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M&T Bank（MTB）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
M&T Bank的季度营收约是TRINET GROUP, INC.的2.0倍（$2.5B vs $1.2B），M&T Bank同比增速更快（3.8% vs -2.2%），过去两年M&T Bank的营收复合增速更高（4.6% vs -0.6%）
M&T银行是总部位于美国纽约州布法罗的银行控股企业，业务覆盖美国东部从缅因州到弗吉尼亚州的12个州及华盛顿特区，运营超过950家线下网点。其控股主体1998年5月前名为第一帝国州公司，之后更为现名。
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。
MTB vs TNET — 直观对比
营收规模更大
MTB
是对方的2.0倍
$1.2B
营收增速更快
MTB
高出6.0%
-2.2%
两年增速更快
MTB
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.2B |
| 净利润 | $759.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 39.2% | 0.1% |
| 净利率 | 30.7% | — |
| 营收同比 | 3.8% | -2.2% |
| 净利润同比 | 11.5% | — |
| 每股收益（稀释后） | $4.62 | $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MTBTNET
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $2.5B | $1.2B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.3B | $1.2B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.3B | $1.3B |
净利润MTBTNET
| Q4 25 | $759.0M | — | ||
| Q3 25 | $792.0M | $34.0M | ||
| Q2 25 | $716.0M | $37.0M | ||
| Q1 25 | $584.0M | $85.0M | ||
| Q4 24 | $681.0M | — | ||
| Q3 24 | $721.0M | $45.0M | ||
| Q2 24 | $655.0M | $60.0M | ||
| Q1 24 | $531.0M | $91.0M |
营业利润率MTBTNET
| Q4 25 | 39.2% | 0.1% | ||
| Q3 25 | 40.8% | 4.1% | ||
| Q2 25 | 39.0% | 4.1% | ||
| Q1 25 | 33.0% | 8.9% | ||
| Q4 24 | 37.0% | -2.9% | ||
| Q3 24 | 39.0% | 4.7% | ||
| Q2 24 | 37.1% | 6.5% | ||
| Q1 24 | 29.4% | 9.7% |
净利率MTBTNET
| Q4 25 | 30.7% | — | ||
| Q3 25 | 31.5% | 2.8% | ||
| Q2 25 | 29.9% | 3.0% | ||
| Q1 25 | 25.3% | 6.6% | ||
| Q4 24 | 28.6% | — | ||
| Q3 24 | 30.9% | 3.6% | ||
| Q2 24 | 28.5% | 4.9% | ||
| Q1 24 | 23.5% | 7.2% |
每股收益（稀释后）MTBTNET
| Q4 25 | $4.62 | $0.02 | ||
| Q3 25 | $4.82 | $0.70 | ||
| Q2 25 | $4.24 | $0.77 | ||
| Q1 25 | $3.32 | $1.71 | ||
| Q4 24 | $3.87 | $-0.44 | ||
| Q3 24 | $4.02 | $0.89 | ||
| Q2 24 | $3.73 | $1.20 | ||
| Q1 24 | $3.02 | $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 | — | $287.0M |
| 总债务越低越好 | $10.9B | — |
| 股东权益账面价值 | $29.2B | $54.0M |
| 总资产 | $213.5B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.37× | — |
8季度趋势，按日历期对齐
现金及短期投资MTBTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
总债务MTBTNET
| Q4 25 | $10.9B | — | ||
| Q3 25 | $12.9B | — | ||
| Q2 25 | $12.4B | — | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $12.6B | — | ||
| Q3 24 | $11.6B | — | ||
| Q2 24 | $11.3B | — | ||
| Q1 24 | $11.4B | — |
股东权益MTBTNET
| Q4 25 | $29.2B | $54.0M | ||
| Q3 25 | $28.7B | $110.0M | ||
| Q2 25 | $28.5B | $107.0M | ||
| Q1 25 | $29.0B | $63.0M | ||
| Q4 24 | $29.0B | $69.0M | ||
| Q3 24 | $28.9B | $129.0M | ||
| Q2 24 | $28.4B | $100.0M | ||
| Q1 24 | $27.2B | $143.0M |
总资产MTBTNET
| Q4 25 | $213.5B | $3.8B | ||
| Q3 25 | $211.3B | $3.4B | ||
| Q2 25 | $211.6B | $3.7B | ||
| Q1 25 | $210.3B | $3.8B | ||
| Q4 24 | $208.1B | $4.1B | ||
| Q3 24 | $211.8B | $3.7B | ||
| Q2 24 | $208.9B | $3.7B | ||
| Q1 24 | $215.1B | $4.0B |
负债/权益比MTBTNET
| Q4 25 | 0.37× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.36× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.40× | — | ||
| Q1 24 | 0.42× | — |
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 | $3.0B | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | 3.96× | — |
| 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MTBTNET
| Q4 25 | $3.0B | $61.0M | ||
| Q3 25 | $1.0B | $72.0M | ||
| Q2 25 | $844.0M | $75.0M | ||
| Q1 25 | $635.0M | $95.0M | ||
| Q4 24 | $3.6B | $65.0M | ||
| Q3 24 | $-28.0M | $84.0M | ||
| Q2 24 | $1.4B | $39.0M | ||
| Q1 24 | $608.0M | $91.0M |
自由现金流MTBTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率MTBTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度MTBTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率MTBTNET
| Q4 25 | 3.96× | — | ||
| Q3 25 | 1.26× | 2.12× | ||
| Q2 25 | 1.18× | 2.03× | ||
| Q1 25 | 1.09× | 1.12× | ||
| Q4 24 | 5.30× | — | ||
| Q3 24 | -0.04× | 1.87× | ||
| Q2 24 | 2.07× | 0.65× | ||
| Q1 24 | 1.15× | 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
MTB
暂无分部数据
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
