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MAXIMUS, INC.（MMS）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
MAXIMUS, INC.的季度营收约是TRINET GROUP, INC.的1.1倍（$1.3B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -4.1%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-250.7M），过去两年MAXIMUS, INC.的营收复合增速更高（-0.1% vs -0.6%）
MAXIMUS是美国一家政府服务企业，业务覆盖美国、加拿大、英国等国家，为医疗补助、联邦医疗保险、医改、就业帮扶、学生贷款服务等各类政府项目提供行政及配套服务。公司总部位于弗吉尼亚州泰森斯，现有员工3.96万名，2024财年营收达53亿美元。
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。
MMS vs TNET — 直观对比
营收规模更大
MMS
是对方的1.1倍
$1.2B
营收增速更快
TNET
高出1.9%
-4.1%
自由现金流更多
TNET
多$293.7M
$-250.7M
两年增速更快
MMS
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $93.9M | — |
| 毛利率 | 23.7% | — |
| 营业利润率 | 10.9% | 0.1% |
| 净利率 | 7.0% | — |
| 营收同比 | -4.1% | -2.2% |
| 净利润同比 | 128.0% | — |
| 每股收益（稀释后） | $1.70 | $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MMSTNET
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润MMSTNET
| Q4 25 | $93.9M | — | ||
| Q3 25 | $75.3M | $34.0M | ||
| Q2 25 | $106.0M | $37.0M | ||
| Q1 25 | $96.6M | $85.0M | ||
| Q4 24 | $41.2M | — | ||
| Q3 24 | $72.5M | $45.0M | ||
| Q2 24 | $89.8M | $60.0M | ||
| Q1 24 | $80.5M | $91.0M |
毛利率MMSTNET
| Q4 25 | 23.7% | — | ||
| Q3 25 | 25.3% | — | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 24.9% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.9% | — | ||
| Q2 24 | 25.3% | — | ||
| Q1 24 | 23.6% | — |
营业利润率MMSTNET
| Q4 25 | 10.9% | 0.1% | ||
| Q3 25 | 9.3% | 4.1% | ||
| Q2 25 | 12.3% | 4.1% | ||
| Q1 25 | 11.2% | 8.9% | ||
| Q4 24 | 6.2% | -2.9% | ||
| Q3 24 | 8.5% | 4.7% | ||
| Q2 24 | 10.8% | 6.5% | ||
| Q1 24 | 9.5% | 9.7% |
净利率MMSTNET
| Q4 25 | 7.0% | — | ||
| Q3 25 | 5.7% | 2.8% | ||
| Q2 25 | 7.9% | 3.0% | ||
| Q1 25 | 7.1% | 6.6% | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 5.5% | 3.6% | ||
| Q2 24 | 6.8% | 4.9% | ||
| Q1 24 | 6.0% | 7.2% |
每股收益（稀释后）MMSTNET
| Q4 25 | $1.70 | $0.02 | ||
| Q3 25 | $1.27 | $0.70 | ||
| Q2 25 | $1.86 | $0.77 | ||
| Q1 25 | $1.69 | $1.71 | ||
| Q4 24 | $0.69 | $-0.44 | ||
| Q3 24 | $1.18 | $0.89 | ||
| Q2 24 | $1.46 | $1.20 | ||
| Q1 24 | $1.31 | $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 | $137.6M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.7B | $54.0M |
| 总资产 | $4.2B | $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MMSTNET
| Q4 25 | $137.6M | $287.0M | ||
| Q3 25 | $222.4M | $321.0M | ||
| Q2 25 | $59.8M | $407.0M | ||
| Q1 25 | $108.1M | $349.0M | ||
| Q4 24 | $72.7M | $360.0M | ||
| Q3 24 | $183.1M | $301.0M | ||
| Q2 24 | $102.8M | $249.0M | ||
| Q1 24 | $77.4M | $383.0M |
股东权益MMSTNET
| Q4 25 | $1.7B | $54.0M | ||
| Q3 25 | $1.7B | $110.0M | ||
| Q2 25 | $1.8B | $107.0M | ||
| Q1 25 | $1.7B | $63.0M | ||
| Q4 24 | $1.6B | $69.0M | ||
| Q3 24 | $1.8B | $129.0M | ||
| Q2 24 | $1.8B | $100.0M | ||
| Q1 24 | $1.8B | $143.0M |
总资产MMSTNET
| Q4 25 | $4.2B | $3.8B | ||
| Q3 25 | $4.1B | $3.4B | ||
| Q2 25 | $4.5B | $3.7B | ||
| Q1 25 | $4.2B | $3.8B | ||
| Q4 24 | $4.1B | $4.1B | ||
| Q3 24 | $4.1B | $3.7B | ||
| Q2 24 | $4.0B | $3.7B | ||
| Q1 24 | $4.0B | $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 | $-244.4M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-250.7M | $43.0M |
| 自由现金流率自由现金流/营收 | -18.6% | 3.4% |
| 资本支出强度资本支出/营收 | 0.5% | 1.4% |
| 现金转化率经营现金流/净利润 | -2.60× | — |
| 过去12个月自由现金流最近4个季度 | $218.5M | $234.0M |
8季度趋势，按日历期对齐
经营现金流MMSTNET
| Q4 25 | $-244.4M | $61.0M | ||
| Q3 25 | $649.4M | $72.0M | ||
| Q2 25 | $-182.7M | $75.0M | ||
| Q1 25 | $42.7M | $95.0M | ||
| Q4 24 | $-80.0M | $65.0M | ||
| Q3 24 | $163.8M | $84.0M | ||
| Q2 24 | $199.3M | $39.0M | ||
| Q1 24 | $130.5M | $91.0M |
自由现金流MMSTNET
| Q4 25 | $-250.7M | $43.0M | ||
| Q3 25 | $641.8M | $55.0M | ||
| Q2 25 | $-198.2M | $57.0M | ||
| Q1 25 | $25.5M | $79.0M | ||
| Q4 24 | $-103.0M | $47.0M | ||
| Q3 24 | $131.9M | $59.0M | ||
| Q2 24 | $164.6M | $22.0M | ||
| Q1 24 | $105.2M | $73.0M |
自由现金流率MMSTNET
| Q4 25 | -18.6% | 3.4% | ||
| Q3 25 | 48.7% | 4.5% | ||
| Q2 25 | -14.7% | 4.6% | ||
| Q1 25 | 1.9% | 6.1% | ||
| Q4 24 | -7.3% | 3.7% | ||
| Q3 24 | 10.0% | 4.8% | ||
| Q2 24 | 12.5% | 1.8% | ||
| Q1 24 | 7.8% | 5.8% |
资本支出强度MMSTNET
| Q4 25 | 0.5% | 1.4% | ||
| Q3 25 | 0.6% | 1.4% | ||
| Q2 25 | 1.1% | 1.5% | ||
| Q1 25 | 1.3% | 1.2% | ||
| Q4 24 | 1.6% | 1.4% | ||
| Q3 24 | 2.4% | 2.0% | ||
| Q2 24 | 2.6% | 1.4% | ||
| Q1 24 | 1.9% | 1.4% |
现金转化率MMSTNET
| Q4 25 | -2.60× | — | ||
| Q3 25 | 8.63× | 2.12× | ||
| Q2 25 | -1.72× | 2.03× | ||
| Q1 25 | 0.44× | 1.12× | ||
| Q4 24 | -1.94× | — | ||
| Q3 24 | 2.26× | 1.87× | ||
| Q2 24 | 2.22× | 0.65× | ||
| Q1 24 | 1.62× | 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
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
