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拉扎德（LAZ）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.的季度营收约是拉扎德的1.3倍（$1.2B vs $929.4M），拉扎德同比增速更快（10.8% vs -2.2%），拉扎德自由现金流更多（$396.1M vs $43.0M），过去两年拉扎德的营收复合增速更高（8.8% vs -0.6%）
拉扎德公司是一家美国金融咨询与资产管理机构，业务覆盖投资银行、资产管理及其他金融服务，核心客户以机构客户为主。作为全球规模最大的独立投资银行，其主要行政办公室分布于纽约、巴黎及伦敦三地。
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。
LAZ vs TNET — 直观对比
营收规模更大
TNET
是对方的1.3倍
$929.4M
营收增速更快
LAZ
高出13.0%
-2.2%
自由现金流更多
LAZ
多$353.1M
$43.0M
两年增速更快
LAZ
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $1.2B |
| 净利润 | $49.9M | — |
| 毛利率 | — | — |
| 营业利润率 | 9.1% | 0.1% |
| 净利率 | 5.4% | — |
| 营收同比 | 10.8% | -2.2% |
| 净利润同比 | -42.2% | — |
| 每股收益（稀释后） | $0.44 | $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LAZTNET
| Q4 25 | $929.4M | $1.2B | ||
| Q3 25 | $770.8M | $1.2B | ||
| Q2 25 | $817.2M | $1.2B | ||
| Q1 25 | $669.2M | $1.3B | ||
| Q4 24 | $839.0M | $1.3B | ||
| Q3 24 | $807.4M | $1.2B | ||
| Q2 24 | $708.0M | $1.2B | ||
| Q1 24 | $785.5M | $1.3B |
净利润LAZTNET
| Q4 25 | $49.9M | — | ||
| Q3 25 | $71.2M | $34.0M | ||
| Q2 25 | $55.3M | $37.0M | ||
| Q1 25 | $60.4M | $85.0M | ||
| Q4 24 | $86.3M | — | ||
| Q3 24 | $107.9M | $45.0M | ||
| Q2 24 | $49.9M | $60.0M | ||
| Q1 24 | $35.8M | $91.0M |
营业利润率LAZTNET
| Q4 25 | 9.1% | 0.1% | ||
| Q3 25 | 12.3% | 4.1% | ||
| Q2 25 | 11.4% | 4.1% | ||
| Q1 25 | 8.2% | 8.9% | ||
| Q4 24 | 12.8% | -2.9% | ||
| Q3 24 | 20.0% | 4.7% | ||
| Q2 24 | 9.0% | 6.5% | ||
| Q1 24 | 6.9% | 9.7% |
净利率LAZTNET
| Q4 25 | 5.4% | — | ||
| Q3 25 | 9.2% | 2.8% | ||
| Q2 25 | 6.8% | 3.0% | ||
| Q1 25 | 9.0% | 6.6% | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | 13.4% | 3.6% | ||
| Q2 24 | 7.0% | 4.9% | ||
| Q1 24 | 4.6% | 7.2% |
每股收益（稀释后）LAZTNET
| Q4 25 | $0.44 | $0.02 | ||
| Q3 25 | $0.65 | $0.70 | ||
| Q2 25 | $0.52 | $0.77 | ||
| Q1 25 | $0.56 | $1.71 | ||
| Q4 24 | $0.82 | $-0.44 | ||
| Q3 24 | $1.02 | $0.89 | ||
| Q2 24 | $0.49 | $1.20 | ||
| Q1 24 | $0.35 | $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 | $1.5B | $287.0M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $873.7M | $54.0M |
| 总资产 | $4.9B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.93× | — |
8季度趋势，按日历期对齐
现金及短期投资LAZTNET
| Q4 25 | $1.5B | $287.0M | ||
| Q3 25 | $1.2B | $321.0M | ||
| Q2 25 | $978.3M | $407.0M | ||
| Q1 25 | $908.6M | $349.0M | ||
| Q4 24 | $1.3B | $360.0M | ||
| Q3 24 | $1.2B | $301.0M | ||
| Q2 24 | $847.6M | $249.0M | ||
