vs
Sinclair, Inc.（SBGI）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Sinclair, Inc.的1.5倍（$1.2B vs $836.0M），TRINET GROUP, INC.同比增速更快（-2.2% vs -16.7%），Sinclair, Inc.自由现金流更多（$79.0M vs $43.0M），过去两年Sinclair, Inc.的营收复合增速更高（2.4% vs -0.6%）
辛克莱公司（以辛克莱广播集团开展业务）是一家上市的美国电信综合企业，由创始人朱利安·辛克莱·史密斯的后代控股。公司总部位于马里兰州巴尔的摩郊县科基斯维尔，按电视台数量计算是美国第二大电视台运营商，仅次于奈克斯达媒体集团，在全国100多个市场拥有或运营193家电视台，覆盖美国40%的区域。
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。
SBGI vs TNET — 直观对比
营收规模更大
TNET
是对方的1.5倍
$836.0M
营收增速更快
TNET
高出14.5%
-16.7%
自由现金流更多
SBGI
多$36.0M
$43.0M
两年增速更快
SBGI
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $836.0M | $1.2B |
| 净利润 | $109.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 9.6% | 0.1% |
| 净利率 | 13.0% | — |
| 营收同比 | -16.7% | -2.2% |
| 净利润同比 | -38.1% | — |
| 每股收益（稀释后） | $1.62 | $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SBGITNET
| Q4 25 | $836.0M | $1.2B | ||
| Q3 25 | $773.0M | $1.2B | ||
| Q2 25 | $784.0M | $1.2B | ||
| Q1 25 | $776.0M | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $917.0M | $1.2B | ||
| Q2 24 | $829.0M | $1.2B | ||
| Q1 24 | $798.0M | $1.3B |
净利润SBGITNET
| Q4 25 | $109.0M | — | ||
| Q3 25 | $-1.0M | $34.0M | ||
| Q2 25 | $-64.0M | $37.0M | ||
| Q1 25 | $-156.0M | $85.0M | ||
| Q4 24 | $176.0M | — | ||
| Q3 24 | $94.0M | $45.0M | ||
| Q2 24 | $17.0M | $60.0M | ||
| Q1 24 | $23.0M | $91.0M |
营业利润率SBGITNET
| Q4 25 | 9.6% | 0.1% | ||
| Q3 25 | 7.5% | 4.1% | ||
| Q2 25 | 2.7% | 4.1% | ||
| Q1 25 | 1.8% | 8.9% | ||
| Q4 24 | 26.5% | -2.9% | ||
| Q3 24 | 19.5% | 4.7% | ||
| Q2 24 | 7.7% | 6.5% | ||
| Q1 24 | 5.3% | 9.7% |
净利率SBGITNET
| Q4 25 | 13.0% | — | ||
| Q3 25 | -0.1% | 2.8% | ||
| Q2 25 | -8.2% | 3.0% | ||
| Q1 25 | -20.1% | 6.6% | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | 10.3% | 3.6% | ||
| Q2 24 | 2.1% | 4.9% | ||
| Q1 24 | 2.9% | 7.2% |
每股收益（稀释后）SBGITNET
| Q4 25 | $1.62 | $0.02 | ||
| Q3 25 | $-0.02 | $0.70 | ||
| Q2 25 | $-0.91 | $0.77 | ||
| Q1 25 | $-2.30 | $1.71 | ||
| Q4 24 | $2.64 | $-0.44 | ||
| Q3 24 | $1.43 | $0.89 | ||
| Q2 24 | $0.27 | $1.20 | ||
| Q1 24 | $0.35 | $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 | $866.0M | $287.0M |
| 总债务越低越好 | $4.4B | — |
| 股东权益账面价值 | $443.0M | $54.0M |
| 总资产 | $5.9B | $3.8B |
| 负债/权益比越低杠杆越低 | 9.84× | — |
8季度趋势，按日历期对齐
现金及短期投资SBGITNET
| Q4 25 | $866.0M | $287.0M | ||
| Q3 25 | $526.0M | $321.0M | ||
| Q2 25 | $616.0M | $407.0M | ||
| Q1 25 | $631.0M | $349.0M | ||
| Q4 24 | $697.0M | $360.0M | ||
| Q3 24 | $536.0M | $301.0M | ||
| Q2 24 | $378.0M | $249.0M | ||
| Q1 24 | $655.0M | $383.0M |
总债务SBGITNET
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.1B | — | ||
