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PTC Inc.（PTC）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PTC Inc.的1.8倍（$1.2B vs $685.8M），PTC Inc.同比增速更快（21.4% vs -2.2%），PTC Inc.自由现金流更多（$267.4M vs $43.0M），过去两年PTC Inc.的营收复合增速更高（6.6% vs -0.6%）
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
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。
PTC vs TNET — 直观对比
营收规模更大
TNET
是对方的1.8倍
$685.8M
营收增速更快
PTC
高出23.6%
-2.2%
自由现金流更多
PTC
多$224.4M
$43.0M
两年增速更快
PTC
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $685.8M | $1.2B |
| 净利润 | $166.5M | — |
| 毛利率 | 82.8% | — |
| 营业利润率 | 32.2% | 0.1% |
| 净利率 | 24.3% | — |
| 营收同比 | 21.4% | -2.2% |
| 净利润同比 | 102.5% | — |
| 每股收益（稀释后） | $1.39 | $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PTCTNET
| Q4 25 | $685.8M | $1.2B | ||
| Q3 25 | $893.8M | $1.2B | ||
| Q2 25 | $643.9M | $1.2B | ||
| Q1 25 | $636.4M | $1.3B | ||
| Q4 24 | $565.1M | $1.3B | ||
| Q3 24 | $626.5M | $1.2B | ||
| Q2 24 | $518.6M | $1.2B | ||
| Q1 24 | $603.1M | $1.3B |
净利润PTCTNET
| Q4 25 | $166.5M | — | ||
| Q3 25 | $347.8M | $34.0M | ||
| Q2 25 | $141.3M | $37.0M | ||
| Q1 25 | $162.6M | $85.0M | ||
| Q4 24 | $82.2M | — | ||
| Q3 24 | $126.5M | $45.0M | ||
| Q2 24 | $69.0M | $60.0M | ||
| Q1 24 | $114.4M | $91.0M |
毛利率PTCTNET
| Q4 25 | 82.8% | — | ||
| Q3 25 | 86.9% | — | ||
| Q2 25 | 82.9% | — | ||
| Q1 25 | 83.3% | — | ||
| Q4 24 | 80.2% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 78.4% | — | ||
| Q1 24 | 81.8% | — |
营业利润率PTCTNET
| Q4 25 | 32.2% | 0.1% | ||
| Q3 25 | 48.5% | 4.1% | ||
| Q2 25 | 32.6% | 4.1% | ||
| Q1 25 | 35.1% | 8.9% | ||
| Q4 24 | 20.4% | -2.9% | ||
| Q3 24 | 31.0% | 4.7% | ||
| Q2 24 | 18.5% | 6.5% | ||
| Q1 24 | 29.8% | 9.7% |
净利率PTCTNET
| Q4 25 | 24.3% | — | ||
| Q3 25 | 38.9% | 2.8% | ||
| Q2 25 | 21.9% | 3.0% | ||
| Q1 25 | 25.6% | 6.6% | ||
| Q4 24 | 14.6% | — | ||
| Q3 24 | 20.2% | 3.6% | ||
| Q2 24 | 13.3% | 4.9% | ||
| Q1 24 | 19.0% | 7.2% |
每股收益（稀释后）PTCTNET
| Q4 25 | $1.39 | $0.02 | ||
| Q3 25 | $2.88 | $0.70 | ||
| Q2 25 | $1.17 | $0.77 | ||
| Q1 25 | $1.35 | $1.71 | ||
| Q4 24 | $0.68 | $-0.44 | ||
| Q3 24 | $1.05 | $0.89 | ||
| Q2 24 | $0.57 | $1.20 | ||
| Q1 24 | $0.95 | $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 | $209.7M | $287.0M |
| 总债务越低越好 | $1.2B | — |
| 股东权益账面价值 | $3.8B | $54.0M |
| 总资产 | $6.4B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.31× | — |
8季度趋势，按日历期对齐
现金及短期投资PTCTNET
| Q4 25 | $209.7M | $287.0M | ||
| Q3 25 | $184.4M | $321.0M | ||
| Q2 25 | $199.3M | $407.0M | ||
