vs
Stride, Inc.（LRN）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Stride, Inc.的2.0倍（$1.2B vs $629.9M），Stride, Inc.同比增速更快（2.7% vs -2.2%），过去两年Stride, Inc.的营收复合增速更高（8.6% vs -0.6%）
Stride, Inc.是一家营利性教育机构，主营在线及混合式教育项目。作为教育管理机构，其为K12阶段公立学校学生提供替代传统线下教学的在线教育方案，同时也开设职业学习课程。截至2012年，这家上市企业是全球招生规模最大的教育管理机构。
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。
LRN vs TNET — 直观对比
营收规模更大
TNET
是对方的2.0倍
$629.9M
营收增速更快
LRN
高出4.9%
-2.2%
两年增速更快
LRN
近两年复合增速
-0.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $629.9M | $1.2B |
| 净利润 | $88.5M | — |
| 毛利率 | — | — |
| 营业利润率 | 20.5% | 0.1% |
| 净利率 | 14.1% | — |
| 营收同比 | 2.7% | -2.2% |
| 净利润同比 | 8.5% | — |
| 每股收益（稀释后） | $1.93 | $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LRNTNET
| Q3 26 | $629.9M | — | ||
| Q4 25 | $631.3M | $1.2B | ||
| Q3 25 | $620.9M | $1.2B | ||
| Q2 25 | $653.6M | $1.2B | ||
| Q1 25 | $613.4M | $1.3B | ||
| Q4 24 | $587.2M | $1.3B | ||
| Q3 24 | $551.1M | $1.2B | ||
| Q2 24 | $534.2M | $1.2B |
净利润LRNTNET
| Q3 26 | $88.5M | — | ||
| Q4 25 | $99.5M | — | ||
| Q3 25 | $68.8M | $34.0M | ||
| Q2 25 | $51.3M | $37.0M | ||
| Q1 25 | $99.3M | $85.0M | ||
| Q4 24 | $96.4M | — | ||
| Q3 24 | $40.9M | $45.0M | ||
| Q2 24 | $62.8M | $60.0M |
毛利率LRNTNET
| Q3 26 | — | — | ||
| Q4 25 | 41.1% | — | ||
| Q3 25 | 39.0% | — | ||
| Q2 25 | 36.6% | — | ||
| Q1 25 | 40.6% | — | ||
| Q4 24 | 40.8% | — | ||
| Q3 24 | 39.2% | — | ||
| Q2 24 | 35.2% | — |
营业利润率LRNTNET
| Q3 26 | 20.5% | — | ||
| Q4 25 | 23.3% | 0.1% | ||
| Q3 25 | 11.1% | 4.1% | ||
| Q2 25 | 8.7% | 4.1% | ||
| Q1 25 | 21.3% | 8.9% | ||
| Q4 24 | 21.3% | -2.9% | ||
| Q3 24 | 8.6% | 4.7% | ||
| Q2 24 | 13.8% | 6.5% |
净利率LRNTNET
| Q3 26 | 14.1% | — | ||
| Q4 25 | 15.8% | — | ||
| Q3 25 | 11.1% | 2.8% | ||
| Q2 25 | 7.9% | 3.0% | ||
| Q1 25 | 16.2% | 6.6% | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | 7.4% | 3.6% | ||
| Q2 24 | 11.8% | 4.9% |
每股收益（稀释后）LRNTNET
| Q3 26 | $1.93 | — | ||
| Q4 25 | $2.12 | $0.02 | ||
| Q3 25 | $1.40 | $0.70 | ||
| Q2 25 | $0.96 | $0.77 | ||
| Q1 25 | $2.02 | $1.71 | ||
| Q4 24 | $2.03 | $-0.44 | ||
| Q3 24 | $0.94 | $0.89 | ||
| Q2 24 | $1.44 | $1.20 |
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 | $614.0M | $287.0M |
| 总债务越低越好 | $417.6M | — |
| 股东权益账面价值 | $1.6B | $54.0M |
| 总资产 | $2.4B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.25× | — |
8季度趋势，按日历期对齐
现金及短期投资LRNTNET
| Q3 26 | $614.0M | — | ||
| Q4 25 | $625.7M | $287.0M | ||
| Q3 25 | $715.1M | $321.0M | ||
| Q2 25 | $985.3M | $407.0M | ||
| Q1 25 | $723.7M | $349.0M | ||
| Q4 24 | $717.5M | $360.0M | ||
