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TRINET GROUP, INC.（TNET）与盛思阳（TSE）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是盛思阳的1.9倍（$1.2B vs $662.6M），TRINET GROUP, INC.同比增速更快（-2.2% vs -19.3%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $6.6M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -14.4%）
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。
盛思阳（Trinseo）是一家专注于塑料与乳胶粘合剂生产的材料企业。该公司原隶属于陶氏化学公司，2009年陶氏将其分拆待售，2010年相关资产以斯泰隆（Styron）之名作价16.3亿美元出售给贝恩资本。2016年贝恩清仓全部持股， Trinseo自此成为完全独立的公众上市公司。
TNET vs TSE — 直观对比
营收规模更大
TNET
是对方的1.9倍
$662.6M
营收增速更快
TNET
高出17.1%
-19.3%
自由现金流更多
TNET
多$36.4M
$6.6M
两年增速更快
TNET
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $662.6M |
| 净利润 | — | $-251.4M |
| 毛利率 | — | 4.2% |
| 营业利润率 | 0.1% | -24.7% |
| 净利率 | — | -37.9% |
| 营收同比 | -2.2% | -19.3% |
| 净利润同比 | — | -113.2% |
| 每股收益（稀释后） | $0.02 | $-7.02 |
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TNETTSE
| Q4 25 | $1.2B | $662.6M | ||
| Q3 25 | $1.2B | $743.2M | ||
| Q2 25 | $1.2B | $784.3M | ||
| Q1 25 | $1.3B | $784.8M | ||
| Q4 24 | $1.3B | $821.5M | ||
| Q3 24 | $1.2B | $867.7M | ||
| Q2 24 | $1.2B | $920.0M | ||
| Q1 24 | $1.3B | $904.0M |
净利润TNETTSE
| Q4 25 | — | $-251.4M | ||
| Q3 25 | $34.0M | $-109.7M | ||
| Q2 25 | $37.0M | $-105.5M | ||
| Q1 25 | $85.0M | $-79.0M | ||
| Q4 24 | — | $-117.9M | ||
| Q3 24 | $45.0M | $-87.3M | ||
| Q2 24 | $60.0M | $-67.8M | ||
| Q1 24 | $91.0M | $-75.5M |
毛利率TNETTSE
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 5.0% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 8.1% | ||
| Q4 24 | — | 6.8% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 6.7% |
营业利润率TNETTSE
| Q4 25 | 0.1% | -24.7% | ||
| Q3 25 | 4.1% | -3.8% | ||
| Q2 25 | 4.1% | -4.2% | ||
| Q1 25 | 8.9% | -3.7% | ||
| Q4 24 | -2.9% | -5.4% | ||
| Q3 24 | 4.7% | -1.4% | ||
| Q2 24 | 6.5% | 1.5% | ||
| Q1 24 | 9.7% | -0.4% |
净利率TNETTSE
| Q4 25 | — | -37.9% | ||
| Q3 25 | 2.8% | -14.8% | ||
| Q2 25 | 3.0% | -13.5% | ||
| Q1 25 | 6.6% | -10.1% | ||
| Q4 24 | — | -14.4% | ||
| Q3 24 | 3.6% | -10.1% | ||
| Q2 24 | 4.9% | -7.4% | ||
| Q1 24 | 7.2% | -8.4% |
每股收益（稀释后）TNETTSE
| Q4 25 | $0.02 | $-7.02 | ||
| Q3 25 | $0.70 | $-3.05 | ||
| Q2 25 | $0.77 | $-2.95 | ||
| Q1 25 | $1.71 | $-2.22 | ||
| Q4 24 | $-0.44 | $-3.33 | ||
| Q3 24 | $0.89 | $-2.47 | ||
| Q2 24 | $1.20 | $-1.92 | ||
| Q1 24 | $1.78 | $-2.14 |
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 | $146.7M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $54.0M | $-1.1B |
