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TRINET GROUP, INC.（TNET）与天宝（TRMB）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是天宝的1.3倍（$1.2B vs $969.8M），TRINET GROUP, INC.同比增速更快（-2.2% vs -73.7%），天宝自由现金流更多（$360.9M vs $43.0M），过去两年天宝的营收复合增速更高（0.9% 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。
天宝（Trimble Inc.）是1978年成立的美国科技企业，总部位于科罗拉多州威斯敏斯特，于纳斯达克上市，为标普500成分股。公司面向建筑工程、地理空间测绘、交通物流等多个行业，提供软硬件产品及相关技术服务。
TNET vs TRMB — 直观对比
营收规模更大
TNET
是对方的1.3倍
$969.8M
营收增速更快
TNET
高出71.5%
-73.7%
自由现金流更多
TRMB
多$317.9M
$43.0M
两年增速更快
TRMB
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $969.8M |
| 净利润 | — | $156.6M |
| 毛利率 | — | 72.0% |
| 营业利润率 | 0.1% | 22.3% |
| 净利率 | — | 16.1% |
| 营收同比 | -2.2% | -73.7% |
| 净利润同比 | — | 73.6% |
| 每股收益（稀释后） | $0.02 | $0.65 |
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TNETTRMB
| Q4 25 | $1.2B | $901.2M | ||
| Q3 25 | $1.2B | $875.7M | ||
| Q2 25 | $1.2B | $840.6M | ||
| Q1 25 | $1.3B | $983.4M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | $875.8M | ||
| Q2 24 | $1.2B | $870.8M | ||
| Q1 24 | $1.3B | $953.3M |
净利润TNETTRMB
| Q4 25 | — | $111.5M | ||
| Q3 25 | $34.0M | $89.2M | ||
| Q2 25 | $37.0M | $66.7M | ||
| Q1 25 | $85.0M | $90.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | $45.0M | $40.6M | ||
| Q2 24 | $60.0M | $1.3B | ||
| Q1 24 | $91.0M | $57.2M |
毛利率TNETTRMB
| Q4 25 | — | 68.9% | ||
| Q3 25 | — | 68.3% | ||
| Q2 25 | — | 66.7% | ||
| Q1 25 | — | 69.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 65.7% | ||
| Q2 24 | — | 62.7% | ||
| Q1 24 | — | 62.3% |
营业利润率TNETTRMB
| Q4 25 | 0.1% | 16.7% | ||
| Q3 25 | 4.1% | 14.6% | ||
| Q2 25 | 4.1% | 11.6% | ||
| Q1 25 | 8.9% | 17.6% | ||
| Q4 24 | -2.9% | — | ||
| Q3 24 | 4.7% | 13.3% | ||
| Q2 24 | 6.5% | 7.1% | ||
| Q1 24 | 9.7% | 11.5% |
净利率TNETTRMB
| Q4 25 | — | 12.4% | ||
| Q3 25 | 2.8% | 10.2% | ||
| Q2 25 | 3.0% | 7.9% | ||
| Q1 25 | 6.6% | 9.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.6% | 4.6% | ||
| Q2 24 | 4.9% | 151.2% | ||
| Q1 24 | 7.2% | 6.0% |
每股收益（稀释后）TNETTRMB
| Q4 25 | $0.02 | $0.46 | ||
| Q3 25 | $0.70 | $0.37 | ||
| Q2 25 | $0.77 | $0.27 | ||
| Q1 25 | $1.71 | $0.36 | ||
| Q4 24 | $-0.44 | — | ||
| Q3 24 | $0.89 | $0.16 | ||
| Q2 24 | $1.20 | $5.34 | ||
| Q1 24 | $1.78 | $0.23 |
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 | $253.4M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $54.0M | $5.8B |
| 总资产 | $3.8B | $9.3B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资TNETTRMB
| Q4 25 | $287.0M | $232.7M | ||
| Q3 25 | $321.0M | $265.9M | ||
| Q2 25 | $407.0M | $290.0M | ||
| Q1 25 | $349.0M | $738.8M | ||
| Q4 24 | $360.0M | — | ||
| Q3 24 | $301.0M | $1.0B | ||
| Q2 24 | $249.0M | $944.1M | ||
| Q1 24 | $383.0M | $255.1M |
总债务TNETTRMB
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益TNETTRMB
| Q4 25 | $54.0M | $5.8B | ||
| Q3 25 | $110.0M | $5.7B | ||
| Q2 25 | $107.0M | $5.4B | ||
| Q1 25 | $63.0M | $5.7B | ||
| Q4 24 | $69.0M | — | ||
| Q3 24 | $129.0M | $5.9B | ||
| Q2 24 | $100.0M | $5.6B | ||
| Q1 24 | $143.0M | $4.3B |
总资产TNETTRMB
| Q4 25 | $3.8B | $9.0B | ||
| Q3 25 | $3.4B | $9.1B | ||
| Q2 25 | $3.7B | $8.9B | ||
| Q1 25 | $3.8B | $9.5B | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $3.7B | $9.9B | ||
| Q2 24 | $3.7B | $9.6B | ||
| Q1 24 | $4.0B | $9.3B |
负债/权益比TNETTRMB
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $386.2M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $360.9M |
| 自由现金流率自由现金流/营收 | 3.4% | 37.2% |
| 资本支出强度资本支出/营收 | 1.4% | 2.6% |
| 现金转化率经营现金流/净利润 | — | 2.47× |
| 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TNETTRMB
| Q4 25 | $61.0M | — | ||
| Q3 25 | $72.0M | $123.8M | ||
| Q2 25 | $75.0M | $155.6M | ||
| Q1 25 | $95.0M | $115.1M | ||
| Q4 24 | $65.0M | — | ||
| Q3 24 | $84.0M | $94.9M | ||
| Q2 24 | $39.0M | $87.6M | ||
| Q1 24 | $91.0M | $233.8M |
自由现金流TNETTRMB
| Q4 25 | $43.0M | — | ||
| Q3 25 | $55.0M | $116.6M | ||
| Q2 25 | $57.0M | $149.0M | ||
| Q1 25 | $79.0M | $109.0M | ||
| Q4 24 | $47.0M | — | ||
| Q3 24 | $59.0M | $88.5M | ||
| Q2 24 | $22.0M | $73.3M | ||
| Q1 24 | $73.0M | $227.0M |
自由现金流率TNETTRMB
| Q4 25 | 3.4% | — | ||
| Q3 25 | 4.5% | 13.3% | ||
| Q2 25 | 4.6% | 17.7% | ||
| Q1 25 | 6.1% | 11.1% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 4.8% | 10.1% | ||
| Q2 24 | 1.8% | 8.4% | ||
| Q1 24 | 5.8% | 23.8% |
资本支出强度TNETTRMB
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.4% | 0.8% | ||
| Q2 25 | 1.5% | 0.8% | ||
| Q1 25 | 1.2% | 0.6% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.0% | 0.7% | ||
| Q2 24 | 1.4% | 1.6% | ||
| Q1 24 | 1.4% | 0.7% |
现金转化率TNETTRMB
| Q4 25 | — | — | ||
| Q3 25 | 2.12× | 1.39× | ||
| Q2 25 | 2.03× | 2.33× | ||
| Q1 25 | 1.12× | 1.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.87× | 2.34× | ||
| Q2 24 | 0.65× | 0.07× | ||
| Q1 24 | 1.00× | 4.09× |
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% |
TRMB
| Subscription and services | $701.5M | 72% |
| Product | $268.3M | 28% |
