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李维斯（LEVI）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
李维斯的季度营收约是TRINET GROUP, INC.的1.4倍（$1.8B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -4.0%），李维斯自由现金流更多（$215.7M vs $43.0M），过去两年李维斯的营收复合增速更高（6.5% vs -0.6%）
李维斯（Levi Strauss & Co.）是全球知名的美国服饰企业，凭借旗下Levi's品牌丹宁牛仔裤享誉全球。公司创立于1853年5月，由德裔犹太移民李维·斯特劳斯在旧金山成立，注册地为特拉华州，总部设在旧金山李维斯广场。
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。
LEVI vs TNET — 直观对比
营收规模更大
LEVI
是对方的1.4倍
$1.2B
营收增速更快
TNET
高出1.8%
-4.0%
自由现金流更多
LEVI
多$172.7M
$43.0M
两年增速更快
LEVI
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 | $158.0M | — |
| 毛利率 | 60.8% | — |
| 营业利润率 | 11.9% | 0.1% |
| 净利率 | 8.9% | — |
| 营收同比 | -4.0% | -2.2% |
| 净利润同比 | -13.4% | — |
| 每股收益（稀释后） | $0.39 | $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LEVITNET
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.8B | $1.3B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.6B | $1.3B |
净利润LEVITNET
| Q4 25 | $158.0M | — | ||
| Q3 25 | $218.1M | $34.0M | ||
| Q2 25 | $67.0M | $37.0M | ||
| Q1 25 | $135.0M | $85.0M | ||
| Q4 24 | $182.5M | — | ||
| Q3 24 | $20.7M | $45.0M | ||
| Q2 24 | $18.0M | $60.0M | ||
| Q1 24 | $-10.6M | $91.0M |
毛利率LEVITNET
| Q4 25 | 60.8% | — | ||
| Q3 25 | 61.7% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 62.1% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 60.5% | — | ||
| Q1 24 | 58.2% | — |
营业利润率LEVITNET
| Q4 25 | 11.9% | 0.1% | ||
| Q3 25 | 10.8% | 4.1% | ||
| Q2 25 | 7.5% | 4.1% | ||
| Q1 25 | 12.5% | 8.9% | ||
| Q4 24 | 11.5% | -2.9% | ||
| Q3 24 | 2.0% | 4.7% | ||
| Q2 24 | 1.5% | 6.5% | ||
| Q1 24 | -0.0% | 9.7% |
净利率LEVITNET
| Q4 25 | 8.9% | — | ||
| Q3 25 | 14.1% | 2.8% | ||
| Q2 25 | 4.6% | 3.0% | ||
| Q1 25 | 8.8% | 6.6% | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 1.4% | 3.6% | ||
| Q2 24 | 1.2% | 4.9% | ||
| Q1 24 | -0.7% | 7.2% |
每股收益（稀释后）LEVITNET
| Q4 25 | $0.39 | $0.02 | ||
| Q3 25 | $0.55 | $0.70 | ||
| Q2 25 | $0.17 | $0.77 | ||
| Q1 25 | $0.34 | $1.71 | ||
| Q4 24 | $0.46 | $-0.44 | ||
| Q3 24 | $0.05 | $0.89 | ||
| Q2 24 | $0.04 | $1.20 | ||
| Q1 24 | $-0.03 | $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 | $848.8M | $287.0M |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $2.3B | $54.0M |
| 总资产 | $6.8B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资LEVITNET
| Q4 25 | $848.8M | $287.0M | ||
| Q3 25 | $707.5M | $321.0M | ||
| Q2 25 | $736.7M | $407.0M | ||
| Q1 25 | $574.4M | $349.0M | ||
| Q4 24 | $690.0M | $360.0M | ||
| Q3 24 | $577.1M | $301.0M | ||
| Q2 24 | $641.4M | $249.0M | ||
| Q1 24 | $516.7M | $383.0M |
