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BLUE OWL CAPITAL INC.（OWL）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BLUE OWL CAPITAL INC.的1.7倍（$1.2B vs $755.6M），BLUE OWL CAPITAL INC.同比增速更快（19.7% vs -2.2%），BLUE OWL CAPITAL INC.自由现金流更多（$359.1M vs $43.0M），过去两年BLUE OWL CAPITAL INC.的营收复合增速更高（21.3% vs -0.6%）
Blue Owl Capital Inc.是美国另类投资资产管理机构，于纽约证券交易所挂牌上市，股票代码为OWL，总部设在纽约市，在伦敦、迪拜、中国香港等全球多地设有办事处，专注为各类客户提供专业的另类资产管理解决方案。
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。
OWL vs TNET — 直观对比
营收规模更大
TNET
是对方的1.7倍
$755.6M
营收增速更快
OWL
高出21.9%
-2.2%
自由现金流更多
OWL
多$316.1M
$43.0M
两年增速更快
OWL
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $755.6M | $1.2B |
| 净利润 | $47.7M | — |
| 毛利率 | — | — |
| 营业利润率 | 22.2% | 0.1% |
| 净利率 | 6.3% | — |
| 营收同比 | 19.7% | -2.2% |
| 净利润同比 | 129.8% | — |
| 每股收益（稀释后） | $0.07 | $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OWLTNET
| Q4 25 | $755.6M | $1.2B | ||
| Q3 25 | $728.0M | $1.2B | ||
| Q2 25 | $703.1M | $1.2B | ||
| Q1 25 | $683.5M | $1.3B | ||
| Q4 24 | $631.4M | $1.3B | ||
| Q3 24 | $600.9M | $1.2B | ||
| Q2 24 | $549.8M | $1.2B | ||
| Q1 24 | $513.3M | $1.3B |
净利润OWLTNET
| Q4 25 | $47.7M | — | ||
| Q3 25 | $6.3M | $34.0M | ||
| Q2 25 | $17.4M | $37.0M | ||
| Q1 25 | $7.4M | $85.0M | ||
| Q4 24 | $20.7M | — | ||
| Q3 24 | $29.8M | $45.0M | ||
| Q2 24 | $33.9M | $60.0M | ||
| Q1 24 | $25.1M | $91.0M |
营业利润率OWLTNET
| Q4 25 | 22.2% | 0.1% | ||
| Q3 25 | 7.6% | 4.1% | ||
| Q2 25 | 12.0% | 4.1% | ||
| Q1 25 | 5.9% | 8.9% | ||
| Q4 24 | 11.7% | -2.9% | ||
| Q3 24 | 18.7% | 4.7% | ||
| Q2 24 | 28.4% | 6.5% | ||
| Q1 24 | 24.7% | 9.7% |
净利率OWLTNET
| Q4 25 | 6.3% | — | ||
| Q3 25 | 0.9% | 2.8% | ||
| Q2 25 | 2.5% | 3.0% | ||
| Q1 25 | 1.1% | 6.6% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | 5.0% | 3.6% | ||
| Q2 24 | 6.2% | 4.9% | ||
| Q1 24 | 4.9% | 7.2% |
每股收益（稀释后）OWLTNET
| Q4 25 | $0.07 | $0.02 | ||
| Q3 25 | $0.01 | $0.70 | ||
| Q2 25 | $0.02 | $0.77 | ||
| Q1 25 | $0.00 | $1.71 | ||
| Q4 24 | $0.06 | $-0.44 | ||
| Q3 24 | $0.04 | $0.89 | ||
| Q2 24 | $0.06 | $1.20 | ||
| Q1 24 | $0.04 | $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 | $194.5M | $287.0M |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $2.2B | $54.0M |
| 总资产 | $12.5B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.51× | — |
8季度趋势，按日历期对齐
现金及短期投资OWLTNET
| Q4 25 | $194.5M | $287.0M | ||
| Q3 25 | $137.3M | $321.0M | ||
| Q2 25 | $117.6M | $407.0M | ||
| Q1 25 | $97.6M | $349.0M | ||
| Q4 24 | $152.1M | $360.0M | ||
| Q3 24 | $115.9M | $301.0M | ||
| Q2 24 | $436.8M | $249.0M | ||
| Q1 24 | $155.8M | $383.0M |
总债务OWLTNET
