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TRINET GROUP, INC.（TNET）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.6倍（$1.2B vs $790.2M），UNITED THERAPEUTICS Corp同比增速更快（7.4% vs -2.2%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $43.0M），过去两年UNITED THERAPEUTICS Corp的营收复合增速更高（8.0% 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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
TNET vs UTHR — 直观对比
营收规模更大
TNET
是对方的1.6倍
$790.2M
营收增速更快
UTHR
高出9.6%
-2.2%
自由现金流更多
UTHR
多$130.3M
$43.0M
两年增速更快
UTHR
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $790.2M |
| 净利润 | — | $364.3M |
| 毛利率 | — | 86.9% |
| 营业利润率 | 0.1% | 45.1% |
| 净利率 | — | 46.1% |
| 营收同比 | -2.2% | 7.4% |
| 净利润同比 | — | 20.9% |
| 每股收益（稀释后） | $0.02 | $7.66 |
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TNETUTHR
| Q4 25 | $1.2B | $790.2M | ||
| Q3 25 | $1.2B | $799.5M | ||
| Q2 25 | $1.2B | $798.6M | ||
| Q1 25 | $1.3B | $794.4M | ||
| Q4 24 | $1.3B | $735.9M | ||
| Q3 24 | $1.2B | $748.9M | ||
| Q2 24 | $1.2B | $714.9M | ||
| Q1 24 | $1.3B | $677.7M |
净利润TNETUTHR
| Q4 25 | — | $364.3M | ||
| Q3 25 | $34.0M | $338.7M | ||
| Q2 25 | $37.0M | $309.5M | ||
| Q1 25 | $85.0M | $322.2M | ||
| Q4 24 | — | $301.3M | ||
| Q3 24 | $45.0M | $309.1M | ||
| Q2 24 | $60.0M | $278.1M | ||
| Q1 24 | $91.0M | $306.6M |
毛利率TNETUTHR
| Q4 25 | — | 86.9% | ||
| Q3 25 | — | 87.4% | ||
| Q2 25 | — | 89.0% | ||
| Q1 25 | — | 88.4% | ||
| Q4 24 | — | 89.7% | ||
| Q3 24 | — | 88.9% | ||
| Q2 24 | — | 89.1% | ||
| Q1 24 | — | 89.2% |
营业利润率TNETUTHR
| Q4 25 | 0.1% | 45.1% | ||
| Q3 25 | 4.1% | 48.6% | ||
| Q2 25 | 4.1% | 45.6% | ||
| Q1 25 | 8.9% | 48.2% | ||
| Q4 24 | -2.9% | 48.6% | ||
| Q3 24 | 4.7% | 45.8% | ||
| Q2 24 | 6.5% | 44.7% | ||
| Q1 24 | 9.7% | 52.6% |
净利率TNETUTHR
| Q4 25 | — | 46.1% | ||
| Q3 25 | 2.8% | 42.4% | ||
| Q2 25 | 3.0% | 38.8% | ||
| Q1 25 | 6.6% | 40.6% | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | 3.6% | 41.3% | ||
| Q2 24 | 4.9% | 38.9% | ||
| Q1 24 | 7.2% | 45.2% |
每股收益（稀释后）TNETUTHR
| Q4 25 | $0.02 | $7.66 | ||
| Q3 25 | $0.70 | $7.16 | ||
| Q2 25 | $0.77 | $6.41 | ||
| Q1 25 | $1.71 | $6.63 | ||
| Q4 24 | $-0.44 | $6.23 | ||
| Q3 24 | $0.89 | $6.39 | ||
| Q2 24 | $1.20 | $5.85 | ||
| Q1 24 | $1.78 | $6.17 |
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 | $2.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | $7.1B |
