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西蒙地产集团（SPG）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
西蒙地产集团的季度营收约是TRINET GROUP, INC.的1.4倍（$1.8B vs $1.2B），西蒙地产集团同比增速更快（13.2% vs -2.2%），西蒙地产集团自由现金流更多（$948.8M vs $43.0M），过去两年西蒙地产集团的营收复合增速更高（11.4% vs -0.6%）
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
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。
SPG vs TNET — 直观对比
营收规模更大
SPG
是对方的1.4倍
$1.2B
营收增速更快
SPG
高出15.4%
-2.2%
自由现金流更多
SPG
多$905.8M
$43.0M
两年增速更快
SPG
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $3.5B | — |
| 毛利率 | — | — |
| 营业利润率 | 49.7% | 0.1% |
| 净利率 | 197.6% | — |
| 营收同比 | 13.2% | -2.2% |
| 净利润同比 | 358.7% | — |
| 每股收益（稀释后） | $9.34 | $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SPGTNET
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.4B | $1.3B |
净利润SPGTNET
| Q4 25 | $3.5B | — | ||
| Q3 25 | $702.7M | $34.0M | ||
| Q2 25 | $643.7M | $37.0M | ||
| Q1 25 | $477.9M | $85.0M | ||
| Q4 24 | $771.8M | — | ||
| Q3 24 | $546.7M | $45.0M | ||
| Q2 24 | $569.4M | $60.0M | ||
| Q1 24 | $841.2M | $91.0M |
营业利润率SPGTNET
| Q4 25 | 49.7% | 0.1% | ||
| Q3 25 | 50.8% | 4.1% | ||
| Q2 25 | 49.7% | 4.1% | ||
| Q1 25 | 49.4% | 8.9% | ||
| Q4 24 | 52.8% | -2.9% | ||
| Q3 24 | 51.9% | 4.7% | ||
| Q2 24 | 51.7% | 6.5% | ||
| Q1 24 | 51.0% | 9.7% |
净利率SPGTNET
| Q4 25 | 197.6% | — | ||
| Q3 25 | 43.9% | 2.8% | ||
| Q2 25 | 43.0% | 3.0% | ||
| Q1 25 | 32.4% | 6.6% | ||
| Q4 24 | 48.8% | — | ||
| Q3 24 | 36.9% | 3.6% | ||
| Q2 24 | 39.0% | 4.9% | ||
| Q1 24 | 58.3% | 7.2% |
每股收益（稀释后）SPGTNET
| Q4 25 | $9.34 | $0.02 | ||
| Q3 25 | $1.86 | $0.70 | ||
| Q2 25 | $1.70 | $0.77 | ||
| Q1 25 | $1.27 | $1.71 | ||
| Q4 24 | $2.04 | $-0.44 | ||
| Q3 24 | $1.46 | $0.89 | ||
| Q2 24 | $1.51 | $1.20 | ||
| Q1 24 | $2.25 | $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 | $823.1M | $287.0M |
| 总债务越低越好 | $28.4B | — |
| 股东权益账面价值 | $5.2B | $54.0M |
| 总资产 | $40.6B | $3.8B |
| 负债/权益比越低杠杆越低 | 5.46× | — |
8季度趋势，按日历期对齐
现金及短期投资SPGTNET
| Q4 25 | $823.1M | $287.0M | ||
| Q3 25 | $1.6B | $321.0M | ||
| Q2 25 | $1.2B | $407.0M | ||
| Q1 25 | $1.4B | $349.0M | ||
| Q4 24 | $1.4B | $360.0M | ||
| Q3 24 | $2.5B | $301.0M | ||
| Q2 24 | $2.5B | $249.0M | ||
| Q1 24 | $2.6B | $383.0M |
总债务SPGTNET
| Q4 25 | $28.4B | — | ||
| Q3 25 | $25.8B | — | ||
| Q2 25 | $25.4B | — | ||
| Q1 25 | $24.8B | — | ||
| Q4 24 | $24.3B | — | ||
| Q3 24 | $25.4B | — | ||
