vs
SBA Communications（SBAC）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SBA Communications的1.8倍（$1.2B vs $703.4M），SBA Communications同比增速更快（-1.6% vs -2.2%），过去两年SBA Communications的营收复合增速更高（3.2% vs -0.6%）
SBA Communications是一家房地产投资信托企业，核心业务为持有、运营无线通信基础设施，市场覆盖美国、加拿大、中南美洲及南非地区。公司由Steven Bernstein于1989年创立，前身为Steven Bernstein and Associates。
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。
SBAC vs TNET — 直观对比
营收规模更大
TNET
是对方的1.8倍
$703.4M
营收增速更快
SBAC
高出0.6%
-2.2%
两年增速更快
SBAC
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $703.4M | $1.2B |
| 净利润 | $184.9M | — |
| 毛利率 | — | — |
| 营业利润率 | 48.7% | 0.1% |
| 净利率 | 26.3% | — |
| 营收同比 | -1.6% | -2.2% |
| 净利润同比 | -15.1% | — |
| 每股收益（稀释后） | $1.74 | $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SBACTNET
| Q1 26 | $703.4M | — | ||
| Q4 25 | $719.6M | $1.2B | ||
| Q3 25 | $732.3M | $1.2B | ||
| Q2 25 | $699.0M | $1.2B | ||
| Q1 25 | $664.2M | $1.3B | ||
| Q4 24 | $693.7M | $1.3B | ||
| Q3 24 | $667.6M | $1.2B | ||
| Q2 24 | $660.5M | $1.2B |
净利润SBACTNET
| Q1 26 | $184.9M | — | ||
| Q4 25 | $370.4M | — | ||
| Q3 25 | $236.8M | $34.0M | ||
| Q2 25 | $225.8M | $37.0M | ||
| Q1 25 | $220.7M | $85.0M | ||
| Q4 24 | $178.8M | — | ||
| Q3 24 | $258.5M | $45.0M | ||
| Q2 24 | $162.8M | $60.0M |
毛利率SBACTNET
| Q1 26 | — | — | ||
| Q4 25 | 75.6% | — | ||
| Q3 25 | 74.1% | — | ||
| Q2 25 | 75.4% | — | ||
| Q1 25 | 76.9% | — | ||
| Q4 24 | 78.1% | — | ||
| Q3 24 | 77.5% | — | ||
| Q2 24 | 78.6% | — |
营业利润率SBACTNET
| Q1 26 | 48.7% | — | ||
| Q4 25 | 41.5% | 0.1% | ||
| Q3 25 | 51.1% | 4.1% | ||
| Q2 25 | 47.9% | 4.1% | ||
| Q1 25 | 50.4% | 8.9% | ||
| Q4 24 | 55.1% | -2.9% | ||
| Q3 24 | 56.3% | 4.7% | ||
| Q2 24 | 53.7% | 6.5% |
净利率SBACTNET
| Q1 26 | 26.3% | — | ||
| Q4 25 | 51.5% | — | ||
| Q3 25 | 32.3% | 2.8% | ||
| Q2 25 | 32.3% | 3.0% | ||
| Q1 25 | 33.2% | 6.6% | ||
| Q4 24 | 25.8% | — | ||
| Q3 24 | 38.7% | 3.6% | ||
| Q2 24 | 24.7% | 4.9% |
每股收益（稀释后）SBACTNET
| Q1 26 | $1.74 | — | ||
| Q4 25 | $3.47 | $0.02 | ||
| Q3 25 | $2.20 | $0.70 | ||
| Q2 25 | $2.09 | $0.77 | ||
| Q1 25 | $2.04 | $1.71 | ||
| Q4 24 | $1.61 | $-0.44 | ||
| Q3 24 | $2.40 | $0.89 | ||
| Q2 24 | $1.51 | $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 | $269.1M | $287.0M |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | — | $54.0M |
| 总资产 | $11.7B | $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SBACTNET
| Q1 26 | $269.1M | — | ||
| Q4 25 | $271.2M | $287.0M | ||
| Q3 25 | $431.1M | $321.0M | ||
