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凯悦酒店集团（H）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
凯悦酒店集团的季度营收约是TRINET GROUP, INC.的1.4倍（$1.8B vs $1.2B），凯悦酒店集团同比增速更快（11.7% vs -2.2%），凯悦酒店集团自由现金流更多（$236.0M vs $43.0M），过去两年凯悦酒店集团的营收复合增速更高（2.2% vs -0.6%）
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
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。
H vs TNET — 直观对比
营收规模更大
H
是对方的1.4倍
$1.2B
营收增速更快
H
高出13.9%
-2.2%
自由现金流更多
H
多$193.0M
$43.0M
两年增速更快
H
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-20.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 0.4% | 0.1% |
| 净利率 | -1.1% | — |
| 营收同比 | 11.7% | -2.2% |
| 净利润同比 | 64.3% | — |
| 每股收益（稀释后） | $-0.20 | $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HTNET
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.7B | $1.3B |
净利润HTNET
| Q4 25 | $-20.0M | — | ||
| Q3 25 | $-49.0M | $34.0M | ||
| Q2 25 | $-3.0M | $37.0M | ||
| Q1 25 | $20.0M | $85.0M | ||
| Q4 24 | $-56.0M | — | ||
| Q3 24 | $471.0M | $45.0M | ||
| Q2 24 | $359.0M | $60.0M | ||
| Q1 24 | $522.0M | $91.0M |
营业利润率HTNET
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | -1.0% | 4.1% | ||
| Q2 25 | 2.1% | 4.1% | ||
| Q1 25 | 3.0% | 8.9% | ||
| Q4 24 | -3.0% | -2.9% | ||
| Q3 24 | 37.3% | 4.7% | ||
| Q2 24 | 27.1% | 6.5% | ||
| Q1 24 | 31.6% | 9.7% |
净利率HTNET
| Q4 25 | -1.1% | — | ||
| Q3 25 | -2.7% | 2.8% | ||
| Q2 25 | -0.2% | 3.0% | ||
| Q1 25 | 1.2% | 6.6% | ||
| Q4 24 | -3.5% | — | ||
| Q3 24 | 28.9% | 3.6% | ||
| Q2 24 | 21.1% | 4.9% | ||
| Q1 24 | 30.5% | 7.2% |
每股收益（稀释后）HTNET
| Q4 25 | $-0.20 | $0.02 | ||
| Q3 25 | $-0.51 | $0.70 | ||
| Q2 25 | $-0.03 | $0.77 | ||
| Q1 25 | $0.19 | $1.71 | ||
| Q4 24 | $-0.37 | $-0.44 | ||
| Q3 24 | $4.63 | $0.89 | ||
| Q2 24 | $3.46 | $1.20 | ||
| Q1 24 | $4.93 | $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 | $813.0M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3B | $54.0M |
| 总资产 | $14.0B | $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HTNET
| Q4 25 | $813.0M | $287.0M | ||
| Q3 25 | $749.0M | $321.0M | ||
| Q2 25 | $912.0M | $407.0M | ||
| Q1 25 | $1.8B | $349.0M | ||
| Q4 24 | $1.4B | $360.0M | ||
| Q3 24 | $1.1B | $301.0M | ||
| Q2 24 | $2.0B | $249.0M | ||
| Q1 24 | $794.0M | $383.0M |
总债务HTNET
| Q4 25 | — | — | ||
| Q3 25 | $6.0B | — | ||
| Q2 25 | $6.0B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $3.1B | — |
股东权益HTNET
| Q4 25 | $3.3B | $54.0M | ||
| Q3 25 | $3.5B | $110.0M | ||
| Q2 25 | $3.6B | $107.0M | ||
| Q1 25 | $3.5B | $63.0M | ||
| Q4 24 | $3.5B | $69.0M | ||
| Q3 24 | $3.7B | $129.0M | ||
| Q2 24 | $3.9B | $100.0M | ||
| Q1 24 | $3.7B | $143.0M |
总资产HTNET
| Q4 25 | $14.0B | $3.8B | ||
| Q3 25 | $15.7B | $3.4B | ||
| Q2 25 | $15.9B | $3.7B | ||
| Q1 25 | $14.0B | $3.8B | ||
| Q4 24 | $13.3B | $4.1B | ||
| Q3 24 | $11.9B | $3.7B | ||
| Q2 24 | $12.8B | $3.7B | ||
| Q1 24 | $11.7B | $4.0B |
负债/权益比HTNET
| Q4 25 | — | — | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.69× | — | ||
| Q1 25 | 1.25× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 1.01× | — | ||
| Q1 24 | 0.84× | — |
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 | $313.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 13.2% | 3.4% |
| 资本支出强度资本支出/营收 | 4.3% | 1.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $159.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流HTNET
| Q4 25 | $313.0M | $61.0M | ||
| Q3 25 | $-20.0M | $72.0M | ||
| Q2 25 | $-67.0M | $75.0M | ||
| Q1 25 | $153.0M | $95.0M | ||
| Q4 24 | $235.0M | $65.0M | ||
| Q3 24 | $-21.0M | $84.0M | ||
| Q2 24 | $177.0M | $39.0M | ||
| Q1 24 | $242.0M | $91.0M |
自由现金流HTNET
| Q4 25 | $236.0M | $43.0M | ||
| Q3 25 | $-89.0M | $55.0M | ||
| Q2 25 | $-111.0M | $57.0M | ||
| Q1 25 | $123.0M | $79.0M | ||
| Q4 24 | $184.0M | $47.0M | ||
| Q3 24 | $-64.0M | $59.0M | ||
| Q2 24 | $135.0M | $22.0M | ||
| Q1 24 | $208.0M | $73.0M |
自由现金流率HTNET
| Q4 25 | 13.2% | 3.4% | ||
| Q3 25 | -5.0% | 4.5% | ||
| Q2 25 | -6.1% | 4.6% | ||
| Q1 25 | 7.2% | 6.1% | ||
| Q4 24 | 11.5% | 3.7% | ||
| Q3 24 | -3.9% | 4.8% | ||
| Q2 24 | 7.9% | 1.8% | ||
| Q1 24 | 12.1% | 5.8% |
资本支出强度HTNET
| Q4 25 | 4.3% | 1.4% | ||
| Q3 25 | 3.9% | 1.4% | ||
| Q2 25 | 2.4% | 1.5% | ||
| Q1 25 | 1.7% | 1.2% | ||
| Q4 24 | 3.2% | 1.4% | ||
| Q3 24 | 2.6% | 2.0% | ||
| Q2 24 | 2.5% | 1.4% | ||
| Q1 24 | 2.0% | 1.4% |
现金转化率HTNET
| Q4 25 | — | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | 7.65× | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.04× | 1.87× | ||
| Q2 24 | 0.49× | 0.65× | ||
| Q1 24 | 0.46× | 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
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
