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玛斯特锁（MBC）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.的季度营收约是玛斯特锁的1.9倍（$1.2B vs $644.6M），TRINET GROUP, INC.同比增速更快（-2.2% vs -3.5%），玛斯特锁自由现金流更多（$52.5M vs $43.0M），过去两年玛斯特锁的营收复合增速更高（0.5% vs -0.6%）
玛斯特锁是美国知名安防产品供应商，1921年由锁匠发明家哈里·索雷夫创立，总部位于威斯康星州奥克里克，主营挂锁、密码锁、保险箱及相关安防产品，现为富俊创新集团旗下子公司，在全球安防锁具领域拥有较高的市场认可度。
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。
MBC vs TNET — 直观对比
营收规模更大
TNET
是对方的1.9倍
$644.6M
营收增速更快
TNET
高出1.3%
-3.5%
自由现金流更多
MBC
多$9.5M
$43.0M
两年增速更快
MBC
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $644.6M | $1.2B |
| 净利润 | $-42.0M | — |
| 毛利率 | 26.0% | — |
| 营业利润率 | -4.2% | 0.1% |
| 净利率 | -6.5% | — |
| 营收同比 | -3.5% | -2.2% |
| 净利润同比 | -400.0% | — |
| 每股收益（稀释后） | $-0.32 | $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MBCTNET
| Q4 25 | $644.6M | $1.2B | ||
| Q3 25 | $698.9M | $1.2B | ||
| Q2 25 | $730.9M | $1.2B | ||
| Q1 25 | $660.3M | $1.3B | ||
| Q4 24 | $667.7M | $1.3B | ||
| Q3 24 | $718.1M | $1.2B | ||
| Q2 24 | $676.5M | $1.2B | ||
| Q1 24 | $638.1M | $1.3B |
净利润MBCTNET
| Q4 25 | $-42.0M | — | ||
| Q3 25 | $18.1M | $34.0M | ||
| Q2 25 | $37.3M | $37.0M | ||
| Q1 25 | $13.3M | $85.0M | ||
| Q4 24 | $14.0M | — | ||
| Q3 24 | $29.1M | $45.0M | ||
| Q2 24 | $45.3M | $60.0M | ||
| Q1 24 | $37.5M | $91.0M |
毛利率MBCTNET
| Q4 25 | 26.0% | — | ||
| Q3 25 | 31.2% | — | ||
| Q2 25 | 32.8% | — | ||
| Q1 25 | 30.6% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 33.1% | — | ||
| Q2 24 | 34.1% | — | ||
| Q1 24 | 32.1% | — |
营业利润率MBCTNET
| Q4 25 | -4.2% | 0.1% | ||
| Q3 25 | 6.0% | 4.1% | ||
| Q2 25 | 9.2% | 4.1% | ||
| Q1 25 | 5.6% | 8.9% | ||
| Q4 24 | 5.6% | -2.9% | ||
| Q3 24 | 8.0% | 4.7% | ||
| Q2 24 | 11.5% | 6.5% | ||
| Q1 24 | 9.8% | 9.7% |
净利率MBCTNET
| Q4 25 | -6.5% | — | ||
| Q3 25 | 2.6% | 2.8% | ||
| Q2 25 | 5.1% | 3.0% | ||
| Q1 25 | 2.0% | 6.6% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 4.1% | 3.6% | ||
| Q2 24 | 6.7% | 4.9% | ||
| Q1 24 | 5.9% | 7.2% |
每股收益（稀释后）MBCTNET
| Q4 25 | $-0.32 | $0.02 | ||
| Q3 25 | $0.14 | $0.70 | ||
| Q2 25 | $0.29 | $0.77 | ||
| Q1 25 | $0.10 | $1.71 | ||
| Q4 24 | $0.10 | $-0.44 | ||
| Q3 24 | $0.22 | $0.89 | ||
| Q2 24 | $0.35 | $1.20 | ||
| Q1 24 | $0.29 | $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 | $183.3M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.3B | $54.0M |
| 总资产 | $3.1B | $3.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MBCTNET
| Q4 25 | $183.3M | $287.0M | ||
| Q3 25 | $114.8M | $321.0M | ||
