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PVH CORP.（PVH）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
PVH CORP.的季度营收约是TRINET GROUP, INC.的1.8倍（$2.3B vs $1.2B），PVH CORP.同比增速更快（1.7% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-85.1M）
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
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。
PVH vs TNET — 直观对比
营收规模更大
PVH
是对方的1.8倍
$1.2B
营收增速更快
PVH
高出3.9%
-2.2%
自由现金流更多
TNET
多$128.1M
$-85.1M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.2B |
| 净利润 | $4.2M | — |
| 毛利率 | 56.3% | — |
| 营业利润率 | 7.9% | 0.1% |
| 净利率 | 0.2% | — |
| 营收同比 | 1.7% | -2.2% |
| 净利润同比 | -96.8% | — |
| 每股收益（稀释后） | $0.09 | $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PVHTNET
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.3B |
净利润PVHTNET
| Q4 25 | $4.2M | — | ||
| Q3 25 | $224.2M | $34.0M | ||
| Q2 25 | $-44.8M | $37.0M | ||
| Q1 25 | — | $85.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $45.0M | ||
| Q2 24 | — | $60.0M | ||
| Q1 24 | — | $91.0M |
毛利率PVHTNET
| Q4 25 | 56.3% | — | ||
| Q3 25 | 57.7% | — | ||
| Q2 25 | 58.6% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率PVHTNET
| Q4 25 | 7.9% | 0.1% | ||
| Q3 25 | 6.1% | 4.1% | ||
| Q2 25 | -16.7% | 4.1% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | -2.9% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | — | 9.7% |
净利率PVHTNET
| Q4 25 | 0.2% | — | ||
| Q3 25 | 10.3% | 2.8% | ||
| Q2 25 | -2.3% | 3.0% | ||
| Q1 25 | — | 6.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | — | 7.2% |
每股收益（稀释后）PVHTNET
| Q4 25 | $0.09 | $0.02 | ||
| Q3 25 | $4.63 | $0.70 | ||
| Q2 25 | $-0.88 | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | — | $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 | $158.2M | $287.0M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $4.9B | $54.0M |
| 总资产 | $11.4B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资PVHTNET
| Q4 25 | $158.2M | $287.0M | ||
| Q3 25 | $248.8M | $321.0M | ||
| Q2 25 | $191.0M | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
总债务PVHTNET
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PVHTNET
| Q4 25 | $4.9B | $54.0M | ||
| Q3 25 | $4.9B | $110.0M | ||
| Q2 25 | $4.6B | $107.0M | ||
| Q1 25 | — | $63.0M | ||
| Q4 24 | — | $69.0M | ||
| Q3 24 | — | $129.0M | ||
| Q2 24 | — | $100.0M | ||
| Q1 24 | — | $143.0M |
总资产PVHTNET
| Q4 25 | $11.4B | $3.8B | ||
| Q3 25 | $11.6B | $3.4B | ||
| Q2 25 | $10.7B | $3.7B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $4.0B |
负债/权益比PVHTNET
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-44.5M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-85.1M | $43.0M |
| 自由现金流率自由现金流/营收 | -3.7% | 3.4% |
| 资本支出强度资本支出/营收 | 1.8% | 1.4% |
| 现金转化率经营现金流/净利润 | -10.60× | — |
| 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PVHTNET
| Q4 25 | $-44.5M | $61.0M | ||
| Q3 25 | $213.1M | $72.0M | ||
| Q2 25 | $-71.4M | $75.0M | ||
| Q1 25 | — | $95.0M | ||
| Q4 24 | — | $65.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | — | $91.0M |
自由现金流PVHTNET
| Q4 25 | $-85.1M | $43.0M | ||
| Q3 25 | $181.9M | $55.0M | ||
| Q2 25 | $-98.1M | $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PVHTNET
| Q4 25 | -3.7% | 3.4% | ||
| Q3 25 | 8.4% | 4.5% | ||
| Q2 25 | -4.9% | 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PVHTNET
| Q4 25 | 1.8% | 1.4% | ||
| Q3 25 | 1.4% | 1.4% | ||
| Q2 25 | 1.3% | 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PVHTNET
| Q4 25 | -10.60× | — | ||
| Q3 25 | 0.95× | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 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
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
