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TRINET GROUP, INC.（TNET）与特诺控股（TROX）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是特诺控股的1.7倍（$1.2B vs $730.0M），特诺控股同比增速更快（8.0% vs -2.2%），特诺控股自由现金流更多（$53.0M vs $43.0M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -2.9%）
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。
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
TNET vs TROX — 直观对比
营收规模更大
TNET
是对方的1.7倍
$730.0M
营收增速更快
TROX
高出10.2%
-2.2%
自由现金流更多
TROX
多$10.0M
$43.0M
两年增速更快
TNET
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $730.0M |
| 净利润 | — | $-176.0M |
| 毛利率 | — | 5.3% |
| 营业利润率 | 0.1% | -15.6% |
| 净利率 | — | -24.1% |
| 营收同比 | -2.2% | 8.0% |
| 净利润同比 | — | -486.7% |
| 每股收益（稀释后） | $0.02 | $-1.11 |
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TNETTROX
| Q4 25 | $1.2B | $730.0M | ||
| Q3 25 | $1.2B | $699.0M | ||
| Q2 25 | $1.2B | $731.0M | ||
| Q1 25 | $1.3B | $738.0M | ||
| Q4 24 | $1.3B | $676.0M | ||
| Q3 24 | $1.2B | $804.0M | ||
| Q2 24 | $1.2B | $820.0M | ||
| Q1 24 | $1.3B | $774.0M |
净利润TNETTROX
| Q4 25 | — | $-176.0M | ||
| Q3 25 | $34.0M | $-99.0M | ||
| Q2 25 | $37.0M | $-84.0M | ||
| Q1 25 | $85.0M | $-111.0M | ||
| Q4 24 | — | $-30.0M | ||
| Q3 24 | $45.0M | $-25.0M | ||
| Q2 24 | $60.0M | $16.0M | ||
| Q1 24 | $91.0M | $-9.0M |
毛利率TNETTROX
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 7.4% | ||
| Q2 25 | — | 10.8% | ||
| Q1 25 | — | 13.4% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | — | 15.9% | ||
| Q2 24 | — | 18.3% | ||
| Q1 24 | — | 15.5% |
营业利润率TNETTROX
| Q4 25 | 0.1% | -15.6% | ||
| Q3 25 | 4.1% | -6.2% | ||
| Q2 25 | 4.1% | -4.8% | ||
| Q1 25 | 8.9% | -8.3% | ||
| Q4 24 | -2.9% | 7.1% | ||
| Q3 24 | 4.7% | 6.7% | ||
| Q2 24 | 6.5% | 9.3% | ||
| Q1 24 | 9.7% | 5.3% |
净利率TNETTROX
| Q4 25 | — | -24.1% | ||
| Q3 25 | 2.8% | -14.2% | ||
| Q2 25 | 3.0% | -11.5% | ||
| Q1 25 | 6.6% | -15.0% | ||
| Q4 24 | — | -4.4% | ||
| Q3 24 | 3.6% | -3.1% | ||
| Q2 24 | 4.9% | 2.0% | ||
| Q1 24 | 7.2% | -1.2% |
每股收益（稀释后）TNETTROX
| Q4 25 | $0.02 | $-1.11 | ||
| Q3 25 | $0.70 | $-0.63 | ||
| Q2 25 | $0.77 | $-0.53 | ||
| Q1 25 | $1.71 | $-0.70 | ||
| Q4 24 | $-0.44 | $-0.19 | ||
| Q3 24 | $0.89 | $-0.16 | ||
| Q2 24 | $1.20 | $0.10 | ||
| Q1 24 | $1.78 | $-0.06 |
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 | $199.0M |
| 总债务越低越好 | — | $3.1B |
| 股东权益账面价值 | $54.0M | $1.4B |
| 总资产 | $3.8B | $6.2B |
| 负债/权益比越低杠杆越低 | — | 2.21× |
8季度趋势，按日历期对齐
现金及短期投资TNETTROX
| Q4 25 | $287.0M | $199.0M | ||
| Q3 25 | $321.0M | $185.0M | ||
