vs
Sally Beauty Holdings, Inc.（SBH）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Sally Beauty Holdings, Inc.的1.3倍（$1.2B vs $943.2M），Sally Beauty Holdings, Inc.同比增速更快（0.6% vs -2.2%），Sally Beauty Holdings, Inc.自由现金流更多（$57.5M vs $43.0M），过去两年Sally Beauty Holdings, Inc.的营收复合增速更高（1.9% vs -0.6%）
莎莉美容控股是美国的跨国专业美妆用品零售及分销商，主营专业级美容相关产品供应，年营收超39亿美元，业务覆盖全球多个市场，在专业美容供应链领域拥有较高的行业知名度。
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。
SBH vs TNET — 直观对比
营收规模更大
TNET
是对方的1.3倍
$943.2M
营收增速更快
SBH
高出2.8%
-2.2%
自由现金流更多
SBH
多$14.5M
$43.0M
两年增速更快
SBH
近两年复合增速
-0.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $943.2M | $1.2B |
| 净利润 | $45.6M | — |
| 毛利率 | 51.2% | — |
| 营业利润率 | 8.1% | 0.1% |
| 净利率 | 4.8% | — |
| 营收同比 | 0.6% | -2.2% |
| 净利润同比 | -25.3% | — |
| 每股收益（稀释后） | $0.45 | $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SBHTNET
| Q4 25 | $943.2M | $1.2B | ||
| Q3 25 | $947.1M | $1.2B | ||
| Q2 25 | $933.3M | $1.2B | ||
| Q1 25 | $883.1M | $1.3B | ||
| Q4 24 | $937.9M | $1.3B | ||
| Q3 24 | $935.0M | $1.2B | ||
| Q2 24 | $942.3M | $1.2B | ||
| Q1 24 | $908.4M | $1.3B |
净利润SBHTNET
| Q4 25 | $45.6M | — | ||
| Q3 25 | $49.9M | $34.0M | ||
| Q2 25 | $45.7M | $37.0M | ||
| Q1 25 | $39.2M | $85.0M | ||
| Q4 24 | $61.0M | — | ||
| Q3 24 | $48.1M | $45.0M | ||
| Q2 24 | $37.7M | $60.0M | ||
| Q1 24 | $29.2M | $91.0M |
毛利率SBHTNET
| Q4 25 | 51.2% | — | ||
| Q3 25 | 52.2% | — | ||
| Q2 25 | 51.5% | — | ||
| Q1 25 | 52.0% | — | ||
| Q4 24 | 50.8% | — | ||
| Q3 24 | 51.2% | — | ||
| Q2 24 | 51.0% | — | ||
| Q1 24 | 51.0% | — |
营业利润率SBHTNET
| Q4 25 | 8.1% | 0.1% | ||
| Q3 25 | 8.4% | 4.1% | ||
| Q2 25 | 8.4% | 4.1% | ||
| Q1 25 | 7.9% | 8.9% | ||
| Q4 24 | 10.7% | -2.9% | ||
| Q3 24 | 8.8% | 4.7% | ||
| Q2 24 | 7.6% | 6.5% | ||
| Q1 24 | 6.6% | 9.7% |
净利率SBHTNET
| Q4 25 | 4.8% | — | ||
| Q3 25 | 5.3% | 2.8% | ||
| Q2 25 | 4.9% | 3.0% | ||
| Q1 25 | 4.4% | 6.6% | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 5.1% | 3.6% | ||
| Q2 24 | 4.0% | 4.9% | ||
| Q1 24 | 3.2% | 7.2% |
每股收益（稀释后）SBHTNET
| Q4 25 | $0.45 | $0.02 | ||
| Q3 25 | $0.49 | $0.70 | ||
| Q2 25 | $0.44 | $0.77 | ||
| Q1 25 | $0.38 | $1.71 | ||
| Q4 24 | $0.58 | $-0.44 | ||
| Q3 24 | $0.45 | $0.89 | ||
| Q2 24 | $0.36 | $1.20 | ||
| Q1 24 | $0.27 | $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 | $157.2M | $287.0M |
| 总债务越低越好 | $842.5M | — |
| 股东权益账面价值 | $823.6M | $54.0M |
| 总资产 | $2.9B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.02× | — |
8季度趋势，按日历期对齐
现金及短期投资SBHTNET
| Q4 25 | $157.2M | $287.0M | ||
| Q3 25 | $149.2M | $321.0M | ||
| Q2 25 | $112.8M | $407.0M | ||
| Q1 25 | $92.2M | $349.0M | ||
| Q4 24 | $105.5M | $360.0M | ||
