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Pinnacle West Capital（PNW）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Pinnacle West Capital的1.1倍（$1.2B vs $1.1B），Pinnacle West Capital同比增速更快（3.0% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-192.7M），过去两年Pinnacle West Capital的营收复合增速更高（8.9% vs -0.6%）
Pinnacle West Capital是美国公用事业控股企业，旗下拥有亚利桑那州规模最大的公用事业公司亚利桑那公共服务（APS）。公司于纽约证券交易所上市，是标普500指数成分股，运营受亚利桑那州公司委员会监管。
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。
PNW vs TNET — 直观对比
营收规模更大
TNET
是对方的1.1倍
$1.1B
营收增速更快
PNW
高出5.2%
-2.2%
自由现金流更多
TNET
多$235.7M
$-192.7M
两年增速更快
PNW
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $17.6M | — |
| 毛利率 | — | — |
| 营业利润率 | 10.7% | 0.1% |
| 净利率 | 1.6% | — |
| 营收同比 | 3.0% | -2.2% |
| 净利润同比 | 798.0% | — |
| 每股收益（稀释后） | $0.12 | $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PNWTNET
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.0B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.8B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $951.7M | $1.3B |
净利润PNWTNET
| Q4 25 | $17.6M | — | ||
| Q3 25 | $417.5M | $34.0M | ||
| Q2 25 | $196.9M | $37.0M | ||
| Q1 25 | $-338.0K | $85.0M | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $399.3M | $45.0M | ||
| Q2 24 | $208.1M | $60.0M | ||
| Q1 24 | $21.2M | $91.0M |
营业利润率PNWTNET
| Q4 25 | 10.7% | 0.1% | ||
| Q3 25 | 32.0% | 4.1% | ||
| Q2 25 | 22.6% | 4.1% | ||
| Q1 25 | 5.5% | 8.9% | ||
| Q4 24 | 7.7% | -2.9% | ||
| Q3 24 | 30.9% | 4.7% | ||
| Q2 24 | 24.0% | 6.5% | ||
| Q1 24 | 7.0% | 9.7% |
净利率PNWTNET
| Q4 25 | 1.6% | — | ||
| Q3 25 | 22.9% | 2.8% | ||
| Q2 25 | 14.5% | 3.0% | ||
| Q1 25 | -0.0% | 6.6% | ||
| Q4 24 | -0.2% | — | ||
| Q3 24 | 22.6% | 3.6% | ||
| Q2 24 | 15.9% | 4.9% | ||
| Q1 24 | 2.2% | 7.2% |
每股收益（稀释后）PNWTNET
| Q4 25 | $0.12 | $0.02 | ||
| Q3 25 | $3.39 | $0.70 | ||
| Q2 25 | $1.58 | $0.77 | ||
| Q1 25 | $-0.04 | $1.71 | ||
| Q4 24 | $-0.04 | $-0.44 | ||
| Q3 24 | $3.37 | $0.89 | ||
| Q2 24 | $1.76 | $1.20 | ||
| Q1 24 | $0.15 | $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 | $6.6M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.0B | $54.0M |
| 总资产 | $30.0B | $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PNWTNET
| Q4 25 | $6.6M | $287.0M | ||
| Q3 25 | $30.9M | $321.0M | ||
| Q2 25 | $18.8M | $407.0M | ||
| Q1 25 | $10.0M | $349.0M | ||
| Q4 24 | $3.8M | $360.0M | ||
| Q3 24 | $49.2M | $301.0M | ||
| Q2 24 | $4.0M | $249.0M | ||
| Q1 24 | $9.6M | $383.0M |
股东权益PNWTNET
| Q4 25 | $7.0B | $54.0M | ||
| Q3 25 | $7.2B | $110.0M | ||
| Q2 25 | $6.7B | $107.0M | ||
| Q1 25 | $6.7B | $63.0M | ||
| Q4 24 | $6.8B | $69.0M | ||
| Q3 24 | $6.6B | $129.0M | ||
| Q2 24 | $6.2B | $100.0M | ||
| Q1 24 | $6.2B | $143.0M |
总资产PNWTNET
| Q4 25 | $30.0B | $3.8B | ||
| Q3 25 | $29.9B | $3.4B | ||
| Q2 25 | $29.2B | $3.7B | ||
| Q1 25 | $27.2B | $3.8B | ||
| Q4 24 | $26.1B | $4.1B | ||
| Q3 24 | $26.3B | $3.7B | ||
| Q2 24 | $25.7B | $3.7B | ||
| Q1 24 | $24.8B | $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 | $476.8M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-192.7M | $43.0M |
| 自由现金流率自由现金流/营收 | -17.1% | 3.4% |
| 资本支出强度资本支出/营收 | 59.3% | 1.4% |
| 现金转化率经营现金流/净利润 | 27.09× | — |
| 过去12个月自由现金流最近4个季度 | $-819.5M | $234.0M |
8季度趋势，按日历期对齐
经营现金流PNWTNET
| Q4 25 | $476.8M | $61.0M | ||
| Q3 25 | $665.0M | $72.0M | ||
| Q2 25 | $261.4M | $75.0M | ||
| Q1 25 | $401.9M | $95.0M | ||
| Q4 24 | $439.5M | $65.0M | ||
| Q3 24 | $633.2M | $84.0M | ||
| Q2 24 | $189.8M | $39.0M | ||
| Q1 24 | $347.4M | $91.0M |
自由现金流PNWTNET
| Q4 25 | $-192.7M | $43.0M | ||
| Q3 25 | $42.0M | $55.0M | ||
| Q2 25 | $-448.1M | $57.0M | ||
| Q1 25 | $-220.7M | $79.0M | ||
| Q4 24 | $-92.1M | $47.0M | ||
| Q3 24 | $-32.7M | $59.0M | ||
| Q2 24 | $-344.2M | $22.0M | ||
| Q1 24 | $-170.4M | $73.0M |
自由现金流率PNWTNET
| Q4 25 | -17.1% | 3.4% | ||
| Q3 25 | 2.3% | 4.5% | ||
| Q2 25 | -33.0% | 4.6% | ||
| Q1 25 | -21.4% | 6.1% | ||
| Q4 24 | -8.4% | 3.7% | ||
| Q3 24 | -1.8% | 4.8% | ||
| Q2 24 | -26.3% | 1.8% | ||
| Q1 24 | -17.9% | 5.8% |
资本支出强度PNWTNET
| Q4 25 | 59.3% | 1.4% | ||
| Q3 25 | 34.2% | 1.4% | ||
| Q2 25 | 52.2% | 1.5% | ||
| Q1 25 | 60.3% | 1.2% | ||
| Q4 24 | 48.5% | 1.4% | ||
| Q3 24 | 37.6% | 2.0% | ||
| Q2 24 | 40.8% | 1.4% | ||
| Q1 24 | 54.4% | 1.4% |
现金转化率PNWTNET
| Q4 25 | 27.09× | — | ||
| Q3 25 | 1.59× | 2.12× | ||
| Q2 25 | 1.33× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.59× | 1.87× | ||
| Q2 24 | 0.91× | 0.65× | ||
| Q1 24 | 16.41× | 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
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
