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SIRIUS XM HOLDINGS INC.（SIRI）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
SIRIUS XM HOLDINGS INC.的季度营收约是TRINET GROUP, INC.的1.8倍（$2.2B vs $1.2B），SIRIUS XM HOLDINGS INC.同比增速更快（0.2% vs -2.2%），SIRIUS XM HOLDINGS INC.自由现金流更多（$536.0M vs $43.0M），过去两年SIRIUS XM HOLDINGS INC.的营收复合增速更高（0.7% vs -0.6%）
天狼星XM控股旗下的XM卫星广播是美国及加拿大三大卫星与在线广播服务商之一，采用类似付费有线电视的订阅制模式运营。平台拥有73个音乐频道、39个新闻、体育、访谈及娱乐频道，另设21个区域交通气象频道与23个体育赛事直播频道，服务覆盖北美大量付费用户。
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。
SIRI vs TNET — 直观对比
营收规模更大
SIRI
是对方的1.8倍
$1.2B
营收增速更快
SIRI
高出2.4%
-2.2%
自由现金流更多
SIRI
多$493.0M
$43.0M
两年增速更快
SIRI
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $99.0M | — |
| 毛利率 | 53.1% | — |
| 营业利润率 | 10.3% | 0.1% |
| 净利率 | 4.5% | — |
| 营收同比 | 0.2% | -2.2% |
| 净利润同比 | -55.4% | — |
| 每股收益（稀释后） | $0.23 | $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SIRITNET
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $2.2B | $1.3B | ||
| Q3 24 | $2.2B | $1.2B | ||
| Q2 24 | $2.2B | $1.2B | ||
| Q1 24 | $2.2B | $1.3B |
净利润SIRITNET
| Q4 25 | $99.0M | — | ||
| Q3 25 | $297.0M | $34.0M | ||
| Q2 25 | $205.0M | $37.0M | ||
| Q1 25 | $204.0M | $85.0M | ||
| Q4 24 | $222.0M | — | ||
| Q3 24 | $-2.5B | $45.0M | ||
| Q2 24 | $304.0M | $60.0M | ||
| Q1 24 | $265.0M | $91.0M |
毛利率SIRITNET
| Q4 25 | 53.1% | — | ||
| Q3 25 | 52.2% | — | ||
| Q2 25 | 52.4% | — | ||
| Q1 25 | 52.0% | — | ||
| Q4 24 | 52.9% | — | ||
| Q3 24 | 53.2% | — | ||
| Q2 24 | 53.5% | — | ||
| Q1 24 | 52.5% | — |
营业利润率SIRITNET
| Q4 25 | 10.3% | 0.1% | ||
| Q3 25 | 22.8% | 4.1% | ||
| Q2 25 | 17.1% | 4.1% | ||
| Q1 25 | 18.7% | 8.9% | ||
| Q4 24 | 20.2% | -2.9% | ||
| Q3 24 | -133.6% | 4.7% | ||
| Q2 24 | 23.2% | 6.5% | ||
| Q1 24 | 20.2% | 9.7% |
净利率SIRITNET
| Q4 25 | 4.5% | — | ||
| Q3 25 | 13.8% | 2.8% | ||
| Q2 25 | 9.6% | 3.0% | ||
| Q1 25 | 9.9% | 6.6% | ||
| Q4 24 | 10.1% | — | ||
| Q3 24 | -113.1% | 3.6% | ||
| Q2 24 | 14.0% | 4.9% | ||
| Q1 24 | 12.3% | 7.2% |
每股收益（稀释后）SIRITNET
| Q4 25 | $0.23 | $0.02 | ||
| Q3 25 | $0.84 | $0.70 | ||
| Q2 25 | $0.57 | $0.77 | ||
| Q1 25 | $0.59 | $1.71 | ||
| Q4 24 | $2.45 | $-0.44 | ||
| Q3 24 | $-8.74 | $0.89 | ||
| Q2 24 | $0.08 | $1.20 | ||
| Q1 24 | $0.07 | $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 | $94.0M | $287.0M |
| 总债务越低越好 | $8.6B | — |
| 股东权益账面价值 | $11.6B | $54.0M |
| 总资产 | $27.2B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.75× | — |
8季度趋势，按日历期对齐
现金及短期投资SIRITNET
| Q4 25 | $94.0M | $287.0M | ||
| Q3 25 | $79.0M | $321.0M | ||
| Q2 25 | $92.0M | $407.0M | ||
| Q1 25 | $127.0M | $349.0M | ||
| Q4 24 | $162.0M | $360.0M | ||
| Q3 24 | $127.0M | $301.0M | ||
| Q2 24 | $100.0M | $249.0M | ||
| Q1 24 | $71.0M | $383.0M |
