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TRINET GROUP, INC.（TNET）与安德玛（UAA）财务数据对比。点击上方公司名可切换其他公司
安德玛的季度营收约是TRINET GROUP, INC.的1.1倍（$1.3B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -5.2%），安德玛自由现金流更多（$261.9M vs $43.0M），过去两年安德玛的营收复合增速更高（-0.2% 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。
Under Armour是来自美国的专业运动装备品牌，总部位于美国马里兰州巴尔的摩，主营高性能运动服饰、鞋履等产品，为全球运动爱好者及专业运动员提供兼具功能性与舒适度的运动穿着解决方案。
TNET vs UAA — 直观对比
营收规模更大
UAA
是对方的1.1倍
$1.2B
营收增速更快
TNET
高出3.0%
-5.2%
自由现金流更多
UAA
多$218.9M
$43.0M
两年增速更快
UAA
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.3B |
| 净利润 | — | $-430.8M |
| 毛利率 | — | 44.4% |
| 营业利润率 | 0.1% | -11.3% |
| 净利率 | — | -32.4% |
| 营收同比 | -2.2% | -5.2% |
| 净利润同比 | — | -35013.0% |
| 每股收益（稀释后） | $0.02 | $-1.01 |
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TNETUAA
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.3B | $1.3B |
净利润TNETUAA
| Q4 25 | — | $-430.8M | ||
| Q3 25 | $34.0M | $-18.8M | ||
| Q2 25 | $37.0M | $-2.6M | ||
| Q1 25 | $85.0M | $-67.5M | ||
| Q4 24 | — | $1.2M | ||
| Q3 24 | $45.0M | $170.4M | ||
| Q2 24 | $60.0M | $-305.4M | ||
| Q1 24 | $91.0M | $6.6M |
毛利率TNETUAA
| Q4 25 | — | 44.4% | ||
| Q3 25 | — | 47.3% | ||
| Q2 25 | — | 48.2% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | — | 49.8% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 45.0% |
营业利润率TNETUAA
| Q4 25 | 0.1% | -11.3% | ||
| Q3 25 | 4.1% | 1.3% | ||
| Q2 25 | 4.1% | 0.3% | ||
| Q1 25 | 8.9% | -6.1% | ||
| Q4 24 | -2.9% | 1.0% | ||
| Q3 24 | 4.7% | 12.4% | ||
| Q2 24 | 6.5% | -25.3% | ||
| Q1 24 | 9.7% | -0.3% |
净利率TNETUAA
| Q4 25 | — | -32.4% | ||
| Q3 25 | 2.8% | -1.4% | ||
| Q2 25 | 3.0% | -0.2% | ||
| Q1 25 | 6.6% | -5.7% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 3.6% | 12.2% | ||
| Q2 24 | 4.9% | -25.8% | ||
| Q1 24 | 7.2% | 0.5% |
每股收益（稀释后）TNETUAA
| Q4 25 | $0.02 | $-1.01 | ||
| Q3 25 | $0.70 | $-0.04 | ||
| Q2 25 | $0.77 | $-0.01 | ||
| Q1 25 | $1.71 | $-0.16 | ||
| Q4 24 | $-0.44 | $0.00 | ||
| Q3 24 | $0.89 | $0.39 | ||
| Q2 24 | $1.20 | $-0.70 | ||
| Q1 24 | $1.78 | $0.02 |
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 | $464.6M |
| 总债务越低越好 | — | $989.7M |
| 股东权益账面价值 | $54.0M | $1.4B |
| 总资产 | $3.8B | $4.6B |
| 负债/权益比越低杠杆越低 | — | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资TNETUAA
| Q4 25 | $287.0M | $464.6M | ||
| Q3 25 | $321.0M | $396.0M | ||
| Q2 25 | $407.0M | $911.0M | ||
| Q1 25 | $349.0M | $501.4M | ||
| Q4 24 | $360.0M | $726.9M | ||
| Q3 24 | $301.0M | $530.7M | ||
| Q2 24 | $249.0M | $884.6M | ||
| Q1 24 | $383.0M | $858.7M |
总债务TNETUAA
