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希悦尔（SEE）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
希悦尔的季度营收约是TRINET GROUP, INC.的1.1倍（$1.4B vs $1.2B），希悦尔同比增速更快（2.6% vs -2.2%），希悦尔自由现金流更多（$257.7M vs $43.0M），过去两年希悦尔的营收复合增速更高（2.7% vs -0.6%）
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
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。
SEE vs TNET — 直观对比
营收规模更大
SEE
是对方的1.1倍
$1.2B
营收增速更快
SEE
高出4.8%
-2.2%
自由现金流更多
SEE
多$214.7M
$43.0M
两年增速更快
SEE
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $43.8M | — |
| 毛利率 | 28.6% | — |
| 营业利润率 | 11.4% | 0.1% |
| 净利率 | 3.1% | — |
| 营收同比 | 2.6% | -2.2% |
| 净利润同比 | 700.0% | — |
| 每股收益（稀释后） | $0.30 | $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SEETNET
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润SEETNET
| Q4 25 | $43.8M | — | ||
| Q3 25 | $255.1M | $34.0M | ||
| Q2 25 | $93.1M | $37.0M | ||
| Q1 25 | $113.5M | $85.0M | ||
| Q4 24 | $-7.3M | — | ||
| Q3 24 | $91.7M | $45.0M | ||
| Q2 24 | $98.3M | $60.0M | ||
| Q1 24 | $82.0M | $91.0M |
毛利率SEETNET
| Q4 25 | 28.6% | — | ||
| Q3 25 | 29.8% | — | ||
| Q2 25 | 30.7% | — | ||
| Q1 25 | 30.9% | — | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 30.1% | — | ||
| Q2 24 | 31.2% | — | ||
| Q1 24 | 30.3% | — |
营业利润率SEETNET
| Q4 25 | 11.4% | 0.1% | ||
| Q3 25 | 13.8% | 4.1% | ||
| Q2 25 | 15.0% | 4.1% | ||
| Q1 25 | 14.5% | 8.9% | ||
| Q4 24 | 11.7% | -2.9% | ||
| Q3 24 | 13.9% | 4.7% | ||
| Q2 24 | 15.4% | 6.5% | ||
| Q1 24 | 14.0% | 9.7% |
净利率SEETNET
| Q4 25 | 3.1% | — | ||
| Q3 25 | 19.0% | 2.8% | ||
| Q2 25 | 7.0% | 3.0% | ||
| Q1 25 | 9.0% | 6.6% | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | 6.9% | 3.6% | ||
| Q2 24 | 7.4% | 4.9% | ||
| Q1 24 | 6.2% | 7.2% |
每股收益（稀释后）SEETNET
| Q4 25 | $0.30 | $0.02 | ||
| Q3 25 | $1.73 | $0.70 | ||
| Q2 25 | $0.63 | $0.77 | ||
| Q1 25 | $0.77 | $1.71 | ||
| Q4 24 | $-0.05 | $-0.44 | ||
| Q3 24 | $0.63 | $0.89 | ||
| Q2 24 | $0.67 | $1.20 | ||
| Q1 24 | $0.56 | $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 | $344.0M | $287.0M |
| 总债务越低越好 | $3.3B | — |
| 股东权益账面价值 | $1.2B | $54.0M |
| 总资产 | $7.0B | $3.8B |
| 负债/权益比越低杠杆越低 | 2.65× | — |
8季度趋势，按日历期对齐
现金及短期投资SEETNET
| Q4 25 | $344.0M | $287.0M | ||
| Q3 25 | $282.5M | $321.0M | ||
| Q2 25 | $354.4M | $407.0M | ||
| Q1 25 | $335.2M | $349.0M | ||
| Q4 24 | $371.8M | $360.0M | ||
| Q3 24 | $386.0M | $301.0M | ||
| Q2 24 | $388.6M | $249.0M | ||
| Q1 24 | $352.8M | $383.0M |