总债务SIRITNET
| Q4 25 | $8.6B | — | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $10.1B | — | ||
| Q1 25 | $10.4B | — | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $10.1B | — | ||
| Q2 24 | $9.0B | — | ||
| Q1 24 | $8.7B | — |
股东权益SIRITNET
| Q4 25 | $11.6B | $54.0M | ||
| Q3 25 | $11.6B | $110.0M | ||
| Q2 25 | $11.3B | $107.0M | ||
| Q1 25 | $11.2B | $63.0M | ||
| Q4 24 | $11.1B | $69.0M | ||
| Q3 24 | $10.9B | $129.0M | ||
| Q2 24 | $-2.1B | $100.0M | ||
| Q1 24 | $-2.4B | $143.0M |
总资产SIRITNET
| Q4 25 | $27.2B | $3.8B | ||
| Q3 25 | $27.4B | $3.4B | ||
| Q2 25 | $27.3B | $3.7B | ||
| Q1 25 | $27.4B | $3.8B | ||
| Q4 24 | $27.5B | $4.1B | ||
| Q3 24 | $27.5B | $3.7B | ||
| Q2 24 | $11.2B | $3.7B | ||
| Q1 24 | $11.2B | $4.0B |
负债/权益比SIRITNET
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.78× | — | ||
| Q2 25 | 0.89× | — | ||
| Q1 25 | 0.93× | — | ||
| Q4 24 | 0.93× | — | ||
| Q3 24 | 0.93× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $680.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $536.0M | $43.0M |
| 自由现金流率自由现金流/营收 | 24.4% | 3.4% |
| 资本支出强度资本支出/营收 | 6.6% | 1.4% |
| 现金转化率经营现金流/净利润 | 6.87× | — |
| 过去12个月自由现金流最近4个季度 | $1.2B | $234.0M |
8季度趋势，按日历期对齐
经营现金流SIRITNET
| Q4 25 | $680.0M | $61.0M | ||
| Q3 25 | $430.0M | $72.0M | ||
| Q2 25 | $546.0M | $75.0M | ||
| Q1 25 | $242.0M | $95.0M | ||
| Q4 24 | $679.0M | $65.0M | ||
| Q3 24 | $240.0M | $84.0M | ||
| Q2 24 | $514.0M | $39.0M | ||
| Q1 24 | $308.0M | $91.0M |
自由现金流SIRITNET
| Q4 25 | $536.0M | $43.0M | ||
| Q3 25 | $255.0M | $55.0M | ||
| Q2 25 | $401.0M | $57.0M | ||
| Q1 25 | $53.0M | $79.0M | ||
| Q4 24 | $514.0M | $47.0M | ||
| Q3 24 | $24.0M | $59.0M | ||
| Q2 24 | $341.0M | $22.0M | ||
| Q1 24 | $134.0M | $73.0M |
自由现金流率SIRITNET
| Q4 25 | 24.4% | 3.4% | ||
| Q3 25 | 11.8% | 4.5% | ||
| Q2 25 | 18.8% | 4.6% | ||
| Q1 25 | 2.6% | 6.1% | ||
| Q4 24 | 23.5% | 3.7% | ||
| Q3 24 | 1.1% | 4.8% | ||
| Q2 24 | 15.7% | 1.8% | ||
| Q1 24 | 6.2% | 5.8% |
资本支出强度SIRITNET
| Q4 25 | 6.6% | 1.4% | ||
| Q3 25 | 8.1% | 1.4% | ||
| Q2 25 | 6.8% | 1.5% | ||
| Q1 25 | 9.1% | 1.2% | ||
| Q4 24 | 7.5% | 1.4% | ||
| Q3 24 | 9.9% | 2.0% | ||
| Q2 24 | 7.9% | 1.4% | ||
| Q1 24 | 8.0% | 1.4% |
现金转化率SIRITNET
| Q4 25 | 6.87× | — | ||
| Q3 25 | 1.45× | 2.12× | ||
| Q2 25 | 2.66× | 2.03× | ||
| Q1 25 | 1.19× | 1.12× | ||
| Q4 24 | 3.06× | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | 1.69× | 0.65× | ||
| Q1 24 | 1.16× | 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
SIRI
| Subscription And Circulation | $1.6B | 74% |
| Advertising | $491.0M | 22% |
| Cost Of Sales Equipment Products And Services | $48.0M | 2% |
| Other Revenue | $28.0M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
