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康宝莱（HLF）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
康宝莱的季度营收约是TRINET GROUP, INC.的1.0倍（$1.3B vs $1.2B），康宝莱同比增速更快（6.3% vs -2.2%），康宝莱自由现金流更多（$79.8M vs $43.0M），过去两年康宝莱的营收复合增速更高（0.7% vs -0.6%）
康宝莱是美国跨国多层次营销企业，主营膳食补充剂的研发与销售。该公司曾被指控涉嫌金字塔骗局欺诈运营，2016年与美国证监会达成协议后调整了薪酬体系，将经销商奖励与可核实的实际销售额挂钩。此外其部分产品曾被曝出引发急性肝炎的相关问题。
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。
HLF vs TNET — 直观对比
营收规模更大
HLF
是对方的1.0倍
$1.2B
营收增速更快
HLF
高出8.5%
-2.2%
自由现金流更多
HLF
多$36.8M
$43.0M
两年增速更快
HLF
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $85.4M | — |
| 毛利率 | 77.5% | — |
| 营业利润率 | 7.8% | 0.1% |
| 净利率 | 6.7% | — |
| 营收同比 | 6.3% | -2.2% |
| 净利润同比 | -52.0% | — |
| 每股收益（稀释后） | $0.81 | $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HLFTNET
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润HLFTNET
| Q4 25 | $85.4M | — | ||
| Q3 25 | $43.2M | $34.0M | ||
| Q2 25 | $49.3M | $37.0M | ||
| Q1 25 | $50.4M | $85.0M | ||
| Q4 24 | $177.9M | — | ||
| Q3 24 | $47.4M | $45.0M | ||
| Q2 24 | $4.7M | $60.0M | ||
| Q1 24 | $24.3M | $91.0M |
毛利率HLFTNET
| Q4 25 | 77.5% | — | ||
| Q3 25 | 77.7% | — | ||
| Q2 25 | 78.0% | — | ||
| Q1 25 | 78.3% | — | ||
| Q4 24 | 77.8% | — | ||
| Q3 24 | 78.3% | — | ||
| Q2 24 | 77.9% | — | ||
| Q1 24 | 77.5% | — |
营业利润率HLFTNET
| Q4 25 | 7.8% | 0.1% | ||
| Q3 25 | 9.9% | 4.1% | ||
| Q2 25 | 10.5% | 4.1% | ||
| Q1 25 | 10.1% | 8.9% | ||
| Q4 24 | 8.8% | -2.9% | ||
| Q3 24 | 10.2% | 4.7% | ||
| Q2 24 | 6.3% | 6.5% | ||
| Q1 24 | 5.7% | 9.7% |
净利率HLFTNET
| Q4 25 | 6.7% | — | ||
| Q3 25 | 3.4% | 2.8% | ||
| Q2 25 | 3.9% | 3.0% | ||
| Q1 25 | 4.1% | 6.6% | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 3.8% | 3.6% | ||
| Q2 24 | 0.4% | 4.9% | ||
| Q1 24 | 1.9% | 7.2% |
每股收益（稀释后）HLFTNET
| Q4 25 | $0.81 | $0.02 | ||
| Q3 25 | $0.42 | $0.70 | ||
| Q2 25 | $0.48 | $0.77 | ||
| Q1 25 | $0.49 | $1.71 | ||
| Q4 24 | $1.75 | $-0.44 | ||
| Q3 24 | $0.46 | $0.89 | ||
| Q2 24 | $0.05 | $1.20 | ||
| Q1 24 | $0.24 | $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 | $353.1M | $287.0M |
| 总债务越低越好 | $2.0B | — |
| 股东权益账面价值 | $-515.1M | $54.0M |
| 总资产 | $2.8B | $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HLFTNET
| Q4 25 | $353.1M | $287.0M | ||
| Q3 25 | $305.5M | $321.0M | ||
| Q2 25 | $320.9M | $407.0M | ||
| Q1 25 | $329.4M | $349.0M | ||
| Q4 24 | $415.3M | $360.0M | ||
| Q3 24 | $402.5M | $301.0M | ||
