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华利安（HLI）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.的季度营收约是华利安的1.7倍（$1.2B vs $717.1M），华利安同比增速更快（13.0% vs -2.2%），华利安自由现金流更多（$217.0M vs $43.0M），过去两年华利安的营收复合增速更高（17.4% vs -0.6%）
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
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。
HLI vs TNET — 直观对比
营收规模更大
TNET
是对方的1.7倍
$717.1M
营收增速更快
HLI
高出15.2%
-2.2%
自由现金流更多
HLI
多$174.0M
$43.0M
两年增速更快
HLI
近两年复合增速
-0.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $1.2B |
| 净利润 | $116.5M | — |
| 毛利率 | 32.2% | — |
| 营业利润率 | 22.4% | 0.1% |
| 净利率 | 16.3% | — |
| 营收同比 | 13.0% | -2.2% |
| 净利润同比 | 22.3% | — |
| 每股收益（稀释后） | $1.70 | $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HLITNET
| Q4 25 | $717.1M | $1.2B | ||
| Q3 25 | $659.5M | $1.2B | ||
| Q2 25 | $605.3M | $1.2B | ||
| Q1 25 | $666.4M | $1.3B | ||
| Q4 24 | $634.4M | $1.3B | ||
| Q3 24 | $575.0M | $1.2B | ||
| Q2 24 | $513.6M | $1.2B | ||
| Q1 24 | $520.5M | $1.3B |
净利润HLITNET
| Q4 25 | $116.5M | — | ||
| Q3 25 | $111.8M | $34.0M | ||
| Q2 25 | $97.5M | $37.0M | ||
| Q1 25 | $121.9M | $85.0M | ||
| Q4 24 | $95.3M | — | ||
| Q3 24 | $93.5M | $45.0M | ||
| Q2 24 | $88.9M | $60.0M | ||
| Q1 24 | $81.1M | $91.0M |
毛利率HLITNET
| Q4 25 | 32.2% | — | ||
| Q3 25 | 33.8% | — | ||
| Q2 25 | 31.0% | — | ||
| Q1 25 | 33.9% | — | ||
| Q4 24 | 31.4% | — | ||
| Q3 24 | 33.0% | — | ||
| Q2 24 | 30.6% | — | ||
| Q1 24 | 30.3% | — |
营业利润率HLITNET
| Q4 25 | 22.4% | 0.1% | ||
| Q3 25 | 22.9% | 4.1% | ||
| Q2 25 | 14.8% | 4.1% | ||
| Q1 25 | 20.9% | 8.9% | ||
| Q4 24 | 21.5% | -2.9% | ||
| Q3 24 | 22.7% | 4.7% | ||
| Q2 24 | 18.6% | 6.5% | ||
| Q1 24 | 19.7% | 9.7% |
净利率HLITNET
| Q4 25 | 16.3% | — | ||
| Q3 25 | 17.0% | 2.8% | ||
| Q2 25 | 16.1% | 3.0% | ||
| Q1 25 | 18.3% | 6.6% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 16.3% | 3.6% | ||
| Q2 24 | 17.3% | 4.9% | ||
| Q1 24 | 15.6% | 7.2% |
每股收益（稀释后）HLITNET
| Q4 25 | $1.70 | $0.02 | ||
| Q3 25 | $1.63 | $0.70 | ||
| Q2 25 | $1.42 | $0.77 | ||
| Q1 25 | $1.76 | $1.71 | ||
| Q4 24 | $1.39 | $-0.44 | ||
| Q3 24 | $1.37 | $0.89 | ||
| Q2 24 | $1.30 | $1.20 | ||
| Q1 24 | $1.18 | $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 | $1.1B | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.3B | $54.0M |
| 总资产 | $3.9B | $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HLITNET
| Q4 25 | $1.1B | $287.0M | ||
| Q3 25 | $923.6M | $321.0M | ||
| Q2 25 | $793.8M | $407.0M | ||
| Q1 25 | $971.0M | $349.0M | ||
| Q4 24 | $799.3M | $360.0M | ||
| Q3 24 | $691.4M | $301.0M | ||
| Q2 24 | $449.7M | $249.0M | ||
| Q1 24 | $721.2M | $383.0M |
股东权益HLITNET
| Q4 25 | $2.3B | $54.0M | ||
| Q3 25 | $2.2B | $110.0M | ||
| Q2 25 | $2.2B | $107.0M | ||
| Q1 25 | $2.2B | $63.0M | ||
| Q4 24 | $2.1B | $69.0M | ||
| Q3 24 | $2.0B | $129.0M | ||
| Q2 24 | $1.8B | $100.0M | ||
| Q1 24 | $1.8B | $143.0M |
总资产HLITNET
| Q4 25 | $3.9B | $3.8B | ||
| Q3 25 | $3.8B | $3.4B | ||
| Q2 25 | $3.5B | $3.7B | ||
| Q1 25 | $3.8B | $3.8B | ||
| Q4 24 | $3.5B | $4.1B | ||
| Q3 24 | $3.2B | $3.7B | ||
| Q2 24 | $2.9B | $3.7B | ||
| Q1 24 | $3.2B | $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 | $217.7M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 30.3% | 3.4% |
| 资本支出强度资本支出/营收 | 0.1% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.87× | — |
| 过去12个月自由现金流最近4个季度 | $738.9M | $234.0M |
8季度趋势，按日历期对齐
经营现金流HLITNET
| Q4 25 | $217.7M | $61.0M | ||
| Q3 25 | $325.0M | $72.0M | ||
| Q2 25 | $-131.6M | $75.0M | ||
| Q1 25 | $358.4M | $95.0M | ||
| Q4 24 | $265.5M | $65.0M | ||
| Q3 24 | $289.2M | $84.0M | ||
| Q2 24 | $-64.5M | $39.0M | ||
| Q1 24 | $225.3M | $91.0M |
自由现金流HLITNET
| Q4 25 | $217.0M | $43.0M | ||
| Q3 25 | $322.8M | $55.0M | ||
| Q2 25 | $-144.8M | $57.0M | ||
| Q1 25 | $343.9M | $79.0M | ||
| Q4 24 | $261.7M | $47.0M | ||
| Q3 24 | $278.7M | $59.0M | ||
| Q2 24 | $-75.4M | $22.0M | ||
| Q1 24 | $213.1M | $73.0M |
自由现金流率HLITNET
| Q4 25 | 30.3% | 3.4% | ||
| Q3 25 | 49.0% | 4.5% | ||
| Q2 25 | -23.9% | 4.6% | ||
| Q1 25 | 51.6% | 6.1% | ||
| Q4 24 | 41.2% | 3.7% | ||
| Q3 24 | 48.5% | 4.8% | ||
| Q2 24 | -14.7% | 1.8% | ||
| Q1 24 | 40.9% | 5.8% |
资本支出强度HLITNET
| Q4 25 | 0.1% | 1.4% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 2.2% | 1.5% | ||
| Q1 25 | 2.2% | 1.2% | ||
| Q4 24 | 0.6% | 1.4% | ||
| Q3 24 | 1.8% | 2.0% | ||
| Q2 24 | 2.1% | 1.4% | ||
| Q1 24 | 2.3% | 1.4% |
现金转化率HLITNET
| Q4 25 | 1.87× | — | ||
| Q3 25 | 2.91× | 2.12× | ||
| Q2 25 | -1.35× | 2.03× | ||
| Q1 25 | 2.94× | 1.12× | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 3.09× | 1.87× | ||
| Q2 24 | -0.73× | 0.65× | ||
| Q1 24 | 2.78× | 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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