| 总资产 | $3.8B | $7.9B |
| 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TNETUTHR
| Q4 25 | $287.0M | $2.9B | ||
| Q3 25 | $321.0M | $2.8B | ||
| Q2 25 | $407.0M | $3.0B | ||
| Q1 25 | $349.0M | $3.3B | ||
| Q4 24 | $360.0M | $3.3B | ||
| Q3 24 | $301.0M | $3.3B | ||
| Q2 24 | $249.0M | $3.0B | ||
| Q1 24 | $383.0M | $2.7B |
股东权益TNETUTHR
| Q4 25 | $54.0M | $7.1B | ||
| Q3 25 | $110.0M | $6.6B | ||
| Q2 25 | $107.0M | $7.2B | ||
| Q1 25 | $63.0M | $6.8B | ||
| Q4 24 | $69.0M | $6.4B | ||
| Q3 24 | $129.0M | $6.1B | ||
| Q2 24 | $100.0M | $5.7B | ||
| Q1 24 | $143.0M | $5.3B |
总资产TNETUTHR
| Q4 25 | $3.8B | $7.9B | ||
| Q3 25 | $3.4B | $7.4B | ||
| Q2 25 | $3.7B | $7.9B | ||
| Q1 25 | $3.8B | $7.7B | ||
| Q4 24 | $4.1B | $7.4B | ||
| Q3 24 | $3.7B | $7.1B | ||
| Q2 24 | $3.7B | $6.7B | ||
| Q1 24 | $4.0B | $6.5B |
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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $173.3M |
| 自由现金流率自由现金流/营收 | 3.4% | 21.9% |
| 资本支出强度资本支出/营收 | 1.4% | 21.9% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $1.0B |
8季度趋势，按日历期对齐
经营现金流TNETUTHR
| Q4 25 | $61.0M | $346.2M | ||
| Q3 25 | $72.0M | $562.1M | ||
| Q2 25 | $75.0M | $191.7M | ||
| Q1 25 | $95.0M | $461.2M | ||
| Q4 24 | $65.0M | $341.2M | ||
| Q3 24 | $84.0M | $377.2M | ||
| Q2 24 | $39.0M | $232.2M | ||
| Q1 24 | $91.0M | $376.5M |
自由现金流TNETUTHR
| Q4 25 | $43.0M | $173.3M | ||
| Q3 25 | $55.0M | $351.6M | ||
| Q2 25 | $57.0M | $129.5M | ||
| Q1 25 | $79.0M | $386.3M | ||
| Q4 24 | $47.0M | $254.5M | ||
| Q3 24 | $59.0M | $300.7M | ||
| Q2 24 | $22.0M | $187.1M | ||
| Q1 24 | $73.0M | $338.3M |
自由现金流率TNETUTHR
| Q4 25 | 3.4% | 21.9% | ||
| Q3 25 | 4.5% | 44.0% | ||
| Q2 25 | 4.6% | 16.2% | ||
| Q1 25 | 6.1% | 48.6% | ||
| Q4 24 | 3.7% | 34.6% | ||
| Q3 24 | 4.8% | 40.2% | ||
| Q2 24 | 1.8% | 26.2% | ||
| Q1 24 | 5.8% | 49.9% |
资本支出强度TNETUTHR
| Q4 25 | 1.4% | 21.9% | ||
| Q3 25 | 1.4% | 26.3% | ||
| Q2 25 | 1.5% | 7.8% | ||
| Q1 25 | 1.2% | 9.4% | ||
| Q4 24 | 1.4% | 11.8% | ||
| Q3 24 | 2.0% | 10.2% | ||
| Q2 24 | 1.4% | 6.3% | ||
| Q1 24 | 1.4% | 5.6% |
现金转化率TNETUTHR
| Q4 25 | — | 0.95× | ||
| Q3 25 | 2.12× | 1.66× | ||
| Q2 25 | 2.03× | 0.62× | ||
| Q1 25 | 1.12× | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | 1.87× | 1.22× | ||
| Q2 24 | 0.65× | 0.83× | ||
| Q1 24 | 1.00× | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
