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PENN Entertainment, Inc.（PENN）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
PENN Entertainment, Inc.的季度营收约是TRINET GROUP, INC.的1.4倍（$1.8B vs $1.2B），PENN Entertainment, Inc.同比增速更快（6.4% vs -2.2%），过去两年PENN Entertainment, Inc.的营收复合增速更高（3.4% vs -0.6%）
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
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。
PENN vs TNET — 直观对比
营收规模更大
PENN
是对方的1.4倍
$1.2B
营收增速更快
PENN
高出8.6%
-2.2%
两年增速更快
PENN
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-2.8M | — |
| 毛利率 | — | — |
| 营业利润率 | 5.5% | 0.1% |
| 净利率 | -0.2% | — |
| 营收同比 | 6.4% | -2.2% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-0.02 | $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PENNTNET
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.8B | $1.2B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.7B | $1.2B |
净利润PENNTNET
| Q1 26 | $-2.8M | — | ||
| Q4 25 | $-72.9M | — | ||
| Q3 25 | $-864.6M | $34.0M | ||
| Q2 25 | $-17.4M | $37.0M | ||
| Q1 25 | $111.8M | $85.0M | ||
| Q4 24 | $-133.3M | — | ||
| Q3 24 | $-36.7M | $45.0M | ||
| Q2 24 | $-26.8M | $60.0M |
营业利润率PENNTNET
| Q1 26 | 5.5% | — | ||
| Q4 25 | -1.0% | 0.1% | ||
| Q3 25 | -45.2% | 4.1% | ||
| Q2 25 | 4.4% | 4.1% | ||
| Q1 25 | 2.6% | 8.9% | ||
| Q4 24 | -2.9% | -2.9% | ||
| Q3 24 | 4.1% | 4.7% | ||
| Q2 24 | 4.5% | 6.5% |
净利率PENNTNET
| Q1 26 | -0.2% | — | ||
| Q4 25 | -4.0% | — | ||
| Q3 25 | -50.3% | 2.8% | ||
| Q2 25 | -1.0% | 3.0% | ||
| Q1 25 | 6.7% | 6.6% | ||
| Q4 24 | -8.0% | — | ||
| Q3 24 | -2.2% | 3.6% | ||
| Q2 24 | -1.6% | 4.9% |
每股收益（稀释后）PENNTNET
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $-0.36 | $0.02 | ||
| Q3 25 | $-6.03 | $0.70 | ||
| Q2 25 | $-0.12 | $0.77 | ||
| Q1 25 | $0.68 | $1.71 | ||
| Q4 24 | $-0.87 | $-0.44 | ||
| Q3 24 | $-0.24 | $0.89 | ||
| Q2 24 | $-0.18 | $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 | $708.0M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $54.0M |
| 总资产 | — | $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PENNTNET
| Q1 26 | $708.0M | — | ||
| Q4 25 | $686.6M | $287.0M | ||
| Q3 25 | $660.1M | $321.0M | ||
| Q2 25 | $671.6M | $407.0M | ||
| Q1 25 | $591.6M | $349.0M | ||
| Q4 24 | $706.6M | $360.0M | ||
| Q3 24 | $834.0M | $301.0M | ||
| Q2 24 | $877.6M | $249.0M |
总债务PENNTNET
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.8B | — |
股东权益PENNTNET
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $54.0M | ||
| Q3 25 | $2.0B | $110.0M | ||
| Q2 25 | $3.0B | $107.0M | ||
| Q1 25 | $3.0B | $63.0M | ||
| Q4 24 | $2.9B | $69.0M | ||
| Q3 24 | $3.1B | $129.0M | ||
| Q2 24 | $3.1B | $100.0M |
总资产PENNTNET
| Q1 26 | — | — | ||
| Q4 25 | $14.3B | $3.8B | ||
| Q3 25 | $14.3B | $3.4B | ||
| Q2 25 | $15.2B | $3.7B | ||
| Q1 25 | $15.1B | $3.8B | ||
| Q4 24 | $15.3B | $4.1B | ||
| Q3 24 | $15.5B | $3.7B | ||
| Q2 24 | $15.5B | $3.7B |
负债/权益比PENNTNET
| Q1 26 | — | — | ||
| Q4 25 | 1.58× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 0.89× | — | ||
| Q4 24 | 0.98× | — | ||
| Q3 24 | 0.91× | — | ||
| Q2 24 | 0.91× | — |
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 | 5.3% | 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PENNTNET
| Q1 26 | — | — | ||
| Q4 25 | $107.2M | $61.0M | ||
| Q3 25 | $180.9M | $72.0M | ||
| Q2 25 | $178.2M | $75.0M | ||
| Q1 25 | $41.9M | $95.0M | ||
| Q4 24 | $102.9M | $65.0M | ||
| Q3 24 | $174.7M | $84.0M | ||
| Q2 24 | $150.4M | $39.0M |
自由现金流PENNTNET
| Q1 26 | — | — | ||
| Q4 25 | $-83.2M | $43.0M | ||
| Q3 25 | $8.2M | $55.0M | ||
| Q2 25 | $18.8M | $57.0M | ||
| Q1 25 | $-83.3M | $79.0M | ||
| Q4 24 | $-118.1M | $47.0M | ||
| Q3 24 | $42.6M | $59.0M | ||
| Q2 24 | $62.2M | $22.0M |
自由现金流率PENNTNET
| Q1 26 | — | — | ||
| Q4 25 | -4.6% | 3.4% | ||
| Q3 25 | 0.5% | 4.5% | ||
| Q2 25 | 1.1% | 4.6% | ||
| Q1 25 | -5.0% | 6.1% | ||
| Q4 24 | -7.1% | 3.7% | ||
| Q3 24 | 2.6% | 4.8% | ||
| Q2 24 | 3.7% | 1.8% |
资本支出强度PENNTNET
| Q1 26 | 5.3% | — | ||
| Q4 25 | 10.5% | 1.4% | ||
| Q3 25 | 10.1% | 1.4% | ||
| Q2 25 | 9.0% | 1.5% | ||
| Q1 25 | 7.5% | 1.2% | ||
| Q4 24 | 13.2% | 1.4% | ||
| Q3 24 | 8.1% | 2.0% | ||
| Q2 24 | 5.3% | 1.4% |
现金转化率PENNTNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | 0.37× | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 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
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $358.3M | 20% |
| Midwest segment (4) | $305.9M | 17% |
| South segment (2) | $281.3M | 16% |
| West segment (3) | $145.8M | 8% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
