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MUELLER INDUSTRIES INC（MLI）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MUELLER INDUSTRIES INC的1.3倍（$1.2B vs $962.4M），MUELLER INDUSTRIES INC同比增速更快（4.2% vs -2.2%），MUELLER INDUSTRIES INC自由现金流更多（$121.4M vs $43.0M），过去两年MUELLER INDUSTRIES INC的营收复合增速更高（6.4% vs -0.6%）
Mueller Industries是美国知名工业制造企业，1917年正式成立，总部坐落于美国田纳西州孟菲斯市，主营管道产品、工业金属及暖通制冷设备，2022年入选《财富》1000强榜单，是年营收达数十亿美元的公开上市企业。
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。
MLI vs TNET — 直观对比
营收规模更大
TNET
是对方的1.3倍
$962.4M
营收增速更快
MLI
高出6.4%
-2.2%
自由现金流更多
MLI
多$78.4M
$43.0M
两年增速更快
MLI
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $962.4M | $1.2B |
| 净利润 | $153.7M | — |
| 毛利率 | — | — |
| 营业利润率 | 17.9% | 0.1% |
| 净利率 | 16.0% | — |
| 营收同比 | 4.2% | -2.2% |
| 净利润同比 | 11.7% | — |
| 每股收益（稀释后） | $1.37 | $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MLITNET
| Q4 25 | $962.4M | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $923.5M | $1.3B | ||
| Q3 24 | $997.8M | $1.2B | ||
| Q2 24 | $997.7M | $1.2B | ||
| Q1 24 | $849.7M | $1.3B |
净利润MLITNET
| Q4 25 | $153.7M | — | ||
| Q3 25 | $208.1M | $34.0M | ||
| Q2 25 | $245.9M | $37.0M | ||
| Q1 25 | $157.4M | $85.0M | ||
| Q4 24 | $137.7M | — | ||
| Q3 24 | $168.7M | $45.0M | ||
| Q2 24 | $160.2M | $60.0M | ||
| Q1 24 | $138.4M | $91.0M |
毛利率MLITNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 27.3% | — | ||
| Q1 24 | 28.4% | — |
营业利润率MLITNET
| Q4 25 | 17.9% | 0.1% | ||
| Q3 25 | 25.6% | 4.1% | ||
| Q2 25 | 26.7% | 4.1% | ||
| Q1 25 | 20.6% | 8.9% | ||
| Q4 24 | 18.4% | -2.9% | ||
| Q3 24 | 20.7% | 4.7% | ||
| Q2 24 | 21.0% | 6.5% | ||
| Q1 24 | 21.6% | 9.7% |
净利率MLITNET
| Q4 25 | 16.0% | — | ||
| Q3 25 | 19.3% | 2.8% | ||
| Q2 25 | 21.6% | 3.0% | ||
| Q1 25 | 15.7% | 6.6% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | 16.9% | 3.6% | ||
| Q2 24 | 16.1% | 4.9% | ||
| Q1 24 | 16.3% | 7.2% |
每股收益（稀释后）MLITNET
| Q4 25 | $1.37 | $0.02 | ||
| Q3 25 | $1.88 | $0.70 | ||
| Q2 25 | $2.22 | $0.77 | ||
| Q1 25 | $1.39 | $1.71 | ||
| Q4 24 | $1.21 | $-0.44 | ||
| Q3 24 | $1.48 | $0.89 | ||
| Q2 24 | $1.41 | $1.20 | ||
| Q1 24 | $1.21 | $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 | $1.4B | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $54.0M |
| 总资产 | $3.7B | $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MLITNET
| Q4 25 | $1.4B | $287.0M | ||
| Q3 25 | $1.3B | $321.0M | ||
| Q2 25 | $1.1B | $407.0M | ||
| Q1 25 | $873.6M | $349.0M | ||
