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纳斯达克（NDAQ）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
纳斯达克的季度营收约是TRINET GROUP, INC.的1.7倍（$2.1B vs $1.2B），纳斯达克同比增速更快（2.0% vs -2.2%），过去两年纳斯达克的营收复合增速更高（9.2% vs -0.6%）
纳斯达克是美国的证券交易所，市值规模在全球证券交易所中排名第二，也是全球首个完全电子化的股票市场。其总部位于纽约曼哈顿，是美国交易量领先、活跃度最高的股票交易场所之一。
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。
NDAQ vs TNET — 直观对比
营收规模更大
NDAQ
是对方的1.7倍
$1.2B
营收增速更快
NDAQ
高出4.2%
-2.2%
两年增速更快
NDAQ
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $519.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 30.7% | 0.1% |
| 净利率 | 24.3% | — |
| 营收同比 | 2.0% | -2.2% |
| 净利润同比 | 31.4% | — |
| 每股收益（稀释后） | $0.91 | $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NDAQTNET
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $1.9B | $1.2B | ||
| Q2 24 | $1.8B | $1.2B |
净利润NDAQTNET
| Q1 26 | $519.0M | — | ||
| Q4 25 | $518.0M | — | ||
| Q3 25 | $423.0M | $34.0M | ||
| Q2 25 | $452.0M | $37.0M | ||
| Q1 25 | $395.0M | $85.0M | ||
| Q4 24 | $355.0M | — | ||
| Q3 24 | $306.0M | $45.0M | ||
| Q2 24 | $222.0M | $60.0M |
毛利率NDAQTNET
| Q1 26 | — | — | ||
| Q4 25 | 65.5% | — | ||
| Q3 25 | 67.2% | — | ||
| Q2 25 | 62.5% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 60.4% | — | ||
| Q3 24 | 60.3% | — | ||
| Q2 24 | 64.7% | — |
营业利润率NDAQTNET
| Q1 26 | 30.7% | — | ||
| Q4 25 | 29.7% | 0.1% | ||
| Q3 25 | 29.9% | 4.1% | ||
| Q2 25 | 27.2% | 4.1% | ||
| Q1 25 | 26.2% | 8.9% | ||
| Q4 24 | 25.4% | -2.9% | ||
| Q3 24 | 23.6% | 4.7% | ||
| Q2 24 | 23.6% | 6.5% |
净利率NDAQTNET
| Q1 26 | 24.3% | — | ||
| Q4 25 | 24.4% | — | ||
| Q3 25 | 21.6% | 2.8% | ||
| Q2 25 | 21.6% | 3.0% | ||
| Q1 25 | 18.9% | 6.6% | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | 16.1% | 3.6% | ||
| Q2 24 | 12.4% | 4.9% |
每股收益（稀释后）NDAQTNET
| Q1 26 | $0.91 | — | ||
| Q4 25 | $0.90 | $0.02 | ||
| Q3 25 | $0.73 | $0.70 | ||
| Q2 25 | $0.78 | $0.77 | ||
| Q1 25 | $0.68 | $1.71 | ||
| Q4 24 | $0.62 | $-0.44 | ||
| Q3 24 | $0.53 | $0.89 | ||
| Q2 24 | $0.38 | $1.20 |
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 | $515.0M | $287.0M |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $12.0B | $54.0M |
| 总资产 | $27.3B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资NDAQTNET
| Q1 26 | $515.0M | — | ||
| Q4 25 | $604.0M | $287.0M | ||
| Q3 25 | $470.0M | $321.0M | ||
| Q2 25 | $732.0M | $407.0M | ||
| Q1 25 | $690.0M | $349.0M | ||
| Q4 24 | $592.0M | $360.0M | ||
| Q3 24 | $266.0M | $301.0M | ||
| Q2 24 | $416.0M | $249.0M |
总债务NDAQTNET
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.6B | — | ||