总债务LEVITNET
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $987.4M | — | ||
| Q4 24 | $994.0M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.0B | — |
股东权益LEVITNET
| Q4 25 | $2.3B | $54.0M | ||
| Q3 25 | $2.2B | $110.0M | ||
| Q2 25 | $2.1B | $107.0M | ||
| Q1 25 | $2.0B | $63.0M | ||
| Q4 24 | $2.0B | $69.0M | ||
| Q3 24 | $1.9B | $129.0M | ||
| Q2 24 | $2.0B | $100.0M | ||
| Q1 24 | $2.0B | $143.0M |
总资产LEVITNET
| Q4 25 | $6.8B | $3.8B | ||
| Q3 25 | $6.7B | $3.4B | ||
| Q2 25 | $6.5B | $3.7B | ||
| Q1 25 | $6.2B | $3.8B | ||
| Q4 24 | $6.4B | $4.1B | ||
| Q3 24 | $6.3B | $3.7B | ||
| Q2 24 | $6.2B | $3.7B | ||
| Q1 24 | $6.0B | $4.0B |
负债/权益比LEVITNET
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.49× | — | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.51× | — |
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 | $266.8M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $215.7M | $43.0M |
| 自由现金流率自由现金流/营收 | 12.2% | 3.4% |
| 资本支出强度资本支出/营收 | 2.9% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.69× | — |
| 过去12个月自由现金流最近4个季度 | $308.2M | $234.0M |
8季度趋势，按日历期对齐
经营现金流LEVITNET
| Q4 25 | $266.8M | $61.0M | ||
| Q3 25 | $24.8M | $72.0M | ||
| Q2 25 | $185.5M | $75.0M | ||
| Q1 25 | $52.5M | $95.0M | ||
| Q4 24 | $297.3M | $65.0M | ||
| Q3 24 | $52.3M | $84.0M | ||
| Q2 24 | $262.8M | $39.0M | ||
| Q1 24 | $286.0M | $91.0M |
自由现金流LEVITNET
| Q4 25 | $215.7M | $43.0M | ||
| Q3 25 | $-39.4M | $55.0M | ||
| Q2 25 | $146.0M | $57.0M | ||
| Q1 25 | $-14.1M | $79.0M | ||
| Q4 24 | $231.6M | $47.0M | ||
| Q3 24 | $2.3M | $59.0M | ||
| Q2 24 | $222.6M | $22.0M | ||
| Q1 24 | $214.4M | $73.0M |
自由现金流率LEVITNET
| Q4 25 | 12.2% | 3.4% | ||
| Q3 25 | -2.6% | 4.5% | ||
| Q2 25 | 10.1% | 4.6% | ||
| Q1 25 | -0.9% | 6.1% | ||
| Q4 24 | 12.6% | 3.7% | ||
| Q3 24 | 0.2% | 4.8% | ||
| Q2 24 | 15.4% | 1.8% | ||
| Q1 24 | 13.8% | 5.8% |
资本支出强度LEVITNET
| Q4 25 | 2.9% | 1.4% | ||
| Q3 25 | 4.2% | 1.4% | ||
| Q2 25 | 2.7% | 1.5% | ||
| Q1 25 | 4.4% | 1.2% | ||
| Q4 24 | 3.6% | 1.4% | ||
| Q3 24 | 3.3% | 2.0% | ||
| Q2 24 | 2.8% | 1.4% | ||
| Q1 24 | 4.6% | 1.4% |
现金转化率LEVITNET
| Q4 25 | 1.69× | — | ||
| Q3 25 | 0.11× | 2.12× | ||
| Q2 25 | 2.77× | 2.03× | ||
| Q1 25 | 0.39× | 1.12× | ||
| Q4 24 | 1.63× | — | ||
| Q3 24 | 2.53× | 1.87× | ||
| Q2 24 | 14.60× | 0.65× | ||
| Q1 24 | — | 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
LEVI
| Other | $760.3M | 43% |
| Sales Channel Through Intermediary | $583.2M | 33% |
| Sales Channel Directly To Consumer | $376.0M | 21% |
| Beyond Yoga | $46.3M | 3% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