| Q2 25 | $407.0M | $132.0M | ||
| Q1 25 | $349.0M | $138.0M | ||
| Q4 24 | $360.0M | $151.0M | ||
| Q3 24 | $301.0M | $167.0M | ||
| Q2 24 | $249.0M | $201.0M | ||
| Q1 24 | $383.0M | $152.0M |
总债务TNETTROX
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.8B |
股东权益TNETTROX
| Q4 25 | $54.0M | $1.4B | ||
| Q3 25 | $110.0M | $1.6B | ||
| Q2 25 | $107.0M | $1.6B | ||
| Q1 25 | $63.0M | $1.7B | ||
| Q4 24 | $69.0M | $1.8B | ||
| Q3 24 | $129.0M | $1.9B | ||
| Q2 24 | $100.0M | $1.9B | ||
| Q1 24 | $143.0M | $1.9B |
总资产TNETTROX
| Q4 25 | $3.8B | $6.2B | ||
| Q3 25 | $3.4B | $6.3B | ||
| Q2 25 | $3.7B | $6.2B | ||
| Q1 25 | $3.8B | $6.1B | ||
| Q4 24 | $4.1B | $6.0B | ||
| Q3 24 | $3.7B | $6.2B | ||
| Q2 24 | $3.7B | $6.1B | ||
| Q1 24 | $4.0B | $6.0B |
负债/权益比TNETTROX
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 2.01× | ||
| Q2 25 | — | 1.67× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.48× |
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 | $121.0M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $53.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 7.3% |
| 资本支出强度资本支出/营收 | 1.4% | 9.3% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $234.0M | $-281.0M |
8季度趋势，按日历期对齐
经营现金流TNETTROX
| Q4 25 | $61.0M | $121.0M | ||
| Q3 25 | $72.0M | $-57.0M | ||
| Q2 25 | $75.0M | $28.0M | ||
| Q1 25 | $95.0M | $-32.0M | ||
| Q4 24 | $65.0M | $82.0M | ||
| Q3 24 | $84.0M | $87.0M | ||
| Q2 24 | $39.0M | $160.0M | ||
| Q1 24 | $91.0M | $-29.0M |
自由现金流TNETTROX
| Q4 25 | $43.0M | $53.0M | ||
| Q3 25 | $55.0M | $-137.0M | ||
| Q2 25 | $57.0M | $-55.0M | ||
| Q1 25 | $79.0M | $-142.0M | ||
| Q4 24 | $47.0M | $-35.0M | ||
| Q3 24 | $59.0M | $-14.0M | ||
| Q2 24 | $22.0M | $84.0M | ||
| Q1 24 | $73.0M | $-105.0M |
自由现金流率TNETTROX
| Q4 25 | 3.4% | 7.3% | ||
| Q3 25 | 4.5% | -19.6% | ||
| Q2 25 | 4.6% | -7.5% | ||
| Q1 25 | 6.1% | -19.2% | ||
| Q4 24 | 3.7% | -5.2% | ||
| Q3 24 | 4.8% | -1.7% | ||
| Q2 24 | 1.8% | 10.2% | ||
| Q1 24 | 5.8% | -13.6% |
资本支出强度TNETTROX
| Q4 25 | 1.4% | 9.3% | ||
| Q3 25 | 1.4% | 11.4% | ||
| Q2 25 | 1.5% | 11.4% | ||
| Q1 25 | 1.2% | 14.9% | ||
| Q4 24 | 1.4% | 17.3% | ||
| Q3 24 | 2.0% | 12.6% | ||
| Q2 24 | 1.4% | 9.3% | ||
| Q1 24 | 1.4% | 9.8% |
现金转化率TNETTROX
| Q4 25 | — | — | ||
| Q3 25 | 2.12× | — | ||
| Q2 25 | 2.03× | — | ||
| Q1 25 | 1.12× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 0.65× | 10.00× | ||
| 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% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
