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是德科技（KEYS）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
是德科技的季度营收约是TRINET GROUP, INC.的1.1倍（$1.4B vs $1.2B），是德科技同比增速更快（10.3% vs -2.2%），是德科技自由现金流更多（$187.0M vs $43.0M），过去两年是德科技的营收复合增速更高（6.2% vs -0.6%）
是德科技是一家美国企业，主营电子测试测量设备与软件的研发、生产业务。公司由安捷伦科技拆分而来，核心产品线继承自惠普测试测量部门上世纪60年代末至千禧年间开发的相关产品，后独立为现有品牌。
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。
KEYS vs TNET — 直观对比
营收规模更大
KEYS
是对方的1.1倍
$1.2B
营收增速更快
KEYS
高出12.5%
-2.2%
自由现金流更多
KEYS
多$144.0M
$43.0M
两年增速更快
KEYS
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $233.0M | — |
| 毛利率 | 61.2% | — |
| 营业利润率 | 15.3% | 0.1% |
| 净利率 | 16.4% | — |
| 营收同比 | 10.3% | -2.2% |
| 净利润同比 | 419.2% | — |
| 每股收益（稀释后） | $1.35 | $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KEYSTNET
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润KEYSTNET
| Q4 25 | $233.0M | — | ||
| Q3 25 | $191.0M | $34.0M | ||
| Q2 25 | $257.0M | $37.0M | ||
| Q1 25 | $169.0M | $85.0M | ||
| Q4 24 | $-73.0M | — | ||
| Q3 24 | $389.0M | $45.0M | ||
| Q2 24 | $126.0M | $60.0M | ||
| Q1 24 | $172.0M | $91.0M |
毛利率KEYSTNET
| Q4 25 | 61.2% | — | ||
| Q3 25 | 61.7% | — | ||
| Q2 25 | 62.3% | — | ||
| Q1 25 | 63.2% | — | ||
| Q4 24 | 62.3% | — | ||
| Q3 24 | 62.0% | — | ||
| Q2 24 | 62.7% | — | ||
| Q1 24 | 64.6% | — |
营业利润率KEYSTNET
| Q4 25 | 15.3% | 0.1% | ||
| Q3 25 | 17.3% | 4.1% | ||
| Q2 25 | 15.8% | 4.1% | ||
| Q1 25 | 16.8% | 8.9% | ||
| Q4 24 | 17.9% | -2.9% | ||
| Q3 24 | 16.8% | 4.7% | ||
| Q2 24 | 14.6% | 6.5% | ||
| Q1 24 | 17.6% | 9.7% |
净利率KEYSTNET
| Q4 25 | 16.4% | — | ||
| Q3 25 | 14.1% | 2.8% | ||
| Q2 25 | 19.7% | 3.0% | ||
| Q1 25 | 13.0% | 6.6% | ||
| Q4 24 | -5.7% | — | ||
| Q3 24 | 32.0% | 3.6% | ||
| Q2 24 | 10.4% | 4.9% | ||
| Q1 24 | 13.7% | 7.2% |
每股收益（稀释后）KEYSTNET
| Q4 25 | $1.35 | $0.02 | ||
| Q3 25 | $1.10 | $0.70 | ||
| Q2 25 | $1.49 | $0.77 | ||
| Q1 25 | $0.97 | $1.71 | ||
| Q4 24 | $-0.41 | $-0.44 | ||
| Q3 24 | $2.22 | $0.89 | ||
| Q2 24 | $0.72 | $1.20 | ||
| Q1 24 | $0.98 | $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 | $1.9B | $287.0M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $5.9B | $54.0M |
| 总资产 | $11.3B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
现金及短期投资KEYSTNET
| Q4 25 | $1.9B | $287.0M | ||
| Q3 25 | $2.6B | $321.0M | ||
| Q2 25 | $3.1B | $407.0M | ||
| Q1 25 | $2.1B | $349.0M | ||
| Q4 24 | $1.8B | $360.0M | ||
| Q3 24 | $1.6B | $301.0M | ||
