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利氏兄弟拍卖行（RBA）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.的季度营收约是利氏兄弟拍卖行的1.0倍（$1.2B vs $1.2B），利氏兄弟拍卖行同比增速更快（5.4% vs -2.2%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $43.0M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% vs -0.6%）
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
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。
RBA vs TNET — 直观对比
营收规模更大
TNET
是对方的1.0倍
$1.2B
营收增速更快
RBA
高出7.6%
-2.2%
自由现金流更多
RBA
多$143.5M
$43.0M
两年增速更快
RBA
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $109.7M | — |
| 毛利率 | — | — |
| 营业利润率 | 14.7% | 0.1% |
| 净利率 | 9.1% | — |
| 营收同比 | 5.4% | -2.2% |
| 净利润同比 | -7.4% | — |
| 每股收益（稀释后） | $0.53 | $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RBATNET
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $981.8M | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.1B | $1.3B |
净利润RBATNET
| Q4 25 | $109.7M | — | ||
| Q3 25 | $95.5M | $34.0M | ||
| Q2 25 | $109.8M | $37.0M | ||
| Q1 25 | $113.4M | $85.0M | ||
| Q4 24 | $118.5M | — | ||
| Q3 24 | $76.1M | $45.0M | ||
| Q2 24 | $111.1M | $60.0M | ||
| Q1 24 | $107.4M | $91.0M |
营业利润率RBATNET
| Q4 25 | 14.7% | 0.1% | ||
| Q3 25 | 14.5% | 4.1% | ||
| Q2 25 | 15.9% | 4.1% | ||
| Q1 25 | 17.1% | 8.9% | ||
| Q4 24 | 18.1% | -2.9% | ||
| Q3 24 | 15.6% | 4.7% | ||
| Q2 24 | 18.4% | 6.5% | ||
| Q1 24 | 18.7% | 9.7% |
净利率RBATNET
| Q4 25 | 9.1% | — | ||
| Q3 25 | 8.7% | 2.8% | ||
| Q2 25 | 9.3% | 3.0% | ||
| Q1 25 | 10.2% | 6.6% | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 7.8% | 3.6% | ||
| Q2 24 | 10.1% | 4.9% | ||
| Q1 24 | 10.1% | 7.2% |
每股收益（稀释后）RBATNET
| Q4 25 | $0.53 | $0.02 | ||
| Q3 25 | $0.43 | $0.70 | ||
| Q2 25 | $0.53 | $0.77 | ||
| Q1 25 | $0.55 | $1.71 | ||
| Q4 24 | $0.58 | $-0.44 | ||
| Q3 24 | $0.36 | $0.89 | ||
| Q2 24 | $0.54 | $1.20 | ||
| Q1 24 | $0.53 | $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 | $531.5M | $287.0M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $5.6B | $54.0M |
| 总资产 | $12.1B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.42× | — |
8季度趋势，按日历期对齐
现金及短期投资RBATNET
| Q4 25 | $531.5M | $287.0M | ||
| Q3 25 | $674.7M | $321.0M | ||
| Q2 25 | $710.2M | $407.0M | ||
| Q1 25 | $578.1M | $349.0M | ||
| Q4 24 | $533.9M | $360.0M | ||
| Q3 24 | $650.7M | $301.0M | ||
| Q2 24 | $599.5M | $249.0M | ||
| Q1 24 | $462.8M | $383.0M |
总债务RBATNET
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.8B | — | ||
| Q1 24 | $2.9B | — |
股东权益RBATNET
| Q4 25 | $5.6B | $54.0M | ||
| Q3 25 | $5.5B | $110.0M | ||
| Q2 25 | $5.5B | $107.0M | ||
| Q1 25 | $5.3B | $63.0M | ||
| Q4 24 | $5.2B | $69.0M | ||
| Q3 24 | $5.2B | $129.0M | ||
| Q2 24 | $5.2B | $100.0M | ||
| Q1 24 | $5.1B | $143.0M |
总资产RBATNET
| Q4 25 | $12.1B | $3.8B | ||
| Q3 25 | $12.2B | $3.4B | ||
| Q2 25 | $12.2B | $3.7B | ||
| Q1 25 | $11.9B | $3.8B | ||
| Q4 24 | $11.8B | $4.1B | ||
| Q3 24 | $11.9B | $3.7B | ||
| Q2 24 | $12.1B | $3.7B | ||
| Q1 24 | $12.0B | $4.0B |
负债/权益比RBATNET
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 0.58× | — |
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 | $255.2M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $186.5M | $43.0M |
| 自由现金流率自由现金流/营收 | 15.5% | 3.4% |
| 资本支出强度资本支出/营收 | 5.7% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.33× | — |
| 过去12个月自由现金流最近4个季度 | $719.2M | $234.0M |
8季度趋势，按日历期对齐
经营现金流RBATNET
| Q4 25 | $255.2M | $61.0M | ||
| Q3 25 | $239.7M | $72.0M | ||
| Q2 25 | $326.5M | $75.0M | ||
| Q1 25 | $156.8M | $95.0M | ||
| Q4 24 | $184.5M | $65.0M | ||
| Q3 24 | $285.4M | $84.0M | ||
| Q2 24 | $337.3M | $39.0M | ||
| Q1 24 | $124.8M | $91.0M |
自由现金流RBATNET
| Q4 25 | $186.5M | $43.0M | ||
| Q3 25 | $188.5M | $55.0M | ||
| Q2 25 | $241.7M | $57.0M | ||
| Q1 25 | $102.5M | $79.0M | ||
| Q4 24 | $127.9M | $47.0M | ||
| Q3 24 | $248.5M | $59.0M | ||
| Q2 24 | $308.6M | $22.0M | ||
| Q1 24 | $79.6M | $73.0M |
自由现金流率RBATNET
| Q4 25 | 15.5% | 3.4% | ||
| Q3 25 | 17.3% | 4.5% | ||
| Q2 25 | 20.4% | 4.6% | ||
| Q1 25 | 9.2% | 6.1% | ||
| Q4 24 | 11.2% | 3.7% | ||
| Q3 24 | 25.3% | 4.8% | ||
| Q2 24 | 28.2% | 1.8% | ||
| Q1 24 | 7.5% | 5.8% |
资本支出强度RBATNET
| Q4 25 | 5.7% | 1.4% | ||
| Q3 25 | 4.7% | 1.4% | ||
| Q2 25 | 7.2% | 1.5% | ||
| Q1 25 | 4.9% | 1.2% | ||
| Q4 24 | 5.0% | 1.4% | ||
| Q3 24 | 3.8% | 2.0% | ||
| Q2 24 | 2.6% | 1.4% | ||
| Q1 24 | 4.2% | 1.4% |
现金转化率RBATNET
| Q4 25 | 2.33× | — | ||
| Q3 25 | 2.51× | 2.12× | ||
| Q2 25 | 2.97× | 2.03× | ||
| Q1 25 | 1.38× | 1.12× | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 3.75× | 1.87× | ||
| Q2 24 | 3.04× | 0.65× | ||
| Q1 24 | 1.16× | 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
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
