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Life Time Group Holdings, Inc.（LTH）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Life Time Group Holdings, Inc.的1.7倍（$1.2B vs $745.1M），Life Time Group Holdings, Inc.同比增速更快（12.3% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-64.6M），过去两年Life Time Group Holdings, Inc.的营收复合增速更高（11.7% vs -0.6%）
Life Time Group Holdings是美国高端健身康养服务运营商，在全美运营连锁高端运动场馆，提供健身器材使用、团体课程、私教指导、SPA护理、营养咨询、青少年运动项目及联合办公等服务，服务于追求健康生活方式的消费群体。
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。
LTH vs TNET — 直观对比
营收规模更大
TNET
是对方的1.7倍
$745.1M
营收增速更快
LTH
高出14.5%
-2.2%
自由现金流更多
TNET
多$107.6M
$-64.6M
两年增速更快
LTH
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $745.1M | $1.2B |
| 净利润 | $123.0M | — |
| 毛利率 | 49.1% | — |
| 营业利润率 | 17.4% | 0.1% |
| 净利率 | 16.5% | — |
| 营收同比 | 12.3% | -2.2% |
| 净利润同比 | 231.0% | — |
| 每股收益（稀释后） | $0.55 | $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LTHTNET
| Q4 25 | $745.1M | $1.2B | ||
| Q3 25 | $782.6M | $1.2B | ||
| Q2 25 | $761.5M | $1.2B | ||
| Q1 25 | $706.0M | $1.3B | ||
| Q4 24 | $663.3M | $1.3B | ||
| Q3 24 | $693.2M | $1.2B | ||
| Q2 24 | $667.8M | $1.2B | ||
| Q1 24 | $596.7M | $1.3B |
净利润LTHTNET
| Q4 25 | $123.0M | — | ||
| Q3 25 | $102.4M | $34.0M | ||
| Q2 25 | $72.1M | $37.0M | ||
| Q1 25 | $76.1M | $85.0M | ||
| Q4 24 | $37.2M | — | ||
| Q3 24 | $41.4M | $45.0M | ||
| Q2 24 | $52.8M | $60.0M | ||
| Q1 24 | $24.9M | $91.0M |
毛利率LTHTNET
| Q4 25 | 49.1% | — | ||
| Q3 25 | 47.1% | — | ||
| Q2 25 | 47.0% | — | ||
| Q1 25 | 47.5% | — | ||
| Q4 24 | 48.2% | — | ||
| Q3 24 | 46.5% | — | ||
| Q2 24 | 46.8% | — | ||
| Q1 24 | 46.1% | — |
营业利润率LTHTNET
| Q4 25 | 17.4% | 0.1% | ||
| Q3 25 | 17.3% | 4.1% | ||
| Q2 25 | 14.2% | 4.1% | ||
| Q1 25 | 15.2% | 8.9% | ||
| Q4 24 | 13.1% | -2.9% | ||
| Q3 24 | 13.5% | 4.7% | ||
| Q2 24 | 15.7% | 6.5% | ||
| Q1 24 | 12.1% | 9.7% |
净利率LTHTNET
| Q4 25 | 16.5% | — | ||
| Q3 25 | 13.1% | 2.8% | ||
| Q2 25 | 9.5% | 3.0% | ||
| Q1 25 | 10.8% | 6.6% | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 6.0% | 3.6% | ||
| Q2 24 | 7.9% | 4.9% | ||
| Q1 24 | 4.2% | 7.2% |
每股收益（稀释后）LTHTNET
| Q4 25 | $0.55 | $0.02 | ||
| Q3 25 | $0.45 | $0.70 | ||
| Q2 25 | $0.32 | $0.77 | ||
| Q1 25 | $0.34 | $1.71 | ||
| Q4 24 | $0.17 | $-0.44 | ||
| Q3 24 | $0.19 | $0.89 | ||
| Q2 24 | $0.26 | $1.20 | ||
| Q1 24 | $0.12 | $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 | $204.8M | $287.0M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $3.1B | $54.0M |
| 总资产 | $8.0B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.48× | — |
8季度趋势，按日历期对齐
现金及短期投资LTHTNET
| Q4 25 | $204.8M | $287.0M | ||
