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孩之宝（HAS）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
孩之宝的季度营收约是TRINET GROUP, INC.的1.2倍（$1.4B vs $1.2B），孩之宝同比增速更快（31.3% vs -2.2%），孩之宝自由现金流更多（$389.5M vs $43.0M），过去两年孩之宝的营收复合增速更高（38.2% vs -0.6%）
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
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。
HAS vs TNET — 直观对比
营收规模更大
HAS
是对方的1.2倍
$1.2B
营收增速更快
HAS
高出33.4%
-2.2%
自由现金流更多
HAS
多$346.5M
$43.0M
两年增速更快
HAS
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $201.6M | — |
| 毛利率 | 68.7% | — |
| 营业利润率 | 20.6% | 0.1% |
| 净利率 | 13.9% | — |
| 营收同比 | 31.3% | -2.2% |
| 净利润同比 | 687.8% | — |
| 每股收益（稀释后） | $1.46 | $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HASTNET
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $980.8M | $1.2B | ||
| Q1 25 | $887.1M | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $995.3M | $1.2B | ||
| Q1 24 | $757.3M | $1.3B |
净利润HASTNET
| Q4 25 | $201.6M | — | ||
| Q3 25 | $233.2M | $34.0M | ||
| Q2 25 | $-855.8M | $37.0M | ||
| Q1 25 | $98.6M | $85.0M | ||
| Q4 24 | $-34.3M | — | ||
| Q3 24 | $223.2M | $45.0M | ||
| Q2 24 | $138.5M | $60.0M | ||
| Q1 24 | $58.2M | $91.0M |
毛利率HASTNET
| Q4 25 | 68.7% | — | ||
| Q3 25 | 70.1% | — | ||
| Q2 25 | 77.0% | — | ||
| Q1 25 | 76.9% | — | ||
| Q4 24 | 67.4% | — | ||
| Q3 24 | 70.4% | — | ||
| Q2 24 | 76.1% | — | ||
| Q1 24 | 73.0% | — |
营业利润率HASTNET
| Q4 25 | 20.6% | 0.1% | ||
| Q3 25 | 24.6% | 4.1% | ||
| Q2 25 | -81.4% | 4.1% | ||
| Q1 25 | 19.2% | 8.9% | ||
| Q4 24 | 5.4% | -2.9% | ||
| Q3 24 | 23.6% | 4.7% | ||
| Q2 24 | 21.3% | 6.5% | ||
| Q1 24 | 15.3% | 9.7% |
净利率HASTNET
| Q4 25 | 13.9% | — | ||
| Q3 25 | 16.8% | 2.8% | ||
| Q2 25 | -87.3% | 3.0% | ||
| Q1 25 | 11.1% | 6.6% | ||
| Q4 24 | -3.1% | — | ||
| Q3 24 | 17.4% | 3.6% | ||
| Q2 24 | 13.9% | 4.9% | ||
| Q1 24 | 7.7% | 7.2% |
每股收益（稀释后）HASTNET
| Q4 25 | $1.46 | $0.02 | ||
| Q3 25 | $1.64 | $0.70 | ||
| Q2 25 | $-6.10 | $0.77 | ||
| Q1 25 | $0.70 | $1.71 | ||
| Q4 24 | $-0.25 | $-0.44 | ||
| Q3 24 | $1.59 | $0.89 | ||
| Q2 24 | $0.99 | $1.20 | ||
| Q1 24 | $0.42 | $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 | — | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $565.5M | $54.0M |
| 总资产 | $5.6B | $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HASTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
股东权益HASTNET
| Q4 25 | $565.5M | $54.0M | ||
| Q3 25 | $433.8M | $110.0M | ||
| Q2 25 | $269.7M | $107.0M | ||
| Q1 25 | $1.2B | $63.0M | ||
| Q4 24 | $1.2B | $69.0M | ||
| Q3 24 | $1.3B | $129.0M | ||
| Q2 24 | $1.2B | $100.0M | ||
| Q1 24 | $1.0B | $143.0M |
总资产HASTNET
| Q4 25 | $5.6B | $3.8B | ||
| Q3 25 | $5.5B | $3.4B | ||
| Q2 25 | $5.2B | $3.7B | ||
| Q1 25 | $6.0B | $3.8B | ||
| Q4 24 | $6.3B | $4.1B | ||
| Q3 24 | $7.2B | $3.7B | ||
| Q2 24 | $6.9B | $3.7B | ||
| Q1 24 | $6.2B | $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 | $403.2M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $389.5M | $43.0M |
| 自由现金流率自由现金流/营收 | 26.9% | 3.4% |
| 资本支出强度资本支出/营收 | 0.9% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.00× | — |
| 过去12个月自由现金流最近4个季度 | $829.9M | $234.0M |
8季度趋势，按日历期对齐
经营现金流HASTNET
| Q4 25 | $403.2M | $61.0M | ||
| Q3 25 | $280.6M | $72.0M | ||
| Q2 25 | $71.3M | $75.0M | ||
| Q1 25 | $138.1M | $95.0M | ||
| Q4 24 | $259.8M | $65.0M | ||
| Q3 24 | $222.5M | $84.0M | ||
| Q2 24 | $187.3M | $39.0M | ||
| Q1 24 | $177.8M | $91.0M |
自由现金流HASTNET
| Q4 25 | $389.5M | $43.0M | ||
| Q3 25 | $260.9M | $55.0M | ||
| Q2 25 | $55.2M | $57.0M | ||
| Q1 25 | $124.3M | $79.0M | ||
| Q4 24 | $200.8M | $47.0M | ||
| Q3 24 | $174.0M | $59.0M | ||
| Q2 24 | $135.4M | $22.0M | ||
| Q1 24 | $132.0M | $73.0M |
自由现金流率HASTNET
| Q4 25 | 26.9% | 3.4% | ||
| Q3 25 | 18.8% | 4.5% | ||
| Q2 25 | 5.6% | 4.6% | ||
| Q1 25 | 14.0% | 6.1% | ||
| Q4 24 | 18.2% | 3.7% | ||
| Q3 24 | 13.6% | 4.8% | ||
| Q2 24 | 13.6% | 1.8% | ||
| Q1 24 | 17.4% | 5.8% |
资本支出强度HASTNET
| Q4 25 | 0.9% | 1.4% | ||
| Q3 25 | 1.4% | 1.4% | ||
| Q2 25 | 1.6% | 1.5% | ||
| Q1 25 | 1.6% | 1.2% | ||
| Q4 24 | 5.4% | 1.4% | ||
| Q3 24 | 3.8% | 2.0% | ||
| Q2 24 | 5.2% | 1.4% | ||
| Q1 24 | 6.0% | 1.4% |
现金转化率HASTNET
| Q4 25 | 2.00× | — | ||
| Q3 25 | 1.20× | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | 1.40× | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.00× | 1.87× | ||
| Q2 24 | 1.35× | 0.65× | ||
| Q1 24 | 3.05× | 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
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
