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Global Payments（GPN）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
Global Payments的季度营收约是TRINET GROUP, INC.的1.1倍（$1.3B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -47.1%），Global Payments自由现金流更多（$347.0M vs $43.0M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -25.9%）
Global Payments Inc.是美国跨国金融科技企业，面向商户、发卡机构及消费者提供支付技术与相关服务，支持信用卡、借记卡、数字支付及非接触式支付的交易处理，2021年6月入选《财富》500强榜单。
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。
GPN vs TNET — 直观对比
营收规模更大
GPN
是对方的1.1倍
$1.2B
营收增速更快
TNET
高出45.0%
-47.1%
自由现金流更多
GPN
多$304.0M
$43.0M
两年增速更快
TNET
近两年复合增速
-25.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $217.5M | — |
| 毛利率 | 89.7% | — |
| 营业利润率 | 5.9% | 0.1% |
| 净利率 | 16.4% | — |
| 营收同比 | -47.1% | -2.2% |
| 净利润同比 | -61.6% | — |
| 每股收益（稀释后） | $0.91 | $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GPNTNET
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $2.4B | $1.3B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $2.6B | $1.2B | ||
| Q1 24 | $2.4B | $1.3B |
净利润GPNTNET
| Q4 25 | $217.5M | — | ||
| Q3 25 | $635.2M | $34.0M | ||
| Q2 25 | $241.6M | $37.0M | ||
| Q1 25 | $305.7M | $85.0M | ||
| Q4 24 | $567.2M | — | ||
| Q3 24 | $315.1M | $45.0M | ||
| Q2 24 | $374.8M | $60.0M | ||
| Q1 24 | $313.3M | $91.0M |
毛利率GPNTNET
| Q4 25 | 89.7% | — | ||
| Q3 25 | 72.3% | — | ||
| Q2 25 | 74.5% | — | ||
| Q1 25 | 61.8% | — | ||
| Q4 24 | 62.1% | — | ||
| Q3 24 | 63.6% | — | ||
| Q2 24 | 63.5% | — | ||
| Q1 24 | 61.9% | — |
营业利润率GPNTNET
| Q4 25 | 5.9% | 0.1% | ||
| Q3 25 | 38.8% | 4.1% | ||
| Q2 25 | 21.8% | 4.1% | ||
| Q1 25 | 19.5% | 8.9% | ||
| Q4 24 | 33.1% | -2.9% | ||
| Q3 24 | 18.3% | 4.7% | ||
| Q2 24 | 22.3% | 6.5% | ||
| Q1 24 | 18.7% | 9.7% |
净利率GPNTNET
| Q4 25 | 16.4% | — | ||
| Q3 25 | 31.6% | 2.8% | ||
| Q2 25 | 12.3% | 3.0% | ||
| Q1 25 | 12.7% | 6.6% | ||
| Q4 24 | 22.5% | — | ||
| Q3 24 | 12.1% | 3.6% | ||
| Q2 24 | 14.6% | 4.9% | ||
| Q1 24 | 12.9% | 7.2% |
每股收益（稀释后）GPNTNET
| Q4 25 | $0.91 | $0.02 | ||
| Q3 25 | $2.64 | $0.70 | ||
| Q2 25 | $0.99 | $0.77 | ||
| Q1 25 | $1.24 | $1.71 | ||
| Q4 24 | $2.23 | $-0.44 | ||
| Q3 24 | $1.24 | $0.89 | ||
| Q2 24 | $1.47 | $1.20 | ||
| Q1 24 | $1.22 | $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 | $8.3B | $287.0M |
| 总债务越低越好 | $19.5B | — |
| 股东权益账面价值 | $22.9B | $54.0M |
| 总资产 | $53.3B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.85× | — |
8季度趋势，按日历期对齐
现金及短期投资GPNTNET
| Q4 25 | $8.3B | $287.0M | ||
| Q3 25 | $2.6B | $321.0M | ||
| Q2 25 | $2.6B | $407.0M | ||
| Q1 25 | $2.9B | $349.0M | ||
| Q4 24 | $2.5B | $360.0M | ||
| Q3 24 | $2.9B | $301.0M | ||
| Q2 24 | $2.1B | $249.0M | ||
| Q1 24 | $2.2B | $383.0M |
总债务GPNTNET
| Q4 25 | $19.5B | — | ||
