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晨星（MORN）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.的季度营收约是晨星的1.9倍（$1.2B vs $641.1M），晨星同比增速更快（8.5% vs -2.2%），晨星自由现金流更多（$161.3M vs $43.0M），过去两年晨星的营收复合增速更高（8.7% vs -0.6%）
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
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。
MORN vs TNET — 直观对比
营收规模更大
TNET
是对方的1.9倍
$641.1M
营收增速更快
MORN
高出10.7%
-2.2%
自由现金流更多
MORN
多$118.3M
$43.0M
两年增速更快
MORN
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $641.1M | $1.2B |
| 净利润 | $115.1M | — |
| 毛利率 | 61.1% | — |
| 营业利润率 | 24.9% | 0.1% |
| 净利率 | 18.0% | — |
| 营收同比 | 8.5% | -2.2% |
| 净利润同比 | -1.5% | — |
| 每股收益（稀释后） | $2.79 | $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MORNTNET
| Q4 25 | $641.1M | $1.2B | ||
| Q3 25 | $617.4M | $1.2B | ||
| Q2 25 | $605.1M | $1.2B | ||
| Q1 25 | $581.9M | $1.3B | ||
| Q4 24 | $591.0M | $1.3B | ||
| Q3 24 | $569.4M | $1.2B | ||
| Q2 24 | $571.9M | $1.2B | ||
| Q1 24 | $542.8M | $1.3B |
净利润MORNTNET
| Q4 25 | $115.1M | — | ||
| Q3 25 | $91.6M | $34.0M | ||
| Q2 25 | $89.0M | $37.0M | ||
| Q1 25 | $78.5M | $85.0M | ||
| Q4 24 | $116.9M | — | ||
| Q3 24 | $119.7M | $45.0M | ||
| Q2 24 | $69.1M | $60.0M | ||
| Q1 24 | $64.2M | $91.0M |
毛利率MORNTNET
| Q4 25 | 61.1% | — | ||
| Q3 25 | 60.9% | — | ||
| Q2 25 | 61.9% | — | ||
| Q1 25 | 60.2% | — | ||
| Q4 24 | 60.7% | — | ||
| Q3 24 | 60.9% | — | ||
| Q2 24 | 61.1% | — | ||
| Q1 24 | 59.8% | — |
营业利润率MORNTNET
| Q4 25 | 24.9% | 0.1% | ||
| Q3 25 | 20.7% | 4.1% | ||
| Q2 25 | 20.7% | 4.1% | ||
| Q1 25 | 19.6% | 8.9% | ||
| Q4 24 | 28.5% | -2.9% | ||
| Q3 24 | 20.3% | 4.7% | ||
| Q2 24 | 19.0% | 6.5% | ||
| Q1 24 | 17.1% | 9.7% |
净利率MORNTNET
| Q4 25 | 18.0% | — | ||
| Q3 25 | 14.8% | 2.8% | ||
| Q2 25 | 14.7% | 3.0% | ||
| Q1 25 | 13.5% | 6.6% | ||
| Q4 24 | 19.8% | — | ||
| Q3 24 | 21.0% | 3.6% | ||
| Q2 24 | 12.1% | 4.9% | ||
| Q1 24 | 11.8% | 7.2% |
每股收益（稀释后）MORNTNET
| Q4 25 | $2.79 | $0.02 | ||
| Q3 25 | $2.17 | $0.70 | ||
| Q2 25 | $2.09 | $0.77 | ||
| Q1 25 | $1.82 | $1.71 | ||
| Q4 24 | $2.72 | $-0.44 | ||
| Q3 24 | $2.77 | $0.89 | ||
| Q2 24 | $1.60 | $1.20 | ||
| Q1 24 | $1.49 | $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 | $528.7M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $54.0M |
| 总资产 | $3.6B | $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MORNTNET
| Q4 25 | $528.7M | $287.0M | ||
| Q3 25 | $40.3M | $321.0M | ||
| Q2 25 | $38.1M | $407.0M | ||
| Q1 25 | $47.7M | $349.0M | ||
| Q4 24 | $551.0M | $360.0M | ||
| Q3 24 | $48.8M | $301.0M | ||
