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J.M. Smucker Company (The)（SJM）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
J.M. Smucker Company (The)的季度营收约是TRINET GROUP, INC.的1.9倍（$2.3B vs $1.2B），J.M. Smucker Company (The)同比增速更快（2.6% vs -2.2%），J.M. Smucker Company (The)自由现金流更多（$280.2M vs $43.0M），过去两年J.M. Smucker Company (The)的营收复合增速更高（2.2% vs -0.6%）
J.M.斯马克公司是美国食品饮料生产企业，总部位于俄亥俄州奥维尔，1897年成立之初主营苹果酱生产，目前旗下设消费食品、宠物食品、咖啡三大业务板块，核心品牌Smucker's主打果酱、花生酱、糖浆、无皮冷冻三明治、冰淇淋顶料等产品。
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。
SJM vs TNET — 直观对比
营收规模更大
SJM
是对方的1.9倍
$1.2B
营收增速更快
SJM
高出4.8%
-2.2%
自由现金流更多
SJM
多$237.2M
$43.0M
两年增速更快
SJM
近两年复合增速
-0.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.2B |
| 净利润 | $241.3M | — |
| 毛利率 | 37.3% | — |
| 营业利润率 | 18.0% | 0.1% |
| 净利率 | 10.4% | — |
| 营收同比 | 2.6% | -2.2% |
| 净利润同比 | 1084.9% | — |
| 每股收益（稀释后） | $2.26 | $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SJMTNET
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $2.1B | $1.2B | ||
| Q2 24 | $2.2B | $1.2B | ||
| Q1 24 | $2.2B | $1.3B |
净利润SJMTNET
| Q4 25 | $241.3M | — | ||
| Q3 25 | $-43.9M | $34.0M | ||
| Q2 25 | $-729.0M | $37.0M | ||
| Q1 25 | $-662.3M | $85.0M | ||
| Q4 24 | $-24.5M | — | ||
| Q3 24 | $185.0M | $45.0M | ||
| Q2 24 | $245.1M | $60.0M | ||
| Q1 24 | $120.4M | $91.0M |
毛利率SJMTNET
| Q4 25 | 37.3% | — | ||
| Q3 25 | 22.5% | — | ||
| Q2 25 | 38.4% | — | ||
| Q1 25 | 40.2% | — | ||
| Q4 24 | 39.0% | — | ||
| Q3 24 | 37.5% | — | ||
| Q2 24 | 41.4% | — | ||
| Q1 24 | 36.9% | — |
营业利润率SJMTNET
| Q4 25 | 18.0% | 0.1% | ||
| Q3 25 | 2.2% | 4.1% | ||
| Q2 25 | -27.9% | 4.1% | ||
| Q1 25 | -27.2% | 8.9% | ||
| Q4 24 | 7.5% | -2.9% | ||
| Q3 24 | 16.4% | 4.7% | ||
| Q2 24 | 18.4% | 6.5% | ||
| Q1 24 | 13.3% | 9.7% |
净利率SJMTNET
| Q4 25 | 10.4% | — | ||
| Q3 25 | -2.1% | 2.8% | ||
| Q2 25 | -34.0% | 3.0% | ||
| Q1 25 | -30.3% | 6.6% | ||
| Q4 24 | -1.1% | — | ||
| Q3 24 | 8.7% | 3.6% | ||
| Q2 24 | 11.1% | 4.9% | ||
| Q1 24 | 5.4% | 7.2% |
每股收益（稀释后）SJMTNET
| Q4 25 | $2.26 | $0.02 | ||
| Q3 25 | $-0.41 | $0.70 | ||
| Q2 25 | $-6.86 | $0.77 | ||
| Q1 25 | $-6.22 | $1.71 | ||
| Q4 24 | $-0.23 | $-0.44 | ||
| Q3 24 | $1.74 | $0.89 | ||
| Q2 24 | $2.31 | $1.20 | ||
| Q1 24 | $1.13 | $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 | — | $287.0M |
| 总债务越低越好 | $7.0B | — |
| 股东权益账面价值 | $6.1B | $54.0M |
| 总资产 | $17.6B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.16× | — |
8季度趋势，按日历期对齐
现金及短期投资SJMTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | — | $321.0M | ||
| Q2 25 | — | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
总债务SJMTNET
| Q4 25 | $7.0B | — | ||
| Q3 25 | $7.0B | — | ||
| Q2 25 | $7.0B | — | ||
| Q1 25 | $7.4B | — | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $7.8B | — | ||