总债务SEETNET
| Q4 25 | $3.3B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $4.5B | — |
股东权益SEETNET
| Q4 25 | $1.2B | $54.0M | ||
| Q3 25 | $1.2B | $110.0M | ||
| Q2 25 | $953.1M | $107.0M | ||
| Q1 25 | $797.9M | $63.0M | ||
| Q4 24 | $624.5M | $69.0M | ||
| Q3 24 | $771.2M | $129.0M | ||
| Q2 24 | $650.1M | $100.0M | ||
| Q1 24 | $598.3M | $143.0M |
总资产SEETNET
| Q4 25 | $7.0B | $3.8B | ||
| Q3 25 | $7.1B | $3.4B | ||
| Q2 25 | $7.2B | $3.7B | ||
| Q1 25 | $7.0B | $3.8B | ||
| Q4 24 | $7.0B | $4.1B | ||
| Q3 24 | $7.3B | $3.7B | ||
| Q2 24 | $7.3B | $3.7B | ||
| Q1 24 | $7.2B | $4.0B |
负债/权益比SEETNET
| Q4 25 | 2.65× | — | ||
| Q3 25 | 3.34× | — | ||
| Q2 25 | 4.18× | — | ||
| Q1 25 | 5.26× | — | ||
| Q4 24 | 6.72× | — | ||
| Q3 24 | 5.62× | — | ||
| Q2 24 | 6.81× | — | ||
| Q1 24 | 7.49× | — |
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 | $293.6M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $257.7M | $43.0M |
| 自由现金流率自由现金流/营收 | 18.5% | 3.4% |
| 资本支出强度资本支出/营收 | 2.6% | 1.4% |
| 现金转化率经营现金流/净利润 | 6.70× | — |
| 过去12个月自由现金流最近4个季度 | $458.5M | $234.0M |
8季度趋势，按日历期对齐
经营现金流SEETNET
| Q4 25 | $293.6M | $61.0M | ||
| Q3 25 | $165.9M | $72.0M | ||
| Q2 25 | $136.6M | $75.0M | ||
| Q1 25 | $31.9M | $95.0M | ||
| Q4 24 | $244.2M | $65.0M | ||
| Q3 24 | $170.5M | $84.0M | ||
| Q2 24 | $188.2M | $39.0M | ||
| Q1 24 | $125.1M | $91.0M |
自由现金流SEETNET
| Q4 25 | $257.7M | $43.0M | ||
| Q3 25 | $119.6M | $55.0M | ||
| Q2 25 | $93.2M | $57.0M | ||
| Q1 25 | $-12.0M | $79.0M | ||
| Q4 24 | $185.1M | $47.0M | ||
| Q3 24 | $115.2M | $59.0M | ||
| Q2 24 | $129.5M | $22.0M | ||
| Q1 24 | $78.0M | $73.0M |
自由现金流率SEETNET
| Q4 25 | 18.5% | 3.4% | ||
| Q3 25 | 8.9% | 4.5% | ||
| Q2 25 | 7.0% | 4.6% | ||
| Q1 25 | -0.9% | 6.1% | ||
| Q4 24 | 13.6% | 3.7% | ||
| Q3 24 | 8.6% | 4.8% | ||
| Q2 24 | 9.7% | 1.8% | ||
| Q1 24 | 5.9% | 5.8% |
资本支出强度SEETNET
| Q4 25 | 2.6% | 1.4% | ||
| Q3 25 | 3.4% | 1.4% | ||
| Q2 25 | 3.3% | 1.5% | ||
| Q1 25 | 3.5% | 1.2% | ||
| Q4 24 | 4.4% | 1.4% | ||
| Q3 24 | 4.1% | 2.0% | ||
| Q2 24 | 4.4% | 1.4% | ||
| Q1 24 | 3.6% | 1.4% |
现金转化率SEETNET
| Q4 25 | 6.70× | — | ||
| Q3 25 | 0.65× | 2.12× | ||
| Q2 25 | 1.47× | 2.03× | ||
| Q1 25 | 0.28× | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.86× | 1.87× | ||
| Q2 24 | 1.91× | 0.65× | ||
| Q1 24 | 1.53× | 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
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
