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SPIRE INC（SR）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SPIRE INC的1.6倍（$1.2B vs $762.2M），SPIRE INC同比增速更快（13.9% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-121.8M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -17.8%）
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
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。
SR vs TNET — 直观对比
营收规模更大
TNET
是对方的1.6倍
$762.2M
营收增速更快
SR
高出16.1%
-2.2%
自由现金流更多
TNET
多$164.8M
$-121.8M
两年增速更快
TNET
近两年复合增速
-17.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $762.2M | $1.2B |
| 净利润 | $95.0M | — |
| 毛利率 | 55.1% | — |
| 营业利润率 | 22.8% | 0.1% |
| 净利率 | 12.5% | — |
| 营收同比 | 13.9% | -2.2% |
| 净利润同比 | 16.9% | — |
| 每股收益（稀释后） | $1.54 | $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SRTNET
| Q4 25 | $762.2M | $1.2B | ||
| Q3 25 | $334.1M | $1.2B | ||
| Q2 25 | $421.9M | $1.2B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $669.1M | $1.3B | ||
| Q3 24 | $293.8M | $1.2B | ||
| Q2 24 | $414.1M | $1.2B | ||
| Q1 24 | $1.1B | $1.3B |
净利润SRTNET
| Q4 25 | $95.0M | — | ||
| Q3 25 | $-39.8M | $34.0M | ||
| Q2 25 | $20.9M | $37.0M | ||
| Q1 25 | $209.3M | $85.0M | ||
| Q4 24 | $81.3M | — | ||
| Q3 24 | $-25.9M | $45.0M | ||
| Q2 24 | $-12.6M | $60.0M | ||
| Q1 24 | $204.3M | $91.0M |
毛利率SRTNET
| Q4 25 | 55.1% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 55.6% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率SRTNET
| Q4 25 | 22.8% | 0.1% | ||
| Q3 25 | -0.1% | 4.1% | ||
| Q2 25 | 16.4% | 4.1% | ||
| Q1 25 | 29.1% | 8.9% | ||
| Q4 24 | 22.2% | -2.9% | ||
| Q3 24 | 6.7% | 4.7% | ||
| Q2 24 | 7.4% | 6.5% | ||
| Q1 24 | 26.5% | 9.7% |
净利率SRTNET
| Q4 25 | 12.5% | — | ||
| Q3 25 | -11.9% | 2.8% | ||
| Q2 25 | 5.0% | 3.0% | ||
| Q1 25 | 19.9% | 6.6% | ||
| Q4 24 | 12.2% | — | ||
| Q3 24 | -8.8% | 3.6% | ||
| Q2 24 | -3.0% | 4.9% | ||
| Q1 24 | 18.1% | 7.2% |
每股收益（稀释后）SRTNET
| Q4 25 | $1.54 | $0.02 | ||
| Q3 25 | $-0.77 | $0.70 | ||
| Q2 25 | $0.29 | $0.77 | ||
| Q1 25 | $3.51 | $1.71 | ||
| Q4 24 | $1.34 | $-0.44 | ||
| Q3 24 | $-0.63 | $0.89 | ||
| Q2 24 | $-0.28 | $1.20 | ||
| Q1 24 | $3.58 | $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 | $4.1M | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.4B | $54.0M |
| 总资产 | $11.9B | $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SRTNET
| Q4 25 | $4.1M | $287.0M | ||
| Q3 25 | $5.7M | $321.0M | ||
| Q2 25 | $13.1M | $407.0M | ||
| Q1 25 | $15.2M | $349.0M | ||
| Q4 24 | $11.5M | $360.0M | ||
| Q3 24 | $4.5M | $301.0M | ||
| Q2 24 | $7.4M | $249.0M | ||
| Q1 24 | $25.6M | $383.0M |
股东权益SRTNET
| Q4 25 | $3.4B | $54.0M | ||
| Q3 25 | $3.4B | $110.0M | ||
| Q2 25 | $3.5B | $107.0M | ||
| Q1 25 | $3.5B | $63.0M | ||
| Q4 24 | $3.3B | $69.0M | ||
| Q3 24 | $3.2B | $129.0M | ||
| Q2 24 | $3.3B | $100.0M | ||
| Q1 24 | $3.4B | $143.0M |
总资产SRTNET
| Q4 25 | $11.9B | $3.8B | ||
| Q3 25 | $11.6B | $3.4B | ||
| Q2 25 | $11.4B | $3.7B | ||
| Q1 25 | $11.3B | $3.8B | ||
| Q4 24 | $11.3B | $4.1B | ||
| Q3 24 | $10.9B | $3.7B | ||
| Q2 24 | $10.7B | $3.7B | ||
| Q1 24 | $10.7B | $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 | $81.0M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $-121.8M | $43.0M |
| 自由现金流率自由现金流/营收 | -16.0% | 3.4% |
| 资本支出强度资本支出/营收 | 26.6% | 1.4% |
| 现金转化率经营现金流/净利润 | 0.85× | — |
| 过去12个月自由现金流最近4个季度 | $-286.7M | $234.0M |
8季度趋势，按日历期对齐
经营现金流SRTNET
| Q4 25 | $81.0M | $61.0M | ||
| Q3 25 | $-4.9M | $72.0M | ||
| Q2 25 | $129.1M | $75.0M | ||
| Q1 25 | $372.7M | $95.0M | ||
| Q4 24 | $81.1M | $65.0M | ||
| Q3 24 | $82.9M | $84.0M | ||
| Q2 24 | $270.1M | $39.0M | ||
| Q1 24 | $489.4M | $91.0M |
自由现金流SRTNET
| Q4 25 | $-121.8M | $43.0M | ||
| Q3 25 | $-227.6M | $55.0M | ||
| Q2 25 | $-91.4M | $57.0M | ||
| Q1 25 | $154.1M | $79.0M | ||
| Q4 24 | $-179.5M | $47.0M | ||
| Q3 24 | $-146.9M | $59.0M | ||
| Q2 24 | $47.9M | $22.0M | ||
| Q1 24 | $306.6M | $73.0M |
自由现金流率SRTNET
| Q4 25 | -16.0% | 3.4% | ||
| Q3 25 | -68.1% | 4.5% | ||
| Q2 25 | -21.7% | 4.6% | ||
| Q1 25 | 14.7% | 6.1% | ||
| Q4 24 | -26.8% | 3.7% | ||
| Q3 24 | -50.0% | 4.8% | ||
| Q2 24 | 11.6% | 1.8% | ||
| Q1 24 | 27.2% | 5.8% |
资本支出强度SRTNET
| Q4 25 | 26.6% | 1.4% | ||
| Q3 25 | 66.7% | 1.4% | ||
| Q2 25 | 52.3% | 1.5% | ||
| Q1 25 | 20.8% | 1.2% | ||
| Q4 24 | 38.9% | 1.4% | ||
| Q3 24 | 78.2% | 2.0% | ||
| Q2 24 | 53.7% | 1.4% | ||
| Q1 24 | 16.2% | 1.4% |
现金转化率SRTNET
| Q4 25 | 0.85× | — | ||
| Q3 25 | — | 2.12× | ||
| Q2 25 | 6.18× | 2.03× | ||
| Q1 25 | 1.78× | 1.12× | ||
| Q4 24 | 1.00× | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | 2.40× | 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
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
