vs
HUBSPOT INC（HUBS）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HUBSPOT INC的1.5倍（$1.2B vs $846.7M），HUBSPOT INC同比增速更快（20.4% vs -2.2%），HUBSPOT INC自由现金流更多（$234.0M vs $43.0M），过去两年HUBSPOT INC的营收复合增速更高（17.1% vs -0.6%）
HubSpot Inc.是总部位于美国马萨诸塞州剑桥市的企业服务提供商，2006年由布莱恩·哈利根与达尔梅什·沙阿联合创立，专注于研发和推广适配营销、销售及客户服务全场景的软件产品，为全球各规模企业的数字化运营提供工具支持。
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。
HUBS vs TNET — 直观对比
营收规模更大
TNET
是对方的1.5倍
$846.7M
营收增速更快
HUBS
高出22.6%
-2.2%
自由现金流更多
HUBS
多$191.0M
$43.0M
两年增速更快
HUBS
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $846.7M | $1.2B |
| 净利润 | $54.4M | — |
| 毛利率 | 83.7% | — |
| 营业利润率 | 5.7% | 0.1% |
| 净利率 | 6.4% | — |
| 营收同比 | 20.4% | -2.2% |
| 净利润同比 | 992.2% | — |
| 每股收益（稀释后） | $1.03 | $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HUBSTNET
| Q4 25 | $846.7M | $1.2B | ||
| Q3 25 | $809.5M | $1.2B | ||
| Q2 25 | $760.9M | $1.2B | ||
| Q1 25 | $714.1M | $1.3B | ||
| Q4 24 | $703.2M | $1.3B | ||
| Q3 24 | $669.7M | $1.2B | ||
| Q2 24 | $637.2M | $1.2B | ||
| Q1 24 | $617.4M | $1.3B |
净利润HUBSTNET
| Q4 25 | $54.4M | — | ||
| Q3 25 | $16.5M | $34.0M | ||
| Q2 25 | $-3.3M | $37.0M | ||
| Q1 25 | $-21.8M | $85.0M | ||
| Q4 24 | $5.0M | — | ||
| Q3 24 | $8.1M | $45.0M | ||
| Q2 24 | $-14.4M | $60.0M | ||
| Q1 24 | $5.9M | $91.0M |
毛利率HUBSTNET
| Q4 25 | 83.7% | — | ||
| Q3 25 | 83.5% | — | ||
| Q2 25 | 83.9% | — | ||
| Q1 25 | 83.9% | — | ||
| Q4 24 | 85.3% | — | ||
| Q3 24 | 85.2% | — | ||
| Q2 24 | 85.0% | — | ||
| Q1 24 | 84.6% | — |
营业利润率HUBSTNET
| Q4 25 | 5.7% | 0.1% | ||
| Q3 25 | 1.4% | 4.1% | ||
| Q2 25 | -3.2% | 4.1% | ||
| Q1 25 | -3.8% | 8.9% | ||
| Q4 24 | -1.5% | -2.9% | ||
| Q3 24 | -1.4% | 4.7% | ||
| Q2 24 | -3.8% | 6.5% | ||
| Q1 24 | -3.8% | 9.7% |
净利率HUBSTNET
| Q4 25 | 6.4% | — | ||
| Q3 25 | 2.0% | 2.8% | ||
| Q2 25 | -0.4% | 3.0% | ||
| Q1 25 | -3.1% | 6.6% | ||
| Q4 24 | 0.7% | — | ||
| Q3 24 | 1.2% | 3.6% | ||
| Q2 24 | -2.3% | 4.9% | ||
| Q1 24 | 1.0% | 7.2% |
每股收益（稀释后）HUBSTNET
| Q4 25 | $1.03 | $0.02 | ||
| Q3 25 | $0.31 | $0.70 | ||
| Q2 25 | $-0.06 | $0.77 | ||
| Q1 25 | $-0.42 | $1.71 | ||
| Q4 24 | $0.09 | $-0.44 | ||
| Q3 24 | $0.16 | $0.89 | ||
| Q2 24 | $-0.28 | $1.20 | ||
| Q1 24 | $0.12 | $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 | $882.2M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $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HUBSTNET
| Q4 25 | $882.2M | $287.0M | ||
