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MSC INDUSTRIAL DIRECT CO INC（MSM）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MSC INDUSTRIAL DIRECT CO INC的1.3倍（$1.2B vs $965.7M），MSC INDUSTRIAL DIRECT CO INC同比增速更快（4.0% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $7.4M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -3.4%）
MSC工业直销公司（MSC）通过旗下主要子公司MSC工业供应公司，是美国规模最大的工业设备分销商之一，可提供超过150万种金属加工及其他工业类产品，广泛服务于工业制造、维修运维等领域的客户需求。
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。
MSM vs TNET — 直观对比
营收规模更大
TNET
是对方的1.3倍
$965.7M
营收增速更快
MSM
高出6.2%
-2.2%
自由现金流更多
TNET
多$35.6M
$7.4M
两年增速更快
TNET
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $965.7M | $1.2B |
| 净利润 | $51.8M | — |
| 毛利率 | 40.7% | — |
| 营业利润率 | 7.9% | 0.1% |
| 净利率 | 5.4% | — |
| 营收同比 | 4.0% | -2.2% |
| 净利润同比 | 11.1% | — |
| 每股收益（稀释后） | $0.93 | $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MSMTNET
| Q4 25 | $965.7M | $1.2B | ||
| Q3 25 | $978.2M | $1.2B | ||
| Q2 25 | $971.1M | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $928.5M | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $979.4M | $1.2B | ||
| Q1 24 | $935.3M | $1.3B |
净利润MSMTNET
| Q4 25 | $51.8M | — | ||
| Q3 25 | $56.5M | $34.0M | ||
| Q2 25 | $56.8M | $37.0M | ||
| Q1 25 | — | $85.0M | ||
| Q4 24 | $46.6M | — | ||
| Q3 24 | — | $45.0M | ||
| Q2 24 | $71.7M | $60.0M | ||
| Q1 24 | $61.8M | $91.0M |
毛利率MSMTNET
| Q4 25 | 40.7% | — | ||
| Q3 25 | 40.4% | — | ||
| Q2 25 | 41.0% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 40.7% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 40.9% | — | ||
| Q1 24 | 41.5% | — |
营业利润率MSMTNET
| Q4 25 | 7.9% | 0.1% | ||
| Q3 25 | 8.6% | 4.1% | ||
| Q2 25 | 8.5% | 4.1% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | 7.8% | -2.9% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | 10.9% | 6.5% | ||
| Q1 24 | 9.7% | 9.7% |
净利率MSMTNET
| Q4 25 | 5.4% | — | ||
| Q3 25 | 5.8% | 2.8% | ||
| Q2 25 | 5.9% | 3.0% | ||
| Q1 25 | — | 6.6% | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | 7.3% | 4.9% | ||
| Q1 24 | 6.6% | 7.2% |
每股收益（稀释后）MSMTNET
| Q4 25 | $0.93 | $0.02 | ||
| Q3 25 | $1.02 | $0.70 | ||
| Q2 25 | $1.02 | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | $0.83 | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | $1.27 | $1.20 | ||
| Q1 24 | $1.10 | $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 | $40.3M | $287.0M |
| 总债务越低越好 | $214.1M | — |
| 股东权益账面价值 | $1.4B | $54.0M |
| 总资产 | $2.5B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.16× | — |
8季度趋势，按日历期对齐
现金及短期投资MSMTNET
| Q4 25 | $40.3M | $287.0M | ||
| Q3 25 | $56.2M | $321.0M | ||
| Q2 25 | $71.7M | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | $57.3M | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | $25.9M | $249.0M | ||
| Q1 24 | $22.2M | $383.0M |
总债务MSMTNET
| Q4 25 | $214.1M | — | ||
| Q3 25 | $168.8M | — | ||
| Q2 25 | $285.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $289.9M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $299.8M | — | ||
| Q1 24 | $294.5M | — |
股东权益MSMTNET
| Q4 25 | $1.4B | $54.0M | ||
| Q3 25 | $1.4B | $110.0M | ||
| Q2 25 | $1.4B | $107.0M | ||
| Q1 25 | — | $63.0M | ||
| Q4 24 | $1.4B | $69.0M | ||
| Q3 24 | — | $129.0M | ||
| Q2 24 | $1.4B | $100.0M | ||
| Q1 24 | $1.4B | $143.0M |
总资产MSMTNET
| Q4 25 | $2.5B | $3.8B | ||
| Q3 25 | $2.5B | $3.4B | ||
| Q2 25 | $2.5B | $3.7B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | $2.5B | $4.1B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | $2.5B | $3.7B | ||
| Q1 24 | $2.5B | $4.0B |
负债/权益比MSMTNET
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.21× | — | ||
| Q1 24 | 0.21× | — |
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 | $29.4M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $7.4M | $43.0M |
| 自由现金流率自由现金流/营收 | 0.8% | 3.4% |
| 资本支出强度资本支出/营收 | 2.3% | 1.4% |
| 现金转化率经营现金流/净利润 | 0.57× | — |
| 过去12个月自由现金流最近4个季度 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流MSMTNET
| Q4 25 | $29.4M | $61.0M | ||
| Q3 25 | — | $72.0M | ||
| Q2 25 | $151.6M | $75.0M | ||
| Q1 25 | — | $95.0M | ||
| Q4 24 | $101.9M | $65.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | $143.5M | $39.0M | ||
| Q1 24 | $78.7M | $91.0M |
自由现金流MSMTNET
| Q4 25 | $7.4M | $43.0M | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | $100.7M | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | $81.7M | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | $114.0M | $22.0M | ||
| Q1 24 | $53.4M | $73.0M |
自由现金流率MSMTNET
| Q4 25 | 0.8% | 3.4% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | 10.4% | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | 8.8% | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | 11.6% | 1.8% | ||
| Q1 24 | 5.7% | 5.8% |
资本支出强度MSMTNET
| Q4 25 | 2.3% | 1.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | 5.2% | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | 2.2% | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | 3.0% | 1.4% | ||
| Q1 24 | 2.7% | 1.4% |
现金转化率MSMTNET
| Q4 25 | 0.57× | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | 2.67× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | 2.18× | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | 2.00× | 0.65× | ||
| Q1 24 | 1.27× | 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
MSM
暂无分部数据
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
