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NiSource（NI）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
NiSource的季度营收约是TRINET GROUP, INC.的1.5倍（$1.9B vs $1.2B），NiSource同比增速更快（22.5% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-133.7M），过去两年NiSource的营收复合增速更高（7.2% vs -0.6%）
NiSource是美国规模最大的受全面监管公用事业企业之一，总部位于印第安纳州梅里尔维尔，员工规模超8000人。公司旗下拥有Columbia Gas、NIPSCO两大本土品牌，业务覆盖美国六个州，为约350万天然气用户、50万电力用户提供服务，2018年时是印第安纳州唯一的本土公用事业企业。
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。
NI vs TNET — 直观对比
营收规模更大
NI
是对方的1.5倍
$1.2B
营收增速更快
NI
高出24.7%
-2.2%
自由现金流更多
TNET
多$176.7M
$-133.7M
两年增速更快
NI
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $257.8M | — |
| 毛利率 | — | — |
| 营业利润率 | 27.3% | 0.1% |
| 净利率 | 13.7% | — |
| 营收同比 | 22.5% | -2.2% |
| 净利润同比 | 15.1% | — |
| 每股收益（稀释后） | $0.53 | $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NITNET
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $1.0B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.6B | $1.3B |
净利润NITNET
| Q4 25 | $257.8M | — | ||
| Q3 25 | $94.7M | $34.0M | ||
| Q2 25 | $102.2M | $37.0M | ||
| Q1 25 | $474.8M | $85.0M | ||
| Q4 24 | $223.9M | — | ||
| Q3 24 | $85.7M | $45.0M | ||
| Q2 24 | $85.8M | $60.0M | ||
| Q1 24 | $365.0M | $91.0M |
营业利润率NITNET
| Q4 25 | 27.3% | 0.1% | ||
| Q3 25 | 24.0% | 4.1% | ||
| Q2 25 | 21.1% | 4.1% | ||
| Q1 25 | 35.3% | 8.9% | ||
| Q4 24 | 27.1% | -2.9% | ||
| Q3 24 | 20.9% | 4.7% | ||
| Q2 24 | 22.5% | 6.5% | ||
| Q1 24 | 35.5% | 9.7% |
净利率NITNET
| Q4 25 | 13.7% | — | ||
| Q3 25 | 7.6% | 2.8% | ||
| Q2 25 | 8.2% | 3.0% | ||
| Q1 25 | 22.1% | 6.6% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 8.2% | 3.6% | ||
| Q2 24 | 8.1% | 4.9% | ||
| Q1 24 | 22.2% | 7.2% |
每股收益（稀释后）NITNET
| Q4 25 | $0.53 | $0.02 | ||
| Q3 25 | $0.20 | $0.70 | ||
| Q2 25 | $0.22 | $0.77 | ||
| Q1 25 | $1.00 | $1.71 | ||
| Q4 24 | $0.47 | $-0.44 | ||
| Q3 24 | $0.19 | $0.89 | ||
| Q2 24 | $0.19 | $1.20 | ||
| Q1 24 | $0.77 | $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 | $110.1M | $287.0M |
| 总债务越低越好 | $15.5B | — |
| 股东权益账面价值 | $9.5B | $54.0M |
| 总资产 | $35.9B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.64× | — |
8季度趋势，按日历期对齐
现金及短期投资NITNET
| Q4 25 | $110.1M | $287.0M | ||
| Q3 25 | $95.0M | $321.0M | ||
| Q2 25 | $335.4M | $407.0M | ||
| Q1 25 | $259.4M | $349.0M | ||
| Q4 24 | $156.6M | $360.0M | ||
| Q3 24 | $126.2M | $301.0M | ||
| Q2 24 | $101.2M | $249.0M | ||
| Q1 24 | $102.2M | $383.0M |
总债务NITNET
| Q4 25 | $15.5B | — | ||
| Q3 25 | $14.5B | — | ||
| Q2 25 | $14.5B | — | ||