| Q2 24 | $7.8B | — | ||
| Q1 24 | $8.1B | — |
股东权益SJMTNET
| Q4 25 | $6.1B | $54.0M | ||
| Q3 25 | $5.9B | $110.0M | ||
| Q2 25 | $6.1B | $107.0M | ||
| Q1 25 | $6.9B | $63.0M | ||
| Q4 24 | $7.6B | $69.0M | ||
| Q3 24 | $7.8B | $129.0M | ||
| Q2 24 | $7.7B | $100.0M | ||
| Q1 24 | $7.6B | $143.0M |
总资产SJMTNET
| Q4 25 | $17.6B | $3.8B | ||
| Q3 25 | $17.7B | $3.4B | ||
| Q2 25 | $17.6B | $3.7B | ||
| Q1 25 | $18.4B | $3.8B | ||
| Q4 24 | $20.0B | $4.1B | ||
| Q3 24 | $20.3B | $3.7B | ||
| Q2 24 | $20.3B | $3.7B | ||
| Q1 24 | $20.2B | $4.0B |
负债/权益比SJMTNET
| Q4 25 | 1.16× | — | ||
| Q3 25 | 1.19× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | 1.02× | — | ||
| Q3 24 | 1.00× | — | ||
| Q2 24 | 1.01× | — | ||
| Q1 24 | 1.07× | — |
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 | $346.5M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $280.2M | $43.0M |
| 自由现金流率自由现金流/营收 | 12.0% | 3.4% |
| 资本支出强度资本支出/营收 | 2.8% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.44× | — |
| 过去12个月自由现金流最近4个季度 | $635.5M | $234.0M |
8季度趋势，按日历期对齐
经营现金流SJMTNET
| Q4 25 | $346.5M | $61.0M | ||
| Q3 25 | $-10.6M | $72.0M | ||
| Q2 25 | $393.9M | $75.0M | ||
| Q1 25 | $239.4M | $95.0M | ||
| Q4 24 | $404.2M | $65.0M | ||
| Q3 24 | $172.9M | $84.0M | ||
| Q2 24 | $428.1M | $39.0M | ||
| Q1 24 | $406.5M | $91.0M |
自由现金流SJMTNET
| Q4 25 | $280.2M | $43.0M | ||
| Q3 25 | $-94.9M | $55.0M | ||
| Q2 25 | $298.9M | $57.0M | ||
| Q1 25 | $151.3M | $79.0M | ||
| Q4 24 | $317.2M | $47.0M | ||
| Q3 24 | $49.2M | $59.0M | ||
| Q2 24 | $297.5M | $22.0M | ||
| Q1 24 | $249.6M | $73.0M |
自由现金流率SJMTNET
| Q4 25 | 12.0% | 3.4% | ||
| Q3 25 | -4.5% | 4.5% | ||
| Q2 25 | 13.9% | 4.6% | ||
| Q1 25 | 6.9% | 6.1% | ||
| Q4 24 | 14.0% | 3.7% | ||
| Q3 24 | 2.3% | 4.8% | ||
| Q2 24 | 13.5% | 1.8% | ||
| Q1 24 | 11.2% | 5.8% |
资本支出强度SJMTNET
| Q4 25 | 2.8% | 1.4% | ||
| Q3 25 | 4.0% | 1.4% | ||
| Q2 25 | 4.4% | 1.5% | ||
| Q1 25 | 4.0% | 1.2% | ||
| Q4 24 | 3.8% | 1.4% | ||
| Q3 24 | 5.8% | 2.0% | ||
| Q2 24 | 5.9% | 1.4% | ||
| Q1 24 | 7.0% | 1.4% |
现金转化率SJMTNET
| Q4 25 | 1.44× | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.93× | 1.87× | ||
| Q2 24 | 1.75× | 0.65× | ||
| Q1 24 | 3.38× | 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
SJM
| U.S.Retail Frozen Handheld And Spreads | $461.1M | 20% |
| U.S.Retail Pet Foods | $413.2M | 18% |
| Handheld Frozen Sandwiches | $262.9M | 11% |
| Sweet Baked Snacks | $256.1M | 11% |
| Pet Snacks | $232.0M | 10% |
| Cat Food | $197.2M | 8% |
| Peanut Butter | $187.1M | 8% |
| CA | $94.5M | 4% |
| Fruit Spreads | $92.2M | 4% |
| Other | $50.5M | 2% |
| Portion Control | $50.1M | 2% |
| All Other International | $33.2M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