| Q2 25 | $276.8M | $407.0M | ||
| Q1 25 | $702.2M | $349.0M | ||
| Q4 24 | $444.4M | $360.0M | ||
| Q3 24 | $202.6M | $301.0M | ||
| Q2 24 | $250.9M | $249.0M |
总债务SBACTNET
| Q1 26 | $2.7B | — | ||
| Q4 25 | $12.9B | — | ||
| Q3 25 | $12.7B | — | ||
| Q2 25 | $12.5B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $13.6B | — | ||
| Q3 24 | $12.3B | — | ||
| Q2 24 | $12.3B | — |
股东权益SBACTNET
| Q1 26 | — | — | ||
| Q4 25 | $-4.9B | $54.0M | ||
| Q3 25 | $-4.9B | $110.0M | ||
| Q2 25 | $-4.9B | $107.0M | ||
| Q1 25 | $-5.0B | $63.0M | ||
| Q4 24 | $-5.1B | $69.0M | ||
| Q3 24 | $-5.2B | $129.0M | ||
| Q2 24 | $-5.3B | $100.0M |
总资产SBACTNET
| Q1 26 | $11.7B | — | ||
| Q4 25 | $11.6B | $3.8B | ||
| Q3 25 | $11.3B | $3.4B | ||
| Q2 25 | $10.8B | $3.7B | ||
| Q1 25 | $10.4B | $3.8B | ||
| Q4 24 | $11.4B | $4.1B | ||
| Q3 24 | $10.2B | $3.7B | ||
| Q2 24 | $9.8B | $3.7B |
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 | $255.1M | $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 | 9.5% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.38× | — |
| 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SBACTNET
| Q1 26 | $255.1M | — | ||
| Q4 25 | $1.3B | $61.0M | ||
| Q3 25 | $318.0M | $72.0M | ||
| Q2 25 | $368.1M | $75.0M | ||
| Q1 25 | $301.2M | $95.0M | ||
| Q4 24 | $1.3B | $65.0M | ||
| Q3 24 | $304.7M | $84.0M | ||
| Q2 24 | $425.6M | $39.0M |
自由现金流SBACTNET
| Q1 26 | — | — | ||
| Q4 25 | $833.3M | $43.0M | ||
| Q3 25 | $258.0M | $55.0M | ||
| Q2 25 | $312.2M | $57.0M | ||
| Q1 25 | $255.0M | $79.0M | ||
| Q4 24 | $1.2B | $47.0M | ||
| Q3 24 | $239.9M | $59.0M | ||
| Q2 24 | $375.6M | $22.0M |
自由现金流率SBACTNET
| Q1 26 | — | — | ||
| Q4 25 | 115.8% | 3.4% | ||
| Q3 25 | 35.2% | 4.5% | ||
| Q2 25 | 44.7% | 4.6% | ||
| Q1 25 | 38.4% | 6.1% | ||
| Q4 24 | 179.9% | 3.7% | ||
| Q3 24 | 35.9% | 4.8% | ||
| Q2 24 | 56.9% | 1.8% |
资本支出强度SBACTNET
| Q1 26 | 9.5% | — | ||
| Q4 25 | 63.7% | 1.4% | ||
| Q3 25 | 8.2% | 1.4% | ||
| Q2 25 | 8.0% | 1.5% | ||
| Q1 25 | 7.0% | 1.2% | ||
| Q4 24 | 12.6% | 1.4% | ||
| Q3 24 | 9.7% | 2.0% | ||
| Q2 24 | 7.6% | 1.4% |
现金转化率SBACTNET
| Q1 26 | 1.38× | — | ||
| Q4 25 | 3.49× | — | ||
| Q3 25 | 1.34× | 2.12× | ||
| Q2 25 | 1.63× | 2.03× | ||
| Q1 25 | 1.36× | 1.12× | ||
| Q4 24 | 7.47× | — | ||
| Q3 24 | 1.18× | 1.87× | ||
| Q2 24 | 2.61× | 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
SBAC
| Site leasing | $656.1M | 93% |
| Site development | $47.3M | 7% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
