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TRINET GROUP, INC.（TNET）与Travel & Leisure Co.（TNL）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Travel & Leisure Co.的1.6倍（$1.2B vs $798.0M），Travel & Leisure Co.同比增速更快（5.7% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $0），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -10.0%）
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。
Travel + Leisure Co.是一家总部位于美国佛罗里达州奥兰多的分时度假企业，旗下运营温德姆俱乐部、温德姆WorldMark、玛格丽塔维尔度假俱乐部、雅高度假俱乐部等多个度假所有权品牌，开发、销售并管理分时度假物业，同时主要通过RCI提供分时度假交换服务，还运营Travel + Leisure GO等旅行俱乐部。
TNET vs TNL — 直观对比
营收规模更大
TNET
是对方的1.6倍
$798.0M
营收增速更快
TNL
高出7.9%
-2.2%
自由现金流更多
TNET
多$43.0M
$0
两年增速更快
TNET
近两年复合增速
-10.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $798.0M |
| 净利润 | — | $79.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 19.9% |
| 净利率 | — | 9.9% |
| 营收同比 | -2.2% | 5.7% |
| 净利润同比 | — | 8.2% |
| 每股收益（稀释后） | $0.02 | $1.22 |
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TNETTNL
| Q1 26 | — | $798.0M | ||
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.3B | $934.0M | ||
| Q4 24 | $1.3B | $970.0M | ||
| Q3 24 | $1.2B | $993.0M | ||
| Q2 24 | $1.2B | $985.0M |
净利润TNETTNL
| Q1 26 | — | $79.0M | ||
| Q4 25 | — | $-62.0M | ||
| Q3 25 | $34.0M | $111.0M | ||
| Q2 25 | $37.0M | $108.0M | ||
| Q1 25 | $85.0M | $73.0M | ||
| Q4 24 | — | $119.0M | ||
| Q3 24 | $45.0M | $97.0M | ||
| Q2 24 | $60.0M | $129.0M |
毛利率TNETTNL
| Q1 26 | — | — | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 98.8% | ||
| Q2 25 | — | 97.9% | ||
| Q1 25 | — | 97.5% | ||
| Q4 24 | — | 99.0% | ||
| Q3 24 | — | 97.3% | ||
| Q2 24 | — | 97.9% |
营业利润率TNETTNL
| Q1 26 | — | 19.9% | ||
| Q4 25 | 0.1% | -2.2% | ||
| Q3 25 | 4.1% | 20.5% | ||
| Q2 25 | 4.1% | 20.2% | ||
| Q1 25 | 8.9% | 16.7% | ||
| Q4 24 | -2.9% | 21.1% | ||
| Q3 24 | 4.7% | 19.0% | ||
| Q2 24 | 6.5% | 19.2% |
净利率TNETTNL
| Q1 26 | — | 9.9% | ||
| Q4 25 | — | -6.0% | ||
| Q3 25 | 2.8% | 10.6% | ||
| Q2 25 | 3.0% | 10.6% | ||
| Q1 25 | 6.6% | 7.8% | ||
| Q4 24 | — | 12.3% | ||
| Q3 24 | 3.6% | 9.8% | ||
| Q2 24 | 4.9% | 13.1% |
每股收益（稀释后）TNETTNL
| Q1 26 | — | $1.22 | ||
| Q4 25 | $0.02 | $-0.92 | ||
| Q3 25 | $0.70 | $1.67 | ||
| Q2 25 | $0.77 | $1.62 | ||
| Q1 25 | $1.71 | $1.07 | ||
| Q4 24 | $-0.44 | $1.70 | ||
| Q3 24 | $0.89 | $1.39 | ||
| Q2 24 | $1.20 | $1.81 |
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 | $287.0M | $254.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | — |
| 总资产 | $3.8B | $6.8B |
| 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TNETTNL
| Q1 26 | — | $254.0M | ||
| Q4 25 | $287.0M | $271.0M | ||
