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巴诺书店（NE）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.的季度营收约是巴诺书店的1.6倍（$1.2B vs $764.4M），TRINET GROUP, INC.同比增速更快（-2.2% vs -17.6%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $35.4M），过去两年巴诺书店的营收复合增速更高（9.5% vs -0.6%）
巴诺书店是美国知名连锁图书零售企业，拥有全美数量最多的实体零售网点，目前在美国境内共运营超过700家线下门店，为消费者提供各类书籍、文创产品及相关文化消费服务。
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。
NE vs TNET — 直观对比
营收规模更大
TNET
是对方的1.6倍
$764.4M
营收增速更快
TNET
高出15.4%
-17.6%
自由现金流更多
TNET
多$7.6M
$35.4M
两年增速更快
NE
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $764.4M | $1.2B |
| 净利润 | $86.6M | — |
| 毛利率 | — | — |
| 营业利润率 | 5.6% | 0.1% |
| 净利率 | 11.3% | — |
| 营收同比 | -17.6% | -2.2% |
| 净利润同比 | -10.4% | — |
| 每股收益（稀释后） | $0.54 | $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NETNET
| Q4 25 | $764.4M | $1.2B | ||
| Q3 25 | $798.0M | $1.2B | ||
| Q2 25 | $848.7M | $1.2B | ||
| Q1 25 | $874.5M | $1.3B | ||
| Q4 24 | $927.3M | $1.3B | ||
| Q3 24 | $800.5M | $1.2B | ||
| Q2 24 | $692.8M | $1.2B | ||
| Q1 24 | $637.1M | $1.3B |
净利润NETNET
| Q4 25 | $86.6M | — | ||
| Q3 25 | $-21.1M | $34.0M | ||
| Q2 25 | $42.9M | $37.0M | ||
| Q1 25 | $108.3M | $85.0M | ||
| Q4 24 | $96.6M | — | ||
| Q3 24 | $61.2M | $45.0M | ||
| Q2 24 | $195.0M | $60.0M | ||
| Q1 24 | $95.5M | $91.0M |
营业利润率NETNET
| Q4 25 | 5.6% | 0.1% | ||
| Q3 25 | 6.3% | 4.1% | ||
| Q2 25 | 15.9% | 4.1% | ||
| Q1 25 | 21.4% | 8.9% | ||
| Q4 24 | 18.4% | -2.9% | ||
| Q3 24 | 14.4% | 4.7% | ||
| Q2 24 | 30.3% | 6.5% | ||
| Q1 24 | 16.9% | 9.7% |
净利率NETNET
| Q4 25 | 11.3% | — | ||
| Q3 25 | -2.6% | 2.8% | ||
| Q2 25 | 5.1% | 3.0% | ||
| Q1 25 | 12.4% | 6.6% | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 7.6% | 3.6% | ||
| Q2 24 | 28.1% | 4.9% | ||
| Q1 24 | 15.0% | 7.2% |
每股收益（稀释后）NETNET
| Q4 25 | $0.54 | $0.02 | ||
| Q3 25 | $-0.13 | $0.70 | ||
| Q2 25 | $0.27 | $0.77 | ||
| Q1 25 | $0.67 | $1.71 | ||
| Q4 24 | $0.56 | $-0.44 | ||
| Q3 24 | $0.40 | $0.89 | ||
| Q2 24 | $1.34 | $1.20 | ||
| Q1 24 | $0.66 | $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 | $471.4M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.5B | $54.0M |
| 总资产 | $7.5B | $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NETNET
| Q4 25 | $471.4M | $287.0M | ||
| Q3 25 | $477.9M | $321.0M | ||
| Q2 25 | $338.2M | $407.0M | ||
| Q1 25 | $303.8M | $349.0M | ||
| Q4 24 | $247.3M | $360.0M | ||
| Q3 24 | $391.9M | $301.0M | ||
| Q2 24 | $162.9M | $249.0M | ||
| Q1 24 | $212.5M | $383.0M |
股东权益NETNET
| Q4 25 | $4.5B | $54.0M | ||
| Q3 25 | $4.5B | $110.0M | ||
| Q2 25 | $4.6B | $107.0M | ||
| Q1 25 | $4.7B | $63.0M | ||
| Q4 24 | $4.7B | $69.0M | ||
| Q3 24 | $4.7B | $129.0M | ||
| Q2 24 | $4.0B | $100.0M | ||
| Q1 24 | $3.9B | $143.0M |
总资产NETNET
| Q4 25 | $7.5B | $3.8B | ||
| Q3 25 | $7.6B | $3.4B | ||
| Q2 25 | $7.7B | $3.7B | ||
| Q1 25 | $7.9B | $3.8B | ||
| Q4 24 | $8.0B | $4.1B | ||
| Q3 24 | $8.0B | $3.7B | ||
| Q2 24 | $5.6B | $3.7B | ||
| Q1 24 | $5.4B | $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 | $187.1M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $35.4M | $43.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 3.4% |
| 资本支出强度资本支出/营收 | 19.9% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.16× | — |
| 过去12个月自由现金流最近4个季度 | $432.2M | $234.0M |
8季度趋势，按日历期对齐
经营现金流NETNET
| Q4 25 | $187.1M | $61.0M | ||
| Q3 25 | $277.1M | $72.0M | ||
| Q2 25 | $216.4M | $75.0M | ||
| Q1 25 | $271.1M | $95.0M | ||
| Q4 24 | $136.2M | $65.0M | ||
| Q3 24 | $283.8M | $84.0M | ||
| Q2 24 | $106.8M | $39.0M | ||
| Q1 24 | $128.7M | $91.0M |
自由现金流NETNET
| Q4 25 | $35.4M | $43.0M | ||
| Q3 25 | $139.5M | $55.0M | ||
| Q2 25 | $99.8M | $57.0M | ||
| Q1 25 | $157.5M | $79.0M | ||
| Q4 24 | $-4.4M | $47.0M | ||
| Q3 24 | $156.8M | $59.0M | ||
| Q2 24 | $-34.3M | $22.0M | ||
| Q1 24 | $-37.9M | $73.0M |
自由现金流率NETNET
| Q4 25 | 4.6% | 3.4% | ||
| Q3 25 | 17.5% | 4.5% | ||
| Q2 25 | 11.8% | 4.6% | ||
| Q1 25 | 18.0% | 6.1% | ||
| Q4 24 | -0.5% | 3.7% | ||
| Q3 24 | 19.6% | 4.8% | ||
| Q2 24 | -4.9% | 1.8% | ||
| Q1 24 | -6.0% | 5.8% |
资本支出强度NETNET
| Q4 25 | 19.9% | 1.4% | ||
| Q3 25 | 17.3% | 1.4% | ||
| Q2 25 | 13.7% | 1.5% | ||
| Q1 25 | 13.0% | 1.2% | ||
| Q4 24 | 15.2% | 1.4% | ||
| Q3 24 | 15.9% | 2.0% | ||
| Q2 24 | 20.4% | 1.4% | ||
| Q1 24 | 26.2% | 1.4% |
现金转化率NETNET
| Q4 25 | 2.16× | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | 5.05× | 2.03× | ||
| Q1 25 | 2.50× | 1.12× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 4.64× | 1.87× | ||
| Q2 24 | 0.55× | 0.65× | ||
| Q1 24 | 1.35× | 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
NE
| Floaters | $559.8M | 73% |
| Jackups | $145.5M | 19% |
| Service Other | $59.1M | 8% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
