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佳明（GRMN）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
佳明的季度营收约是TRINET GROUP, INC.的1.7倍（$2.1B vs $1.2B），佳明同比增速更快（16.6% vs -2.2%），佳明自由现金流更多（$429.6M vs $43.0M），过去两年佳明的营收复合增速更高（24.0% vs -0.6%）
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
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。
GRMN vs TNET — 直观对比
营收规模更大
GRMN
是对方的1.7倍
$1.2B
营收增速更快
GRMN
高出18.8%
-2.2%
自由现金流更多
GRMN
多$386.6M
$43.0M
两年增速更快
GRMN
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $528.7M | — |
| 毛利率 | 59.2% | — |
| 营业利润率 | 28.9% | 0.1% |
| 净利率 | 24.9% | — |
| 营收同比 | 16.6% | -2.2% |
| 净利润同比 | 21.3% | — |
| 每股收益（稀释后） | $2.72 | $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GRMNTNET
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.8B | $1.3B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.4B | $1.3B |
净利润GRMNTNET
| Q4 25 | $528.7M | — | ||
| Q3 25 | $401.6M | $34.0M | ||
| Q2 25 | $400.8M | $37.0M | ||
| Q1 25 | $332.8M | $85.0M | ||
| Q4 24 | $435.7M | — | ||
| Q3 24 | $399.1M | $45.0M | ||
| Q2 24 | $300.6M | $60.0M | ||
| Q1 24 | $276.0M | $91.0M |
毛利率GRMNTNET
| Q4 25 | 59.2% | — | ||
| Q3 25 | 59.1% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 57.6% | — | ||
| Q4 24 | 59.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 57.3% | — | ||
| Q1 24 | 58.1% | — |
营业利润率GRMNTNET
| Q4 25 | 28.9% | 0.1% | ||
| Q3 25 | 25.8% | 4.1% | ||
| Q2 25 | 26.0% | 4.1% | ||
| Q1 25 | 21.7% | 8.9% | ||
| Q4 24 | 28.3% | -2.9% | ||
| Q3 24 | 27.6% | 4.7% | ||
| Q2 24 | 22.7% | 6.5% | ||
| Q1 24 | 21.6% | 9.7% |
净利率GRMNTNET
| Q4 25 | 24.9% | — | ||
| Q3 25 | 22.7% | 2.8% | ||
| Q2 25 | 22.1% | 3.0% | ||
| Q1 25 | 21.7% | 6.6% | ||
| Q4 24 | 23.9% | — | ||
| Q3 24 | 25.2% | 3.6% | ||
| Q2 24 | 20.0% | 4.9% | ||
| Q1 24 | 20.0% | 7.2% |
每股收益（稀释后）GRMNTNET
| Q4 25 | $2.72 | $0.02 | ||
| Q3 25 | $2.08 | $0.70 | ||
| Q2 25 | $2.07 | $0.77 | ||
| Q1 25 | $1.72 | $1.71 | ||
| Q4 24 | $2.24 | $-0.44 | ||
| Q3 24 | $2.07 | $0.89 | ||
| Q2 24 | $1.56 | $1.20 | ||
| Q1 24 | $1.43 | $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 | $2.3B | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.0B | $54.0M |
| 总资产 | $11.0B | $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GRMNTNET
| Q4 25 | $2.3B | $287.0M | ||
| Q3 25 | $2.1B | $321.0M | ||
| Q2 25 | $2.1B | $407.0M | ||
| Q1 25 | $2.2B | $349.0M | ||
| Q4 24 | $2.1B | $360.0M | ||
| Q3 24 | $2.0B | $301.0M | ||
| Q2 24 | $1.9B | $249.0M | ||
| Q1 24 | $1.9B | $383.0M |
股东权益GRMNTNET
| Q4 25 | $9.0B | $54.0M | ||
| Q3 25 | $8.5B | $110.0M | ||
| Q2 25 | $8.1B | $107.0M | ||
| Q1 25 | $8.2B | $63.0M | ||
| Q4 24 | $7.8B | $69.0M | ||
| Q3 24 | $7.5B | $129.0M | ||
| Q2 24 | $7.0B | $100.0M | ||
| Q1 24 | $7.2B | $143.0M |
总资产GRMNTNET
| Q4 25 | $11.0B | $3.8B | ||
| Q3 25 | $10.5B | $3.4B | ||
| Q2 25 | $10.3B | $3.7B | ||
| Q1 25 | $9.8B | $3.8B | ||
| Q4 24 | $9.6B | $4.1B | ||
| Q3 24 | $9.3B | $3.7B | ||
| Q2 24 | $8.9B | $3.7B | ||
| Q1 24 | $8.6B | $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 | $553.8M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $43.0M |
| 自由现金流率自由现金流/营收 | 20.2% | 3.4% |
| 资本支出强度资本支出/营收 | 5.8% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.05× | — |
| 过去12个月自由现金流最近4个季度 | $1.4B | $234.0M |
8季度趋势，按日历期对齐
经营现金流GRMNTNET
| Q4 25 | $553.8M | $61.0M | ||
| Q3 25 | $485.6M | $72.0M | ||
| Q2 25 | $173.2M | $75.0M | ||
| Q1 25 | $420.8M | $95.0M | ||
| Q4 24 | $483.9M | $65.0M | ||
| Q3 24 | $258.0M | $84.0M | ||
| Q2 24 | $255.3M | $39.0M | ||
| Q1 24 | $435.3M | $91.0M |
自由现金流GRMNTNET
| Q4 25 | $429.6M | $43.0M | ||
| Q3 25 | $425.1M | $55.0M | ||
| Q2 25 | $127.5M | $57.0M | ||
| Q1 25 | $380.7M | $79.0M | ||
| Q4 24 | $399.2M | $47.0M | ||
| Q3 24 | $219.4M | $59.0M | ||
| Q2 24 | $218.2M | $22.0M | ||
| Q1 24 | $402.1M | $73.0M |
自由现金流率GRMNTNET
| Q4 25 | 20.2% | 3.4% | ||
| Q3 25 | 24.0% | 4.5% | ||
| Q2 25 | 7.0% | 4.6% | ||
| Q1 25 | 24.8% | 6.1% | ||
| Q4 24 | 21.9% | 3.7% | ||
| Q3 24 | 13.8% | 4.8% | ||
| Q2 24 | 14.5% | 1.8% | ||
| Q1 24 | 29.1% | 5.8% |
资本支出强度GRMNTNET
| Q4 25 | 5.8% | 1.4% | ||
| Q3 25 | 3.4% | 1.4% | ||
| Q2 25 | 2.5% | 1.5% | ||
| Q1 25 | 2.6% | 1.2% | ||
| Q4 24 | 4.6% | 1.4% | ||
| Q3 24 | 2.4% | 2.0% | ||
| Q2 24 | 2.5% | 1.4% | ||
| Q1 24 | 2.4% | 1.4% |
现金转化率GRMNTNET
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.21× | 2.12× | ||
| Q2 25 | 0.43× | 2.03× | ||
| Q1 25 | 1.26× | 1.12× | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | 0.65× | 1.87× | ||
| Q2 24 | 0.85× | 0.65× | ||
| Q1 24 | 1.58× | 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
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
