vs
Snowflake Inc.（SNOW）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Snowflake Inc.的1.0倍（$1.2B vs $1.2B），Snowflake Inc.同比增速更快（28.7% vs -2.2%），Snowflake Inc.自由现金流更多（$113.6M vs $43.0M），过去两年Snowflake Inc.的营收复合增速更高（25.1% vs -0.6%）
Snowflake Inc.是美国云数据平台服务商，创立于加利福尼亚州圣马特奥，总部位于蒙大拿州博兹曼。旗下平台支持数据分析功能，可实现数据集的低延迟并发访问，服务运行在亚马逊云科技、微软Azure、谷歌云三大公有云平台上。
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。
SNOW vs TNET — 直观对比
营收规模更大
TNET
是对方的1.0倍
$1.2B
营收增速更快
SNOW
高出30.9%
-2.2%
自由现金流更多
SNOW
多$70.6M
$43.0M
两年增速更快
SNOW
近两年复合增速
-0.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $-294.0M | — |
| 毛利率 | 67.8% | — |
| 营业利润率 | -27.2% | 0.1% |
| 净利率 | -24.2% | — |
| 营收同比 | 28.7% | -2.2% |
| 净利润同比 | 9.4% | — |
| 每股收益（稀释后） | $-0.87 | $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SNOWTNET
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $986.8M | $1.3B | ||
| Q4 24 | $942.1M | $1.3B | ||
| Q3 24 | $868.8M | $1.2B | ||
| Q2 24 | $828.7M | $1.2B | ||
| Q1 24 | $774.7M | $1.3B |
净利润SNOWTNET
| Q4 25 | $-294.0M | — | ||
| Q3 25 | $-298.0M | $34.0M | ||
| Q2 25 | $-430.1M | $37.0M | ||
| Q1 25 | $-327.5M | $85.0M | ||
| Q4 24 | $-324.3M | — | ||
| Q3 24 | $-316.9M | $45.0M | ||
| Q2 24 | $-317.0M | $60.0M | ||
| Q1 24 | $-169.4M | $91.0M |
毛利率SNOWTNET
| Q4 25 | 67.8% | — | ||
| Q3 25 | 67.5% | — | ||
| Q2 25 | 66.5% | — | ||
| Q1 25 | 66.2% | — | ||
| Q4 24 | 65.9% | — | ||
| Q3 24 | 66.8% | — | ||
| Q2 24 | 67.1% | — | ||
| Q1 24 | 68.8% | — |
营业利润率SNOWTNET
| Q4 25 | -27.2% | 0.1% | ||
| Q3 25 | -29.7% | 4.1% | ||
| Q2 25 | -42.9% | 4.1% | ||
| Q1 25 | -39.2% | 8.9% | ||
| Q4 24 | -38.8% | -2.9% | ||
| Q3 24 | -40.9% | 4.7% | ||
| Q2 24 | -42.1% | 6.5% | ||
| Q1 24 | -35.6% | 9.7% |
净利率SNOWTNET
| Q4 25 | -24.2% | — | ||
| Q3 25 | -26.0% | 2.8% | ||
| Q2 25 | -41.3% | 3.0% | ||
| Q1 25 | -33.2% | 6.6% | ||
| Q4 24 | -34.4% | — | ||
| Q3 24 | -36.5% | 3.6% | ||
| Q2 24 | -38.3% | 4.9% | ||
| Q1 24 | -21.9% | 7.2% |
每股收益（稀释后）SNOWTNET
| Q4 25 | $-0.87 | $0.02 | ||
| Q3 25 | $-0.89 | $0.70 | ||
| Q2 25 | $-1.29 | $0.77 | ||
| Q1 25 | $-0.98 | $1.71 | ||
| Q4 24 | $-0.98 | $-0.44 | ||
| Q3 24 | $-0.95 | $0.89 | ||
| Q2 24 | $-0.95 | $1.20 | ||
| Q1 24 | $-0.51 | $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 | $1.9B | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $54.0M |
