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Surgery Partners, Inc.（SGRY）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Surgery Partners, Inc.的1.4倍（$1.2B vs $885.0M），Surgery Partners, Inc.同比增速更快（2.4% vs -2.2%），Surgery Partners, Inc.自由现金流更多（$90.6M vs $43.0M），过去两年Surgery Partners, Inc.的营收复合增速更高（11.1% vs -0.6%）
Surgery Partners, Inc.（NASDAQ代码：SGRY）旗下的United Surgical Partners International（USPI）是美国领先的日间手术护理服务商，总部位于得克萨斯州达拉斯，由唐·斯廷于1998年创立，专注于为患者提供便捷、高效的门诊外科医疗服务，运营多家合规手术中心，覆盖美国多地医疗需求场景。
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。
SGRY vs TNET — 直观对比
营收规模更大
TNET
是对方的1.4倍
$885.0M
营收增速更快
SGRY
高出4.6%
-2.2%
自由现金流更多
SGRY
多$47.6M
$43.0M
两年增速更快
SGRY
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $885.0M | $1.2B |
| 净利润 | $-15.0M | — |
| 毛利率 | — | — |
| 营业利润率 | 12.5% | 0.1% |
| 净利率 | -1.7% | — |
| 营收同比 | 2.4% | -2.2% |
| 净利润同比 | 86.2% | — |
| 每股收益（稀释后） | $-0.11 | $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SGRYTNET
| Q4 25 | $885.0M | $1.2B | ||
| Q3 25 | $821.5M | $1.2B | ||
| Q2 25 | $826.2M | $1.2B | ||
| Q1 25 | $776.0M | $1.3B | ||
| Q4 24 | $864.4M | $1.3B | ||
| Q3 24 | $770.4M | $1.2B | ||
| Q2 24 | $762.1M | $1.2B | ||
| Q1 24 | $717.4M | $1.3B |
净利润SGRYTNET
| Q4 25 | $-15.0M | — | ||
| Q3 25 | $-22.7M | $34.0M | ||
| Q2 25 | $-2.5M | $37.0M | ||
| Q1 25 | $-37.7M | $85.0M | ||
| Q4 24 | $-108.5M | — | ||
| Q3 24 | $-31.7M | $45.0M | ||
| Q2 24 | $-15.5M | $60.0M | ||
| Q1 24 | $-12.4M | $91.0M |
营业利润率SGRYTNET
| Q4 25 | 12.5% | 0.1% | ||
| Q3 25 | 12.9% | 4.1% | ||
| Q2 25 | 13.5% | 4.1% | ||
| Q1 25 | 8.0% | 8.9% | ||
| Q4 24 | 14.7% | -2.9% | ||
| Q3 24 | 7.9% | 4.7% | ||
| Q2 24 | 11.1% | 6.5% | ||
| Q1 24 | 10.6% | 9.7% |
净利率SGRYTNET
| Q4 25 | -1.7% | — | ||
| Q3 25 | -2.8% | 2.8% | ||
| Q2 25 | -0.3% | 3.0% | ||
| Q1 25 | -4.9% | 6.6% | ||
| Q4 24 | -12.6% | — | ||
| Q3 24 | -4.1% | 3.6% | ||
| Q2 24 | -2.0% | 4.9% | ||
| Q1 24 | -1.7% | 7.2% |
每股收益（稀释后）SGRYTNET
| Q4 25 | $-0.11 | $0.02 | ||
| Q3 25 | $-0.18 | $0.70 | ||
| Q2 25 | $-0.02 | $0.77 | ||
| Q1 25 | $-0.30 | $1.71 | ||
| Q4 24 | $-0.86 | $-0.44 | ||
| Q3 24 | $-0.25 | $0.89 | ||
| Q2 24 | $-0.12 | $1.20 | ||
| Q1 24 | $-0.10 | $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 | $239.9M | $287.0M |
| 总债务越低越好 | $3.6B | — |
| 股东权益账面价值 | $1.7B | $54.0M |
| 总资产 | $8.1B | $3.8B |
| 负债/权益比越低杠杆越低 | 2.10× | — |
8季度趋势，按日历期对齐
现金及短期投资SGRYTNET
| Q4 25 | $239.9M | $287.0M | ||
| Q3 25 | $203.4M | $321.0M | ||
| Q2 25 | $250.1M | $407.0M | ||