| Q2 24 | $1.7B | $249.0M | ||
| Q1 24 | $1.7B | $383.0M |
总债务KEYSTNET
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $1.8B | — |
股东权益KEYSTNET
| Q4 25 | $5.9B | $54.0M | ||
| Q3 25 | $5.7B | $110.0M | ||
| Q2 25 | $5.5B | $107.0M | ||
| Q1 25 | $5.2B | $63.0M | ||
| Q4 24 | $5.1B | $69.0M | ||
| Q3 24 | $5.2B | $129.0M | ||
| Q2 24 | $4.9B | $100.0M | ||
| Q1 24 | $4.8B | $143.0M |
总资产KEYSTNET
| Q4 25 | $11.3B | $3.8B | ||
| Q3 25 | $10.7B | $3.4B | ||
| Q2 25 | $10.5B | $3.7B | ||
| Q1 25 | $9.4B | $3.8B | ||
| Q4 24 | $9.3B | $4.1B | ||
| Q3 24 | $9.3B | $3.7B | ||
| Q2 24 | $9.0B | $3.7B | ||
| Q1 24 | $9.1B | $4.0B |
负债/权益比KEYSTNET
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.46× | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.38× | — |
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 | $225.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $187.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 13.2% | 3.4% |
| 资本支出强度资本支出/营收 | 2.7% | 1.4% |
| 现金转化率经营现金流/净利润 | 0.97× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | $234.0M |
8季度趋势，按日历期对齐
经营现金流KEYSTNET
| Q4 25 | $225.0M | $61.0M | ||
| Q3 25 | $322.0M | $72.0M | ||
| Q2 25 | $484.0M | $75.0M | ||
| Q1 25 | $378.0M | $95.0M | ||
| Q4 24 | $359.0M | $65.0M | ||
| Q3 24 | $255.0M | $84.0M | ||
| Q2 24 | $110.0M | $39.0M | ||
| Q1 24 | $328.0M | $91.0M |
自由现金流KEYSTNET
| Q4 25 | $187.0M | $43.0M | ||
| Q3 25 | $291.0M | $55.0M | ||
| Q2 25 | $457.0M | $57.0M | ||
| Q1 25 | $346.0M | $79.0M | ||
| Q4 24 | $321.0M | $47.0M | ||
| Q3 24 | $222.0M | $59.0M | ||
| Q2 24 | $74.0M | $22.0M | ||
| Q1 24 | $281.0M | $73.0M |
自由现金流率KEYSTNET
| Q4 25 | 13.2% | 3.4% | ||
| Q3 25 | 21.5% | 4.5% | ||
| Q2 25 | 35.0% | 4.6% | ||
| Q1 25 | 26.7% | 6.1% | ||
| Q4 24 | 24.9% | 3.7% | ||
| Q3 24 | 18.2% | 4.8% | ||
| Q2 24 | 6.1% | 1.8% | ||
| Q1 24 | 22.3% | 5.8% |
资本支出强度KEYSTNET
| Q4 25 | 2.7% | 1.4% | ||
| Q3 25 | 2.3% | 1.4% | ||
| Q2 25 | 2.1% | 1.5% | ||
| Q1 25 | 2.5% | 1.2% | ||
| Q4 24 | 3.0% | 1.4% | ||
| Q3 24 | 2.7% | 2.0% | ||
| Q2 24 | 3.0% | 1.4% | ||
| Q1 24 | 3.7% | 1.4% |
现金转化率KEYSTNET
| Q4 25 | 0.97× | — | ||
| Q3 25 | 1.69× | 2.12× | ||
| Q2 25 | 1.88× | 2.03× | ||
| Q1 25 | 2.24× | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.66× | 1.87× | ||
| Q2 24 | 0.87× | 0.65× | ||
| Q1 24 | 1.91× | 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
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
