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SELECT MEDICAL HOLDINGS CORP（SEM）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
SELECT MEDICAL HOLDINGS CORP的季度营收约是TRINET GROUP, INC.的1.1倍（$1.4B vs $1.2B），SELECT MEDICAL HOLDINGS CORP同比增速更快（6.4% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $5.2M），过去两年SELECT MEDICAL HOLDINGS CORP的营收复合增速更高（2.8% vs -0.6%）
Select Medical是总部位于美国宾夕法尼亚州的医疗健康企业，业务涵盖长期急症护理、住院康复医院运营，同时开设有职业健康与物理治疗诊所，母公司Select Medical Holdings在纽约证券交易所挂牌上市。
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。
SEM vs TNET — 直观对比
营收规模更大
SEM
是对方的1.1倍
$1.2B
营收增速更快
SEM
高出8.6%
-2.2%
自由现金流更多
TNET
多$37.8M
$5.2M
两年增速更快
SEM
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 | $20.2M | — |
| 毛利率 | — | — |
| 营业利润率 | 4.6% | 0.1% |
| 净利率 | 1.4% | — |
| 营收同比 | 6.4% | -2.2% |
| 净利润同比 | 225.7% | — |
| 每股收益（稀释后） | $0.17 | $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SEMTNET
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润SEMTNET
| Q4 25 | $20.2M | — | ||
| Q3 25 | $28.8M | $34.0M | ||
| Q2 25 | $40.6M | $37.0M | ||
| Q1 25 | $56.7M | $85.0M | ||
| Q4 24 | $-16.1M | — | ||
| Q3 24 | $55.6M | $45.0M | ||
| Q2 24 | $77.6M | $60.0M | ||
| Q1 24 | $96.9M | $91.0M |
营业利润率SEMTNET
| Q4 25 | 4.6% | 0.1% | ||
| Q3 25 | 5.4% | 4.1% | ||
| Q2 25 | 6.5% | 4.1% | ||
| Q1 25 | 8.3% | 8.9% | ||
| Q4 24 | 1.6% | -2.9% | ||
| Q3 24 | 4.3% | 4.7% | ||
| Q2 24 | 5.8% | 6.5% | ||
| Q1 24 | 9.0% | 9.7% |
净利率SEMTNET
| Q4 25 | 1.4% | — | ||
| Q3 25 | 2.1% | 2.8% | ||
| Q2 25 | 3.0% | 3.0% | ||
| Q1 25 | 4.2% | 6.6% | ||
| Q4 24 | -1.2% | — | ||
| Q3 24 | 4.4% | 3.6% | ||
| Q2 24 | 6.1% | 4.9% | ||
| Q1 24 | 7.3% | 7.2% |
每股收益（稀释后）SEMTNET
| Q4 25 | $0.17 | $0.02 | ||
| Q3 25 | $0.23 | $0.70 | ||
| Q2 25 | $0.32 | $0.77 | ||
| Q1 25 | $0.44 | $1.71 | ||
| Q4 24 | $-0.12 | $-0.44 | ||
| Q3 24 | $0.43 | $0.89 | ||
| Q2 24 | $0.60 | $1.20 | ||
| Q1 24 | $0.75 | $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 | $26.5M | $287.0M |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $1.7B | $54.0M |
| 总资产 | $5.9B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.06× | — |
8季度趋势，按日历期对齐
现金及短期投资SEMTNET
| Q4 25 | $26.5M | $287.0M | ||
| Q3 25 | $60.1M | $321.0M | ||
| Q2 25 | $52.3M | $407.0M | ||
| Q1 25 | $53.2M | $349.0M | ||
| Q4 24 | $59.7M | $360.0M | ||
| Q3 24 | $191.5M | $301.0M | ||
| Q2 24 | $111.2M | $249.0M | ||
| Q1 24 | $92.6M | $383.0M |