| 总资产 | $8.2B | $3.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资SNOWTNET
| Q4 25 | $1.9B | $287.0M | ||
| Q3 25 | $1.9B | $321.0M | ||
| Q2 25 | $2.2B | $407.0M | ||
| Q1 25 | $2.6B | $349.0M | ||
| Q4 24 | $2.1B | $360.0M | ||
| Q3 24 | $1.3B | $301.0M | ||
| Q2 24 | $1.3B | $249.0M | ||
| Q1 24 | $1.8B | $383.0M |
股东权益SNOWTNET
| Q4 25 | $2.1B | $54.0M | ||
| Q3 25 | $2.4B | $110.0M | ||
| Q2 25 | $2.4B | $107.0M | ||
| Q1 25 | $3.0B | $63.0M | ||
| Q4 24 | $2.9B | $69.0M | ||
| Q3 24 | $4.1B | $129.0M | ||
| Q2 24 | $4.6B | $100.0M | ||
| Q1 24 | $5.2B | $143.0M |
总资产SNOWTNET
| Q4 25 | $8.2B | $3.8B | ||
| Q3 25 | $8.2B | $3.4B | ||
| Q2 25 | $8.2B | $3.7B | ||
| Q1 25 | $9.0B | $3.8B | ||
| Q4 24 | $8.2B | $4.1B | ||
| Q3 24 | $6.9B | $3.7B | ||
| Q2 24 | $7.3B | $3.7B | ||
| Q1 24 | $8.2B | $4.0B |
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 | $137.5M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $113.6M | $43.0M |
| 自由现金流率自由现金流/营收 | 9.4% | 3.4% |
| 资本支出强度资本支出/营收 | 2.0% | 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 | $776.7M | $234.0M |
8季度趋势，按日历期对齐
经营现金流SNOWTNET
| Q4 25 | $137.5M | $61.0M | ||
| Q3 25 | $74.9M | $72.0M | ||
| Q2 25 | $228.4M | $75.0M | ||
| Q1 25 | $432.7M | $95.0M | ||
| Q4 24 | $101.7M | $65.0M | ||
| Q3 24 | $69.9M | $84.0M | ||
| Q2 24 | $355.5M | $39.0M | ||
| Q1 24 | $344.6M | $91.0M |
自由现金流SNOWTNET
| Q4 25 | $113.6M | $43.0M | ||
| Q3 25 | $58.2M | $55.0M | ||
| Q2 25 | $183.4M | $57.0M | ||
| Q1 25 | $421.4M | $79.0M | ||
| Q4 24 | $88.3M | $47.0M | ||
| Q3 24 | $64.8M | $59.0M | ||
| Q2 24 | $338.9M | $22.0M | ||
| Q1 24 | $331.5M | $73.0M |
自由现金流率SNOWTNET
| Q4 25 | 9.4% | 3.4% | ||
| Q3 25 | 5.1% | 4.5% | ||
| Q2 25 | 17.6% | 4.6% | ||
| Q1 25 | 42.7% | 6.1% | ||
| Q4 24 | 9.4% | 3.7% | ||
| Q3 24 | 7.5% | 4.8% | ||
| Q2 24 | 40.9% | 1.8% | ||
| Q1 24 | 42.8% | 5.8% |
资本支出强度SNOWTNET
| Q4 25 | 2.0% | 1.4% | ||
| Q3 25 | 1.5% | 1.4% | ||
| Q2 25 | 4.3% | 1.5% | ||
| Q1 25 | 1.1% | 1.2% | ||
| Q4 24 | 1.4% | 1.4% | ||
| Q3 24 | 0.6% | 2.0% | ||
| Q2 24 | 2.0% | 1.4% | ||
| Q1 24 | 1.7% | 1.4% |
现金转化率SNOWTNET
| 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
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
