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TRINET GROUP, INC.（TNET）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）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MARRIOTT VACATIONS WORLDWIDE Corp的1.0倍（$1.2B vs $1.2B），MARRIOTT VACATIONS WORLDWIDE Corp同比增速更快（-0.7% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% 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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
TNET vs VAC — 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
VAC
高出1.5%
-2.2%
自由现金流更多
TNET
多$49.0M
$-6.0M
两年增速更快
VAC
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | — | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | — |
| 净利率 | — | -35.0% |
| 营收同比 | -2.2% | -0.7% |
| 净利润同比 | — | -962.0% |
| 每股收益（稀释后） | $0.02 | $-12.00 |
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TNETVAC
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.3B | $1.1B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
净利润TNETVAC
| Q4 25 | — | $-431.0M | ||
| Q3 25 | $34.0M | $-2.0M | ||
| Q2 25 | $37.0M | $69.0M | ||
| Q1 25 | $85.0M | $56.0M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $45.0M | $84.0M | ||
| Q2 24 | $60.0M | $37.0M | ||
| Q1 24 | $91.0M | $47.0M |
营业利润率TNETVAC
| Q4 25 | 0.1% | — | ||
| Q3 25 | 4.1% | — | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | 8.9% | — | ||
| Q4 24 | -2.9% | — | ||
| Q3 24 | 4.7% | — | ||
| Q2 24 | 6.5% | — | ||
| Q1 24 | 9.7% | — |
净利率TNETVAC
| Q4 25 | — | -35.0% | ||
| Q3 25 | 2.8% | -0.2% | ||
| Q2 25 | 3.0% | 6.0% | ||
| Q1 25 | 6.6% | 5.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | 3.6% | 6.9% | ||
| Q2 24 | 4.9% | 3.5% | ||
| Q1 24 | 7.2% | 4.2% |
每股收益（稀释后）TNETVAC
| Q4 25 | $0.02 | $-12.00 | ||
| Q3 25 | $0.70 | $-0.07 | ||
| Q2 25 | $0.77 | $1.77 | ||
| Q1 25 | $1.71 | $1.46 | ||
| Q4 24 | $-0.44 | $1.29 | ||
| Q3 24 | $0.89 | $2.12 | ||
| Q2 24 | $1.20 | $0.98 | ||
| Q1 24 | $1.78 | $1.22 |
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 | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | $2.0B |
| 总资产 | $3.8B | $9.8B |
| 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TNETVAC
| Q4 25 | $287.0M | $406.0M | ||
| Q3 25 | $321.0M | $474.0M | ||
| Q2 25 | $407.0M | $205.0M | ||
| Q1 25 | $349.0M | $196.0M | ||
| Q4 24 | $360.0M | $197.0M | ||
| Q3 24 | $301.0M | $197.0M | ||
| Q2 24 | $249.0M | $206.0M | ||
| Q1 24 | $383.0M | $237.0M |
股东权益TNETVAC
| Q4 25 | $54.0M | $2.0B | ||
| Q3 25 | $110.0M | $2.5B | ||
| Q2 25 | $107.0M | $2.5B | ||
| Q1 25 | $63.0M | $2.4B | ||
| Q4 24 | $69.0M | $2.4B | ||
| Q3 24 | $129.0M | $2.4B | ||
| Q2 24 | $100.0M | $2.4B | ||
| Q1 24 | $143.0M | $2.4B |
总资产TNETVAC
| Q4 25 | $3.8B | $9.8B | ||
| Q3 25 | $3.4B | $10.1B | ||
| Q2 25 | $3.7B | $9.9B | ||
| Q1 25 | $3.8B | $9.9B | ||
| Q4 24 | $4.1B | $9.8B | ||
| Q3 24 | $3.7B | $9.7B | ||
| Q2 24 | $3.7B | $9.6B | ||
| Q1 24 | $4.0B | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $-6.0M |
| 自由现金流率自由现金流/营收 | 3.4% | -0.5% |
| 资本支出强度资本支出/营收 | 1.4% | 1.0% |
| 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 | $-29.0M |
8季度趋势，按日历期对齐
经营现金流TNETVAC
| Q4 25 | $61.0M | $6.0M | ||
| Q3 25 | $72.0M | $62.0M | ||
| Q2 25 | $75.0M | $-48.0M | ||
| Q1 25 | $95.0M | $8.0M | ||
| Q4 24 | $65.0M | $100.0M | ||
| Q3 24 | $84.0M | $72.0M | ||
| Q2 24 | $39.0M | $30.0M | ||
| Q1 24 | $91.0M | $3.0M |
自由现金流TNETVAC
| Q4 25 | $43.0M | $-6.0M | ||
| Q3 25 | $55.0M | $51.0M | ||
| Q2 25 | $57.0M | $-68.0M | ||
| Q1 25 | $79.0M | $-6.0M | ||
| Q4 24 | $47.0M | $86.0M | ||
| Q3 24 | $59.0M | $58.0M | ||
| Q2 24 | $22.0M | $17.0M | ||
| Q1 24 | $73.0M | $-13.0M |
自由现金流率TNETVAC
| Q4 25 | 3.4% | -0.5% | ||
| Q3 25 | 4.5% | 4.3% | ||
| Q2 25 | 4.6% | -5.9% | ||
| Q1 25 | 6.1% | -0.5% | ||
| Q4 24 | 3.7% | 6.9% | ||
| Q3 24 | 4.8% | 4.8% | ||
| Q2 24 | 1.8% | 1.6% | ||
| Q1 24 | 5.8% | -1.2% |
资本支出强度TNETVAC
| Q4 25 | 1.4% | 1.0% | ||
| Q3 25 | 1.4% | 0.9% | ||
| Q2 25 | 1.5% | 1.7% | ||
| Q1 25 | 1.2% | 1.3% | ||
| Q4 24 | 1.4% | 1.1% | ||
| Q3 24 | 2.0% | 1.1% | ||
| Q2 24 | 1.4% | 1.2% | ||
| Q1 24 | 1.4% | 1.4% |
现金转化率TNETVAC
| Q4 25 | — | — | ||
| Q3 25 | 2.12× | — | ||
| Q2 25 | 2.03× | -0.70× | ||
| Q1 25 | 1.12× | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | 1.87× | 0.86× | ||
| Q2 24 | 0.65× | 0.81× | ||
| Q1 24 | 1.00× | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
