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万宝盛华（MAN）与INSPERITY, INC.（NSP）财务数据对比。点击上方公司名可切换其他公司
万宝盛华的季度营收约是INSPERITY, INC.的2.8倍（$4.7B vs $1.7B）。万宝盛华同比增速更快（7.1% vs 3.4%）。INSPERITY, INC.自由现金流更多（$246.0M vs $168.0M）。过去两年万宝盛华的营收复合增速更高（3.5% vs -3.8%）
万宝盛华集团是总部位于美国威斯康星州密尔沃基的跨国人力资源企业，由埃尔默·温特与亚伦·沙因费尔德于1948年创立，目前是全球第三大人力资源服务机构，规模仅次于瑞士德科与荷兰任仕达。集团通过万宝盛华、Experis、睿程、万宝盛华解决方案四大品牌，提供行政支持、专业咨询及各类商务服务。
Insperity（前身为Administaff）是总部位于美国得克萨斯州休斯顿金伍德区的专业雇主组织（PEO），专注为中小微企业提供人力资源及行政事务外包等相关服务。自2004年起，该企业长期担任冠军巡回赛职业高尔夫赛事的冠名赞助商。
MAN vs NSP — 直观对比
营收规模更大
MAN
是对方的2.8倍
$1.7B
营收增速更快
MAN
高出3.7%
3.4%
自由现金流更多
NSP
多$78.0M
$168.0M
两年增速更快
MAN
近两年复合增速
-3.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $1.7B |
| 净利润 | $30.2M | — |
| 毛利率 | 16.3% | 10.3% |
| 营业利润率 | 1.7% | -2.8% |
| 净利率 | 0.6% | — |
| 营收同比 | 7.1% | 3.4% |
| 净利润同比 | 34.2% | — |
| 每股收益（稀释后） | $0.65 | $-0.87 |
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MANNSP
| Q4 25 | $4.7B | $1.7B | ||
| Q3 25 | $4.6B | $1.6B | ||
| Q2 25 | $4.5B | $1.7B | ||
| Q1 25 | $4.1B | $1.9B | ||
| Q4 24 | $4.4B | $1.6B | ||
| Q3 24 | $4.5B | $1.6B | ||
| Q2 24 | $4.5B | $1.6B | ||
| Q1 24 | $4.4B | $1.8B |
净利润MANNSP
| Q4 25 | $30.2M | — | ||
| Q3 25 | $18.0M | $-20.0M | ||
| Q2 25 | $-67.1M | $-5.0M | ||
| Q1 25 | $5.6M | $51.0M | ||
| Q4 24 | $22.5M | — | ||
| Q3 24 | $22.8M | $3.0M | ||
| Q2 24 | $60.1M | $18.0M | ||
| Q1 24 | $39.7M | $79.0M |
毛利率MANNSP
| Q4 25 | 16.3% | 10.3% | ||
| Q3 25 | 16.6% | 12.0% | ||
| Q2 25 | 16.9% | 13.4% | ||
| Q1 25 | 17.1% | 16.6% | ||
| Q4 24 | 17.2% | 13.5% | ||
| Q3 24 | 17.3% | 14.7% | ||
| Q2 24 | 17.4% | 16.2% | ||
| Q1 24 | 17.3% | 19.1% |
营业利润率MANNSP
| Q4 25 | 1.7% | -2.8% | ||
| Q3 25 | 1.4% | -1.5% | ||
| Q2 25 | -0.6% | -0.4% | ||
| Q1 25 | 0.7% | 3.7% | ||
| Q4 24 | 1.6% | -0.9% | ||
| Q3 24 | 1.6% | 0.1% | ||
| Q2 24 | 2.2% | 1.4% | ||
| Q1 24 | 1.5% | 6.0% |
净利率MANNSP
| Q4 25 | 0.6% | — | ||
| Q3 25 | 0.4% | -1.2% | ||
| Q2 25 | -1.5% | -0.3% | ||
| Q1 25 | 0.1% | 2.7% | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.5% | 0.2% | ||
| Q2 24 | 1.3% | 1.1% | ||
| Q1 24 | 0.9% | 4.4% |
每股收益（稀释后）MANNSP
| Q4 25 | $0.65 | $-0.87 | ||
| Q3 25 | $0.38 | $-0.53 | ||
| Q2 25 | $-1.44 | $-0.14 | ||
| Q1 25 | $0.12 | $1.35 | ||
| Q4 24 | $0.49 | $-0.21 | ||
| Q3 24 | $0.47 | $0.07 | ||
| Q2 24 | $1.24 | $0.48 | ||
| Q1 24 | $0.81 | $2.08 |
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 | $871.0M | $682.0M |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $2.1B | $46.0M |
| 总资产 | $9.2B | $2.2B |
| 负债/权益比越低杠杆越低 | 0.51× | — |
8季度趋势，按日历期对齐
现金及短期投资MANNSP
| Q4 25 | $871.0M | $682.0M | ||
| Q3 25 | $274.6M | $521.0M | ||
| Q2 25 | $289.8M | $511.0M | ||
| Q1 25 | $395.0M | $684.0M | ||
| Q4 24 | $509.4M | $1.2B | ||
| Q3 24 | $410.9M | $596.0M | ||
| Q2 24 | $468.9M | $850.0M | ||
| Q1 24 | $604.8M | $801.0M |
总债务MANNSP
| Q4 25 | $1.1B | — | ||
| Q3 25 | $468.3M | — | ||
| Q2 25 | $470.3M | — | ||