| Q2 24 | $25.3B | — | ||
| Q1 24 | $25.5B | — |
股东权益SPGTNET
| Q4 25 | $5.2B | $54.0M | ||
| Q3 25 | $2.3B | $110.0M | ||
| Q2 25 | $2.5B | $107.0M | ||
| Q1 25 | $2.6B | $63.0M | ||
| Q4 24 | $2.9B | $69.0M | ||
| Q3 24 | $2.7B | $129.0M | ||
| Q2 24 | $2.9B | $100.0M | ||
| Q1 24 | $3.1B | $143.0M |
总资产SPGTNET
| Q4 25 | $40.6B | $3.8B | ||
| Q3 25 | $33.6B | $3.4B | ||
| Q2 25 | $33.3B | $3.7B | ||
| Q1 25 | $32.5B | $3.8B | ||
| Q4 24 | $32.4B | $4.1B | ||
| Q3 24 | $33.3B | $3.7B | ||
| Q2 24 | $33.4B | $3.7B | ||
| Q1 24 | $33.7B | $4.0B |
负债/权益比SPGTNET
| Q4 25 | 5.46× | — | ||
| Q3 25 | 10.98× | — | ||
| Q2 25 | 10.36× | — | ||
| Q1 25 | 9.50× | — | ||
| Q4 24 | 8.25× | — | ||
| Q3 24 | 9.37× | — | ||
| Q2 24 | 8.59× | — | ||
| Q1 24 | 8.22× | — |
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 | $1.2B | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $948.8M | $43.0M |
| 自由现金流率自由现金流/营收 | 53.0% | 3.4% |
| 资本支出强度资本支出/营收 | 14.2% | 1.4% |
| 现金转化率经营现金流/净利润 | 0.34× | — |
| 过去12个月自由现金流最近4个季度 | $3.2B | $234.0M |
8季度趋势，按日历期对齐
经营现金流SPGTNET
| Q4 25 | $1.2B | $61.0M | ||
| Q3 25 | $890.3M | $72.0M | ||
| Q2 25 | $1.2B | $75.0M | ||
| Q1 25 | $827.2M | $95.0M | ||
| Q4 24 | $1.1B | $65.0M | ||
| Q3 24 | $892.9M | $84.0M | ||
| Q2 24 | $1.1B | $39.0M | ||
| Q1 24 | $773.1M | $91.0M |
自由现金流SPGTNET
| Q4 25 | $948.8M | $43.0M | ||
| Q3 25 | $685.0M | $55.0M | ||
| Q2 25 | $971.3M | $57.0M | ||
| Q1 25 | $597.0M | $79.0M | ||
| Q4 24 | $867.7M | $47.0M | ||
| Q3 24 | $706.5M | $59.0M | ||
| Q2 24 | $874.8M | $22.0M | ||
| Q1 24 | $610.1M | $73.0M |
自由现金流率SPGTNET
| Q4 25 | 53.0% | 3.4% | ||
| Q3 25 | 42.8% | 4.5% | ||
| Q2 25 | 64.8% | 4.6% | ||
| Q1 25 | 40.5% | 6.1% | ||
| Q4 24 | 54.8% | 3.7% | ||
| Q3 24 | 47.7% | 4.8% | ||
| Q2 24 | 60.0% | 1.8% | ||
| Q1 24 | 42.3% | 5.8% |
资本支出强度SPGTNET
| Q4 25 | 14.2% | 1.4% | ||
| Q3 25 | 12.8% | 1.4% | ||
| Q2 25 | 16.3% | 1.5% | ||
| Q1 25 | 15.6% | 1.2% | ||
| Q4 24 | 13.8% | 1.4% | ||
| Q3 24 | 12.6% | 2.0% | ||
| Q2 24 | 12.9% | 1.4% | ||
| Q1 24 | 11.3% | 1.4% |
现金转化率SPGTNET
| Q4 25 | 0.34× | — | ||
| Q3 25 | 1.27× | 2.12× | ||
| Q2 25 | 1.89× | 2.03× | ||
| Q1 25 | 1.73× | 1.12× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.63× | 1.87× | ||
| Q2 24 | 1.87× | 0.65× | ||
| Q1 24 | 0.92× | 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
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