| Q3 24 | $108.0M | $301.0M | ||
| Q2 24 | $97.4M | $249.0M | ||
| Q1 24 | $97.2M | $383.0M |
总债务SBHTNET
| Q4 25 | $842.5M | — | ||
| Q3 25 | $862.0M | — | ||
| Q2 25 | $882.4M | — | ||
| Q1 25 | $902.8M | — | ||
| Q4 24 | $938.1M | — | ||
| Q3 24 | $978.3M | — | ||
| Q2 24 | $978.9M | — | ||
| Q1 24 | $978.4M | — |
股东权益SBHTNET
| Q4 25 | $823.6M | $54.0M | ||
| Q3 25 | $794.2M | $110.0M | ||
| Q2 25 | $762.9M | $107.0M | ||
| Q1 25 | $699.8M | $63.0M | ||
| Q4 24 | $656.5M | $69.0M | ||
| Q3 24 | $628.5M | $129.0M | ||
| Q2 24 | $577.7M | $100.0M | ||
| Q1 24 | $550.9M | $143.0M |
总资产SBHTNET
| Q4 25 | $2.9B | $3.8B | ||
| Q3 25 | $2.9B | $3.4B | ||
| Q2 25 | $2.7B | $3.7B | ||
| Q1 25 | $2.7B | $3.8B | ||
| Q4 24 | $2.7B | $4.1B | ||
| Q3 24 | $2.8B | $3.7B | ||
| Q2 24 | $2.7B | $3.7B | ||
| Q1 24 | $2.7B | $4.0B |
负债/权益比SBHTNET
| Q4 25 | 1.02× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.29× | — | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.69× | — | ||
| Q1 24 | 1.78× | — |
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 | $93.2M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $57.5M | $43.0M |
| 自由现金流率自由现金流/营收 | 6.1% | 3.4% |
| 资本支出强度资本支出/营收 | 3.8% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.05× | — |
| 过去12个月自由现金流最近4个季度 | $216.8M | $234.0M |
8季度趋势，按日历期对齐
经营现金流SBHTNET
| Q4 25 | $93.2M | $61.0M | ||
| Q3 25 | $120.9M | $72.0M | ||
| Q2 25 | $69.4M | $75.0M | ||
| Q1 25 | $51.1M | $95.0M | ||
| Q4 24 | $33.5M | $65.0M | ||
| Q3 24 | $110.7M | $84.0M | ||
| Q2 24 | $47.9M | $39.0M | ||
| Q1 24 | $36.9M | $91.0M |
自由现金流SBHTNET
| Q4 25 | $57.5M | $43.0M | ||
| Q3 25 | $78.0M | $55.0M | ||
| Q2 25 | $49.1M | $57.0M | ||
| Q1 25 | $32.2M | $79.0M | ||
| Q4 24 | $13.4M | $47.0M | ||
| Q3 24 | $73.3M | $59.0M | ||
| Q2 24 | $28.7M | $22.0M | ||
| Q1 24 | $22.8M | $73.0M |
自由现金流率SBHTNET
| Q4 25 | 6.1% | 3.4% | ||
| Q3 25 | 8.2% | 4.5% | ||
| Q2 25 | 5.3% | 4.6% | ||
| Q1 25 | 3.6% | 6.1% | ||
| Q4 24 | 1.4% | 3.7% | ||
| Q3 24 | 7.8% | 4.8% | ||
| Q2 24 | 3.1% | 1.8% | ||
| Q1 24 | 2.5% | 5.8% |
资本支出强度SBHTNET
| Q4 25 | 3.8% | 1.4% | ||
| Q3 25 | 4.5% | 1.4% | ||
| Q2 25 | 2.2% | 1.5% | ||
| Q1 25 | 2.1% | 1.2% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 4.0% | 2.0% | ||
| Q2 24 | 2.0% | 1.4% | ||
| Q1 24 | 1.6% | 1.4% |
现金转化率SBHTNET
| Q4 25 | 2.05× | — | ||
| Q3 25 | 2.42× | 2.12× | ||
| Q2 25 | 1.52× | 2.03× | ||
| Q1 25 | 1.30× | 1.12× | ||
| Q4 24 | 0.55× | — | ||
| Q3 24 | 2.30× | 1.87× | ||
| Q2 24 | 1.27× | 0.65× | ||
| Q1 24 | 1.26× | 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
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