| Q3 25 | $218.9M | $321.0M | ||
| Q2 25 | $175.5M | $407.0M | ||
| Q1 25 | $59.0M | $349.0M | ||
| Q4 24 | $10.9M | $360.0M | ||
| Q3 24 | $120.9M | $301.0M | ||
| Q2 24 | $34.5M | $249.0M | ||
| Q1 24 | $18.6M | $383.0M |
总债务LTHTNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $2.0B | — |
股东权益LTHTNET
| Q4 25 | $3.1B | $54.0M | ||
| Q3 25 | $3.0B | $110.0M | ||
| Q2 25 | $2.9B | $107.0M | ||
| Q1 25 | $2.7B | $63.0M | ||
| Q4 24 | $2.6B | $69.0M | ||
| Q3 24 | $2.6B | $129.0M | ||
| Q2 24 | $2.4B | $100.0M | ||
| Q1 24 | $2.3B | $143.0M |
总资产LTHTNET
| Q4 25 | $8.0B | $3.8B | ||
| Q3 25 | $7.8B | $3.4B | ||
| Q2 25 | $7.6B | $3.7B | ||
| Q1 25 | $7.3B | $3.8B | ||
| Q4 24 | $7.2B | $4.1B | ||
| Q3 24 | $7.2B | $3.7B | ||
| Q2 24 | $7.1B | $3.7B | ||
| Q1 24 | $7.1B | $4.0B |
负债/权益比LTHTNET
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 0.87× | — |
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 | $239.9M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-64.6M | $43.0M |
| 自由现金流率自由现金流/营收 | -8.7% | 3.4% |
| 资本支出强度资本支出/营收 | 40.9% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.95× | — |
| 过去12个月自由现金流最近4个季度 | $-21.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流LTHTNET
| Q4 25 | $239.9M | $61.0M | ||
| Q3 25 | $251.1M | $72.0M | ||
| Q2 25 | $195.7M | $75.0M | ||
| Q1 25 | $183.9M | $95.0M | ||
| Q4 24 | $163.1M | $65.0M | ||
| Q3 24 | $151.1M | $84.0M | ||
| Q2 24 | $170.4M | $39.0M | ||
| Q1 24 | $90.4M | $91.0M |
自由现金流LTHTNET
| Q4 25 | $-64.6M | $43.0M | ||
| Q3 25 | $28.6M | $55.0M | ||
| Q2 25 | $-26.3M | $57.0M | ||
| Q1 25 | $41.4M | $79.0M | ||
| Q4 24 | $26.8M | $47.0M | ||
| Q3 24 | $64.0M | $59.0M | ||
| Q2 24 | $26.1M | $22.0M | ||
| Q1 24 | $-66.4M | $73.0M |
自由现金流率LTHTNET
| Q4 25 | -8.7% | 3.4% | ||
| Q3 25 | 3.7% | 4.5% | ||
| Q2 25 | -3.5% | 4.6% | ||
| Q1 25 | 5.9% | 6.1% | ||
| Q4 24 | 4.0% | 3.7% | ||
| Q3 24 | 9.2% | 4.8% | ||
| Q2 24 | 3.9% | 1.8% | ||
| Q1 24 | -11.1% | 5.8% |
资本支出强度LTHTNET
| Q4 25 | 40.9% | 1.4% | ||
| Q3 25 | 28.4% | 1.4% | ||
| Q2 25 | 29.2% | 1.5% | ||
| Q1 25 | 20.2% | 1.2% | ||
| Q4 24 | 20.6% | 1.4% | ||
| Q3 24 | 12.6% | 2.0% | ||
| Q2 24 | 21.6% | 1.4% | ||
| Q1 24 | 26.3% | 1.4% |
现金转化率LTHTNET
| Q4 25 | 1.95× | — | ||
| Q3 25 | 2.45× | 2.12× | ||
| Q2 25 | 2.71× | 2.03× | ||
| Q1 25 | 2.41× | 1.12× | ||
| Q4 24 | 4.39× | — | ||
| Q3 24 | 3.65× | 1.87× | ||
| Q2 24 | 3.23× | 0.65× | ||
| Q1 24 | 3.63× | 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
LTH
| Membership | $535.1M | 72% |
| In Center | $191.2M | 26% |
| Other | $18.8M | 3% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
