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骏利亨德森集团（JHG）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.的季度营收约是骏利亨德森集团的1.1倍（$1.2B vs $1.1B），骏利亨德森集团同比增速更快（61.3% vs -2.2%），骏利亨德森集团自由现金流更多（$320.4M vs $43.0M），过去两年骏利亨德森集团的营收复合增速更高（43.9% vs -0.6%）
骏利亨德森集团是英美联手设立的全球资产管理企业，总部位于英国伦敦金融城，旗下以「骏利亨德森投资者」为运营品牌，面向全球个人投资者、中介顾问及机构客户提供多元金融产品与专业资产管理服务。
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。
JHG vs TNET — 直观对比
营收规模更大
TNET
是对方的1.1倍
$1.1B
营收增速更快
JHG
高出63.5%
-2.2%
自由现金流更多
JHG
多$277.4M
$43.0M
两年增速更快
JHG
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $403.2M | — |
| 毛利率 | — | — |
| 营业利润率 | 42.7% | 0.1% |
| 净利率 | 35.3% | — |
| 营收同比 | 61.3% | -2.2% |
| 净利润同比 | 231.0% | — |
| 每股收益（稀释后） | $2.59 | $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JHGTNET
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $700.4M | $1.2B | ||
| Q2 25 | $633.2M | $1.2B | ||
| Q1 25 | $621.4M | $1.3B | ||
| Q4 24 | $708.3M | $1.3B | ||
| Q3 24 | $624.8M | $1.2B | ||
| Q2 24 | $588.4M | $1.2B | ||
| Q1 24 | $551.7M | $1.3B |
净利润JHGTNET
| Q4 25 | $403.2M | — | ||
| Q3 25 | $142.1M | $34.0M | ||
| Q2 25 | $149.9M | $37.0M | ||
| Q1 25 | $120.7M | $85.0M | ||
| Q4 24 | $121.8M | — | ||
| Q3 24 | $27.3M | $45.0M | ||
| Q2 24 | $129.7M | $60.0M | ||
| Q1 24 | $130.1M | $91.0M |
营业利润率JHGTNET
| Q4 25 | 42.7% | 0.1% | ||
| Q3 25 | 24.6% | 4.1% | ||
| Q2 25 | 25.9% | 4.1% | ||
| Q1 25 | 24.7% | 8.9% | ||
| Q4 24 | 27.9% | -2.9% | ||
| Q3 24 | 26.4% | 4.7% | ||
| Q2 24 | 27.9% | 6.5% | ||
| Q1 24 | 21.6% | 9.7% |
净利率JHGTNET
| Q4 25 | 35.3% | — | ||
| Q3 25 | 20.3% | 2.8% | ||
| Q2 25 | 23.7% | 3.0% | ||
| Q1 25 | 19.4% | 6.6% | ||
| Q4 24 | 17.2% | — | ||
| Q3 24 | 4.4% | 3.6% | ||
| Q2 24 | 22.0% | 4.9% | ||
| Q1 24 | 23.6% | 7.2% |
每股收益（稀释后）JHGTNET
| Q4 25 | $2.59 | $0.02 | ||
| Q3 25 | $0.92 | $0.70 | ||
| Q2 25 | $0.95 | $0.77 | ||
| Q1 25 | $0.77 | $1.71 | ||
| Q4 24 | $0.77 | $-0.44 | ||
| Q3 24 | $0.17 | $0.89 | ||
| Q2 24 | $0.81 | $1.20 | ||
| Q1 24 | $0.81 | $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 | $1.6B | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.1B | $54.0M |
| 总资产 | $8.3B | $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JHGTNET
| Q4 25 | $1.6B | $287.0M | ||
| Q3 25 | $1.4B | $321.0M | ||
| Q2 25 | $1.3B | $407.0M | ||