| Q3 25 | $321.0M | $240.0M | ||
| Q2 25 | $407.0M | $212.0M | ||
| Q1 25 | $349.0M | $188.0M | ||
| Q4 24 | $360.0M | $185.0M | ||
| Q3 24 | $301.0M | $194.0M | ||
| Q2 24 | $249.0M | $166.0M |
总债务TNETTNL
| Q1 26 | — | — | ||
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | $5.6B | ||
| Q2 25 | — | $5.6B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $5.6B |
股东权益TNETTNL
| Q1 26 | — | — | ||
| Q4 25 | $54.0M | $-981.0M | ||
| Q3 25 | $110.0M | $-821.0M | ||
| Q2 25 | $107.0M | $-852.0M | ||
| Q1 25 | $63.0M | $-903.0M | ||
| Q4 24 | $69.0M | $-881.0M | ||
| Q3 24 | $129.0M | $-862.0M | ||
| Q2 24 | $100.0M | $-885.0M |
总资产TNETTNL
| Q1 26 | — | $6.8B | ||
| Q4 25 | $3.8B | $6.8B | ||
| Q3 25 | $3.4B | $6.9B | ||
| Q2 25 | $3.7B | $6.8B | ||
| Q1 25 | $3.8B | $6.8B | ||
| Q4 24 | $4.1B | $6.7B | ||
| Q3 24 | $3.7B | $6.7B | ||
| Q2 24 | $3.7B | $6.7B |
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 | $61.0M | $38.0M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $0 |
| 自由现金流率自由现金流/营收 | 3.4% | 0.0% |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | — | 0.48× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $423.0M |
8季度趋势，按日历期对齐
经营现金流TNETTNL
| Q1 26 | — | $38.0M | ||
| Q4 25 | $61.0M | $124.0M | ||
| Q3 25 | $72.0M | $163.0M | ||
| Q2 25 | $75.0M | $232.0M | ||
| Q1 25 | $95.0M | $121.0M | ||
| Q4 24 | $65.0M | $98.0M | ||
| Q3 24 | $84.0M | $145.0M | ||
| Q2 24 | $39.0M | $174.0M |
自由现金流TNETTNL
| Q1 26 | — | $0 | ||
| Q4 25 | $43.0M | $92.0M | ||
| Q3 25 | $55.0M | $136.0M | ||
| Q2 25 | $57.0M | $195.0M | ||
| Q1 25 | $79.0M | $100.0M | ||
| Q4 24 | $47.0M | $75.0M | ||
| Q3 24 | $59.0M | $125.0M | ||
| Q2 24 | $22.0M | $153.0M |
自由现金流率TNETTNL
| Q1 26 | — | 0.0% | ||
| Q4 25 | 3.4% | 9.0% | ||
| Q3 25 | 4.5% | 13.0% | ||
| Q2 25 | 4.6% | 19.2% | ||
| Q1 25 | 6.1% | 10.7% | ||
| Q4 24 | 3.7% | 7.7% | ||
| Q3 24 | 4.8% | 12.6% | ||
| Q2 24 | 1.8% | 15.5% |
资本支出强度TNETTNL
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 3.1% | ||
| Q3 25 | 1.4% | 2.6% | ||
| Q2 25 | 1.5% | 3.6% | ||
| Q1 25 | 1.2% | 2.2% | ||
| Q4 24 | 1.4% | 2.4% | ||
| Q3 24 | 2.0% | 2.0% | ||
| Q2 24 | 1.4% | 2.1% |
现金转化率TNETTNL
| Q1 26 | — | 0.48× | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.12× | 1.47× | ||
| Q2 25 | 2.03× | 2.15× | ||
| Q1 25 | 1.12× | 1.66× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | 1.87× | 1.49× | ||
| Q2 24 | 0.65× | 1.35× |
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
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
TNL
| Service and membership fees | $396.0M | 50% |
| Other | $289.0M | 36% |
| Consumer financing | $113.0M | 14% |