| Q4 25 | — | $989.7M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $989.2M | ||
| Q1 25 | — | $595.1M | ||
| Q4 24 | — | $595.2M | ||
| Q3 24 | — | $594.6M | ||
| Q2 24 | — | $595.4M | ||
| Q1 24 | — | $675.8M |
股东权益TNETUAA
| Q4 25 | $54.0M | $1.4B | ||
| Q3 25 | $110.0M | $1.9B | ||
| Q2 25 | $107.0M | $1.9B | ||
| Q1 25 | $63.0M | $1.9B | ||
| Q4 24 | $69.0M | $2.0B | ||
| Q3 24 | $129.0M | $2.0B | ||
| Q2 24 | $100.0M | $1.8B | ||
| Q1 24 | $143.0M | $2.2B |
总资产TNETUAA
| Q4 25 | $3.8B | $4.6B | ||
| Q3 25 | $3.4B | $4.9B | ||
| Q2 25 | $3.7B | $4.9B | ||
| Q1 25 | $3.8B | $4.3B | ||
| Q4 24 | $4.1B | $4.6B | ||
| Q3 24 | $3.7B | $4.5B | ||
| Q2 24 | $3.7B | $4.9B | ||
| Q1 24 | $4.0B | $4.8B |
负债/权益比TNETUAA
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.64× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.30× | ||
| Q3 24 | — | 0.30× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 0.31× |
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 | $278.1M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $261.9M |
| 自由现金流率自由现金流/营收 | 3.4% | 19.7% |
| 资本支出强度资本支出/营收 | 1.4% | 1.2% |
| 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 | $-45.9M |
8季度趋势，按日历期对齐
经营现金流TNETUAA
| Q4 25 | $61.0M | $278.1M | ||
| Q3 25 | $72.0M | $-69.8M | ||
| Q2 25 | $75.0M | $48.9M | ||
| Q1 25 | $95.0M | $-202.2M | ||
| Q4 24 | $65.0M | $311.3M | ||
| Q3 24 | $84.0M | $-321.4M | ||
| Q2 24 | $39.0M | $153.0M | ||
| Q1 24 | $91.0M | $-122.9M |
自由现金流TNETUAA
| Q4 25 | $43.0M | $261.9M | ||
| Q3 25 | $55.0M | $-90.3M | ||
| Q2 25 | $57.0M | $13.5M | ||
| Q1 25 | $79.0M | $-231.0M | ||
| Q4 24 | $47.0M | $262.9M | ||
| Q3 24 | $59.0M | $-367.2M | ||
| Q2 24 | $22.0M | $107.3M | ||
| Q1 24 | $73.0M | $-156.7M |
自由现金流率TNETUAA
| Q4 25 | 3.4% | 19.7% | ||
| Q3 25 | 4.5% | -6.8% | ||
| Q2 25 | 4.6% | 1.2% | ||
| Q1 25 | 6.1% | -19.6% | ||
| Q4 24 | 3.7% | 18.8% | ||
| Q3 24 | 4.8% | -26.2% | ||
| Q2 24 | 1.8% | 9.1% | ||
| Q1 24 | 5.8% | -11.8% |
资本支出强度TNETUAA
| Q4 25 | 1.4% | 1.2% | ||
| Q3 25 | 1.4% | 1.5% | ||
| Q2 25 | 1.5% | 3.1% | ||
| Q1 25 | 1.2% | 2.4% | ||
| Q4 24 | 1.4% | 3.5% | ||
| Q3 24 | 2.0% | 3.3% | ||
| Q2 24 | 1.4% | 3.9% | ||
| Q1 24 | 1.4% | 2.5% |
现金转化率TNETUAA
| Q4 25 | — | — | ||
| Q3 25 | 2.12× | — | ||
| Q2 25 | 2.03× | — | ||
| Q1 25 | 1.12× | — | ||
| Q4 24 | — | 252.26× | ||
| Q3 24 | 1.87× | -1.89× | ||
| Q2 24 | 0.65× | — | ||
| Q1 24 | 1.00× | -18.71× |
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% |
UAA
| Apparel | $934.0M | 70% |
| Footwear | $265.1M | 20% |
| Accessories | $107.7M | 8% |
| License | $27.2M | 2% |
