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Hilton Grand Vacations Inc.（HGV）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Hilton Grand Vacations Inc.的1.0倍（$1.2B vs $1.2B），Hilton Grand Vacations Inc.同比增速更快（3.7% vs -2.2%），Hilton Grand Vacations Inc.自由现金流更多（$147.0M vs $43.0M），过去两年Hilton Grand Vacations Inc.的营收复合增速更高（7.4% vs -0.6%）
希尔顿度假大酒店公司（Hilton Grand Vacations Inc.）总部位于美国佛罗里达州奥兰多，是一家跨国企业。该公司通过与希尔顿全球的独家授权协议，运营管理希尔顿旗下的分时度假和度假所有权品牌。其原为希尔顿全球的全资子公司，2017年分拆为独立上市公司。
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。
HGV vs TNET — 直观对比
营收规模更大
TNET
是对方的1.0倍
$1.2B
营收增速更快
HGV
高出5.9%
-2.2%
自由现金流更多
HGV
多$104.0M
$43.0M
两年增速更快
HGV
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $48.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 7.8% | 0.1% |
| 净利率 | 4.0% | — |
| 营收同比 | 3.7% | -2.2% |
| 净利润同比 | 140.0% | — |
| 每股收益（稀释后） | $0.53 | $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HGVTNET
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.0B | $1.3B |
净利润HGVTNET
| Q4 25 | $48.0M | — | ||
| Q3 25 | $25.0M | $34.0M | ||
| Q2 25 | $25.0M | $37.0M | ||
| Q1 25 | $-17.0M | $85.0M | ||
| Q4 24 | $20.0M | — | ||
| Q3 24 | $29.0M | $45.0M | ||
| Q2 24 | $2.0M | $60.0M | ||
| Q1 24 | $-4.0M | $91.0M |
营业利润率HGVTNET
| Q4 25 | 7.8% | 0.1% | ||
| Q3 25 | 3.9% | 4.1% | ||
| Q2 25 | 3.8% | 4.1% | ||
| Q1 25 | -0.6% | 8.9% | ||
| Q4 24 | 4.3% | -2.9% | ||
| Q3 24 | 7.9% | 4.7% | ||
| Q2 24 | 0.6% | 6.5% | ||
| Q1 24 | -1.3% | 9.7% |
净利率HGVTNET
| Q4 25 | 4.0% | — | ||
| Q3 25 | 2.1% | 2.8% | ||
| Q2 25 | 2.2% | 3.0% | ||
| Q1 25 | -1.7% | 6.6% | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 2.5% | 3.6% | ||
| Q2 24 | 0.2% | 4.9% | ||
| Q1 24 | -0.4% | 7.2% |
每股收益（稀释后）HGVTNET
| Q4 25 | $0.53 | $0.02 | ||
| Q3 25 | $0.28 | $0.70 | ||
| Q2 25 | $0.25 | $0.77 | ||
| Q1 25 | $-0.17 | $1.71 | ||
| Q4 24 | $0.19 | $-0.44 | ||
| Q3 24 | $0.28 | $0.89 | ||
| Q2 24 | $0.02 | $1.20 | ||
| Q1 24 | $-0.04 | $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 | $239.0M | $287.0M |
| 总债务越低越好 | $4.5B | — |
| 股东权益账面价值 | $1.3B | $54.0M |
| 总资产 | $11.5B | $3.8B |
| 负债/权益比越低杠杆越低 | 3.53× | — |
8季度趋势，按日历期对齐
现金及短期投资HGVTNET
| Q4 25 | $239.0M | $287.0M | ||
| Q3 25 | $215.0M | $321.0M | ||
| Q2 25 | $269.0M | $407.0M | ||
| Q1 25 | $259.0M | $349.0M | ||
| Q4 24 | $328.0M | $360.0M | ||
| Q3 24 | $297.0M | $301.0M | ||
| Q2 24 | $328.0M | $249.0M | ||
| Q1 24 | $355.0M | $383.0M |
总债务HGVTNET
| Q4 25 | $4.5B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $4.6B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.6B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $4.9B | — | ||
| Q1 24 | $5.1B | — |
