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TRINET GROUP, INC.（TNET）与UWM Holdings Corp（UWMC）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UWM Holdings Corp的1.3倍（$1.2B vs $945.2M），UWM Holdings Corp同比增速更快（68.7% vs -2.2%），UWM Holdings Corp自由现金流更多（$82.0M vs $43.0M），过去两年UWM Holdings Corp的营收复合增速更高（28.8% 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。
UWM控股（前身为联合海岸金融服务）是总部位于美国密歇根州庞蒂亚克的批发抵押贷款机构，专门为独立贷款经纪人提供贷款承销服务，据2024年公开数据显示，该公司是目前美国规模最大的抵押贷款放贷机构。
TNET vs UWMC — 直观对比
营收规模更大
TNET
是对方的1.3倍
$945.2M
营收增速更快
UWMC
高出70.9%
-2.2%
自由现金流更多
UWMC
多$39.0M
$43.0M
两年增速更快
UWMC
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $945.2M |
| 净利润 | — | $19.4M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 17.9% |
| 净利率 | — | 2.1% |
| 营收同比 | -2.2% | 68.7% |
| 净利润同比 | — | 117.6% |
| 每股收益（稀释后） | $0.02 | $0.14 |
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TNETUWMC
| Q4 25 | $1.2B | $945.2M | ||
| Q3 25 | $1.2B | $843.3M | ||
| Q2 25 | $1.2B | $758.7M | ||
| Q1 25 | $1.3B | $613.4M | ||
| Q4 24 | $1.3B | $560.2M | ||
| Q3 24 | $1.2B | $526.4M | ||
| Q2 24 | $1.2B | $507.1M | ||
| Q1 24 | $1.3B | $570.0M |
净利润TNETUWMC
| Q4 25 | — | $19.4M | ||
| Q3 25 | $34.0M | $-1.3M | ||
| Q2 25 | $37.0M | $22.9M | ||
| Q1 25 | $85.0M | $-13.7M | ||
| Q4 24 | — | $8.9M | ||
| Q3 24 | $45.0M | $-6.3M | ||
| Q2 24 | $60.0M | $3.0M | ||
| Q1 24 | $91.0M | $8.7M |
营业利润率TNETUWMC
| Q4 25 | 0.1% | 17.9% | ||
| Q3 25 | 4.1% | 1.5% | ||
| Q2 25 | 4.1% | 43.4% | ||
| Q1 25 | 8.9% | -42.5% | ||
| Q4 24 | -2.9% | 7.6% | ||
| Q3 24 | 4.7% | 6.1% | ||
| Q2 24 | 6.5% | 15.2% | ||
| Q1 24 | 9.7% | 32.3% |
净利率TNETUWMC
| Q4 25 | — | 2.1% | ||
| Q3 25 | 2.8% | -0.1% | ||
| Q2 25 | 3.0% | 3.0% | ||
| Q1 25 | 6.6% | -2.2% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | 3.6% | -1.2% | ||
| Q2 24 | 4.9% | 0.6% | ||
| Q1 24 | 7.2% | 1.5% |
每股收益（稀释后）TNETUWMC
| Q4 25 | $0.02 | $0.14 | ||
| Q3 25 | $0.70 | $-0.01 | ||
| Q2 25 | $0.77 | $0.11 | ||
| Q1 25 | $1.71 | $-0.12 | ||
| Q4 24 | $-0.44 | $0.07 | ||
| Q3 24 | $0.89 | $-0.06 | ||
| Q2 24 | $1.20 | $0.03 | ||
| Q1 24 | $1.78 | $0.09 |
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 | $503.4M |
| 总债务越低越好 | — | $3.0B |
| 股东权益账面价值 | $54.0M | $1.6B |
| 总资产 | $3.8B | $16.9B |
| 负债/权益比越低杠杆越低 | — | 1.87× |
8季度趋势，按日历期对齐
现金及短期投资TNETUWMC
| Q4 25 | $287.0M | $503.4M | ||
| Q3 25 | $321.0M | $870.7M | ||
| Q2 25 | $407.0M | $490.0M | ||
| Q1 25 | $349.0M | $485.0M | ||
| Q4 24 | $360.0M | $507.3M | ||
| Q3 24 | $301.0M | $636.3M | ||
