vs
NEUROCRINE BIOSCIENCES INC（NBIX）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NEUROCRINE BIOSCIENCES INC的1.5倍（$1.2B vs $805.5M），NEUROCRINE BIOSCIENCES INC同比增速更快（28.3% vs -2.2%），NEUROCRINE BIOSCIENCES INC自由现金流更多（$386.0M vs $43.0M），过去两年NEUROCRINE BIOSCIENCES INC的营收复合增速更高（25.0% vs -0.6%）
Neurocrine Biosciences是1992年成立的美国生物制药企业，总部位于加利福尼亚州圣地亚哥，截至2024年10月首席执行官为Kyle Gano。公司专注于神经及内分泌相关疾病的疗法研发，旗下药物缬苯那嗪（商品名Ingrezza）于2017年获美国批准，用于治疗成人迟发性运动障碍。
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。
NBIX vs TNET — 直观对比
营收规模更大
TNET
是对方的1.5倍
$805.5M
营收增速更快
NBIX
高出30.5%
-2.2%
自由现金流更多
NBIX
多$343.0M
$43.0M
两年增速更快
NBIX
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $805.5M | $1.2B |
| 净利润 | $153.7M | — |
| 毛利率 | 97.8% | — |
| 营业利润率 | 26.2% | 0.1% |
| 净利率 | 19.1% | — |
| 营收同比 | 28.3% | -2.2% |
| 净利润同比 | 49.1% | — |
| 每股收益（稀释后） | $1.49 | $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NBIXTNET
| Q4 25 | $805.5M | $1.2B | ||
| Q3 25 | $794.9M | $1.2B | ||
| Q2 25 | $687.5M | $1.2B | ||
| Q1 25 | $572.6M | $1.3B | ||
| Q4 24 | $627.7M | $1.3B | ||
| Q3 24 | $622.1M | $1.2B | ||
| Q2 24 | $590.2M | $1.2B | ||
| Q1 24 | $515.3M | $1.3B |
净利润NBIXTNET
| Q4 25 | $153.7M | — | ||
| Q3 25 | $209.5M | $34.0M | ||
| Q2 25 | $107.5M | $37.0M | ||
| Q1 25 | $7.9M | $85.0M | ||
| Q4 24 | $103.1M | — | ||
| Q3 24 | $129.8M | $45.0M | ||
| Q2 24 | $65.0M | $60.0M | ||
| Q1 24 | $43.4M | $91.0M |
毛利率NBIXTNET
| Q4 25 | 97.8% | — | ||
| Q3 25 | 98.2% | — | ||
| Q2 25 | 98.4% | — | ||
| Q1 25 | 98.4% | — | ||
| Q4 24 | 98.5% | — | ||
| Q3 24 | 98.7% | — | ||
| Q2 24 | 98.4% | — | ||
| Q1 24 | 98.5% | — |
营业利润率NBIXTNET
| Q4 25 | 26.2% | 0.1% | ||
| Q3 25 | 30.1% | 4.1% | ||
| Q2 25 | 21.2% | 4.1% | ||
| Q1 25 | 4.1% | 8.9% | ||
| Q4 24 | 22.6% | -2.9% | ||
| Q3 24 | 29.5% | 4.7% | ||
| Q2 24 | 24.6% | 6.5% | ||
| Q1 24 | 19.3% | 9.7% |
净利率NBIXTNET
| Q4 25 | 19.1% | — | ||
| Q3 25 | 26.4% | 2.8% | ||
| Q2 25 | 15.6% | 3.0% | ||
| Q1 25 | 1.4% | 6.6% | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | 20.9% | 3.6% | ||
| Q2 24 | 11.0% | 4.9% | ||
| Q1 24 | 8.4% | 7.2% |
每股收益（稀释后）NBIXTNET
| Q4 25 | $1.49 | $0.02 | ||
| Q3 25 | $2.04 | $0.70 | ||
| Q2 25 | $1.06 | $0.77 | ||
| Q1 25 | $0.08 | $1.71 | ||
| Q4 24 | $1.00 | $-0.44 | ||
| Q3 24 | $1.24 | $0.89 | ||
| Q2 24 | $0.63 | $1.20 | ||
| Q1 24 | $0.42 | $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 | $713.0M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3B | $54.0M |
| 总资产 | $4.6B | $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NBIXTNET
| Q4 25 | $713.0M | $287.0M | ||