| Q2 24 | $48.0M | $249.0M | ||
| Q1 24 | $55.4M | $383.0M |
总债务MORNTNET
| Q4 25 | — | — | ||
| Q3 25 | $848.9M | — | ||
| Q2 25 | $838.8M | — | ||
| Q1 25 | $803.7M | — | ||
| Q4 24 | $698.6M | — | ||
| Q3 24 | $864.7M | — | ||
| Q2 24 | $899.6M | — | ||
| Q1 24 | $917.3M | — |
股东权益MORNTNET
| Q4 25 | $1.2B | $54.0M | ||
| Q3 25 | $1.5B | $110.0M | ||
| Q2 25 | $1.6B | $107.0M | ||
| Q1 25 | $1.6B | $63.0M | ||
| Q4 24 | $1.6B | $69.0M | ||
| Q3 24 | $1.6B | $129.0M | ||
| Q2 24 | $1.4B | $100.0M | ||
| Q1 24 | $1.4B | $143.0M |
总资产MORNTNET
| Q4 25 | $3.6B | $3.8B | ||
| Q3 25 | $3.6B | $3.4B | ||
| Q2 25 | $3.6B | $3.7B | ||
| Q1 25 | $3.6B | $3.8B | ||
| Q4 24 | $3.5B | $4.1B | ||
| Q3 24 | $3.6B | $3.7B | ||
| Q2 24 | $3.4B | $3.7B | ||
| Q1 24 | $3.4B | $4.0B |
负债/权益比MORNTNET
| Q4 25 | — | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 0.66× | — |
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 | $204.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $161.3M | $43.0M |
| 自由现金流率自由现金流/营收 | 25.2% | 3.4% |
| 资本支出强度资本支出/营收 | 6.7% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.77× | — |
| 过去12个月自由现金流最近4个季度 | $442.6M | $234.0M |
8季度趋势，按日历期对齐
经营现金流MORNTNET
| Q4 25 | $204.0M | $61.0M | ||
| Q3 25 | $195.7M | $72.0M | ||
| Q2 25 | $99.0M | $75.0M | ||
| Q1 25 | $91.0M | $95.0M | ||
| Q4 24 | $153.4M | $65.0M | ||
| Q3 24 | $191.9M | $84.0M | ||
| Q2 24 | $152.7M | $39.0M | ||
| Q1 24 | $93.6M | $91.0M |
自由现金流MORNTNET
| Q4 25 | $161.3M | $43.0M | ||
| Q3 25 | $160.1M | $55.0M | ||
| Q2 25 | $62.4M | $57.0M | ||
| Q1 25 | $58.8M | $79.0M | ||
| Q4 24 | $112.8M | $47.0M | ||
| Q3 24 | $155.8M | $59.0M | ||
| Q2 24 | $120.8M | $22.0M | ||
| Q1 24 | $59.5M | $73.0M |
自由现金流率MORNTNET
| Q4 25 | 25.2% | 3.4% | ||
| Q3 25 | 25.9% | 4.5% | ||
| Q2 25 | 10.3% | 4.6% | ||
| Q1 25 | 10.1% | 6.1% | ||
| Q4 24 | 19.1% | 3.7% | ||
| Q3 24 | 27.4% | 4.8% | ||
| Q2 24 | 21.1% | 1.8% | ||
| Q1 24 | 11.0% | 5.8% |
资本支出强度MORNTNET
| Q4 25 | 6.7% | 1.4% | ||
| Q3 25 | 5.8% | 1.4% | ||
| Q2 25 | 6.0% | 1.5% | ||
| Q1 25 | 5.5% | 1.2% | ||
| Q4 24 | 6.9% | 1.4% | ||
| Q3 24 | 6.3% | 2.0% | ||
| Q2 24 | 5.6% | 1.4% | ||
| Q1 24 | 6.3% | 1.4% |
现金转化率MORNTNET
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.14× | 2.12× | ||
| Q2 25 | 1.11× | 2.03× | ||
| Q1 25 | 1.16× | 1.12× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | 1.60× | 1.87× | ||
| Q2 24 | 2.21× | 0.65× | ||
| Q1 24 | 1.46× | 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
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
