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Constellation Brands（STZ）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
Constellation Brands的季度营收约是TRINET GROUP, INC.的1.8倍（$2.2B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -9.8%），Constellation Brands自由现金流更多（$370.9M vs $43.0M），过去两年Constellation Brands的营收复合增速更高（1.9% vs -0.6%）
Constellation Brands, Inc.是总部位于美国纽约州罗切斯特的《财富》500强企业，主营啤酒、葡萄酒及烈酒的生产与营销，按销售额计算是美国最大的啤酒进口商，在全美主要啤酒供应商中市场份额位列第三。公司还通过与Canopy Growth合作在医用及娱乐大麻领域有大额投资，现有约40处设施、近9000名员工。
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。
STZ vs TNET — 直观对比
营收规模更大
STZ
是对方的1.8倍
$1.2B
营收增速更快
TNET
高出7.6%
-9.8%
自由现金流更多
STZ
多$327.9M
$43.0M
两年增速更快
STZ
近两年复合增速
-0.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $502.8M | — |
| 毛利率 | 53.2% | — |
| 营业利润率 | 31.1% | 0.1% |
| 净利率 | 22.6% | — |
| 营收同比 | -9.8% | -2.2% |
| 净利润同比 | -18.4% | — |
| 每股收益（稀释后） | — | $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STZTNET
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.5B | $1.2B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.9B | $1.2B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.1B | $1.3B |
净利润STZTNET
| Q4 25 | $502.8M | — | ||
| Q3 25 | $466.0M | $34.0M | ||
| Q2 25 | $516.1M | $37.0M | ||
| Q1 25 | $-375.3M | $85.0M | ||
| Q4 24 | $615.9M | — | ||
| Q3 24 | $-1.2B | $45.0M | ||
| Q2 24 | $877.0M | $60.0M | ||
| Q1 24 | $392.4M | $91.0M |
毛利率STZTNET
| Q4 25 | 53.2% | — | ||
| Q3 25 | 52.8% | — | ||
| Q2 25 | 50.4% | — | ||
| Q1 25 | 51.5% | — | ||
| Q4 24 | 52.1% | — | ||
| Q3 24 | 51.8% | — | ||
| Q2 24 | 52.7% | — | ||
| Q1 24 | 48.6% | — |
营业利润率STZTNET
| Q4 25 | 31.1% | 0.1% | ||
| Q3 25 | 35.2% | 4.1% | ||
| Q2 25 | 28.4% | 4.1% | ||
| Q1 25 | -6.9% | 8.9% | ||
| Q4 24 | 32.2% | -2.9% | ||
| Q3 24 | -42.1% | 4.7% | ||
| Q2 24 | 35.4% | 6.5% | ||
| Q1 24 | 29.4% | 9.7% |
净利率STZTNET
| Q4 25 | 22.6% | — | ||
| Q3 25 | 18.8% | 2.8% | ||
| Q2 25 | 20.5% | 3.0% | ||
| Q1 25 | -17.3% | 6.6% | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | -41.1% | 3.6% | ||
| Q2 24 | 32.9% | 4.9% | ||
| Q1 24 | 18.3% | 7.2% |
每股收益（稀释后）STZTNET
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $0.70 | ||
| Q2 25 | — | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | — | $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 | $152.4M | $287.0M |
| 总债务越低越好 | $10.3B | — |
| 股东权益账面价值 | $7.7B | $54.0M |
| 总资产 | $21.7B | $3.8B |
| 负债/权益比越低杠杆越低 | 1.33× | — |
8季度趋势，按日历期对齐
现金及短期投资STZTNET
| Q4 25 | $152.4M | $287.0M | ||
| Q3 25 | $72.0M | $321.0M | ||
| Q2 25 | $73.9M | $407.0M | ||
| Q1 25 | $68.1M | $349.0M | ||
| Q4 24 | $73.7M | $360.0M | ||
| Q3 24 | $64.6M | $301.0M | ||
| Q2 24 | $73.8M | $249.0M | ||
