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RH（RH）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RH的1.4倍（$1.2B vs $883.8M），RH同比增速更快（8.9% vs -2.2%），RH自由现金流更多（$83.0M vs $43.0M），过去两年RH的营收复合增速更高（9.4% vs -0.6%）
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
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。
RH vs TNET — 直观对比
营收规模更大
TNET
是对方的1.4倍
$883.8M
营收增速更快
RH
高出11.1%
-2.2%
自由现金流更多
RH
多$40.0M
$43.0M
两年增速更快
RH
近两年复合增速
-0.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $883.8M | $1.2B |
| 净利润 | $36.3M | — |
| 毛利率 | 44.1% | — |
| 营业利润率 | 12.0% | 0.1% |
| 净利率 | 4.1% | — |
| 营收同比 | 8.9% | -2.2% |
| 净利润同比 | 9.3% | — |
| 每股收益（稀释后） | $1.83 | $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RHTNET
| Q4 25 | $883.8M | $1.2B | ||
| Q3 25 | $899.2M | $1.2B | ||
| Q2 25 | $814.0M | $1.2B | ||
| Q1 25 | $812.4M | $1.3B | ||
| Q4 24 | $811.7M | $1.3B | ||
| Q3 24 | $829.7M | $1.2B | ||
| Q2 24 | $727.0M | $1.2B | ||
| Q1 24 | $738.3M | $1.3B |
净利润RHTNET
| Q4 25 | $36.3M | — | ||
| Q3 25 | $51.7M | $34.0M | ||
| Q2 25 | $8.0M | $37.0M | ||
| Q1 25 | $13.9M | $85.0M | ||
| Q4 24 | $33.2M | — | ||
| Q3 24 | $29.0M | $45.0M | ||
| Q2 24 | $-3.6M | $60.0M | ||
| Q1 24 | $11.4M | $91.0M |
毛利率RHTNET
| Q4 25 | 44.1% | — | ||
| Q3 25 | 45.5% | — | ||
| Q2 25 | 43.7% | — | ||
| Q1 25 | 44.7% | — | ||
| Q4 24 | 44.5% | — | ||
| Q3 24 | 45.2% | — | ||
| Q2 24 | 43.5% | — | ||
| Q1 24 | 43.5% | — |
营业利润率RHTNET
| Q4 25 | 12.0% | 0.1% | ||
| Q3 25 | 14.3% | 4.1% | ||
| Q2 25 | 6.9% | 4.1% | ||
| Q1 25 | 8.7% | 8.9% | ||
| Q4 24 | 12.5% | -2.9% | ||
| Q3 24 | 11.6% | 4.7% | ||
| Q2 24 | 7.5% | 6.5% | ||
| Q1 24 | 8.7% | 9.7% |
净利率RHTNET
| Q4 25 | 4.1% | — | ||
| Q3 25 | 5.8% | 2.8% | ||
| Q2 25 | 1.0% | 3.0% | ||
| Q1 25 | 1.7% | 6.6% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 3.5% | 3.6% | ||
| Q2 24 | -0.5% | 4.9% | ||
| Q1 24 | 1.5% | 7.2% |
每股收益（稀释后）RHTNET
| Q4 25 | $1.83 | $0.02 | ||
| Q3 25 | $2.62 | $0.70 | ||
| Q2 25 | $0.40 | $0.77 | ||
| Q1 25 | $0.71 | $1.71 | ||
| Q4 24 | $1.66 | $-0.44 | ||
| Q3 24 | $1.45 | $0.89 | ||
| Q2 24 | $-0.20 | $1.20 | ||
| Q1 24 | $0.91 | $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 | $43.1M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3M | $54.0M |
| 总资产 | $4.8B | $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RHTNET
