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TRINET GROUP, INC.（TNET）与VEEVA SYSTEMS INC（VEEV）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VEEVA SYSTEMS INC的1.5倍（$1.2B vs $811.2M），VEEVA SYSTEMS INC同比增速更快（16.0% vs -2.2%），过去两年VEEVA SYSTEMS INC的营收复合增速更高（13.4% 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。
Veeva Systems Inc总部位于美国加利福尼亚州普莱森顿，是一家公益类上市企业，专注为生命科学行业提供云软件、数据服务及商业咨询，旗下产品可实现数据管理、监管注册跟踪、供应链全流程监督等多项功能。
TNET vs VEEV — 直观对比
营收规模更大
TNET
是对方的1.5倍
$811.2M
营收增速更快
VEEV
高出18.2%
-2.2%
两年增速更快
VEEV
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $811.2M |
| 净利润 | — | $236.2M |
| 毛利率 | — | 75.4% |
| 营业利润率 | 0.1% | 29.7% |
| 净利率 | — | 29.1% |
| 营收同比 | -2.2% | 16.0% |
| 净利润同比 | — | 27.1% |
| 每股收益（稀释后） | $0.02 | $1.40 |
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TNETVEEV
| Q4 25 | $1.2B | $811.2M | ||
| Q3 25 | $1.2B | $789.1M | ||
| Q2 25 | $1.2B | $759.0M | ||
| Q1 25 | $1.3B | $720.9M | ||
| Q4 24 | $1.3B | $699.2M | ||
| Q3 24 | $1.2B | $676.2M | ||
| Q2 24 | $1.2B | $650.3M | ||
| Q1 24 | $1.3B | $630.6M |
净利润TNETVEEV
| Q4 25 | — | $236.2M | ||
| Q3 25 | $34.0M | $200.3M | ||
| Q2 25 | $37.0M | $228.2M | ||
| Q1 25 | $85.0M | $195.6M | ||
| Q4 24 | — | $185.8M | ||
| Q3 24 | $45.0M | $171.0M | ||
| Q2 24 | $60.0M | $161.7M | ||
| Q1 24 | $91.0M | $147.4M |
毛利率TNETVEEV
| Q4 25 | — | 75.4% | ||
| Q3 25 | — | 75.3% | ||
| Q2 25 | — | 77.1% | ||
| Q1 25 | — | 74.9% | ||
| Q4 24 | — | 75.1% | ||
| Q3 24 | — | 74.8% | ||
| Q2 24 | — | 73.3% | ||
| Q1 24 | — | 72.4% |
营业利润率TNETVEEV
| Q4 25 | 0.1% | 29.7% | ||
| Q3 25 | 4.1% | 24.8% | ||
| Q2 25 | 4.1% | 30.8% | ||
| Q1 25 | 8.9% | 26.1% | ||
| Q4 24 | -2.9% | 25.9% | ||
| Q3 24 | 4.7% | 24.6% | ||
| Q2 24 | 6.5% | 23.9% | ||
| Q1 24 | 9.7% | 21.4% |
净利率TNETVEEV
| Q4 25 | — | 29.1% | ||
| Q3 25 | 2.8% | 25.4% | ||
| Q2 25 | 3.0% | 30.1% | ||
| Q1 25 | 6.6% | 27.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | 3.6% | 25.3% | ||
| Q2 24 | 4.9% | 24.9% | ||
| Q1 24 | 7.2% | 23.4% |
每股收益（稀释后）TNETVEEV
| Q4 25 | $0.02 | $1.40 | ||
| Q3 25 | $0.70 | $1.19 | ||
| Q2 25 | $0.77 | $1.37 | ||
| Q1 25 | $1.71 | $1.17 | ||
| Q4 24 | $-0.44 | $1.13 | ||
| Q3 24 | $0.89 | $1.04 | ||
| Q2 24 | $1.20 | $0.98 | ||
| Q1 24 | $1.78 | $0.90 |
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 | $1.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | $7.0B |
| 总资产 | $3.8B | $8.1B |
| 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TNETVEEV
| Q4 25 | $287.0M | $1.7B | ||
| Q3 25 | $321.0M | $1.9B | ||
| Q2 25 | $407.0M | $2.0B | ||
| Q1 25 | $349.0M | $1.1B | ||
| Q4 24 | $360.0M | $1.0B | ||
| Q3 24 | $301.0M | $1.2B | ||
| Q2 24 | $249.0M | $1.2B | ||
| Q1 24 | $383.0M | $703.5M |
股东权益TNETVEEV
| Q4 25 | $54.0M | $7.0B | ||
| Q3 25 | $110.0M | $6.6B | ||
| Q2 25 | $107.0M | $6.2B | ||
| Q1 25 | $63.0M | $5.8B | ||
| Q4 24 | $69.0M | $5.5B | ||
| Q3 24 | $129.0M | $5.2B | ||
| Q2 24 | $100.0M | $4.9B | ||
| Q1 24 | $143.0M | $4.6B |
总资产TNETVEEV
| Q4 25 | $3.8B | $8.1B | ||
| Q3 25 | $3.4B | $8.0B | ||
| Q2 25 | $3.7B | $7.8B | ||
| Q1 25 | $3.8B | $7.3B | ||
| Q4 24 | $4.1B | $6.5B | ||
| Q3 24 | $3.7B | $6.3B | ||
| Q2 24 | $3.7B | $6.2B | ||
| Q1 24 | $4.0B | $5.9B |
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 | $192.8M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | — |
| 自由现金流率自由现金流/营收 | 3.4% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | — | 0.82× |
| 过去12个月自由现金流最近4个季度 | $234.0M | — |
8季度趋势，按日历期对齐
经营现金流TNETVEEV
| Q4 25 | $61.0M | $192.8M | ||
| Q3 25 | $72.0M | $238.4M | ||
| Q2 25 | $75.0M | $877.2M | ||
| Q1 25 | $95.0M | $69.5M | ||
| Q4 24 | $65.0M | $164.1M | ||
| Q3 24 | $84.0M | $92.9M | ||
| Q2 24 | $39.0M | $763.5M | ||
| Q1 24 | $91.0M | $57.8M |
自由现金流TNETVEEV
| Q4 25 | $43.0M | — | ||
| Q3 25 | $55.0M | — | ||
| Q2 25 | $57.0M | — | ||
| Q1 25 | $79.0M | — | ||
| Q4 24 | $47.0M | — | ||
| Q3 24 | $59.0M | — | ||
| Q2 24 | $22.0M | — | ||
| Q1 24 | $73.0M | — |
自由现金流率TNETVEEV
| Q4 25 | 3.4% | — | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 4.8% | — | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 5.8% | — |
资本支出强度TNETVEEV
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 1.4% | — |
现金转化率TNETVEEV
| Q4 25 | — | 0.82× | ||
| Q3 25 | 2.12× | 1.19× | ||
| Q2 25 | 2.03× | 3.84× | ||
| Q1 25 | 1.12× | 0.36× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | 1.87× | 0.54× | ||
| Q2 24 | 0.65× | 4.72× | ||
| Q1 24 | 1.00× | 0.39× |
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% |
VEEV
| Subscription Services Veeva Research And Development | $364.8M | 45% |
| Subscription Services Veeva Commercial Cloud | $317.6M | 39% |
| Professional Services Veeva Research And Development | $81.3M | 10% |
| Professional Services Veeva Commercial Cloud | $47.5M | 6% |