| Q4 24 | $1.1B | $360.0M | ||
| Q3 24 | $969.6M | $301.0M | ||
| Q2 24 | $825.7M | $249.0M | ||
| Q1 24 | $1.4B | $383.0M |
股东权益MLITNET
| Q4 25 | $3.2B | $54.0M | ||
| Q3 25 | $3.1B | $110.0M | ||
| Q2 25 | $2.9B | $107.0M | ||
| Q1 25 | $2.7B | $63.0M | ||
| Q4 24 | $2.8B | $69.0M | ||
| Q3 24 | $2.7B | $129.0M | ||
| Q2 24 | $2.5B | $100.0M | ||
| Q1 24 | $2.4B | $143.0M |
总资产MLITNET
| Q4 25 | $3.7B | $3.8B | ||
| Q3 25 | $3.7B | $3.4B | ||
| Q2 25 | $3.5B | $3.7B | ||
| Q1 25 | $3.2B | $3.8B | ||
| Q4 24 | $3.3B | $4.1B | ||
| Q3 24 | $3.2B | $3.7B | ||
| Q2 24 | $3.1B | $3.7B | ||
| Q1 24 | $2.9B | $4.0B |
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 | $141.2M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $121.4M | $43.0M |
| 自由现金流率自由现金流/营收 | 12.6% | 3.4% |
| 资本支出强度资本支出/营收 | 2.1% | 1.4% |
| 现金转化率经营现金流/净利润 | 0.92× | — |
| 过去12个月自由现金流最近4个季度 | $686.6M | $234.0M |
8季度趋势，按日历期对齐
经营现金流MLITNET
| Q4 25 | $141.2M | $61.0M | ||
| Q3 25 | $310.1M | $72.0M | ||
| Q2 25 | $190.6M | $75.0M | ||
| Q1 25 | $113.6M | $95.0M | ||
| Q4 24 | $140.1M | $65.0M | ||
| Q3 24 | $231.4M | $84.0M | ||
| Q2 24 | $100.8M | $39.0M | ||
| Q1 24 | $173.6M | $91.0M |
自由现金流MLITNET
| Q4 25 | $121.4M | $43.0M | ||
| Q3 25 | $291.8M | $55.0M | ||
| Q2 25 | $176.5M | $57.0M | ||
| Q1 25 | $97.0M | $79.0M | ||
| Q4 24 | $111.2M | $47.0M | ||
| Q3 24 | $205.7M | $59.0M | ||
| Q2 24 | $91.6M | $22.0M | ||
| Q1 24 | $157.2M | $73.0M |
自由现金流率MLITNET
| Q4 25 | 12.6% | 3.4% | ||
| Q3 25 | 27.1% | 4.5% | ||
| Q2 25 | 15.5% | 4.6% | ||
| Q1 25 | 9.7% | 6.1% | ||
| Q4 24 | 12.0% | 3.7% | ||
| Q3 24 | 20.6% | 4.8% | ||
| Q2 24 | 9.2% | 1.8% | ||
| Q1 24 | 18.5% | 5.8% |
资本支出强度MLITNET
| Q4 25 | 2.1% | 1.4% | ||
| Q3 25 | 1.7% | 1.4% | ||
| Q2 25 | 1.2% | 1.5% | ||
| Q1 25 | 1.7% | 1.2% | ||
| Q4 24 | 3.1% | 1.4% | ||
| Q3 24 | 2.6% | 2.0% | ||
| Q2 24 | 0.9% | 1.4% | ||
| Q1 24 | 1.9% | 1.4% |
现金转化率MLITNET
| Q4 25 | 0.92× | — | ||
| Q3 25 | 1.49× | 2.12× | ||
| Q2 25 | 0.78× | 2.03× | ||
| Q1 25 | 0.72× | 1.12× | ||
| Q4 24 | 1.02× | — | ||
| Q3 24 | 1.37× | 1.87× | ||
| Q2 24 | 0.63× | 0.65× | ||
| Q1 24 | 1.25× | 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
MLI
| Tube And Fittings | $484.6M | 50% |
| Industrial Metals | $252.2M | 26% |
| Valves And Plumbing Specialties | $122.5M | 13% |
| Flex Duct And Other HVAC Components | $80.8M | 8% |
| Other Products | $14.9M | 2% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
