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明晟（MSCI）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.的季度营收约是明晟的1.5倍（$1.2B vs $822.5M），明晟同比增速更快（10.6% vs -2.2%），明晟自由现金流更多（$488.7M vs $43.0M），过去两年明晟的营收复合增速更高（10.0% vs -0.6%）
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
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。
MSCI vs TNET — 直观对比
营收规模更大
TNET
是对方的1.5倍
$822.5M
营收增速更快
MSCI
高出12.8%
-2.2%
自由现金流更多
MSCI
多$445.7M
$43.0M
两年增速更快
MSCI
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.2B |
| 净利润 | $284.7M | — |
| 毛利率 | — | — |
| 营业利润率 | 56.4% | 0.1% |
| 净利率 | 34.6% | — |
| 营收同比 | 10.6% | -2.2% |
| 净利润同比 | -6.8% | — |
| 每股收益（稀释后） | $3.81 | $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MSCITNET
| Q4 25 | $822.5M | $1.2B | ||
| Q3 25 | $793.4M | $1.2B | ||
| Q2 25 | $772.7M | $1.2B | ||
| Q1 25 | $745.8M | $1.3B | ||
| Q4 24 | $743.5M | $1.3B | ||
| Q3 24 | $724.7M | $1.2B | ||
| Q2 24 | $707.9M | $1.2B | ||
| Q1 24 | $680.0M | $1.3B |
净利润MSCITNET
| Q4 25 | $284.7M | — | ||
| Q3 25 | $325.4M | $34.0M | ||
| Q2 25 | $303.6M | $37.0M | ||
| Q1 25 | $288.6M | $85.0M | ||
| Q4 24 | $305.5M | — | ||
| Q3 24 | $280.9M | $45.0M | ||
| Q2 24 | $266.8M | $60.0M | ||
| Q1 24 | $256.0M | $91.0M |
营业利润率MSCITNET
| Q4 25 | 56.4% | 0.1% | ||
| Q3 25 | 56.4% | 4.1% | ||
| Q2 25 | 55.0% | 4.1% | ||
| Q1 25 | 50.6% | 8.9% | ||
| Q4 24 | 54.5% | -2.9% | ||
| Q3 24 | 55.4% | 4.7% | ||
| Q2 24 | 54.0% | 6.5% | ||
| Q1 24 | 49.9% | 9.7% |
净利率MSCITNET
| Q4 25 | 34.6% | — | ||
| Q3 25 | 41.0% | 2.8% | ||
| Q2 25 | 39.3% | 3.0% | ||
| Q1 25 | 38.7% | 6.6% | ||
| Q4 24 | 41.1% | — | ||
| Q3 24 | 38.8% | 3.6% | ||
| Q2 24 | 37.7% | 4.9% | ||
| Q1 24 | 37.6% | 7.2% |
每股收益（稀释后）MSCITNET
| Q4 25 | $3.81 | $0.02 | ||
| Q3 25 | $4.25 | $0.70 | ||
| Q2 25 | $3.92 | $0.77 | ||
| Q1 25 | $3.71 | $1.71 | ||
| Q4 24 | $3.89 | $-0.44 | ||
| Q3 24 | $3.57 | $0.89 | ||
| Q2 24 | $3.37 | $1.20 | ||
| Q1 24 | $3.22 | $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 | $515.3M | $287.0M |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $-2.7B | $54.0M |
| 总资产 | $5.7B | $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MSCITNET
| Q4 25 | $515.3M | $287.0M | ||
| Q3 25 | $400.1M | $321.0M | ||
| Q2 25 | $347.3M | $407.0M | ||
| Q1 25 | $360.7M | $349.0M | ||
| Q4 24 | $409.4M | $360.0M | ||
| Q3 24 | $501.0M | $301.0M | ||
| Q2 24 | $451.4M | $249.0M | ||
| Q1 24 | $519.3M | $383.0M |
总债务MSCITNET
| Q4 25 | $6.2B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | — |
股东权益MSCITNET
| Q4 25 | $-2.7B | $54.0M | ||
| Q3 25 | $-1.9B | $110.0M | ||
| Q2 25 | $-886.2M | $107.0M | ||
| Q1 25 | $-958.6M | $63.0M | ||
| Q4 24 | $-940.0M | $69.0M | ||
| Q3 24 | $-751.0M | $129.0M | ||
| Q2 24 | $-734.5M | $100.0M | ||
| Q1 24 | $-650.5M | $143.0M |
总资产MSCITNET
| Q4 25 | $5.7B | $3.8B | ||
| Q3 25 | $5.4B | $3.4B | ||
| Q2 25 | $5.4B | $3.7B | ||
| Q1 25 | $5.3B | $3.8B | ||
| Q4 24 | $5.4B | $4.1B | ||
| Q3 24 | $5.4B | $3.7B | ||
| Q2 24 | $5.5B | $3.7B | ||
| Q1 24 | $5.5B | $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 | $501.1M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | $43.0M |
| 自由现金流率自由现金流/营收 | 59.4% | 3.4% |
| 资本支出强度资本支出/营收 | 1.5% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.76× | — |
| 过去12个月自由现金流最近4个季度 | $1.5B | $234.0M |
8季度趋势，按日历期对齐
经营现金流MSCITNET
| Q4 25 | $501.1M | $61.0M | ||
| Q3 25 | $449.4M | $72.0M | ||
| Q2 25 | $336.1M | $75.0M | ||
| Q1 25 | $301.7M | $95.0M | ||
| Q4 24 | $430.6M | $65.0M | ||
| Q3 24 | $421.6M | $84.0M | ||
| Q2 24 | $349.2M | $39.0M | ||
| Q1 24 | $300.1M | $91.0M |
自由现金流MSCITNET
| Q4 25 | $488.7M | $43.0M | ||
| Q3 25 | $445.5M | $55.0M | ||
| Q2 25 | $324.7M | $57.0M | ||
| Q1 25 | $290.2M | $79.0M | ||
| Q4 24 | $416.4M | $47.0M | ||
| Q3 24 | $415.0M | $59.0M | ||
| Q2 24 | $340.6M | $22.0M | ||
| Q1 24 | $295.9M | $73.0M |
自由现金流率MSCITNET
| Q4 25 | 59.4% | 3.4% | ||
| Q3 25 | 56.2% | 4.5% | ||
| Q2 25 | 42.0% | 4.6% | ||
| Q1 25 | 38.9% | 6.1% | ||
| Q4 24 | 56.0% | 3.7% | ||
| Q3 24 | 57.3% | 4.8% | ||
| Q2 24 | 48.1% | 1.8% | ||
| Q1 24 | 43.5% | 5.8% |
资本支出强度MSCITNET
| Q4 25 | 1.5% | 1.4% | ||
| Q3 25 | 0.5% | 1.4% | ||
| Q2 25 | 1.5% | 1.5% | ||
| Q1 25 | 1.5% | 1.2% | ||
| Q4 24 | 1.9% | 1.4% | ||
| Q3 24 | 0.9% | 2.0% | ||
| Q2 24 | 1.2% | 1.4% | ||
| Q1 24 | 0.6% | 1.4% |
现金转化率MSCITNET
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.38× | 2.12× | ||
| Q2 25 | 1.11× | 2.03× | ||
| Q1 25 | 1.05× | 1.12× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.50× | 1.87× | ||
| Q2 24 | 1.31× | 0.65× | ||
| Q1 24 | 1.17× | 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
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
