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Martin Marietta Materials（MLM）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Martin Marietta Materials的1.1倍（$1.2B vs $1.1B），TRINET GROUP, INC.同比增速更快（-2.2% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $43.0M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -4.5%）
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
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。
MLM vs TNET — 直观对比
营收规模更大
TNET
是对方的1.1倍
$1.1B
营收增速更快
TNET
高出28.0%
-30.1%
自由现金流更多
MLM
多$381.0M
$43.0M
两年增速更快
TNET
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $279.0M | — |
| 毛利率 | 35.0% | — |
| 营业利润率 | 24.6% | 0.1% |
| 净利率 | 24.5% | — |
| 营收同比 | -30.1% | -2.2% |
| 净利润同比 | -4.8% | — |
| 每股收益（稀释后） | $4.59 | $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MLMTNET
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.9B | $1.2B | ||
| Q2 24 | $1.8B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润MLMTNET
| Q4 25 | $279.0M | — | ||
| Q3 25 | $414.0M | $34.0M | ||
| Q2 25 | $328.0M | $37.0M | ||
| Q1 25 | $116.0M | $85.0M | ||
| Q4 24 | $293.0M | — | ||
| Q3 24 | $363.0M | $45.0M | ||
| Q2 24 | $294.0M | $60.0M | ||
| Q1 24 | $1.0B | $91.0M |
毛利率MLMTNET
| Q4 25 | 35.0% | — | ||
| Q3 25 | 33.1% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 31.7% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 21.7% | — |
营业利润率MLMTNET
| Q4 25 | 24.6% | 0.1% | ||
| Q3 25 | 27.4% | 4.1% | ||
| Q2 25 | 25.3% | 4.1% | ||
| Q1 25 | 14.3% | 8.9% | ||
| Q4 24 | 24.4% | -2.9% | ||
| Q3 24 | 25.9% | 4.7% | ||
| Q2 24 | 22.6% | 6.5% | ||
| Q1 24 | — | 9.7% |
净利率MLMTNET
| Q4 25 | 24.5% | — | ||
| Q3 25 | 22.4% | 2.8% | ||
| Q2 25 | 18.1% | 3.0% | ||
| Q1 25 | 8.6% | 6.6% | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | 19.2% | 3.6% | ||
| Q2 24 | 16.7% | 4.9% | ||
| Q1 24 | 83.5% | 7.2% |
每股收益（稀释后）MLMTNET
| Q4 25 | $4.59 | $0.02 | ||
| Q3 25 | $6.85 | $0.70 | ||
| Q2 25 | $5.43 | $0.77 | ||
| Q1 25 | $1.90 | $1.71 | ||
| Q4 24 | $4.87 | $-0.44 | ||
| Q3 24 | $5.91 | $0.89 | ||
| Q2 24 | $4.76 | $1.20 | ||
| Q1 24 | $16.87 | $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 | $67.0M | $287.0M |
| 总债务越低越好 | $5.3B | — |
| 股东权益账面价值 | $10.0B | $54.0M |
| 总资产 | $18.7B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.53× | — |
8季度趋势，按日历期对齐
现金及短期投资MLMTNET
| Q4 25 | $67.0M | $287.0M | ||
| Q3 25 | $57.0M | $321.0M | ||
| Q2 25 | $225.0M | $407.0M | ||
| Q1 25 | $101.0M | $349.0M | ||
| Q4 24 | $670.0M | $360.0M | ||
| Q3 24 | $52.0M | $301.0M | ||
| Q2 24 | $109.0M | $249.0M | ||
| Q1 24 | $2.6B | $383.0M |
总债务MLMTNET
| Q4 25 | $5.3B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | — |
股东权益MLMTNET
| Q4 25 | $10.0B | $54.0M | ||
| Q3 25 | $9.7B | $110.0M | ||
| Q2 25 | $9.4B | $107.0M | ||
| Q1 25 | $9.1B | $63.0M | ||
| Q4 24 | $9.5B | $69.0M | ||
| Q3 24 | $9.2B | $129.0M | ||
| Q2 24 | $8.8B | $100.0M | ||
| Q1 24 | $8.9B | $143.0M |
总资产MLMTNET
| Q4 25 | $18.7B | $3.8B | ||
| Q3 25 | $18.7B | $3.4B | ||
| Q2 25 | $18.1B | $3.7B | ||
| Q1 25 | $17.7B | $3.8B | ||
| Q4 24 | $18.2B | $4.1B | ||
| Q3 24 | $16.5B | $3.7B | ||
| Q2 24 | $16.3B | $3.7B | ||
| Q1 24 | $16.2B | $4.0B |
负债/权益比MLMTNET
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.57× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.49× | — |
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 | $629.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 37.2% | 3.4% |
| 资本支出强度资本支出/营收 | 18.0% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.25× | — |
| 过去12个月自由现金流最近4个季度 | $978.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流MLMTNET
| Q4 25 | $629.0M | $61.0M | ||
| Q3 25 | $551.0M | $72.0M | ||
| Q2 25 | $387.0M | $75.0M | ||
| Q1 25 | $218.0M | $95.0M | ||
| Q4 24 | $686.0M | $65.0M | ||
| Q3 24 | $600.0M | $84.0M | ||
| Q2 24 | $1.0M | $39.0M | ||
| Q1 24 | $172.0M | $91.0M |
自由现金流MLMTNET
| Q4 25 | $424.0M | $43.0M | ||
| Q3 25 | $361.0M | $55.0M | ||
| Q2 25 | $208.0M | $57.0M | ||
| Q1 25 | $-15.0M | $79.0M | ||
| Q4 24 | $453.0M | $47.0M | ||
| Q3 24 | $317.0M | $59.0M | ||
| Q2 24 | $-138.0M | $22.0M | ||
| Q1 24 | $-28.0M | $73.0M |
自由现金流率MLMTNET
| Q4 25 | 37.2% | 3.4% | ||
| Q3 25 | 19.6% | 4.5% | ||
| Q2 25 | 11.5% | 4.6% | ||
| Q1 25 | -1.1% | 6.1% | ||
| Q4 24 | 27.8% | 3.7% | ||
| Q3 24 | 16.8% | 4.8% | ||
| Q2 24 | -7.8% | 1.8% | ||
| Q1 24 | -2.2% | 5.8% |
资本支出强度MLMTNET
| Q4 25 | 18.0% | 1.4% | ||
| Q3 25 | 10.3% | 1.4% | ||
| Q2 25 | 9.9% | 1.5% | ||
| Q1 25 | 17.2% | 1.2% | ||
| Q4 24 | 14.3% | 1.4% | ||
| Q3 24 | 15.0% | 2.0% | ||
| Q2 24 | 7.9% | 1.4% | ||
| Q1 24 | 16.0% | 1.4% |
现金转化率MLMTNET
| Q4 25 | 2.25× | — | ||
| Q3 25 | 1.33× | 2.12× | ||
| Q2 25 | 1.18× | 2.03× | ||
| Q1 25 | 1.88× | 1.12× | ||
| Q4 24 | 2.34× | — | ||
| Q3 24 | 1.65× | 1.87× | ||
| Q2 24 | 0.00× | 0.65× | ||
| Q1 24 | 0.16× | 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
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