| Q1 25 | $971.4M | — | ||
| Q4 24 | $929.4M | — | ||
| Q3 24 | $999.7M | — | ||
| Q2 24 | $961.7M | — | ||
| Q1 24 | $968.9M | — |
股东权益MANNSP
| Q4 25 | $2.1B | $46.0M | ||
| Q3 25 | $2.0B | $87.0M | ||
| Q2 25 | $2.0B | $112.0M | ||
| Q1 25 | $2.1B | $119.0M | ||
| Q4 24 | $2.1B | $97.0M | ||
| Q3 24 | $2.2B | $125.0M | ||
| Q2 24 | $2.1B | $142.0M | ||
| Q1 24 | $2.2B | $140.0M |
总资产MANNSP
| Q4 25 | $9.2B | $2.2B | ||
| Q3 25 | $8.4B | $2.0B | ||
| Q2 25 | $8.5B | $2.0B | ||
| Q1 25 | $8.0B | $2.1B | ||
| Q4 24 | $8.2B | $2.6B | ||
| Q3 24 | $8.5B | $1.9B | ||
| Q2 24 | $8.5B | $2.1B | ||
| Q1 24 | $8.5B | $2.1B |
负债/权益比MANNSP
| Q4 25 | 0.51× | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.24× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.46× | — | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.45× | — |
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 | $178.9M | $255.0M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $246.0M |
| 自由现金流率自由现金流/营收 | 3.6% | 14.7% |
| 资本支出强度资本支出/营收 | 0.2% | 0.5% |
| 现金转化率经营现金流/净利润 | 5.92× | — |
| 过去12个月自由现金流最近4个季度 | $-161.4M | $-309.0M |
8季度趋势，按日历期对齐
经营现金流MANNSP
| Q4 25 | $178.9M | $255.0M | ||
| Q3 25 | $59.8M | $-11.0M | ||
| Q2 25 | $-189.6M | $-79.0M | ||
| Q1 25 | $-153.2M | $-443.0M | ||
| Q4 24 | $247.6M | $619.0M | ||
| Q3 24 | $83.5M | $-150.0M | ||
| Q2 24 | $-137.9M | $20.0M | ||
| Q1 24 | $116.0M | $31.0M |
自由现金流MANNSP
| Q4 25 | $168.0M | $246.0M | ||
| Q3 25 | $44.7M | $-20.0M | ||
| Q2 25 | $-207.2M | $-86.0M | ||
| Q1 25 | $-166.9M | $-449.0M | ||
| Q4 24 | $236.3M | $606.0M | ||
| Q3 24 | $67.4M | $-164.0M | ||
| Q2 24 | $-149.8M | $14.0M | ||
| Q1 24 | $104.2M | $26.0M |
自由现金流率MANNSP
| Q4 25 | 3.6% | 14.7% | ||
| Q3 25 | 1.0% | -1.2% | ||
| Q2 25 | -4.6% | -5.2% | ||
| Q1 25 | -4.1% | -24.1% | ||
| Q4 24 | 5.4% | 37.6% | ||
| Q3 24 | 1.5% | -10.5% | ||
| Q2 24 | -3.3% | 0.9% | ||
| Q1 24 | 2.4% | 1.4% |
资本支出强度MANNSP
| Q4 25 | 0.2% | 0.5% | ||
| Q3 25 | 0.3% | 0.6% | ||
| Q2 25 | 0.4% | 0.4% | ||
| Q1 25 | 0.3% | 0.3% | ||
| Q4 24 | 0.3% | 0.8% | ||
| Q3 24 | 0.4% | 0.9% | ||
| Q2 24 | 0.3% | 0.4% | ||
| Q1 24 | 0.3% | 0.3% |
现金转化率MANNSP
| Q4 25 | 5.92× | — | ||
| Q3 25 | 3.32× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -27.36× | -8.69× | ||
| Q4 24 | 11.00× | — | ||
| Q3 24 | 3.66× | -50.00× | ||
| Q2 24 | -2.29× | 1.11× | ||
| Q1 24 | 2.92× | 0.39× |
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
MAN
| Other | $2.4B | 52% |
| Transferred Over Time | $1.1B | 24% |
| Staffingand Interim | $1.0B | 22% |
| Productsand Services Other | $50.8M | 1% |
| Permanent Recruitment | $37.5M | 1% |
| Outcome Based Solutionsand Consulting | $20.7M | 0% |
| Transferred At Point In Time | $20.4M | 0% |
NSP
| Northeast | $455.0M | 27% |
| West | $339.0M | 20% |
| Southwest | $317.0M | 19% |
| Central | $299.0M | 18% |
| Southeast | $241.0M | 14% |
| Other Revenues | $17.0M | 1% |