| Q2 25 | $4.1B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $4.1B | — |
股东权益SBGITNET
| Q4 25 | $443.0M | $54.0M | ||
| Q3 25 | $347.0M | $110.0M | ||
| Q2 25 | $361.0M | $107.0M | ||
| Q1 25 | $436.0M | $63.0M | ||
| Q4 24 | $583.0M | $69.0M | ||
| Q3 24 | $415.0M | $129.0M | ||
| Q2 24 | $340.0M | $100.0M | ||
| Q1 24 | $333.0M | $143.0M |
总资产SBGITNET
| Q4 25 | $5.9B | $3.8B | ||
| Q3 25 | $5.6B | $3.4B | ||
| Q2 25 | $5.7B | $3.7B | ||
| Q1 25 | $5.8B | $3.8B | ||
| Q4 24 | $5.9B | $4.1B | ||
| Q3 24 | $5.8B | $3.7B | ||
| Q2 24 | $5.7B | $3.7B | ||
| Q1 24 | $6.0B | $4.0B |
负债/权益比SBGITNET
| Q4 25 | 9.84× | — | ||
| Q3 25 | 11.75× | — | ||
| Q2 25 | 11.30× | — | ||
| Q1 25 | 9.56× | — | ||
| Q4 24 | 7.02× | — | ||
| Q3 24 | 9.86× | — | ||
| Q2 24 | 12.08× | — | ||
| Q1 24 | 12.35× | — |
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 | $98.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $79.0M | $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 | 2.3% | 1.4% |
| 现金转化率经营现金流/净利润 | 0.90× | — |
| 过去12个月自由现金流最近4个季度 | $115.0M | $234.0M |
8季度趋势，按日历期对齐
经营现金流SBGITNET
| Q4 25 | $98.0M | $61.0M | ||
| Q3 25 | $-36.0M | $72.0M | ||
| Q2 25 | $122.0M | $75.0M | ||
| Q1 25 | $5.0M | $95.0M | ||
| Q4 24 | $198.0M | $65.0M | ||
| Q3 24 | $210.0M | $84.0M | ||
| Q2 24 | $-306.0M | $39.0M | ||
| Q1 24 | $-4.0M | $91.0M |
自由现金流SBGITNET
| Q4 25 | $79.0M | $43.0M | ||
| Q3 25 | $-58.0M | $55.0M | ||
| Q2 25 | $105.0M | $57.0M | ||
| Q1 25 | $-11.0M | $79.0M | ||
| Q4 24 | $175.0M | $47.0M | ||
| Q3 24 | $193.0M | $59.0M | ||
| Q2 24 | $-329.0M | $22.0M | ||
| Q1 24 | $-25.0M | $73.0M |
自由现金流率SBGITNET
| Q4 25 | 9.4% | 3.4% | ||
| Q3 25 | -7.5% | 4.5% | ||
| Q2 25 | 13.4% | 4.6% | ||
| Q1 25 | -1.4% | 6.1% | ||
| Q4 24 | 17.4% | 3.7% | ||
| Q3 24 | 21.0% | 4.8% | ||
| Q2 24 | -39.7% | 1.8% | ||
| Q1 24 | -3.1% | 5.8% |
资本支出强度SBGITNET
| Q4 25 | 2.3% | 1.4% | ||
| Q3 25 | 2.8% | 1.4% | ||
| Q2 25 | 2.2% | 1.5% | ||
| Q1 25 | 2.1% | 1.2% | ||
| Q4 24 | 2.3% | 1.4% | ||
| Q3 24 | 1.9% | 2.0% | ||
| Q2 24 | 2.8% | 1.4% | ||
| Q1 24 | 2.6% | 1.4% |
现金转化率SBGITNET
| Q4 25 | 0.90× | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | 1.13× | — | ||
| Q3 24 | 2.23× | 1.87× | ||
| Q2 24 | -18.00× | 0.65× | ||
| Q1 24 | -0.17× | 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
SBGI
| Distribution Revenue | $384.0M | 46% |
| Core Advertising Revenue | $312.0M | 37% |
| Tennis Segment | $62.0M | 7% |
| Other | $40.0M | 5% |
| Other Media Non Media Revenuesand Intercompany Revenues | $24.0M | 3% |
| Political Advertising Revenue | $14.0M | 2% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
