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TRINET GROUP, INC.（TNET）与德太投资（TPG）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是德太投资的1.7倍（$1.2B vs $715.1M），德太投资同比增速更快（35.6% vs -2.2%），过去两年德太投资的营收复合增速更高（18.1% 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。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
TNET vs TPG — 直观对比
营收规模更大
TNET
是对方的1.7倍
$715.1M
营收增速更快
TPG
高出37.8%
-2.2%
两年增速更快
TPG
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $715.1M |
| 净利润 | — | $77.1M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | — |
| 净利率 | — | 10.8% |
| 营收同比 | -2.2% | 35.6% |
| 净利润同比 | — | 494.1% |
| 每股收益（稀释后） | $0.02 | $0.30 |
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TNETTPG
| Q4 25 | $1.2B | $715.1M | ||
| Q3 25 | $1.2B | $596.5M | ||
| Q2 25 | $1.2B | $569.1M | ||
| Q1 25 | $1.3B | $543.5M | ||
| Q4 24 | $1.3B | $527.2M | ||
| Q3 24 | $1.2B | $524.7M | ||
| Q2 24 | $1.2B | $522.8M | ||
| Q1 24 | $1.3B | $512.3M |
净利润TNETTPG
| Q4 25 | — | $77.1M | ||
| Q3 25 | $34.0M | $67.1M | ||
| Q2 25 | $37.0M | $14.9M | ||
| Q1 25 | $85.0M | $25.4M | ||
| Q4 24 | — | $13.0M | ||
| Q3 24 | $45.0M | $9.0M | ||
| Q2 24 | $60.0M | $-14.0M | ||
| Q1 24 | $91.0M | $15.5M |
营业利润率TNETTPG
| Q4 25 | 0.1% | — | ||
| Q3 25 | 4.1% | — | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | 8.9% | — | ||
| Q4 24 | -2.9% | — | ||
| Q3 24 | 4.7% | — | ||
| Q2 24 | 6.5% | — | ||
| Q1 24 | 9.7% | — |
净利率TNETTPG
| Q4 25 | — | 10.8% | ||
| Q3 25 | 2.8% | 11.3% | ||
| Q2 25 | 3.0% | 2.6% | ||
| Q1 25 | 6.6% | 4.7% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 3.6% | 1.7% | ||
| Q2 24 | 4.9% | -2.7% | ||
| Q1 24 | 7.2% | 3.0% |
每股收益（稀释后）TNETTPG
| Q4 25 | $0.02 | $0.30 | ||
| Q3 25 | $0.70 | $0.20 | ||
| Q2 25 | $0.77 | $-0.05 | ||
| Q1 25 | $1.71 | $0.00 | ||
| Q4 24 | $-0.44 | $-0.04 | ||
| Q3 24 | $0.89 | $-0.08 | ||
| Q2 24 | $1.20 | $-0.19 | ||
| Q1 24 | $1.78 | $-0.11 |
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 | $826.1M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $54.0M | $4.1B |
| 总资产 | $3.8B | $13.5B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资TNETTPG
| Q4 25 | $287.0M | $826.1M | ||
| Q3 25 | $321.0M | $1.1B | ||
| Q2 25 | $407.0M | $1.1B | ||
| Q1 25 | $349.0M | $822.0M | ||
| Q4 24 | $360.0M | $808.0M | ||
| Q3 24 | $301.0M | $1.2B | ||
| Q2 24 | $249.0M | $1.1B | ||
| Q1 24 | $383.0M | $1.1B |
总债务TNETTPG
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益TNETTPG
| Q4 25 | $54.0M | $4.1B | ||
| Q3 25 | $110.0M | $3.8B | ||
| Q2 25 | $107.0M | $3.6B | ||
| Q1 25 | $63.0M | $3.5B | ||
| Q4 24 | $69.0M | $3.6B | ||
| Q3 24 | $129.0M | $3.4B | ||
| Q2 24 | $100.0M | $3.3B | ||
| Q1 24 | $143.0M | $3.3B |
总资产TNETTPG
| Q4 25 | $3.8B | $13.5B | ||
| Q3 25 | $3.4B | $13.0B | ||
| Q2 25 | $3.7B | $12.0B | ||
| Q1 25 | $3.8B | $11.3B | ||
| Q4 24 | $4.1B | $10.5B | ||
| Q3 24 | $3.7B | $10.5B | ||
| Q2 24 | $3.7B | $10.1B | ||
| Q1 24 | $4.0B | $9.9B |
负债/权益比TNETTPG
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $-43.7M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | — |
| 自由现金流率自由现金流/营收 | 3.4% | — |
| 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 | — | -0.57× |
| 过去12个月自由现金流最近4个季度 | $234.0M | — |
8季度趋势，按日历期对齐
经营现金流TNETTPG
| Q4 25 | $61.0M | $-43.7M | ||
| Q3 25 | $72.0M | $492.0M | ||
| Q2 25 | $75.0M | $385.9M | ||
| Q1 25 | $95.0M | $198.2M | ||
| Q4 24 | $65.0M | $-188.1M | ||
| Q3 24 | $84.0M | $68.9M | ||
| Q2 24 | $39.0M | $214.6M | ||
| Q1 24 | $91.0M | $436.7M |
自由现金流TNETTPG
| Q4 25 | $43.0M | — | ||
| Q3 25 | $55.0M | — | ||
| Q2 25 | $57.0M | — | ||
| Q1 25 | $79.0M | — | ||
| Q4 24 | $47.0M | — | ||
| Q3 24 | $59.0M | — | ||
| Q2 24 | $22.0M | — | ||
| Q1 24 | $73.0M | — |
自由现金流率TNETTPG
| Q4 25 | 3.4% | — | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 4.8% | — | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 5.8% | — |
资本支出强度TNETTPG
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 1.4% | — |
现金转化率TNETTPG
| Q4 25 | — | -0.57× | ||
| Q3 25 | 2.12× | 7.33× | ||
| Q2 25 | 2.03× | 25.83× | ||
| Q1 25 | 1.12× | 7.80× | ||
| Q4 24 | — | -14.49× | ||
| Q3 24 | 1.87× | 7.69× | ||
| Q2 24 | 0.65× | — | ||
| Q1 24 | 1.00× | 28.14× |
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% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