| Q3 25 | $13.3B | — | ||
| Q2 25 | $14.2B | — | ||
| Q1 25 | $15.0B | — | ||
| Q4 24 | $15.2B | — | ||
| Q3 24 | $15.2B | — | ||
| Q2 24 | $15.6B | — | ||
| Q1 24 | $15.6B | — |
股东权益GPNTNET
| Q4 25 | $22.9B | $54.0M | ||
| Q3 25 | $22.7B | $110.0M | ||
| Q2 25 | $22.6B | $107.0M | ||
| Q1 25 | $22.2B | $63.0M | ||
| Q4 24 | $22.3B | $69.0M | ||
| Q3 24 | $22.8B | $129.0M | ||
| Q2 24 | $22.4B | $100.0M | ||
| Q1 24 | $22.2B | $143.0M |
总资产GPNTNET
| Q4 25 | $53.3B | $3.8B | ||
| Q3 25 | $48.0B | $3.4B | ||
| Q2 25 | $48.5B | $3.7B | ||
| Q1 25 | $47.6B | $3.8B | ||
| Q4 24 | $46.9B | $4.1B | ||
| Q3 24 | $50.0B | $3.7B | ||
| Q2 24 | $50.8B | $3.7B | ||
| Q1 24 | $51.8B | $4.0B |
负债/权益比GPNTNET
| Q4 25 | 0.85× | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.63× | — | ||
| Q1 25 | 0.67× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.67× | — | ||
| Q2 24 | 0.70× | — | ||
| Q1 24 | 0.70× | — |
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 | $515.2M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $347.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 26.1% | 3.4% |
| 资本支出强度资本支出/营收 | 12.7% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.37× | — |
| 过去12个月自由现金流最近4个季度 | $2.0B | $234.0M |
8季度趋势，按日历期对齐
经营现金流GPNTNET
| Q4 25 | $515.2M | $61.0M | ||
| Q3 25 | $768.7M | $72.0M | ||
| Q2 25 | $817.5M | $75.0M | ||
| Q1 25 | $555.1M | $95.0M | ||
| Q4 24 | $653.4M | $65.0M | ||
| Q3 24 | $1.7B | $84.0M | ||
| Q2 24 | $736.9M | $39.0M | ||
| Q1 24 | $416.3M | $91.0M |
自由现金流GPNTNET
| Q4 25 | $347.0M | $43.0M | ||
| Q3 25 | $598.9M | $55.0M | ||
| Q2 25 | $665.4M | $57.0M | ||
| Q1 25 | $427.5M | $79.0M | ||
| Q4 24 | $469.4M | $47.0M | ||
| Q3 24 | $1.6B | $59.0M | ||
| Q2 24 | $557.7M | $22.0M | ||
| Q1 24 | $270.9M | $73.0M |
自由现金流率GPNTNET
| Q4 25 | 26.1% | 3.4% | ||
| Q3 25 | 29.8% | 4.5% | ||
| Q2 25 | 34.0% | 4.6% | ||
| Q1 25 | 17.7% | 6.1% | ||
| Q4 24 | 18.7% | 3.7% | ||
| Q3 24 | 60.0% | 4.8% | ||
| Q2 24 | 21.7% | 1.8% | ||
| Q1 24 | 11.2% | 5.8% |
资本支出强度GPNTNET
| Q4 25 | 12.7% | 1.4% | ||
| Q3 25 | 8.5% | 1.4% | ||
| Q2 25 | 7.8% | 1.5% | ||
| Q1 25 | 5.3% | 1.2% | ||
| Q4 24 | 7.3% | 1.4% | ||
| Q3 24 | 6.4% | 2.0% | ||
| Q2 24 | 7.0% | 1.4% | ||
| Q1 24 | 6.0% | 1.4% |
现金转化率GPNTNET
| Q4 25 | 2.37× | — | ||
| Q3 25 | 1.21× | 2.12× | ||
| Q2 25 | 3.38× | 2.03× | ||
| Q1 25 | 1.82× | 1.12× | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 5.48× | 1.87× | ||
| Q2 24 | 1.97× | 0.65× | ||
| Q1 24 | 1.33× | 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
GPN
| Integrated And Embedded Solutions | $869.3M | 65% |
| Point Of Sale And Software Solutions | $281.7M | 21% |
| Other | $178.4M | 13% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