| Q2 24 | $249.0M | $680.2M | ||
| Q1 24 | $383.0M | $605.6M |
总债务TNETUWMC
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $2.0B |
股东权益TNETUWMC
| Q4 25 | $54.0M | $1.6B | ||
| Q3 25 | $110.0M | $1.6B | ||
| Q2 25 | $107.0M | $1.7B | ||
| Q1 25 | $63.0M | $1.6B | ||
| Q4 24 | $69.0M | $2.1B | ||
| Q3 24 | $129.0M | $2.2B | ||
| Q2 24 | $100.0M | $2.3B | ||
| Q1 24 | $143.0M | $2.5B |
总资产TNETUWMC
| Q4 25 | $3.8B | $16.9B | ||
| Q3 25 | $3.4B | $17.0B | ||
| Q2 25 | $3.7B | $13.9B | ||
| Q1 25 | $3.8B | $14.0B | ||
| Q4 24 | $4.1B | $15.7B | ||
| Q3 24 | $3.7B | $15.1B | ||
| Q2 24 | $3.7B | $12.9B | ||
| Q1 24 | $4.0B | $12.8B |
负债/权益比TNETUWMC
| Q4 25 | — | 1.87× | ||
| Q3 25 | — | 2.38× | ||
| Q2 25 | — | 1.59× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | — | 1.36× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | 0.86× | ||
| Q1 24 | — | 0.81× |
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 | $103.8M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $82.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 8.7% |
| 资本支出强度资本支出/营收 | 1.4% | 2.3% |
| 现金转化率经营现金流/净利润 | — | 5.34× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $-2.7B |
8季度趋势，按日历期对齐
经营现金流TNETUWMC
| Q4 25 | $61.0M | $103.8M | ||
| Q3 25 | $72.0M | $-3.1B | ||
| Q2 25 | $75.0M | $-265.9M | ||
| Q1 25 | $95.0M | $593.9M | ||
| Q4 24 | $65.0M | $-543.3M | ||
| Q3 24 | $84.0M | $-2.2B | ||
| Q2 24 | $39.0M | $-1.3B | ||
| Q1 24 | $91.0M | $-2.2B |
自由现金流TNETUWMC
| Q4 25 | $43.0M | $82.0M | ||
| Q3 25 | $55.0M | $-3.1B | ||
| Q2 25 | $57.0M | $-290.1M | ||
| Q1 25 | $79.0M | $576.1M | ||
| Q4 24 | $47.0M | $-551.6M | ||
| Q3 24 | $59.0M | $-2.2B | ||
| Q2 24 | $22.0M | $-1.3B | ||
| Q1 24 | $73.0M | $-2.2B |
自由现金流率TNETUWMC
| Q4 25 | 3.4% | 8.7% | ||
| Q3 25 | 4.5% | -366.4% | ||
| Q2 25 | 4.6% | -38.2% | ||
| Q1 25 | 6.1% | 93.9% | ||
| Q4 24 | 3.7% | -98.5% | ||
| Q3 24 | 4.8% | -416.1% | ||
| Q2 24 | 1.8% | -262.1% | ||
| Q1 24 | 5.8% | -387.7% |
资本支出强度TNETUWMC
| Q4 25 | 1.4% | 2.3% | ||
| Q3 25 | 1.4% | 1.2% | ||
| Q2 25 | 1.5% | 3.2% | ||
| Q1 25 | 1.2% | 2.9% | ||
| Q4 24 | 1.4% | 1.5% | ||
| Q3 24 | 2.0% | 2.3% | ||
| Q2 24 | 1.4% | 2.4% | ||
| Q1 24 | 1.4% | 1.2% |
现金转化率TNETUWMC
| Q4 25 | — | 5.34× | ||
| Q3 25 | 2.12× | — | ||
| Q2 25 | 2.03× | -11.61× | ||
| Q1 25 | 1.12× | — | ||
| Q4 24 | — | -60.91× | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 0.65× | -431.86× | ||
| Q1 24 | 1.00× | -252.32× |
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% |
UWMC
暂无分部数据
