vs
PIPER SANDLER COMPANIES（PIPR）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PIPER SANDLER COMPANIES的1.9倍（$1.2B vs $667.0M），PIPER SANDLER COMPANIES同比增速更快（37.4% vs -2.2%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs -0.6%）
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
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。
PIPR vs TNET — 直观对比
营收规模更大
TNET
是对方的1.9倍
$667.0M
营收增速更快
PIPR
高出39.6%
-2.2%
两年增速更快
PIPR
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $1.2B |
| 净利润 | $114.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 28.3% | 0.1% |
| 净利率 | 17.1% | — |
| 营收同比 | 37.4% | -2.2% |
| 净利润同比 | 65.0% | — |
| 每股收益（稀释后） | $6.41 | $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PIPRTNET
| Q4 25 | $667.0M | $1.2B | ||
| Q3 25 | $480.1M | $1.2B | ||
| Q2 25 | $398.6M | $1.2B | ||
| Q1 25 | $358.6M | $1.3B | ||
| Q4 24 | $485.4M | $1.3B | ||
| Q3 24 | $360.9M | $1.2B | ||
| Q2 24 | $340.8M | $1.2B | ||
| Q1 24 | $344.4M | $1.3B |
净利润PIPRTNET
| Q4 25 | $114.0M | — | ||
| Q3 25 | $60.3M | $34.0M | ||
| Q2 25 | $42.2M | $37.0M | ||
| Q1 25 | $64.9M | $85.0M | ||
| Q4 24 | $69.1M | — | ||
| Q3 24 | $34.8M | $45.0M | ||
| Q2 24 | $34.8M | $60.0M | ||
| Q1 24 | $42.5M | $91.0M |
营业利润率PIPRTNET
| Q4 25 | 28.3% | 0.1% | ||
| Q3 25 | 22.4% | 4.1% | ||
| Q2 25 | 12.3% | 4.1% | ||
| Q1 25 | 8.2% | 8.9% | ||
| Q4 24 | 16.9% | -2.9% | ||
| Q3 24 | 15.4% | 4.7% | ||
| Q2 24 | 8.3% | 6.5% | ||
| Q1 24 | 15.2% | 9.7% |
净利率PIPRTNET
| Q4 25 | 17.1% | — | ||
| Q3 25 | 12.6% | 2.8% | ||
| Q2 25 | 10.6% | 3.0% | ||
| Q1 25 | 18.1% | 6.6% | ||
| Q4 24 | 14.2% | — | ||
| Q3 24 | 9.6% | 3.6% | ||
| Q2 24 | 10.2% | 4.9% | ||
| Q1 24 | 12.3% | 7.2% |
每股收益（稀释后）PIPRTNET
| Q4 25 | $6.41 | $0.02 | ||
| Q3 25 | $3.38 | $0.70 | ||
| Q2 25 | $2.38 | $0.77 | ||
| Q1 25 | $3.65 | $1.71 | ||
| Q4 24 | $3.88 | $-0.44 | ||
| Q3 24 | $1.96 | $0.89 | ||
| Q2 24 | $1.97 | $1.20 | ||
| Q1 24 | $2.43 | $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 | — | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $54.0M |
| 总资产 | $2.6B | $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PIPRTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
股东权益PIPRTNET
| Q4 25 | $1.4B | $54.0M | ||
| Q3 25 | $1.3B | $110.0M | ||
| Q2 25 | $1.2B | $107.0M | ||
| Q1 25 | $1.2B | $63.0M | ||
| Q4 24 | $1.2B | $69.0M | ||
| Q3 24 | $1.2B | $129.0M | ||
| Q2 24 | $1.1B | $100.0M | ||
| Q1 24 | $1.1B | $143.0M |
总资产PIPRTNET
| Q4 25 | $2.6B | $3.8B | ||
| Q3 25 | $2.2B | $3.4B | ||
| Q2 25 | $2.0B | $3.7B | ||
| Q1 25 | $1.8B | $3.8B | ||
| Q4 24 | $2.3B | $4.1B | ||
| Q3 24 | $2.0B | $3.7B | ||
| Q2 24 | $1.9B | $3.7B | ||
| Q1 24 | $1.8B | $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 | $729.8M | $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 | 6.40× | — |
| 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PIPRTNET
| Q4 25 | $729.8M | $61.0M | ||
| Q3 25 | $31.9M | $72.0M | ||
| Q2 25 | $32.1M | $75.0M | ||
| Q1 25 | $-207.2M | $95.0M | ||
| Q4 24 | $163.8M | $65.0M | ||
| Q3 24 | $80.1M | $84.0M | ||
| Q2 24 | $266.5M | $39.0M | ||
| Q1 24 | $-197.2M | $91.0M |
自由现金流PIPRTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率PIPRTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度PIPRTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率PIPRTNET
| Q4 25 | 6.40× | — | ||
| Q3 25 | 0.53× | 2.12× | ||
| Q2 25 | 0.76× | 2.03× | ||
| Q1 25 | -3.19× | 1.12× | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 2.30× | 1.87× | ||
| Q2 24 | 7.66× | 0.65× | ||
| Q1 24 | -4.64× | 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
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
