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高德纳（IT）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
高德纳的季度营收约是TRINET GROUP, INC.的1.4倍（$1.8B vs $1.2B），高德纳同比增速更快（2.2% vs -2.2%），高德纳自由现金流更多（$270.7M vs $43.0M），过去两年高德纳的营收复合增速更高（9.1% vs -0.6%）
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
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。
IT vs TNET — 直观对比
营收规模更大
IT
是对方的1.4倍
$1.2B
营收增速更快
IT
高出4.4%
-2.2%
自由现金流更多
IT
多$227.7M
$43.0M
两年增速更快
IT
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $242.2M | — |
| 毛利率 | 67.8% | — |
| 营业利润率 | 19.1% | 0.1% |
| 净利率 | 13.8% | — |
| 营收同比 | 2.2% | -2.2% |
| 净利润同比 | -39.2% | — |
| 每股收益（稀释后） | $3.36 | $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ITTNET
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.5B | $1.3B |
净利润ITTNET
| Q4 25 | $242.2M | — | ||
| Q3 25 | $35.4M | $34.0M | ||
| Q2 25 | $240.8M | $37.0M | ||
| Q1 25 | $210.9M | $85.0M | ||
| Q4 24 | $398.6M | — | ||
| Q3 24 | $415.0M | $45.0M | ||
| Q2 24 | $229.5M | $60.0M | ||
| Q1 24 | $210.5M | $91.0M |
毛利率ITTNET
| Q4 25 | 67.8% | — | ||
| Q3 25 | 69.3% | — | ||
| Q2 25 | 68.6% | — | ||
| Q1 25 | 69.4% | — | ||
| Q4 24 | 66.8% | — | ||
| Q3 24 | 68.4% | — | ||
| Q2 24 | 68.6% | — | ||
| Q1 24 | 69.4% | — |
营业利润率ITTNET
| Q4 25 | 19.1% | 0.1% | ||
| Q3 25 | 5.7% | 4.1% | ||
| Q2 25 | 19.4% | 4.1% | ||
| Q1 25 | 18.1% | 8.9% | ||
| Q4 24 | 18.5% | -2.9% | ||
| Q3 24 | 16.6% | 4.7% | ||
| Q2 24 | 20.0% | 6.5% | ||
| Q1 24 | 18.6% | 9.7% |
净利率ITTNET
| Q4 25 | 13.8% | — | ||
| Q3 25 | 2.3% | 2.8% | ||
| Q2 25 | 14.3% | 3.0% | ||
| Q1 25 | 13.7% | 6.6% | ||
| Q4 24 | 23.2% | — | ||
| Q3 24 | 28.0% | 3.6% | ||
| Q2 24 | 14.4% | 4.9% | ||
| Q1 24 | 14.3% | 7.2% |
每股收益（稀释后）ITTNET
| Q4 25 | $3.36 | $0.02 | ||
| Q3 25 | $0.47 | $0.70 | ||
| Q2 25 | $3.11 | $0.77 | ||
| Q1 25 | $2.71 | $1.71 | ||
| Q4 24 | $5.08 | $-0.44 | ||
| Q3 24 | $5.32 | $0.89 | ||
| Q2 24 | $2.93 | $1.20 | ||
| Q1 24 | $2.67 | $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 | $1.7B | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $319.9M | $54.0M |
| 总资产 | $8.1B | $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ITTNET
| Q4 25 | $1.7B | $287.0M | ||
| Q3 25 | $1.4B | $321.0M | ||
| Q2 25 | $2.2B | $407.0M | ||
| Q1 25 | $2.1B | $349.0M | ||
| Q4 24 | $1.9B | $360.0M | ||
| Q3 24 | $1.8B | $301.0M | ||
| Q2 24 | $1.2B | $249.0M | ||
| Q1 24 | $1.2B | $383.0M |
股东权益ITTNET
| Q4 25 | $319.9M | $54.0M | ||
| Q3 25 | $556.6M | $110.0M | ||
| Q2 25 | $1.5B | $107.0M | ||
| Q1 25 | $1.5B | $63.0M | ||
| Q4 24 | $1.4B | $69.0M | ||
| Q3 24 | $1.1B | $129.0M | ||
| Q2 24 | $646.7M | $100.0M | ||
| Q1 24 | $718.2M | $143.0M |
总资产ITTNET
| Q4 25 | $8.1B | $3.8B | ||
| Q3 25 | $7.2B | $3.4B | ||
| Q2 25 | $8.3B | $3.7B | ||
| Q1 25 | $8.5B | $3.8B | ||
| Q4 24 | $8.5B | $4.1B | ||
| Q3 24 | $7.8B | $3.7B | ||
| Q2 24 | $7.4B | $3.7B | ||
| Q1 24 | $7.7B | $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 | $294.5M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $270.7M | $43.0M |
| 自由现金流率自由现金流/营收 | 15.4% | 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 | 1.22× | — |
| 过去12个月自由现金流最近4个季度 | $1.2B | $234.0M |
8季度趋势，按日历期对齐
经营现金流ITTNET
| Q4 25 | $294.5M | $61.0M | ||
| Q3 25 | $298.7M | $72.0M | ||
| Q2 25 | $383.6M | $75.0M | ||
| Q1 25 | $313.5M | $95.0M | ||
| Q4 24 | $335.4M | $65.0M | ||
| Q3 24 | $590.8M | $84.0M | ||
| Q2 24 | $370.0M | $39.0M | ||
| Q1 24 | $188.8M | $91.0M |
自由现金流ITTNET
| Q4 25 | $270.7M | $43.0M | ||
| Q3 25 | $269.3M | $55.0M | ||
| Q2 25 | $347.3M | $57.0M | ||
| Q1 25 | $287.9M | $79.0M | ||
| Q4 24 | $311.4M | $47.0M | ||
| Q3 24 | $565.0M | $59.0M | ||
| Q2 24 | $340.6M | $22.0M | ||
| Q1 24 | $166.2M | $73.0M |
自由现金流率ITTNET
| Q4 25 | 15.4% | 3.4% | ||
| Q3 25 | 17.7% | 4.5% | ||
| Q2 25 | 20.6% | 4.6% | ||
| Q1 25 | 18.8% | 6.1% | ||
| Q4 24 | 18.2% | 3.7% | ||
| Q3 24 | 38.1% | 4.8% | ||
| Q2 24 | 21.4% | 1.8% | ||
| Q1 24 | 11.3% | 5.8% |
资本支出强度ITTNET
| Q4 25 | 1.4% | 1.4% | ||
| Q3 25 | 1.9% | 1.4% | ||
| Q2 25 | 2.1% | 1.5% | ||
| Q1 25 | 1.7% | 1.2% | ||
| Q4 24 | 1.4% | 1.4% | ||
| Q3 24 | 1.7% | 2.0% | ||
| Q2 24 | 1.8% | 1.4% | ||
| Q1 24 | 1.5% | 1.4% |
现金转化率ITTNET
| Q4 25 | 1.22× | — | ||
| Q3 25 | 8.45× | 2.12× | ||
| Q2 25 | 1.59× | 2.03× | ||
| Q1 25 | 1.49× | 1.12× | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | 1.42× | 1.87× | ||
| Q2 24 | 1.61× | 0.65× | ||
| Q1 24 | 0.90× | 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
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