| 总资产 | $3.8B | $2.3B |
| 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TNETTSE
| Q4 25 | $287.0M | $146.7M | ||
| Q3 25 | $321.0M | $112.1M | ||
| Q2 25 | $407.0M | $137.0M | ||
| Q1 25 | $349.0M | $126.1M | ||
| Q4 24 | $360.0M | $209.8M | ||
| Q3 24 | $301.0M | $165.3M | ||
| Q2 24 | $249.0M | $105.6M | ||
| Q1 24 | $383.0M | $166.4M |
总债务TNETTSE
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益TNETTSE
| Q4 25 | $54.0M | $-1.1B | ||
| Q3 25 | $110.0M | $-861.6M | ||
| Q2 25 | $107.0M | $-750.3M | ||
| Q1 25 | $63.0M | $-679.2M | ||
| Q4 24 | $69.0M | $-619.9M | ||
| Q3 24 | $129.0M | $-480.0M | ||
| Q2 24 | $100.0M | $-413.8M | ||
| Q1 24 | $143.0M | $-348.0M |
总资产TNETTSE
| Q4 25 | $3.8B | $2.3B | ||
| Q3 25 | $3.4B | $2.5B | ||
| Q2 25 | $3.7B | $2.6B | ||
| Q1 25 | $3.8B | $2.7B | ||
| Q4 24 | $4.1B | $2.6B | ||
| Q3 24 | $3.7B | $2.9B | ||
| Q2 24 | $3.7B | $2.8B | ||
| Q1 24 | $4.0B | $3.0B |
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 | $22.6M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $6.6M |
| 自由现金流率自由现金流/营收 | 3.4% | 1.0% |
| 资本支出强度资本支出/营收 | 1.4% | 2.4% |
| 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 | $-153.4M |
8季度趋势，按日历期对齐
经营现金流TNETTSE
| Q4 25 | $61.0M | $22.6M | ||
| Q3 25 | $72.0M | $-21.6M | ||
| Q2 25 | $75.0M | $6.8M | ||
| Q1 25 | $95.0M | $-110.2M | ||
| Q4 24 | $65.0M | $85.1M | ||
| Q3 24 | $84.0M | $8.8M | ||
| Q2 24 | $39.0M | $-41.9M | ||
| Q1 24 | $91.0M | $-66.2M |
自由现金流TNETTSE
| Q4 25 | $43.0M | $6.6M | ||
| Q3 25 | $55.0M | $-38.1M | ||
| Q2 25 | $57.0M | $-3.0M | ||
| Q1 25 | $79.0M | $-118.9M | ||
| Q4 24 | $47.0M | $63.9M | ||
| Q3 24 | $59.0M | $-3.4M | ||
| Q2 24 | $22.0M | $-56.1M | ||
| Q1 24 | $73.0M | $-81.9M |
自由现金流率TNETTSE
| Q4 25 | 3.4% | 1.0% | ||
| Q3 25 | 4.5% | -5.1% | ||
| Q2 25 | 4.6% | -0.4% | ||
| Q1 25 | 6.1% | -15.2% | ||
| Q4 24 | 3.7% | 7.8% | ||
| Q3 24 | 4.8% | -0.4% | ||
| Q2 24 | 1.8% | -6.1% | ||
| Q1 24 | 5.8% | -9.1% |
资本支出强度TNETTSE
| Q4 25 | 1.4% | 2.4% | ||
| Q3 25 | 1.4% | 2.2% | ||
| Q2 25 | 1.5% | 1.2% | ||
| Q1 25 | 1.2% | 1.1% | ||
| Q4 24 | 1.4% | 2.6% | ||
| Q3 24 | 2.0% | 1.4% | ||
| Q2 24 | 1.4% | 1.5% | ||
| Q1 24 | 1.4% | 1.7% |
现金转化率TNETTSE
| Q4 25 | — | — | ||
| Q3 25 | 2.12× | — | ||
| Q2 25 | 2.03× | — | ||
| Q1 25 | 1.12× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 0.65× | — | ||
| 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% |
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