股东权益HGVTNET
| Q4 25 | $1.3B | $54.0M | ||
| Q3 25 | $1.4B | $110.0M | ||
| Q2 25 | $1.5B | $107.0M | ||
| Q1 25 | $1.6B | $63.0M | ||
| Q4 24 | $1.8B | $69.0M | ||
| Q3 24 | $1.8B | $129.0M | ||
| Q2 24 | $1.9B | $100.0M | ||
| Q1 24 | $2.0B | $143.0M |
总资产HGVTNET
| Q4 25 | $11.5B | $3.8B | ||
| Q3 25 | $11.7B | $3.4B | ||
| Q2 25 | $11.7B | $3.7B | ||
| Q1 25 | $11.8B | $3.8B | ||
| Q4 24 | $11.4B | $4.1B | ||
| Q3 24 | $11.2B | $3.7B | ||
| Q2 24 | $11.5B | $3.7B | ||
| Q1 24 | $11.7B | $4.0B |
负债/权益比HGVTNET
| Q4 25 | 3.53× | — | ||
| Q3 25 | 3.41× | — | ||
| Q2 25 | 3.07× | — | ||
| Q1 25 | 2.83× | — | ||
| Q4 24 | 2.63× | — | ||
| Q3 24 | 2.73× | — | ||
| Q2 24 | 2.55× | — | ||
| Q1 24 | 2.57× | — |
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 | $167.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 12.3% | 3.4% |
| 资本支出强度资本支出/营收 | 1.7% | 1.4% |
| 现金转化率经营现金流/净利润 | 3.48× | — |
| 过去12个月自由现金流最近4个季度 | $230.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流HGVTNET
| Q4 25 | $167.0M | $61.0M | ||
| Q3 25 | $34.0M | $72.0M | ||
| Q2 25 | $61.0M | $75.0M | ||
| Q1 25 | $38.0M | $95.0M | ||
| Q4 24 | $105.0M | $65.0M | ||
| Q3 24 | $91.0M | $84.0M | ||
| Q2 24 | $113.0M | $39.0M | ||
| Q1 24 | $0 | $91.0M |
自由现金流HGVTNET
| Q4 25 | $147.0M | $43.0M | ||
| Q3 25 | $13.0M | $55.0M | ||
| Q2 25 | $46.0M | $57.0M | ||
| Q1 25 | $24.0M | $79.0M | ||
| Q4 24 | $90.0M | $47.0M | ||
| Q3 24 | $81.0M | $59.0M | ||
| Q2 24 | $106.0M | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率HGVTNET
| Q4 25 | 12.3% | 3.4% | ||
| Q3 25 | 1.1% | 4.5% | ||
| Q2 25 | 4.0% | 4.6% | ||
| Q1 25 | 2.4% | 6.1% | ||
| Q4 24 | 7.8% | 3.7% | ||
| Q3 24 | 6.9% | 4.8% | ||
| Q2 24 | 9.6% | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度HGVTNET
| Q4 25 | 1.7% | 1.4% | ||
| Q3 25 | 1.8% | 1.4% | ||
| Q2 25 | 1.3% | 1.5% | ||
| Q1 25 | 1.4% | 1.2% | ||
| Q4 24 | 1.3% | 1.4% | ||
| Q3 24 | 0.9% | 2.0% | ||
| Q2 24 | 0.6% | 1.4% | ||
| Q1 24 | 1.0% | 1.4% |
现金转化率HGVTNET
| Q4 25 | 3.48× | — | ||
| Q3 25 | 1.36× | 2.12× | ||
| Q2 25 | 2.44× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | 5.25× | — | ||
| Q3 24 | 3.14× | 1.87× | ||
| Q2 24 | 56.50× | 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
HGV
| Sales Of Vacation Ownership Intervals Net | $492.0M | 41% |
| Fee For Services Commissions Package Sales And Other Fees | $169.0M | 14% |
| Cost Reimbursements | $141.0M | 12% |
| Resort Management | $118.0M | 10% |
| Other | $116.0M | 10% |
| Club Management | $101.0M | 8% |
| Related Party | $42.0M | 4% |
| Ancillary Services | $13.0M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
