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怡安集团（RYAN）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.的季度营收约是怡安集团的1.6倍（$1.2B vs $795.2M），怡安集团同比增速更快（15.2% vs -2.2%），过去两年怡安集团的营收复合增速更高（8.1% vs -0.6%）
怡安集团是一家业务横跨英美两国的专业服务企业，目前主要开展两大板块业务：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块则提供健康保险、退休计划、养老金计划与人才咨询相关服务。
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。
RYAN vs TNET — 直观对比
营收规模更大
TNET
是对方的1.6倍
$795.2M
营收增速更快
RYAN
高出17.4%
-2.2%
两年增速更快
RYAN
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $795.2M | $1.2B |
| 净利润 | $40.6M | — |
| 毛利率 | — | — |
| 营业利润率 | 11.9% | 0.1% |
| 净利率 | 5.1% | — |
| 营收同比 | 15.2% | -2.2% |
| 净利润同比 | 1025.0% | — |
| 每股收益（稀释后） | $0.13 | $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RYANTNET
| Q1 26 | $795.2M | — | ||
| Q4 25 | $738.0M | $1.2B | ||
| Q3 25 | $739.6M | $1.2B | ||
| Q2 25 | $840.9M | $1.2B | ||
| Q1 25 | $676.1M | $1.3B | ||
| Q4 24 | $649.4M | $1.3B | ||
| Q3 24 | $588.1M | $1.2B | ||
| Q2 24 | $680.2M | $1.2B |
净利润RYANTNET
| Q1 26 | $40.6M | — | ||
| Q4 25 | $8.0M | — | ||
| Q3 25 | $31.1M | $34.0M | ||
| Q2 25 | $52.0M | $37.0M | ||
| Q1 25 | $-27.6M | $85.0M | ||
| Q4 24 | $13.8M | — | ||
| Q3 24 | $17.6M | $45.0M | ||
| Q2 24 | $46.8M | $60.0M |
营业利润率RYANTNET
| Q1 26 | 11.9% | — | ||
| Q4 25 | 12.4% | 0.1% | ||
| Q3 25 | 15.0% | 4.1% | ||
| Q2 25 | 22.7% | 4.1% | ||
| Q1 25 | 14.8% | 8.9% | ||
| Q4 24 | 16.8% | -2.9% | ||
| Q3 24 | 13.9% | 4.7% | ||
| Q2 24 | 24.2% | 6.5% |
净利率RYANTNET
| Q1 26 | 5.1% | — | ||
| Q4 25 | 1.1% | — | ||
| Q3 25 | 4.2% | 2.8% | ||
| Q2 25 | 6.2% | 3.0% | ||
| Q1 25 | -4.1% | 6.6% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 3.0% | 3.6% | ||
| Q2 24 | 6.9% | 4.9% |
每股收益（稀释后）RYANTNET
| Q1 26 | $0.13 | — | ||
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $0.70 | ||
| Q2 25 | — | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 |
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 | $154.7M | $287.0M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $1.2B | $54.0M |
| 总资产 | $11.0B | $3.8B |
| 负债/权益比越低杠杆越低 | 2.90× | — |
8季度趋势，按日历期对齐
现金及短期投资RYANTNET
| Q1 26 | $154.7M | — | ||
| Q4 25 | $158.3M | $287.0M | ||
| Q3 25 | $153.5M | $321.0M | ||
| Q2 25 | $172.6M | $407.0M | ||
| Q1 25 | $203.5M | $349.0M | ||
| Q4 24 | $540.2M | $360.0M | ||
| Q3 24 | $235.2M | $301.0M | ||
| Q2 24 | $1.7B | $249.0M |
总债务RYANTNET
| Q1 26 | $3.5B | — | ||
| Q4 25 | $3.3B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益RYANTNET
| Q1 26 | $1.2B | — | ||
| Q4 25 | $648.1M | $54.0M | ||
| Q3 25 | $630.5M | $110.0M | ||
| Q2 25 | $610.1M | $107.0M | ||
| Q1 25 | $542.5M | $63.0M | ||
| Q4 24 | $627.7M | $69.0M | ||
| Q3 24 | $632.8M | $129.0M | ||
| Q2 24 | $605.9M | $100.0M |
总资产RYANTNET
| Q1 26 | $11.0B | — | ||
| Q4 25 | $10.6B | $3.8B | ||
| Q3 25 | $9.9B | $3.4B | ||
| Q2 25 | $10.6B | $3.7B | ||
| Q1 25 | $9.9B | $3.8B | ||
| Q4 24 | $9.6B | $4.1B | ||
| Q3 24 | $8.5B | $3.7B | ||
| Q2 24 | $8.3B | $3.7B |
负债/权益比RYANTNET
| Q1 26 | 2.90× | — | ||
| Q4 25 | 5.16× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 5.22× | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $61.0M |
| 自由现金流经营现金流 - 资本支出 | — | $43.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | 1.7% | 1.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 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RYANTNET
| Q1 26 | — | — | ||
| Q4 25 | $263.2M | $61.0M | ||
| Q3 25 | $169.7M | $72.0M | ||
| Q2 25 | $353.6M | $75.0M | ||
| Q1 25 | $-142.8M | $95.0M | ||
| Q4 24 | $259.6M | $65.0M | ||
| Q3 24 | $100.9M | $84.0M | ||
| Q2 24 | $270.8M | $39.0M |
自由现金流RYANTNET
| Q1 26 | — | — | ||
| Q4 25 | — | $43.0M | ||
| Q3 25 | $167.3M | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | $-143.5M | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M |
自由现金流率RYANTNET
| Q1 26 | — | — | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | 22.6% | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | -21.2% | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% |
资本支出强度RYANTNET
| Q1 26 | 1.7% | — | ||
| Q4 25 | 0.0% | 1.4% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.0% | 1.5% | ||
| Q1 25 | 0.1% | 1.2% | ||
| Q4 24 | 0.0% | 1.4% | ||
| Q3 24 | 0.0% | 2.0% | ||
| Q2 24 | 0.0% | 1.4% |
现金转化率RYANTNET
| Q1 26 | — | — | ||
| Q4 25 | 32.99× | — | ||
| Q3 25 | 5.46× | 2.12× | ||
| Q2 25 | 6.80× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | 18.88× | — | ||
| Q3 24 | 5.74× | 1.87× | ||
| Q2 24 | 5.79× | 0.65× |
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
RYAN
| Compensation and benefits | $495.2M | 62% |
| Other | $260.4M | 33% |
| Change in contingent consideration | $27.3M | 3% |
| Fiduciary investment income | $12.3M | 2% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