| Q3 25 | $614.4M | $321.0M | ||
| Q2 25 | $601.2M | $407.0M | ||
| Q1 25 | $625.0M | $349.0M | ||
| Q4 24 | $512.7M | $360.0M | ||
| Q3 24 | $410.1M | $301.0M | ||
| Q2 24 | $797.9M | $249.0M | ||
| Q1 24 | $447.8M | $383.0M |
股东权益HUBSTNET
| Q4 25 | $2.1B | $54.0M | ||
| Q3 25 | $1.9B | $110.0M | ||
| Q2 25 | $2.1B | $107.0M | ||
| Q1 25 | $2.0B | $63.0M | ||
| Q4 24 | $1.9B | $69.0M | ||
| Q3 24 | $1.8B | $129.0M | ||
| Q2 24 | $1.6B | $100.0M | ||
| Q1 24 | $1.4B | $143.0M |
总资产HUBSTNET
| Q4 25 | $3.9B | $3.8B | ||
| Q3 25 | $3.5B | $3.4B | ||
| Q2 25 | $3.7B | $3.7B | ||
| Q1 25 | $3.9B | $3.8B | ||
| Q4 24 | $3.8B | $4.1B | ||
| Q3 24 | $3.6B | $3.7B | ||
| Q2 24 | $3.4B | $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 | $247.4M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $234.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 27.6% | 3.4% |
| 资本支出强度资本支出/营收 | 1.6% | 1.4% |
| 现金转化率经营现金流/净利润 | 4.55× | — |
| 过去12个月自由现金流最近4个季度 | $707.6M | $234.0M |
8季度趋势，按日历期对齐
经营现金流HUBSTNET
| Q4 25 | $247.4M | $61.0M | ||
| Q3 25 | $187.4M | $72.0M | ||
| Q2 25 | $164.4M | $75.0M | ||
| Q1 25 | $161.6M | $95.0M | ||
| Q4 24 | $194.1M | $65.0M | ||
| Q3 24 | $159.5M | $84.0M | ||
| Q2 24 | $117.8M | $39.0M | ||
| Q1 24 | $127.1M | $91.0M |
自由现金流HUBSTNET
| Q4 25 | $234.0M | $43.0M | ||
| Q3 25 | $177.0M | $55.0M | ||
| Q2 25 | $148.3M | $57.0M | ||
| Q1 25 | $148.2M | $79.0M | ||
| Q4 24 | $181.4M | $47.0M | ||
| Q3 24 | $148.4M | $59.0M | ||
| Q2 24 | $109.6M | $22.0M | ||
| Q1 24 | $121.2M | $73.0M |
自由现金流率HUBSTNET
| Q4 25 | 27.6% | 3.4% | ||
| Q3 25 | 21.9% | 4.5% | ||
| Q2 25 | 19.5% | 4.6% | ||
| Q1 25 | 20.8% | 6.1% | ||
| Q4 24 | 25.8% | 3.7% | ||
| Q3 24 | 22.2% | 4.8% | ||
| Q2 24 | 17.2% | 1.8% | ||
| Q1 24 | 19.6% | 5.8% |
资本支出强度HUBSTNET
| Q4 25 | 1.6% | 1.4% | ||
| Q3 25 | 1.3% | 1.4% | ||
| Q2 25 | 2.1% | 1.5% | ||
| Q1 25 | 1.9% | 1.2% | ||
| Q4 24 | 1.8% | 1.4% | ||
| Q3 24 | 1.7% | 2.0% | ||
| Q2 24 | 1.3% | 1.4% | ||
| Q1 24 | 1.0% | 1.4% |
现金转化率HUBSTNET
| Q4 25 | 4.55× | — | ||
| Q3 25 | 11.33× | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | 38.96× | — | ||
| Q3 24 | 19.59× | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | 21.42× | 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
HUBS
| Subscription And Circulation | $829.0M | 98% |
| Services | $17.8M | 2% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