总债务SEMTNET
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.8B | — |
股东权益SEMTNET
| Q4 25 | $1.7B | $54.0M | ||
| Q3 25 | $1.7B | $110.0M | ||
| Q2 25 | $1.7B | $107.0M | ||
| Q1 25 | $1.7B | $63.0M | ||
| Q4 24 | $1.7B | $69.0M | ||
| Q3 24 | $1.9B | $129.0M | ||
| Q2 24 | $1.4B | $100.0M | ||
| Q1 24 | $1.4B | $143.0M |
总资产SEMTNET
| Q4 25 | $5.9B | $3.8B | ||
| Q3 25 | $5.7B | $3.4B | ||
| Q2 25 | $5.7B | $3.7B | ||
| Q1 25 | $5.7B | $3.8B | ||
| Q4 24 | $5.6B | $4.1B | ||
| Q3 24 | $8.0B | $3.7B | ||
| Q2 24 | $7.9B | $3.7B | ||
| Q1 24 | $7.9B | $4.0B |
负债/权益比SEMTNET
| Q4 25 | 1.06× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.10× | — | ||
| Q1 25 | 1.03× | — | ||
| Q4 24 | 1.01× | — | ||
| Q3 24 | 1.62× | — | ||
| Q2 24 | 2.54× | — | ||
| Q1 24 | 2.75× | — |
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 | $64.3M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $5.2M | $43.0M |
| 自由现金流率自由现金流/营收 | 0.4% | 3.4% |
| 资本支出强度资本支出/营收 | 4.2% | 1.4% |
| 现金转化率经营现金流/净利润 | 3.19× | — |
| 过去12个月自由现金流最近4个季度 | $117.2M | $234.0M |
8季度趋势，按日历期对齐
经营现金流SEMTNET
| Q4 25 | $64.3M | $61.0M | ||
| Q3 25 | $175.3M | $72.0M | ||
| Q2 25 | $110.3M | $75.0M | ||
| Q1 25 | $-3.5M | $95.0M | ||
| Q4 24 | $125.4M | $65.0M | ||
| Q3 24 | $181.0M | $84.0M | ||
| Q2 24 | $278.2M | $39.0M | ||
| Q1 24 | $-66.7M | $91.0M |
自由现金流SEMTNET
| Q4 25 | $5.2M | $43.0M | ||
| Q3 25 | $122.2M | $55.0M | ||
| Q2 25 | $45.6M | $57.0M | ||
| Q1 25 | $-55.8M | $79.0M | ||
| Q4 24 | $62.0M | $47.0M | ||
| Q3 24 | $130.3M | $59.0M | ||
| Q2 24 | $222.6M | $22.0M | ||
| Q1 24 | $-119.2M | $73.0M |
自由现金流率SEMTNET
| Q4 25 | 0.4% | 3.4% | ||
| Q3 25 | 9.0% | 4.5% | ||
| Q2 25 | 3.4% | 4.6% | ||
| Q1 25 | -4.1% | 6.1% | ||
| Q4 24 | 4.7% | 3.7% | ||
| Q3 24 | 10.2% | 4.8% | ||
| Q2 24 | 17.4% | 1.8% | ||
| Q1 24 | -9.0% | 5.8% |
资本支出强度SEMTNET
| Q4 25 | 4.2% | 1.4% | ||
| Q3 25 | 3.9% | 1.4% | ||
| Q2 25 | 4.8% | 1.5% | ||
| Q1 25 | 3.9% | 1.2% | ||
| Q4 24 | 4.8% | 1.4% | ||
| Q3 24 | 4.0% | 2.0% | ||
| Q2 24 | 4.3% | 1.4% | ||
| Q1 24 | 4.0% | 1.4% |
现金转化率SEMTNET
| Q4 25 | 3.19× | — | ||
| Q3 25 | 6.09× | 2.12× | ||
| Q2 25 | 2.72× | 2.03× | ||
| Q1 25 | -0.06× | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.25× | 1.87× | ||
| Q2 24 | 3.59× | 0.65× | ||
| Q1 24 | -0.69× | 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
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