| Q4 25 | $43.1M | $287.0M | ||
| Q3 25 | $34.6M | $321.0M | ||
| Q2 25 | $46.1M | $407.0M | ||
| Q1 25 | $30.4M | $349.0M | ||
| Q4 24 | $87.0M | $360.0M | ||
| Q3 24 | $78.3M | $301.0M | ||
| Q2 24 | $101.8M | $249.0M | ||
| Q1 24 | $123.7M | $383.0M |
股东权益RHTNET
| Q4 25 | $3.3M | $54.0M | ||
| Q3 25 | $-40.9M | $110.0M | ||
| Q2 25 | $-110.8M | $107.0M | ||
| Q1 25 | $-163.6M | $63.0M | ||
| Q4 24 | $-183.0M | $69.0M | ||
| Q3 24 | $-234.7M | $129.0M | ||
| Q2 24 | $-289.9M | $100.0M | ||
| Q1 24 | $-297.4M | $143.0M |
总资产RHTNET
| Q4 25 | $4.8B | $3.8B | ||
| Q3 25 | $4.7B | $3.4B | ||
| Q2 25 | $4.7B | $3.7B | ||
| Q1 25 | $4.6B | $3.8B | ||
| Q4 24 | $4.5B | $4.1B | ||
| Q3 24 | $4.4B | $3.7B | ||
| Q2 24 | $4.2B | $3.7B | ||
| Q1 24 | $4.1B | $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 | $131.9M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 9.4% | 3.4% |
| 资本支出强度资本支出/营收 | 5.5% | 1.4% |
| 现金转化率经营现金流/净利润 | 3.64× | — |
| 过去12个月自由现金流最近4个季度 | $128.1M | $234.0M |
8季度趋势，按日历期对齐
经营现金流RHTNET
| Q4 25 | $131.9M | $61.0M | ||
| Q3 25 | $137.7M | $72.0M | ||
| Q2 25 | $86.6M | $75.0M | ||
| Q1 25 | $-18.8M | $95.0M | ||
| Q4 24 | $-31.4M | $65.0M | ||
| Q3 24 | $11.2M | $84.0M | ||
| Q2 24 | $56.1M | $39.0M | ||
| Q1 24 | $-114.0M | $91.0M |
自由现金流RHTNET
| Q4 25 | $83.0M | $43.0M | ||
| Q3 25 | $80.7M | $55.0M | ||
| Q2 25 | $34.1M | $57.0M | ||
| Q1 25 | $-69.7M | $79.0M | ||
| Q4 24 | $-96.0M | $47.0M | ||
| Q3 24 | $-37.9M | $59.0M | ||
| Q2 24 | $-10.1M | $22.0M | ||
| Q1 24 | $-251.5M | $73.0M |
自由现金流率RHTNET
| Q4 25 | 9.4% | 3.4% | ||
| Q3 25 | 9.0% | 4.5% | ||
| Q2 25 | 4.2% | 4.6% | ||
| Q1 25 | -8.6% | 6.1% | ||
| Q4 24 | -11.8% | 3.7% | ||
| Q3 24 | -4.6% | 4.8% | ||
| Q2 24 | -1.4% | 1.8% | ||
| Q1 24 | -34.1% | 5.8% |
资本支出强度RHTNET
| Q4 25 | 5.5% | 1.4% | ||
| Q3 25 | 6.3% | 1.4% | ||
| Q2 25 | 6.5% | 1.5% | ||
| Q1 25 | 6.3% | 1.2% | ||
| Q4 24 | 8.0% | 1.4% | ||
| Q3 24 | 5.9% | 2.0% | ||
| Q2 24 | 9.1% | 1.4% | ||
| Q1 24 | 18.6% | 1.4% |
现金转化率RHTNET
| Q4 25 | 3.64× | — | ||
| Q3 25 | 2.66× | 2.12× | ||
| Q2 25 | 10.78× | 2.03× | ||
| Q1 25 | -1.35× | 1.12× | ||
| Q4 24 | -0.95× | — | ||
| Q3 24 | 0.39× | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | -10.01× | 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
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