| Q3 25 | $8.7B | — | ||
| Q2 25 | $8.7B | — | ||
| Q1 25 | $8.9B | — | ||
| Q4 24 | $9.1B | — | ||
| Q3 24 | $9.4B | — | ||
| Q2 24 | $9.2B | — |
股东权益NDAQTNET
| Q1 26 | $12.0B | — | ||
| Q4 25 | $12.2B | $54.0M | ||
| Q3 25 | $12.0B | $110.0M | ||
| Q2 25 | $11.8B | $107.0M | ||
| Q1 25 | $11.5B | $63.0M | ||
| Q4 24 | $11.2B | $69.0M | ||
| Q3 24 | $11.1B | $129.0M | ||
| Q2 24 | $10.9B | $100.0M |
总资产NDAQTNET
| Q1 26 | $27.3B | — | ||
| Q4 25 | $31.1B | $3.8B | ||
| Q3 25 | $30.7B | $3.4B | ||
| Q2 25 | $30.4B | $3.7B | ||
| Q1 25 | $30.6B | $3.8B | ||
| Q4 24 | $30.4B | $4.1B | ||
| Q3 24 | $30.6B | $3.7B | ||
| Q2 24 | $30.2B | $3.7B |
负债/权益比NDAQTNET
| Q1 26 | 0.74× | — | ||
| Q4 25 | 0.70× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.77× | — | ||
| Q4 24 | 0.81× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 0.85× | — |
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 | — | $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 | — | — |
| 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NDAQTNET
| Q1 26 | — | — | ||
| Q4 25 | $625.0M | $61.0M | ||
| Q3 25 | $221.0M | $72.0M | ||
| Q2 25 | $746.0M | $75.0M | ||
| Q1 25 | $663.0M | $95.0M | ||
| Q4 24 | $705.0M | $65.0M | ||
| Q3 24 | $244.0M | $84.0M | ||
| Q2 24 | $460.0M | $39.0M |
自由现金流NDAQTNET
| Q1 26 | — | — | ||
| Q4 25 | $536.0M | $43.0M | ||
| Q3 25 | $152.0M | $55.0M | ||
| Q2 25 | $687.0M | $57.0M | ||
| Q1 25 | $614.0M | $79.0M | ||
| Q4 24 | $645.0M | $47.0M | ||
| Q3 24 | $188.0M | $59.0M | ||
| Q2 24 | $408.0M | $22.0M |
自由现金流率NDAQTNET
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | 3.4% | ||
| Q3 25 | 7.8% | 4.5% | ||
| Q2 25 | 32.9% | 4.6% | ||
| Q1 25 | 29.4% | 6.1% | ||
| Q4 24 | 31.7% | 3.7% | ||
| Q3 24 | 9.9% | 4.8% | ||
| Q2 24 | 22.8% | 1.8% |
资本支出强度NDAQTNET
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 1.4% | ||
| Q3 25 | 3.5% | 1.4% | ||
| Q2 25 | 2.8% | 1.5% | ||
| Q1 25 | 2.3% | 1.2% | ||
| Q4 24 | 3.0% | 1.4% | ||
| Q3 24 | 2.9% | 2.0% | ||
| Q2 24 | 2.9% | 1.4% |
现金转化率NDAQTNET
| Q1 26 | — | — | ||
| Q4 25 | 1.21× | — | ||
| Q3 25 | 0.52× | 2.12× | ||
| Q2 25 | 1.65× | 2.03× | ||
| Q1 25 | 1.68× | 1.12× | ||
| Q4 24 | 1.99× | — | ||
| Q3 24 | 0.80× | 1.87× | ||
| Q2 24 | 2.07× | 0.65× |
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
NDAQ
| Market Services | $1.0B | 49% |
| Capital Access Platforms | $565.0M | 26% |
| Financial Technology | $517.0M | 24% |
| Other Revenues | $8.0M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