| Q1 25 | $235.2M | $349.0M | ||
| Q4 24 | $196.3M | $360.0M | ||
| Q3 24 | $265.8M | $301.0M | ||
| Q2 24 | $247.7M | $249.0M | ||
| Q1 24 | $249.0M | $383.0M |
总债务PTCTNET
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.5B | — |
股东权益PTCTNET
| Q4 25 | $3.8B | $54.0M | ||
| Q3 25 | $3.8B | $110.0M | ||
| Q2 25 | $3.5B | $107.0M | ||
| Q1 25 | $3.4B | $63.0M | ||
| Q4 24 | $3.2B | $69.0M | ||
| Q3 24 | $3.2B | $129.0M | ||
| Q2 24 | $3.0B | $100.0M | ||
| Q1 24 | $2.9B | $143.0M |
总资产PTCTNET
| Q4 25 | $6.4B | $3.8B | ||
| Q3 25 | $6.6B | $3.4B | ||
| Q2 25 | $6.2B | $3.7B | ||
| Q1 25 | $6.2B | $3.8B | ||
| Q4 24 | $6.1B | $4.1B | ||
| Q3 24 | $6.4B | $3.7B | ||
| Q2 24 | $6.1B | $3.7B | ||
| Q1 24 | $6.2B | $4.0B |
负债/权益比PTCTNET
| Q4 25 | 0.31× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 0.40× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | 0.43× | — | ||
| Q1 24 | 0.51× | — |
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 | $269.7M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $267.4M | $43.0M |
| 自由现金流率自由现金流/营收 | 39.0% | 3.4% |
| 资本支出强度资本支出/营收 | 0.3% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.62× | — |
| 过去12个月自由现金流最近4个季度 | $888.4M | $234.0M |
8季度趋势，按日历期对齐
经营现金流PTCTNET
| Q4 25 | $269.7M | $61.0M | ||
| Q3 25 | $104.0M | $72.0M | ||
| Q2 25 | $243.9M | $75.0M | ||
| Q1 25 | $281.3M | $95.0M | ||
| Q4 24 | $238.4M | $65.0M | ||
| Q3 24 | $98.1M | $84.0M | ||
| Q2 24 | $213.8M | $39.0M | ||
| Q1 24 | $250.7M | $91.0M |
自由现金流PTCTNET
| Q4 25 | $267.4M | $43.0M | ||
| Q3 25 | $100.5M | $55.0M | ||
| Q2 25 | $242.0M | $57.0M | ||
| Q1 25 | $278.5M | $79.0M | ||
| Q4 24 | $235.7M | $47.0M | ||
| Q3 24 | $93.6M | $59.0M | ||
| Q2 24 | $212.2M | $22.0M | ||
| Q1 24 | $247.1M | $73.0M |
自由现金流率PTCTNET
| Q4 25 | 39.0% | 3.4% | ||
| Q3 25 | 11.2% | 4.5% | ||
| Q2 25 | 37.6% | 4.6% | ||
| Q1 25 | 43.8% | 6.1% | ||
| Q4 24 | 41.7% | 3.7% | ||
| Q3 24 | 14.9% | 4.8% | ||
| Q2 24 | 40.9% | 1.8% | ||
| Q1 24 | 41.0% | 5.8% |
资本支出强度PTCTNET
| Q4 25 | 0.3% | 1.4% | ||
| Q3 25 | 0.4% | 1.4% | ||
| Q2 25 | 0.3% | 1.5% | ||
| Q1 25 | 0.4% | 1.2% | ||
| Q4 24 | 0.5% | 1.4% | ||
| Q3 24 | 0.7% | 2.0% | ||
| Q2 24 | 0.3% | 1.4% | ||
| Q1 24 | 0.6% | 1.4% |
现金转化率PTCTNET
| Q4 25 | 1.62× | — | ||
| Q3 25 | 0.30× | 2.12× | ||
| Q2 25 | 1.73× | 2.03× | ||
| Q1 25 | 1.73× | 1.12× | ||
| Q4 24 | 2.90× | — | ||
| Q3 24 | 0.78× | 1.87× | ||
| Q2 24 | 3.10× | 0.65× | ||
| Q1 24 | 2.19× | 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
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