| Q3 25 | $340.2M | $321.0M | ||
| Q2 25 | $264.0M | $407.0M | ||
| Q1 25 | $194.1M | $349.0M | ||
| Q4 24 | $233.0M | $360.0M | ||
| Q3 24 | $349.1M | $301.0M | ||
| Q2 24 | $139.7M | $249.0M | ||
| Q1 24 | $396.3M | $383.0M |
股东权益NBIXTNET
| Q4 25 | $3.3B | $54.0M | ||
| Q3 25 | $3.0B | $110.0M | ||
| Q2 25 | $2.7B | $107.0M | ||
| Q1 25 | $2.5B | $63.0M | ||
| Q4 24 | $2.6B | $69.0M | ||
| Q3 24 | $2.7B | $129.0M | ||
| Q2 24 | $2.5B | $100.0M | ||
| Q1 24 | $2.4B | $143.0M |
总资产NBIXTNET
| Q4 25 | $4.6B | $3.8B | ||
| Q3 25 | $4.3B | $3.4B | ||
| Q2 25 | $3.9B | $3.7B | ||
| Q1 25 | $3.7B | $3.8B | ||
| Q4 24 | $3.7B | $4.1B | ||
| Q3 24 | $3.5B | $3.7B | ||
| Q2 24 | $3.3B | $3.7B | ||
| Q1 24 | $3.5B | $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 | $388.4M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $386.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 47.9% | 3.4% |
| 资本支出强度资本支出/营收 | 0.3% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.53× | — |
| 过去12个月自由现金流最近4个季度 | $743.9M | $234.0M |
8季度趋势，按日历期对齐
经营现金流NBIXTNET
| Q4 25 | $388.4M | $61.0M | ||
| Q3 25 | $227.5M | $72.0M | ||
| Q2 25 | $102.0M | $75.0M | ||
| Q1 25 | $64.8M | $95.0M | ||
| Q4 24 | $242.5M | $65.0M | ||
| Q3 24 | $158.0M | $84.0M | ||
| Q2 24 | $64.6M | $39.0M | ||
| Q1 24 | $130.3M | $91.0M |
自由现金流NBIXTNET
| Q4 25 | $386.0M | $43.0M | ||
| Q3 25 | $214.3M | $55.0M | ||
| Q2 25 | $89.5M | $57.0M | ||
| Q1 25 | $54.1M | $79.0M | ||
| Q4 24 | $235.2M | $47.0M | ||
| Q3 24 | $149.9M | $59.0M | ||
| Q2 24 | $53.0M | $22.0M | ||
| Q1 24 | $119.1M | $73.0M |
自由现金流率NBIXTNET
| Q4 25 | 47.9% | 3.4% | ||
| Q3 25 | 27.0% | 4.5% | ||
| Q2 25 | 13.0% | 4.6% | ||
| Q1 25 | 9.4% | 6.1% | ||
| Q4 24 | 37.5% | 3.7% | ||
| Q3 24 | 24.1% | 4.8% | ||
| Q2 24 | 9.0% | 1.8% | ||
| Q1 24 | 23.1% | 5.8% |
资本支出强度NBIXTNET
| Q4 25 | 0.3% | 1.4% | ||
| Q3 25 | 1.7% | 1.4% | ||
| Q2 25 | 1.8% | 1.5% | ||
| Q1 25 | 1.9% | 1.2% | ||
| Q4 24 | 1.2% | 1.4% | ||
| Q3 24 | 1.3% | 2.0% | ||
| Q2 24 | 2.0% | 1.4% | ||
| Q1 24 | 2.2% | 1.4% |
现金转化率NBIXTNET
| Q4 25 | 2.53× | — | ||
| Q3 25 | 1.09× | 2.12× | ||
| Q2 25 | 0.95× | 2.03× | ||
| Q1 25 | 8.20× | 1.12× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 1.22× | 1.87× | ||
| Q2 24 | 0.99× | 0.65× | ||
| Q1 24 | 3.00× | 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
NBIX
| INGREZZA Net Product Sales | $653.8M | 81% |
| CRENESSITY Net Product Sales | $135.4M | 17% |
| Other Income | $12.6M | 2% |
| Collaboration Revenue | $7.2M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
