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Snap Inc（SNAP）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
Snap Inc的季度营收约是TRINET GROUP, INC.的1.4倍（$1.7B vs $1.2B），Snap Inc同比增速更快（10.2% vs -2.2%），Snap Inc自由现金流更多（$205.6M vs $43.0M），过去两年Snap Inc的营收复合增速更高（19.9% vs -0.6%）
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
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。
SNAP vs TNET — 直观对比
营收规模更大
SNAP
是对方的1.4倍
$1.2B
营收增速更快
SNAP
高出12.4%
-2.2%
自由现金流更多
SNAP
多$162.6M
$43.0M
两年增速更快
SNAP
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $45.2M | — |
| 毛利率 | 59.1% | — |
| 营业利润率 | 2.9% | 0.1% |
| 净利率 | 2.6% | — |
| 营收同比 | 10.2% | -2.2% |
| 净利润同比 | 396.7% | — |
| 每股收益（稀释后） | $0.03 | $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SNAPTNET
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.2B | $1.3B |
净利润SNAPTNET
| Q4 25 | $45.2M | — | ||
| Q3 25 | $-103.5M | $34.0M | ||
| Q2 25 | $-262.6M | $37.0M | ||
| Q1 25 | $-139.6M | $85.0M | ||
| Q4 24 | $9.1M | — | ||
| Q3 24 | $-153.2M | $45.0M | ||
| Q2 24 | $-248.6M | $60.0M | ||
| Q1 24 | $-305.1M | $91.0M |
毛利率SNAPTNET
| Q4 25 | 59.1% | — | ||
| Q3 25 | 55.3% | — | ||
| Q2 25 | 51.4% | — | ||
| Q1 25 | 53.1% | — | ||
| Q4 24 | 56.9% | — | ||
| Q3 24 | 53.5% | — | ||
| Q2 24 | 52.4% | — | ||
| Q1 24 | 51.9% | — |
营业利润率SNAPTNET
| Q4 25 | 2.9% | 0.1% | ||
| Q3 25 | -8.5% | 4.1% | ||
| Q2 25 | -19.3% | 4.1% | ||
| Q1 25 | -14.2% | 8.9% | ||
| Q4 24 | -1.7% | -2.9% | ||
| Q3 24 | -12.6% | 4.7% | ||
| Q2 24 | -20.5% | 6.5% | ||
| Q1 24 | -27.9% | 9.7% |
净利率SNAPTNET
| Q4 25 | 2.6% | — | ||
| Q3 25 | -6.9% | 2.8% | ||
| Q2 25 | -19.5% | 3.0% | ||
| Q1 25 | -10.2% | 6.6% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | -11.2% | 3.6% | ||
| Q2 24 | -20.1% | 4.9% | ||
| Q1 24 | -25.5% | 7.2% |
每股收益（稀释后）SNAPTNET
| Q4 25 | $0.03 | $0.02 | ||
| Q3 25 | $-0.06 | $0.70 | ||
| Q2 25 | $-0.16 | $0.77 | ||
| Q1 25 | $-0.08 | $1.71 | ||
| Q4 24 | $0.01 | $-0.44 | ||
| Q3 24 | $-0.09 | $0.89 | ||
| Q2 24 | $-0.15 | $1.20 | ||
| Q1 24 | $-0.19 | $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 | $2.9B | $287.0M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.3B | $54.0M |
| 总资产 | $7.7B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.55× | — |
8季度趋势，按日历期对齐
现金及短期投资SNAPTNET
| Q4 25 | $2.9B | $287.0M | ||
| Q3 25 | $3.0B | $321.0M | ||
| Q2 25 | $2.9B | $407.0M | ||
| Q1 25 | $3.2B | $349.0M | ||
| Q4 24 | $3.4B | $360.0M | ||
| Q3 24 | $3.2B | $301.0M | ||
| Q2 24 | $3.1B | $249.0M | ||
| Q1 24 | $2.9B | $383.0M |
总债务SNAPTNET
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $3.6B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.3B | — |
股东权益SNAPTNET
| Q4 25 | $2.3B | $54.0M | ||
| Q3 25 | $2.2B | $110.0M | ||
| Q2 25 | $2.1B | $107.0M | ||
| Q1 25 | $2.3B | $63.0M | ||
| Q4 24 | $2.5B | $69.0M | ||
| Q3 24 | $2.2B | $129.0M | ||
| Q2 24 | $2.1B | $100.0M | ||
| Q1 24 | $2.1B | $143.0M |
总资产SNAPTNET
| Q4 25 | $7.7B | $3.8B | ||
| Q3 25 | $7.6B | $3.4B | ||
| Q2 25 | $7.4B | $3.7B | ||
| Q1 25 | $7.6B | $3.8B | ||
| Q4 24 | $7.9B | $4.1B | ||
| Q3 24 | $7.6B | $3.7B | ||
| Q2 24 | $7.4B | $3.7B | ||
| Q1 24 | $7.2B | $4.0B |
负债/权益比SNAPTNET
| Q4 25 | 1.55× | — | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | 1.56× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 1.76× | — | ||
| Q1 24 | 1.55× | — |
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 | $269.6M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $205.6M | $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 | 3.7% | 1.4% |
| 现金转化率经营现金流/净利润 | 5.96× | — |
| 过去12个月自由现金流最近4个季度 | $437.2M | $234.0M |
8季度趋势，按日历期对齐
经营现金流SNAPTNET
| Q4 25 | $269.6M | $61.0M | ||
| Q3 25 | $146.5M | $72.0M | ||
| Q2 25 | $88.5M | $75.0M | ||
| Q1 25 | $151.6M | $95.0M | ||
| Q4 24 | $230.6M | $65.0M | ||
| Q3 24 | $115.9M | $84.0M | ||
| Q2 24 | $-21.4M | $39.0M | ||
| Q1 24 | $88.4M | $91.0M |
自由现金流SNAPTNET
| Q4 25 | $205.6M | $43.0M | ||
| Q3 25 | $93.4M | $55.0M | ||
| Q2 25 | $23.8M | $57.0M | ||
| Q1 25 | $114.4M | $79.0M | ||
| Q4 24 | $182.4M | $47.0M | ||
| Q3 24 | $71.8M | $59.0M | ||
| Q2 24 | $-73.4M | $22.0M | ||
| Q1 24 | $37.9M | $73.0M |
自由现金流率SNAPTNET
| Q4 25 | 12.0% | 3.4% | ||
| Q3 25 | 6.2% | 4.5% | ||
| Q2 25 | 1.8% | 4.6% | ||
| Q1 25 | 8.4% | 6.1% | ||
| Q4 24 | 11.7% | 3.7% | ||
| Q3 24 | 5.2% | 4.8% | ||
| Q2 24 | -5.9% | 1.8% | ||
| Q1 24 | 3.2% | 5.8% |
资本支出强度SNAPTNET
| Q4 25 | 3.7% | 1.4% | ||
| Q3 25 | 3.5% | 1.4% | ||
| Q2 25 | 4.8% | 1.5% | ||
| Q1 25 | 2.7% | 1.2% | ||
| Q4 24 | 3.1% | 1.4% | ||
| Q3 24 | 3.2% | 2.0% | ||
| Q2 24 | 4.2% | 1.4% | ||
| Q1 24 | 4.2% | 1.4% |
现金转化率SNAPTNET
| Q4 25 | 5.96× | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | 25.34× | — | ||
| 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
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