| Q1 24 | $923.2M | $383.0M |
总债务LAZTNET
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
股东权益LAZTNET
| Q4 25 | $873.7M | $54.0M | ||
| Q3 25 | $841.5M | $110.0M | ||
| Q2 25 | $741.6M | $107.0M | ||
| Q1 25 | $603.0M | $63.0M | ||
| Q4 24 | $636.2M | $69.0M | ||
| Q3 24 | $624.3M | $129.0M | ||
| Q2 24 | $458.7M | $100.0M | ||
| Q1 24 | $392.7M | $143.0M |
总资产LAZTNET
| Q4 25 | $4.9B | $3.8B | ||
| Q3 25 | $4.6B | $3.4B | ||
| Q2 25 | $4.5B | $3.7B | ||
| Q1 25 | $4.2B | $3.8B | ||
| Q4 24 | $4.8B | $4.1B | ||
| Q3 24 | $4.8B | $3.7B | ||
| Q2 24 | $4.5B | $3.7B | ||
| Q1 24 | $4.6B | $4.0B |
负债/权益比LAZTNET
| Q4 25 | 1.93× | — | ||
| Q3 25 | 2.01× | — | ||
| Q2 25 | 2.28× | — | ||
| Q1 25 | 2.80× | — | ||
| Q4 24 | 2.65× | — | ||
| Q3 24 | 2.97× | — | ||
| Q2 24 | 4.04× | — | ||
| Q1 24 | 4.71× | — |
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 | $399.7M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $396.1M | $43.0M |
| 自由现金流率自由现金流/营收 | 42.6% | 3.4% |
| 资本支出强度资本支出/营收 | 0.4% | 1.4% |
| 现金转化率经营现金流/净利润 | 8.02× | — |
| 过去12个月自由现金流最近4个季度 | $487.4M | $234.0M |
8季度趋势，按日历期对齐
经营现金流LAZTNET
| Q4 25 | $399.7M | $61.0M | ||
| Q3 25 | $287.5M | $72.0M | ||
| Q2 25 | $49.7M | $75.0M | ||
| Q1 25 | $-217.5M | $95.0M | ||
| Q4 24 | $362.9M | $65.0M | ||
| Q3 24 | $293.7M | $84.0M | ||
| Q2 24 | $176.2M | $39.0M | ||
| Q1 24 | $-90.0M | $91.0M |
自由现金流LAZTNET
| Q4 25 | $396.1M | $43.0M | ||
| Q3 25 | $284.6M | $55.0M | ||
| Q2 25 | $38.0M | $57.0M | ||
| Q1 25 | $-231.3M | $79.0M | ||
| Q4 24 | $348.0M | $47.0M | ||
| Q3 24 | $276.2M | $59.0M | ||
| Q2 24 | $169.8M | $22.0M | ||
| Q1 24 | $-96.6M | $73.0M |
自由现金流率LAZTNET
| Q4 25 | 42.6% | 3.4% | ||
| Q3 25 | 36.9% | 4.5% | ||
| Q2 25 | 4.6% | 4.6% | ||
| Q1 25 | -34.6% | 6.1% | ||
| Q4 24 | 41.5% | 3.7% | ||
| Q3 24 | 34.2% | 4.8% | ||
| Q2 24 | 24.0% | 1.8% | ||
| Q1 24 | -12.3% | 5.8% |
资本支出强度LAZTNET
| Q4 25 | 0.4% | 1.4% | ||
| Q3 25 | 0.4% | 1.4% | ||
| Q2 25 | 1.4% | 1.5% | ||
| Q1 25 | 2.1% | 1.2% | ||
| Q4 24 | 1.8% | 1.4% | ||
| Q3 24 | 2.2% | 2.0% | ||
| Q2 24 | 0.9% | 1.4% | ||
| Q1 24 | 0.8% | 1.4% |
现金转化率LAZTNET
| Q4 25 | 8.02× | — | ||
| Q3 25 | 4.03× | 2.12× | ||
| Q2 25 | 0.90× | 2.03× | ||
| Q1 25 | -3.60× | 1.12× | ||
| Q4 24 | 4.20× | — | ||
| Q3 24 | 2.72× | 1.87× | ||
| Q2 24 | 3.53× | 0.65× | ||
| Q1 24 | -2.52× | 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
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