| Q1 24 | $152.4M | $383.0M |
总债务STZTNET
| Q4 25 | $10.3B | — | ||
| Q3 25 | $10.3B | — | ||
| Q2 25 | $11.2B | — | ||
| Q1 25 | $10.7B | — | ||
| Q4 24 | $10.7B | — | ||
| Q3 24 | $11.1B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.6B | — |
股东权益STZTNET
| Q4 25 | $7.7B | $54.0M | ||
| Q3 25 | $7.5B | $110.0M | ||
| Q2 25 | $7.3B | $107.0M | ||
| Q1 25 | $6.9B | $63.0M | ||
| Q4 24 | $7.8B | $69.0M | ||
| Q3 24 | $7.9B | $129.0M | ||
| Q2 24 | $10.3B | $100.0M | ||
| Q1 24 | $9.7B | $143.0M |
总资产STZTNET
| Q4 25 | $21.7B | $3.8B | ||
| Q3 25 | $21.4B | $3.4B | ||
| Q2 25 | $22.3B | $3.7B | ||
| Q1 25 | $21.7B | $3.8B | ||
| Q4 24 | $22.8B | $4.1B | ||
| Q3 24 | $23.1B | $3.7B | ||
| Q2 24 | $26.1B | $3.7B | ||
| Q1 24 | $25.7B | $4.0B |
负债/权益比STZTNET
| Q4 25 | 1.33× | — | ||
| Q3 25 | 1.37× | — | ||
| Q2 25 | 1.54× | — | ||
| Q1 25 | 1.55× | — | ||
| Q4 24 | 1.37× | — | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 1.08× | — | ||
| Q1 24 | 1.19× | — |
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 | $616.9M | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $370.9M | $43.0M |
| 自由现金流率自由现金流/营收 | 16.7% | 3.4% |
| 资本支出强度资本支出/营收 | 11.1% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.23× | — |
| 过去12个月自由现金流最近4个季度 | $1.8B | $234.0M |
8季度趋势，按日历期对齐
经营现金流STZTNET
| Q4 25 | $616.9M | $61.0M | ||
| Q3 25 | $852.1M | $72.0M | ||
| Q2 25 | $637.2M | $75.0M | ||
| Q1 25 | $594.7M | $95.0M | ||
| Q4 24 | $685.2M | $65.0M | ||
| Q3 24 | $1.2B | $84.0M | ||
| Q2 24 | $690.5M | $39.0M | ||
| Q1 24 | $433.2M | $91.0M |
自由现金流STZTNET
| Q4 25 | $370.9M | $43.0M | ||
| Q3 25 | $634.8M | $55.0M | ||
| Q2 25 | $444.4M | $57.0M | ||
| Q1 25 | $312.1M | $79.0M | ||
| Q4 24 | $456.8M | $47.0M | ||
| Q3 24 | $854.0M | $59.0M | ||
| Q2 24 | $315.2M | $22.0M | ||
| Q1 24 | $76.0M | $73.0M |
自由现金流率STZTNET
| Q4 25 | 16.7% | 3.4% | ||
| Q3 25 | 25.6% | 4.5% | ||
| Q2 25 | 17.7% | 4.6% | ||
| Q1 25 | 14.4% | 6.1% | ||
| Q4 24 | 18.5% | 3.7% | ||
| Q3 24 | 29.3% | 4.8% | ||
| Q2 24 | 11.8% | 1.8% | ||
| Q1 24 | 3.6% | 5.8% |
资本支出强度STZTNET
| Q4 25 | 11.1% | 1.4% | ||
| Q3 25 | 8.8% | 1.4% | ||
| Q2 25 | 7.7% | 1.5% | ||
| Q1 25 | 13.1% | 1.2% | ||
| Q4 24 | 9.3% | 1.4% | ||
| Q3 24 | 11.2% | 2.0% | ||
| Q2 24 | 14.1% | 1.4% | ||
| Q1 24 | 16.7% | 1.4% |
现金转化率STZTNET
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.83× | 2.12× | ||
| Q2 25 | 1.23× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | 0.79× | 0.65× | ||
| Q1 24 | 1.10× | 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
STZ
| Beer | $2.0B | 90% |
| Constellation Wines And Spirits | $213.1M | 10% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