| Q4 25 | $3.3B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.1B | — |
股东权益OWLTNET
| Q4 25 | $2.2B | $54.0M | ||
| Q3 25 | $2.3B | $110.0M | ||
| Q2 25 | $2.4B | $107.0M | ||
| Q1 25 | $2.3B | $63.0M | ||
| Q4 24 | $2.1B | $69.0M | ||
| Q3 24 | $2.0B | $129.0M | ||
| Q2 24 | $1.7B | $100.0M | ||
| Q1 24 | $1.6B | $143.0M |
总资产OWLTNET
| Q4 25 | $12.5B | $3.8B | ||
| Q3 25 | $12.5B | $3.4B | ||
| Q2 25 | $12.3B | $3.7B | ||
| Q1 25 | $12.3B | $3.8B | ||
| Q4 24 | $11.0B | $4.1B | ||
| Q3 24 | $10.8B | $3.7B | ||
| Q2 24 | $9.7B | $3.7B | ||
| Q1 24 | $9.0B | $4.0B |
负债/权益比OWLTNET
| Q4 25 | 1.51× | — | ||
| Q3 25 | 1.41× | — | ||
| Q2 25 | 1.38× | — | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | 1.22× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.41× | — | ||
| Q1 24 | 1.26× | — |
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 | $382.9M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $359.1M | $43.0M |
| 自由现金流率自由现金流/营收 | 47.5% | 3.4% |
| 资本支出强度资本支出/营收 | 3.1% | 1.4% |
| 现金转化率经营现金流/净利润 | 8.03× | — |
| 过去12个月自由现金流最近4个季度 | $1.2B | $234.0M |
8季度趋势，按日历期对齐
经营现金流OWLTNET
| Q4 25 | $382.9M | $61.0M | ||
| Q3 25 | $433.1M | $72.0M | ||
| Q2 25 | $422.5M | $75.0M | ||
| Q1 25 | $17.6M | $95.0M | ||
| Q4 24 | $324.0M | $65.0M | ||
| Q3 24 | $326.0M | $84.0M | ||
| Q2 24 | $302.3M | $39.0M | ||
| Q1 24 | $47.2M | $91.0M |
自由现金流OWLTNET
| Q4 25 | $359.1M | $43.0M | ||
| Q3 25 | $422.5M | $55.0M | ||
| Q2 25 | $412.5M | $57.0M | ||
| Q1 25 | $4.2M | $79.0M | ||
| Q4 24 | $310.1M | $47.0M | ||
| Q3 24 | $314.8M | $59.0M | ||
| Q2 24 | $269.4M | $22.0M | ||
| Q1 24 | $41.1M | $73.0M |
自由现金流率OWLTNET
| Q4 25 | 47.5% | 3.4% | ||
| Q3 25 | 58.0% | 4.5% | ||
| Q2 25 | 58.7% | 4.6% | ||
| Q1 25 | 0.6% | 6.1% | ||
| Q4 24 | 49.1% | 3.7% | ||
| Q3 24 | 52.4% | 4.8% | ||
| Q2 24 | 49.0% | 1.8% | ||
| Q1 24 | 8.0% | 5.8% |
资本支出强度OWLTNET
| Q4 25 | 3.1% | 1.4% | ||
| Q3 25 | 1.5% | 1.4% | ||
| Q2 25 | 1.4% | 1.5% | ||
| Q1 25 | 2.0% | 1.2% | ||
| Q4 24 | 2.2% | 1.4% | ||
| Q3 24 | 1.9% | 2.0% | ||
| Q2 24 | 6.0% | 1.4% | ||
| Q1 24 | 1.2% | 1.4% |
现金转化率OWLTNET
| Q4 25 | 8.03× | — | ||
| Q3 25 | 68.64× | 2.12× | ||
| Q2 25 | 24.25× | 2.03× | ||
| Q1 25 | 2.37× | 1.12× | ||
| Q4 24 | 15.62× | — | ||
| Q3 24 | 10.94× | 1.87× | ||
| Q2 24 | 8.91× | 0.65× | ||
| Q1 24 | 1.88× | 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
OWL
| Credit Platform | $455.0M | 60% |
| GP Strategic Capital Platform | $157.0M | 21% |
| Administrative Service | $87.6M | 12% |
| IPI Partners LLC | $33.8M | 4% |
| Other | $22.2M | 3% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
