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TRINET GROUP, INC.（TNET）与环联（TRU）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是环联的1.0倍（$1.2B vs $1.2B），环联同比增速更快（13.7% vs -2.2%），过去两年环联的营收复合增速更高（9.4% 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。
环联是美国知名消费者信用报告机构，与益博睿、艾奎法克斯并列美国三大征信机构，总部位于伊利诺伊州芝加哥。目前其业务覆盖30余个国家，累计收集超10亿消费者的信用信息，持有美国几乎所有有信用记录消费者的超2亿份档案，服务超6.5万家企业客户，2014年营收达13亿美元。
TNET vs TRU — 直观对比
营收规模更大
TNET
是对方的1.0倍
$1.2B
营收增速更快
TRU
高出15.9%
-2.2%
两年增速更快
TRU
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | — | $120.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 19.7% |
| 净利率 | — | 9.6% |
| 营收同比 | -2.2% | 13.7% |
| 净利润同比 | — | -4.0% |
| 每股收益（稀释后） | $0.02 | $0.61 |
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TNETTRU
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.2B | $1.0B |
净利润TNETTRU
| Q1 26 | — | $120.0M | ||
| Q4 25 | — | $101.1M | ||
| Q3 25 | $34.0M | $96.6M | ||
| Q2 25 | $37.0M | $109.6M | ||
| Q1 25 | $85.0M | $148.1M | ||
| Q4 24 | — | $66.3M | ||
| Q3 24 | $45.0M | $68.0M | ||
| Q2 24 | $60.0M | $85.0M |
营业利润率TNETTRU
| Q1 26 | — | 19.7% | ||
| Q4 25 | 0.1% | 17.4% | ||
| Q3 25 | 4.1% | 17.8% | ||
| Q2 25 | 4.1% | 16.9% | ||
| Q1 25 | 8.9% | 23.2% | ||
| Q4 24 | -2.9% | 16.5% | ||
| Q3 24 | 4.7% | 14.4% | ||
| Q2 24 | 6.5% | 17.5% |
净利率TNETTRU
| Q1 26 | — | 9.6% | ||
| Q4 25 | — | 8.6% | ||
| Q3 25 | 2.8% | 8.3% | ||
| Q2 25 | 3.0% | 9.6% | ||
| Q1 25 | 6.6% | 13.5% | ||
| Q4 24 | — | 6.4% | ||
| Q3 24 | 3.6% | 6.3% | ||
| Q2 24 | 4.9% | 8.2% |
每股收益（稀释后）TNETTRU
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.02 | $0.52 | ||
| Q3 25 | $0.70 | $0.49 | ||
| Q2 25 | $0.77 | $0.56 | ||
| Q1 25 | $1.71 | $0.75 | ||
| Q4 24 | $-0.44 | $0.33 | ||
| Q3 24 | $0.89 | $0.35 | ||
| Q2 24 | $1.20 | $0.44 |
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 | $732.5M |
| 总债务越低越好 | — | $5.6B |
| 股东权益账面价值 | $54.0M | $4.9B |
| 总资产 | $3.8B | $12.0B |
| 负债/权益比越低杠杆越低 | — | 1.14× |
8季度趋势，按日历期对齐
现金及短期投资TNETTRU
| Q1 26 | — | $732.5M | ||
| Q4 25 | $287.0M | $856.3M | ||
| Q3 25 | $321.0M | $752.5M | ||
| Q2 25 | $407.0M | $690.0M | ||
| Q1 25 | $349.0M | $612.5M | ||
| Q4 24 | $360.0M | $682.0M | ||
| Q3 24 | $301.0M | $646.0M | ||
| Q2 24 | $249.0M | $545.8M |
总债务TNETTRU
| Q1 26 | — | $5.6B | ||
| Q4 25 | — | $4.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益TNETTRU
| Q1 26 | — | $4.9B | ||
| Q4 25 | $54.0M | $4.4B | ||
| Q3 25 | $110.0M | $4.5B | ||
| Q2 25 | $107.0M | $4.5B | ||
| Q1 25 | $63.0M | $4.4B | ||
| Q4 24 | $69.0M | $4.2B | ||
| Q3 24 | $129.0M | $4.2B | ||
| Q2 24 | $100.0M | $4.1B |
总资产TNETTRU
| Q1 26 | — | $12.0B | ||
| Q4 25 | $3.8B | $11.1B | ||
| Q3 25 | $3.4B | $11.1B | ||
| Q2 25 | $3.7B | $11.1B | ||
| Q1 25 | $3.8B | $10.9B | ||
| Q4 24 | $4.1B | $11.0B | ||
| Q3 24 | $3.7B | $11.1B | ||
| Q2 24 | $3.7B | $11.0B |
负债/权益比TNETTRU
| Q1 26 | — | 1.14× | ||
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.20× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 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% | 5.2% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流TNETTRU
| Q1 26 | — | — | ||
| Q4 25 | $61.0M | $319.5M | ||
| Q3 25 | $72.0M | $324.3M | ||
| Q2 25 | $75.0M | $291.3M | ||
| Q1 25 | $95.0M | $52.5M | ||
| Q4 24 | $65.0M | $254.0M | ||
| Q3 24 | $84.0M | $229.3M | ||
| Q2 24 | $39.0M | $295.2M |
自由现金流TNETTRU
| Q1 26 | — | — | ||
| Q4 25 | $43.0M | $222.8M | ||
| Q3 25 | $55.0M | $240.4M | ||
| Q2 25 | $57.0M | $214.3M | ||
| Q1 25 | $79.0M | $-15.9M | ||
| Q4 24 | $47.0M | $136.9M | ||
| Q3 24 | $59.0M | $161.3M | ||
| Q2 24 | $22.0M | $226.9M |
自由现金流率TNETTRU
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 19.0% | ||
| Q3 25 | 4.5% | 20.6% | ||
| Q2 25 | 4.6% | 18.8% | ||
| Q1 25 | 6.1% | -1.5% | ||
| Q4 24 | 3.7% | 13.2% | ||
| Q3 24 | 4.8% | 14.9% | ||
| Q2 24 | 1.8% | 21.8% |
资本支出强度TNETTRU
| Q1 26 | — | 5.2% | ||
| Q4 25 | 1.4% | 8.3% | ||
| Q3 25 | 1.4% | 7.2% | ||
| Q2 25 | 1.5% | 6.8% | ||
| Q1 25 | 1.2% | 6.2% | ||
| Q4 24 | 1.4% | 11.3% | ||
| Q3 24 | 2.0% | 6.3% | ||
| Q2 24 | 1.4% | 6.6% |
现金转化率TNETTRU
| Q1 26 | — | — | ||
| Q4 25 | — | 3.16× | ||
| Q3 25 | 2.12× | 3.36× | ||
| Q2 25 | 2.03× | 2.66× | ||
| Q1 25 | 1.12× | 0.35× | ||
| Q4 24 | — | 3.83× | ||
| Q3 24 | 1.87× | 3.37× | ||
| Q2 24 | 0.65× | 3.47× |
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% |
TRU
| U.S. Markets | $975.0M | 78% |
| International | $274.0M | 22% |