| Q1 25 | $229.3M | $349.0M | ||
| Q4 24 | $269.5M | $360.0M | ||
| Q3 24 | $221.8M | $301.0M | ||
| Q2 24 | $213.5M | $249.0M | ||
| Q1 24 | $185.2M | $383.0M |
总债务SGRYTNET
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $2.8B | — |
股东权益SGRYTNET
| 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 | $1.8B | $69.0M | ||
| Q3 24 | $1.9B | $129.0M | ||
| Q2 24 | $2.0B | $100.0M | ||
| Q1 24 | $2.0B | $143.0M |
总资产SGRYTNET
| Q4 25 | $8.1B | $3.8B | ||
| Q3 25 | $7.9B | $3.4B | ||
| Q2 25 | $8.0B | $3.7B | ||
| Q1 25 | $7.9B | $3.8B | ||
| Q4 24 | $7.9B | $4.1B | ||
| Q3 24 | $7.5B | $3.7B | ||
| Q2 24 | $7.5B | $3.7B | ||
| Q1 24 | $7.0B | $4.0B |
负债/权益比SGRYTNET
| Q4 25 | 2.10× | — | ||
| Q3 25 | 2.00× | — | ||
| Q2 25 | 1.98× | — | ||
| Q1 25 | 1.98× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 1.42× | — |
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 | $103.4M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $90.6M | $43.0M |
| 自由现金流率自由现金流/营收 | 10.2% | 3.4% |
| 资本支出强度资本支出/营收 | 1.4% | 1.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $195.6M | $234.0M |
8季度趋势，按日历期对齐
经营现金流SGRYTNET
| Q4 25 | $103.4M | $61.0M | ||
| Q3 25 | $83.6M | $72.0M | ||
| Q2 25 | $81.3M | $75.0M | ||
| Q1 25 | $6.0M | $95.0M | ||
| Q4 24 | $111.4M | $65.0M | ||
| Q3 24 | $65.2M | $84.0M | ||
| Q2 24 | $82.8M | $39.0M | ||
| Q1 24 | $40.7M | $91.0M |
自由现金流SGRYTNET
| Q4 25 | $90.6M | $43.0M | ||
| Q3 25 | $63.8M | $55.0M | ||
| Q2 25 | $57.9M | $57.0M | ||
| Q1 25 | $-16.7M | $79.0M | ||
| Q4 24 | $89.1M | $47.0M | ||
| Q3 24 | $45.0M | $59.0M | ||
| Q2 24 | $55.9M | $22.0M | ||
| Q1 24 | $19.7M | $73.0M |
自由现金流率SGRYTNET
| Q4 25 | 10.2% | 3.4% | ||
| Q3 25 | 7.8% | 4.5% | ||
| Q2 25 | 7.0% | 4.6% | ||
| Q1 25 | -2.2% | 6.1% | ||
| Q4 24 | 10.3% | 3.7% | ||
| Q3 24 | 5.8% | 4.8% | ||
| Q2 24 | 7.3% | 1.8% | ||
| Q1 24 | 2.7% | 5.8% |
资本支出强度SGRYTNET
| Q4 25 | 1.4% | 1.4% | ||
| Q3 25 | 2.4% | 1.4% | ||
| Q2 25 | 2.8% | 1.5% | ||
| Q1 25 | 2.9% | 1.2% | ||
| Q4 24 | 2.6% | 1.4% | ||
| Q3 24 | 2.6% | 2.0% | ||
| Q2 24 | 3.5% | 1.4% | ||
| Q1 24 | 2.9% | 1.4% |
现金转化率SGRYTNET
| Q4 25 | — | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 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
SGRY
| Private Insurance | $460.5M | 52% |
| Government Revenue | $368.6M | 42% |
| Other | $19.8M | 2% |
| Self Pay Revenue | $19.6M | 2% |
| Other Patient Service Revenue Sources | $16.5M | 2% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