| Q2 24 | $374.0M | $249.0M | ||
| Q1 24 | $398.3M | $383.0M |
总债务HLFTNET
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.4B | — |
股东权益HLFTNET
| Q4 25 | $-515.1M | $54.0M | ||
| Q3 25 | $-612.0M | $110.0M | ||
| Q2 25 | $-660.5M | $107.0M | ||
| Q1 25 | $-736.0M | $63.0M | ||
| Q4 24 | $-801.1M | $69.0M | ||
| Q3 24 | $-954.2M | $129.0M | ||
| Q2 24 | $-1.0B | $100.0M | ||
| Q1 24 | $-1.0B | $143.0M |
总资产HLFTNET
| Q4 25 | $2.8B | $3.8B | ||
| Q3 25 | $2.7B | $3.4B | ||
| Q2 25 | $2.7B | $3.7B | ||
| Q1 25 | $2.7B | $3.8B | ||
| Q4 24 | $2.7B | $4.1B | ||
| Q3 24 | $2.7B | $3.7B | ||
| Q2 24 | $2.6B | $3.7B | ||
| Q1 24 | $2.6B | $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 | $98.3M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $79.8M | $43.0M |
| 自由现金流率自由现金流/营收 | 6.2% | 3.4% |
| 资本支出强度资本支出/营收 | 1.4% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.15× | — |
| 过去12个月自由现金流最近4个季度 | $252.9M | $234.0M |
8季度趋势，按日历期对齐
经营现金流HLFTNET
| Q4 25 | $98.3M | $61.0M | ||
| Q3 25 | $138.8M | $72.0M | ||
| Q2 25 | $96.0M | $75.0M | ||
| Q1 25 | $200.0K | $95.0M | ||
| Q4 24 | $69.6M | $65.0M | ||
| Q3 24 | $99.5M | $84.0M | ||
| Q2 24 | $102.5M | $39.0M | ||
| Q1 24 | $13.8M | $91.0M |
自由现金流HLFTNET
| Q4 25 | $79.8M | $43.0M | ||
| Q3 25 | $118.0M | $55.0M | ||
| Q2 25 | $73.2M | $57.0M | ||
| Q1 25 | $-18.1M | $79.0M | ||
| Q4 24 | $43.9M | $47.0M | ||
| Q3 24 | $72.4M | $59.0M | ||
| Q2 24 | $66.2M | $22.0M | ||
| Q1 24 | $-19.1M | $73.0M |
自由现金流率HLFTNET
| Q4 25 | 6.2% | 3.4% | ||
| Q3 25 | 9.3% | 4.5% | ||
| Q2 25 | 5.8% | 4.6% | ||
| Q1 25 | -1.5% | 6.1% | ||
| Q4 24 | 3.6% | 3.7% | ||
| Q3 24 | 5.8% | 4.8% | ||
| Q2 24 | 5.2% | 1.8% | ||
| Q1 24 | -1.5% | 5.8% |
资本支出强度HLFTNET
| Q4 25 | 1.4% | 1.4% | ||
| Q3 25 | 1.6% | 1.4% | ||
| Q2 25 | 1.8% | 1.5% | ||
| Q1 25 | 1.5% | 1.2% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 2.2% | 2.0% | ||
| Q2 24 | 2.8% | 1.4% | ||
| Q1 24 | 2.6% | 1.4% |
现金转化率HLFTNET
| Q4 25 | 1.15× | — | ||
| Q3 25 | 3.21× | 2.12× | ||
| Q2 25 | 1.95× | 2.03× | ||
| Q1 25 | 0.00× | 1.12× | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 2.10× | 1.87× | ||
| Q2 24 | 21.81× | 0.65× | ||
| Q1 24 | 0.57× | 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
HLF
| Others | $514.4M | 40% |
| Other | $300.0M | 23% |
| IN | $250.3M | 20% |
| MX | $147.2M | 11% |
| VN | $71.1M | 6% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
