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TRINET GROUP, INC.（TNET）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是TRINET GROUP, INC.的1.3倍（$1.6B vs $1.2B），Toast, Inc.同比增速更快（22.0% vs -2.2%），Toast, Inc.自由现金流更多（$178.0M vs $43.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% vs -0.6%）
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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
TNET vs TOST — 直观对比
营收规模更大
TOST
是对方的1.3倍
$1.2B
营收增速更快
TOST
高出24.2%
-2.2%
自由现金流更多
TOST
多$135.0M
$43.0M
两年增速更快
TOST
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.6B |
| 净利润 | — | $101.0M |
| 毛利率 | — | 25.9% |
| 营业利润率 | 0.1% | 5.2% |
| 净利率 | — | 6.2% |
| 营收同比 | -2.2% | 22.0% |
| 净利润同比 | — | 215.6% |
| 每股收益（稀释后） | $0.02 | $0.18 |
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TNETTOST
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.3B | $1.1B |
净利润TNETTOST
| Q4 25 | — | $101.0M | ||
| Q3 25 | $34.0M | $105.0M | ||
| Q2 25 | $37.0M | $80.0M | ||
| Q1 25 | $85.0M | $56.0M | ||
| Q4 24 | — | $32.0M | ||
| Q3 24 | $45.0M | $56.0M | ||
| Q2 24 | $60.0M | $14.0M | ||
| Q1 24 | $91.0M | $-83.0M |
毛利率TNETTOST
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
营业利润率TNETTOST
| Q4 25 | 0.1% | 5.2% | ||
| Q3 25 | 4.1% | 5.1% | ||
| Q2 25 | 4.1% | 5.2% | ||
| Q1 25 | 8.9% | 3.2% | ||
| Q4 24 | -2.9% | 2.5% | ||
| Q3 24 | 4.7% | 2.6% | ||
| Q2 24 | 6.5% | 0.4% | ||
| Q1 24 | 9.7% | -5.2% |
净利率TNETTOST
| Q4 25 | — | 6.2% | ||
| Q3 25 | 2.8% | 6.4% | ||
| Q2 25 | 3.0% | 5.2% | ||
| Q1 25 | 6.6% | 4.2% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | 3.6% | 4.3% | ||
| Q2 24 | 4.9% | 1.1% | ||
| Q1 24 | 7.2% | -7.7% |
每股收益（稀释后）TNETTOST
| Q4 25 | $0.02 | $0.18 | ||
| Q3 25 | $0.70 | $0.16 | ||
| Q2 25 | $0.77 | $0.13 | ||
| Q1 25 | $1.71 | $0.09 | ||
| Q4 24 | $-0.44 | $0.09 | ||
| Q3 24 | $0.89 | $0.07 | ||
| Q2 24 | $1.20 | $0.02 | ||
| Q1 24 | $1.78 | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | $2.1B |
| 总资产 | $3.8B | $3.1B |
| 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TNETTOST
| Q4 25 | $287.0M | $1.4B | ||
| Q3 25 | $321.0M | $1.4B | ||
| Q2 25 | $407.0M | $1.2B | ||
| Q1 25 | $349.0M | $1.0B | ||
| Q4 24 | $360.0M | $903.0M | ||
| Q3 24 | $301.0M | $761.0M | ||
| Q2 24 | $249.0M | $691.0M | ||
| Q1 24 | $383.0M | $578.0M |
股东权益TNETTOST
| Q4 25 | $54.0M | $2.1B | ||
| Q3 25 | $110.0M | $2.0B | ||
| Q2 25 | $107.0M | $1.8B | ||
| Q1 25 | $63.0M | $1.7B | ||
| Q4 24 | $69.0M | $1.5B | ||
| Q3 24 | $129.0M | $1.4B | ||
| Q2 24 | $100.0M | $1.3B | ||
| Q1 24 | $143.0M | $1.2B |
总资产TNETTOST
| Q4 25 | $3.8B | $3.1B | ||
| Q3 25 | $3.4B | $3.0B | ||
| Q2 25 | $3.7B | $2.8B | ||
| Q1 25 | $3.8B | $2.6B | ||
| Q4 24 | $4.1B | $2.4B | ||
| Q3 24 | $3.7B | $2.2B | ||
| Q2 24 | $3.7B | $2.2B | ||
| Q1 24 | $4.0B | $2.1B |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $178.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 10.9% |
| 资本支出强度资本支出/营收 | 1.4% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.92× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $608.0M |
8季度趋势，按日历期对齐
经营现金流TNETTOST
| Q4 25 | $61.0M | $194.0M | ||
| Q3 25 | $72.0M | $165.0M | ||
| Q2 25 | $75.0M | $223.0M | ||
| Q1 25 | $95.0M | $79.0M | ||
| Q4 24 | $65.0M | $147.0M | ||
| Q3 24 | $84.0M | $109.0M | ||
| Q2 24 | $39.0M | $124.0M | ||
| Q1 24 | $91.0M | $-20.0M |
自由现金流TNETTOST
| Q4 25 | $43.0M | $178.0M | ||
| Q3 25 | $55.0M | $153.0M | ||
| Q2 25 | $57.0M | $208.0M | ||
| Q1 25 | $79.0M | $69.0M | ||
| Q4 24 | $47.0M | $134.0M | ||
| Q3 24 | $59.0M | $97.0M | ||
| Q2 24 | $22.0M | $108.0M | ||
| Q1 24 | $73.0M | $-33.0M |
自由现金流率TNETTOST
| Q4 25 | 3.4% | 10.9% | ||
| Q3 25 | 4.5% | 9.4% | ||
| Q2 25 | 4.6% | 13.4% | ||
| Q1 25 | 6.1% | 5.2% | ||
| Q4 24 | 3.7% | 10.0% | ||
| Q3 24 | 4.8% | 7.4% | ||
| Q2 24 | 1.8% | 8.7% | ||
| Q1 24 | 5.8% | -3.1% |
资本支出强度TNETTOST
| Q4 25 | 1.4% | 1.0% | ||
| Q3 25 | 1.4% | 0.7% | ||
| Q2 25 | 1.5% | 1.0% | ||
| Q1 25 | 1.2% | 0.7% | ||
| Q4 24 | 1.4% | 1.0% | ||
| Q3 24 | 2.0% | 0.9% | ||
| Q2 24 | 1.4% | 1.3% | ||
| Q1 24 | 1.4% | 1.2% |
现金转化率TNETTOST
| Q4 25 | — | 1.92× | ||
| Q3 25 | 2.12× | 1.57× | ||
| Q2 25 | 2.03× | 2.79× | ||
| Q1 25 | 1.12× | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | 1.87× | 1.95× | ||
| Q2 24 | 0.65× | 8.86× | ||
| 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
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