| Q1 25 | $1.4B | $349.0M | ||
| Q4 24 | $1.6B | $360.0M | ||
| Q3 24 | $1.8B | $301.0M | ||
| Q2 24 | $1.3B | $249.0M | ||
| Q1 24 | $1.1B | $383.0M |
股东权益JHGTNET
| Q4 25 | $5.1B | $54.0M | ||
| Q3 25 | $4.8B | $110.0M | ||
| Q2 25 | $4.8B | $107.0M | ||
| Q1 25 | $4.7B | $63.0M | ||
| Q4 24 | $4.6B | $69.0M | ||
| Q3 24 | $4.6B | $129.0M | ||
| Q2 24 | $4.5B | $100.0M | ||
| Q1 24 | $4.4B | $143.0M |
总资产JHGTNET
| Q4 25 | $8.3B | $3.8B | ||
| Q3 25 | $7.6B | $3.4B | ||
| Q2 25 | $7.5B | $3.7B | ||
| Q1 25 | $7.1B | $3.8B | ||
| Q4 24 | $7.0B | $4.1B | ||
| Q3 24 | $7.3B | $3.7B | ||
| Q2 24 | $6.4B | $3.7B | ||
| Q1 24 | $6.3B | $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 | $322.7M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $320.4M | $43.0M |
| 自由现金流率自由现金流/营收 | 28.0% | 3.4% |
| 资本支出强度资本支出/营收 | 0.2% | 1.4% |
| 现金转化率经营现金流/净利润 | 0.80× | — |
| 过去12个月自由现金流最近4个季度 | $710.9M | $234.0M |
8季度趋势，按日历期对齐
经营现金流JHGTNET
| Q4 25 | $322.7M | $61.0M | ||
| Q3 25 | $258.8M | $72.0M | ||
| Q2 25 | $135.2M | $75.0M | ||
| Q1 25 | $2.8M | $95.0M | ||
| Q4 24 | $247.3M | $65.0M | ||
| Q3 24 | $228.5M | $84.0M | ||
| Q2 24 | $223.8M | $39.0M | ||
| Q1 24 | $-5.0M | $91.0M |
自由现金流JHGTNET
| Q4 25 | $320.4M | $43.0M | ||
| Q3 25 | $256.4M | $55.0M | ||
| Q2 25 | $133.2M | $57.0M | ||
| Q1 25 | $900.0K | $79.0M | ||
| Q4 24 | $243.5M | $47.0M | ||
| Q3 24 | $225.9M | $59.0M | ||
| Q2 24 | $221.9M | $22.0M | ||
| Q1 24 | $-6.8M | $73.0M |
自由现金流率JHGTNET
| Q4 25 | 28.0% | 3.4% | ||
| Q3 25 | 36.6% | 4.5% | ||
| Q2 25 | 21.0% | 4.6% | ||
| Q1 25 | 0.1% | 6.1% | ||
| Q4 24 | 34.4% | 3.7% | ||
| Q3 24 | 36.2% | 4.8% | ||
| Q2 24 | 37.7% | 1.8% | ||
| Q1 24 | -1.2% | 5.8% |
资本支出强度JHGTNET
| Q4 25 | 0.2% | 1.4% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.3% | 1.5% | ||
| Q1 25 | 0.3% | 1.2% | ||
| Q4 24 | 0.5% | 1.4% | ||
| Q3 24 | 0.4% | 2.0% | ||
| Q2 24 | 0.3% | 1.4% | ||
| Q1 24 | 0.3% | 1.4% |
现金转化率JHGTNET
| Q4 25 | 0.80× | — | ||
| Q3 25 | 1.82× | 2.12× | ||
| Q2 25 | 0.90× | 2.03× | ||
| Q1 25 | 0.02× | 1.12× | ||
| Q4 24 | 2.03× | — | ||
| Q3 24 | 8.37× | 1.87× | ||
| Q2 24 | 1.73× | 0.65× | ||
| Q1 24 | -0.04× | 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
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
