2% | 4.6% | ||
| Q1 25 | 23.6% | 6.1% | ||
| Q4 24 | 29.4% | 3.7% | ||
| Q3 24 | 25.8% | 4.8% | ||
| Q2 24 | 4.2% | 1.8% | ||
| Q1 24 | 3.9% | 5.8% |
资本支出强度GMEDTNET
| Q4 25 | 5.6% | 1.4% | ||
| Q3 25 | 4.7% | 1.4% | ||
| Q2 25 | 6.2% | 1.5% | ||
| Q1 25 | 6.0% | 1.2% | ||
| Q4 24 | 2.6% | 1.4% | ||
| Q3 24 | 6.7% | 2.0% | ||
| Q2 24 | 4.4% | 1.4% | ||
| Q1 24 | 4.7% | 1.4% |
现金转化率GMEDTNET
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.10× | 2.12× | ||
| Q2 25 | 0.38× | 2.03× | ||
| Q1 25 | 2.35× | 1.12× | ||
| Q4 24 | 7.94× | — | ||
| Q3 24 | 3.93× | 1.87× | ||
| Q2 24 | 1.71× | 0.65× | ||
| Q1 24 | — | 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
GMED
| Other | $391.8M | 47% |
| Nevro Merger Agreement | $293.6M | 36% |
| Enabling Technologies | $141.0M | 17% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