| Q1 25 | $12.8B | — | ||
| Q4 24 | $12.1B | — | ||
| Q3 24 | $12.1B | — | ||
| Q2 24 | $12.8B | — | ||
| Q1 24 | $11.7B | — |
股东权益NITNET
| Q4 25 | $9.5B | $54.0M | ||
| Q3 25 | $9.1B | $110.0M | ||
| Q2 25 | $8.9B | $107.0M | ||
| Q1 25 | $8.9B | $63.0M | ||
| Q4 24 | $8.7B | $69.0M | ||
| Q3 24 | $8.3B | $129.0M | ||
| Q2 24 | $7.9B | $100.0M | ||
| Q1 24 | $7.9B | $143.0M |
总资产NITNET
| Q4 25 | $35.9B | $3.8B | ||
| Q3 25 | $34.4B | $3.4B | ||
| Q2 25 | $34.0B | $3.7B | ||
| Q1 25 | $33.1B | $3.8B | ||
| Q4 24 | $31.8B | $4.1B | ||
| Q3 24 | $30.8B | $3.7B | ||
| Q2 24 | $29.9B | $3.7B | ||
| Q1 24 | $29.3B | $4.0B |
负债/权益比NITNET
| Q4 25 | 1.64× | — | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.63× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.39× | — | ||
| Q3 24 | 1.45× | — | ||
| Q2 24 | 1.63× | — | ||
| Q1 24 | 1.48× | — |
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 | $712.6M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | $43.0M |
| 自由现金流率自由现金流/营收 | -7.1% | 3.4% |
| 资本支出强度资本支出/营收 | 44.9% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.76× | — |
| 过去12个月自由现金流最近4个季度 | $-420.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流NITNET
| Q4 25 | $712.6M | $61.0M | ||
| Q3 25 | $467.9M | $72.0M | ||
| Q2 25 | $495.4M | $75.0M | ||
| Q1 25 | $686.4M | $95.0M | ||
| Q4 24 | $539.8M | $65.0M | ||
| Q3 24 | $340.0M | $84.0M | ||
| Q2 24 | $445.5M | $39.0M | ||
| Q1 24 | $456.2M | $91.0M |
自由现金流NITNET
| Q4 25 | $-133.7M | $43.0M | ||
| Q3 25 | $-172.6M | $55.0M | ||
| Q2 25 | $-162.8M | $57.0M | ||
| Q1 25 | $49.1M | $79.0M | ||
| Q4 24 | $-220.2M | $47.0M | ||
| Q3 24 | $-294.7M | $59.0M | ||
| Q2 24 | $-184.3M | $22.0M | ||
| Q1 24 | $-133.3M | $73.0M |
自由现金流率NITNET
| Q4 25 | -7.1% | 3.4% | ||
| Q3 25 | -13.9% | 4.5% | ||
| Q2 25 | -13.1% | 4.6% | ||
| Q1 25 | 2.3% | 6.1% | ||
| Q4 24 | -14.3% | 3.7% | ||
| Q3 24 | -28.2% | 4.8% | ||
| Q2 24 | -17.5% | 1.8% | ||
| Q1 24 | -8.1% | 5.8% |
资本支出强度NITNET
| Q4 25 | 44.9% | 1.4% | ||
| Q3 25 | 51.6% | 1.4% | ||
| Q2 25 | 52.8% | 1.5% | ||
| Q1 25 | 29.6% | 1.2% | ||
| Q4 24 | 49.4% | 1.4% | ||
| Q3 24 | 60.7% | 2.0% | ||
| Q2 24 | 59.7% | 1.4% | ||
| Q1 24 | 35.9% | 1.4% |
现金转化率NITNET
| Q4 25 | 2.76× | — | ||
| Q3 25 | 4.94× | 2.12× | ||
| Q2 25 | 4.85× | 2.03× | ||
| Q1 25 | 1.45× | 1.12× | ||
| Q4 24 | 2.41× | — | ||
| Q3 24 | 3.97× | 1.87× | ||
| Q2 24 | 5.19× | 0.65× | ||
| Q1 24 | 1.25× | 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
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