| Q2 25 | $120.1M | $407.0M | ||
| Q1 25 | $113.5M | $349.0M | ||
| Q4 24 | $120.6M | $360.0M | ||
| Q3 24 | $108.4M | $301.0M | ||
| Q2 24 | $189.4M | $249.0M | ||
| Q1 24 | $153.7M | $383.0M |
总债务MBCTNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MBCTNET
| Q4 25 | $1.3B | $54.0M | ||
| Q3 25 | $1.4B | $110.0M | ||
| Q2 25 | $1.4B | $107.0M | ||
| Q1 25 | $1.3B | $63.0M | ||
| Q4 24 | $1.3B | $69.0M | ||
| Q3 24 | $1.3B | $129.0M | ||
| Q2 24 | $1.3B | $100.0M | ||
| Q1 24 | $1.2B | $143.0M |
总资产MBCTNET
| Q4 25 | $3.1B | $3.8B | ||
| Q3 25 | $3.0B | $3.4B | ||
| Q2 25 | $3.0B | $3.7B | ||
| Q1 25 | $3.0B | $3.8B | ||
| Q4 24 | $2.9B | $4.1B | ||
| Q3 24 | $3.0B | $3.7B | ||
| Q2 24 | $2.4B | $3.7B | ||
| Q1 24 | $2.4B | $4.0B |
负债/权益比MBCTNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.79× | — | ||
| Q3 24 | 0.83× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $86.9M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $52.5M | $43.0M |
| 自由现金流率自由现金流/营收 | 8.1% | 3.4% |
| 资本支出强度资本支出/营收 | 5.3% | 1.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $117.5M | $234.0M |
8季度趋势，按日历期对齐
经营现金流MBCTNET
| Q4 25 | $86.9M | $61.0M | ||
| Q3 25 | $55.4M | $72.0M | ||
| Q2 25 | $84.8M | $75.0M | ||
| Q1 25 | $-31.4M | $95.0M | ||
| Q4 24 | $115.1M | $65.0M | ||
| Q3 24 | $80.8M | $84.0M | ||
| Q2 24 | $77.4M | $39.0M | ||
| Q1 24 | $18.7M | $91.0M |
自由现金流MBCTNET
| Q4 25 | $52.5M | $43.0M | ||
| Q3 25 | $39.5M | $55.0M | ||
| Q2 25 | $66.7M | $57.0M | ||
| Q1 25 | $-41.2M | $79.0M | ||
| Q4 24 | $68.8M | $47.0M | ||
| Q3 24 | $64.5M | $59.0M | ||
| Q2 24 | $66.1M | $22.0M | ||
| Q1 24 | $11.7M | $73.0M |
自由现金流率MBCTNET
| Q4 25 | 8.1% | 3.4% | ||
| Q3 25 | 5.7% | 4.5% | ||
| Q2 25 | 9.1% | 4.6% | ||
| Q1 25 | -6.2% | 6.1% | ||
| Q4 24 | 10.3% | 3.7% | ||
| Q3 24 | 9.0% | 4.8% | ||
| Q2 24 | 9.8% | 1.8% | ||
| Q1 24 | 1.8% | 5.8% |
资本支出强度MBCTNET
| Q4 25 | 5.3% | 1.4% | ||
| Q3 25 | 2.3% | 1.4% | ||
| Q2 25 | 2.5% | 1.5% | ||
| Q1 25 | 1.5% | 1.2% | ||
| Q4 24 | 6.9% | 1.4% | ||
| Q3 24 | 2.3% | 2.0% | ||
| Q2 24 | 1.7% | 1.4% | ||
| Q1 24 | 1.1% | 1.4% |
现金转化率MBCTNET
| Q4 25 | — | — | ||
| Q3 25 | 3.06× | 2.12× | ||
| Q2 25 | 2.27× | 2.03× | ||
| Q1 25 | -2.36× | 1.12× | ||
| Q4 24 | 8.22× | — | ||
| Q3 24 | 2.78× | 1.87× | ||
| Q2 24 | 1.71× | 0.65× | ||
| Q1 24 | 0.50× | 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
MBC
| Dealers | $345.7M | 54% |
| Retail | $220.0M | 34% |
| Builders | $78.9M | 12% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