| Q3 24 | $522.2M | $301.0M | ||
| Q2 24 | $692.3M | $249.0M |
总债务LRNTNET
| Q3 26 | $417.6M | — | ||
| Q4 25 | $417.2M | — | ||
| Q3 25 | $416.8M | — | ||
| Q2 25 | $416.3M | — | ||
| Q1 25 | $415.9M | — | ||
| Q4 24 | $415.5M | — | ||
| Q3 24 | $415.1M | — | ||
| Q2 24 | $414.7M | — |
股东权益LRNTNET
| Q3 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $54.0M | ||
| Q3 25 | $1.5B | $110.0M | ||
| Q2 25 | $1.5B | $107.0M | ||
| Q1 25 | $1.4B | $63.0M | ||
| Q4 24 | $1.3B | $69.0M | ||
| Q3 24 | $1.2B | $129.0M | ||
| Q2 24 | $1.2B | $100.0M |
总资产LRNTNET
| Q3 26 | $2.4B | — | ||
| Q4 25 | $2.3B | $3.8B | ||
| Q3 25 | $2.3B | $3.4B | ||
| Q2 25 | $2.3B | $3.7B | ||
| Q1 25 | $2.2B | $3.8B | ||
| Q4 24 | $2.1B | $4.1B | ||
| Q3 24 | $2.0B | $3.7B | ||
| Q2 24 | $1.9B | $3.7B |
负债/权益比LRNTNET
| Q3 26 | 0.25× | — | ||
| Q4 25 | 0.27× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.28× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.35× | — |
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 | $117.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | 1.32× | — |
| 过去12个月自由现金流最近4个季度 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流LRNTNET
| Q3 26 | $117.0M | — | ||
| Q4 25 | $91.8M | $61.0M | ||
| Q3 25 | $-195.8M | $72.0M | ||
| Q2 25 | $298.3M | $75.0M | ||
| Q1 25 | $53.1M | $95.0M | ||
| Q4 24 | $223.4M | $65.0M | ||
| Q3 24 | $-142.0M | $84.0M | ||
| Q2 24 | $172.2M | $39.0M |
自由现金流LRNTNET
| Q3 26 | — | — | ||
| Q4 25 | $91.6M | $43.0M | ||
| Q3 25 | $-196.1M | $55.0M | ||
| Q2 25 | $297.9M | $57.0M | ||
| Q1 25 | $52.9M | $79.0M | ||
| Q4 24 | $222.9M | $47.0M | ||
| Q3 24 | $-142.7M | $59.0M | ||
| Q2 24 | $171.4M | $22.0M |
自由现金流率LRNTNET
| Q3 26 | — | — | ||
| Q4 25 | 14.5% | 3.4% | ||
| Q3 25 | -31.6% | 4.5% | ||
| Q2 25 | 45.6% | 4.6% | ||
| Q1 25 | 8.6% | 6.1% | ||
| Q4 24 | 38.0% | 3.7% | ||
| Q3 24 | -25.9% | 4.8% | ||
| Q2 24 | 32.1% | 1.8% |
资本支出强度LRNTNET
| Q3 26 | — | — | ||
| Q4 25 | 0.0% | 1.4% | ||
| Q3 25 | 0.0% | 1.4% | ||
| Q2 25 | 0.1% | 1.5% | ||
| Q1 25 | 0.0% | 1.2% | ||
| Q4 24 | 0.1% | 1.4% | ||
| Q3 24 | 0.1% | 2.0% | ||
| Q2 24 | 0.1% | 1.4% |
现金转化率LRNTNET
| Q3 26 | 1.32× | — | ||
| Q4 25 | 0.92× | — | ||
| Q3 25 | -2.85× | 2.12× | ||
| Q2 25 | 5.81× | 2.03× | ||
| Q1 25 | 0.53× | 1.12× | ||
| Q4 24 | 2.32× | — | ||
| Q3 24 | -3.47× | 1.87× | ||
| Q2 24 | 2.74× | 0.65× |
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
LRN
| General Education | $357.5M | 57% |
| Middle - High School | $259.5M | 41% |
| Adult | $12.9M | 2% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
