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TRINET GROUP, INC.（TNET）与Vici Properties（VICI）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Vici Properties的1.2倍（$1.2B vs $1.0B），Vici Properties同比增速更快（3.8% vs -2.2%），过去两年Vici Properties的营收复合增速更高（3.2% 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。
Vici Properties是总部位于美国纽约的房地产投资信托（REIT），专注于博彩及娱乐类物业。公司成立于2017年，由凯撒娱乐集团破产重组时分拆而来，目前在美加两国持有54家赌场、酒店、赛马场，4座高尔夫球场及38个保龄球馆。
TNET vs VICI — 直观对比
营收规模更大
TNET
是对方的1.2倍
$1.0B
营收增速更快
VICI
高出6.0%
-2.2%
两年增速更快
VICI
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.0B |
| 净利润 | — | $604.8M |
| 毛利率 | — | 99.3% |
| 营业利润率 | 0.1% | 60.2% |
| 净利率 | — | 59.7% |
| 营收同比 | -2.2% | 3.8% |
| 净利润同比 | — | -1.6% |
| 每股收益（稀释后） | $0.02 | $0.57 |
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TNETVICI
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $1.2B | $1.0B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.3B | $984.2M | ||
| Q4 24 | $1.3B | $976.1M | ||
| Q3 24 | $1.2B | $964.7M | ||
| Q2 24 | $1.2B | $957.0M | ||
| Q1 24 | $1.3B | $951.5M |
净利润TNETVICI
| Q4 25 | — | $604.8M | ||
| Q3 25 | $34.0M | $762.0M | ||
| Q2 25 | $37.0M | $865.1M | ||
| Q1 25 | $85.0M | $543.6M | ||
| Q4 24 | — | $614.6M | ||
| Q3 24 | $45.0M | $732.9M | ||
| Q2 24 | $60.0M | $741.3M | ||
| Q1 24 | $91.0M | $590.0M |
毛利率TNETVICI
| Q4 25 | — | 99.3% | ||
| Q3 25 | — | 99.3% | ||
| Q2 25 | — | 99.3% | ||
| Q1 25 | — | 99.4% | ||
| Q4 24 | — | 99.3% | ||
| Q3 24 | — | 99.3% | ||
| Q2 24 | — | 99.3% | ||
| Q1 24 | — | 99.3% |
营业利润率TNETVICI
| Q4 25 | 0.1% | 60.2% | ||
| Q3 25 | 4.1% | 77.2% | ||
| Q2 25 | 4.1% | 88.3% | ||
| Q1 25 | 8.9% | 55.9% | ||
| Q4 24 | -2.9% | 64.2% | ||
| Q3 24 | 4.7% | 77.4% | ||
| Q2 24 | 6.5% | 79.0% | ||
| Q1 24 | 9.7% | 63.2% |
净利率TNETVICI
| Q4 25 | — | 59.7% | ||
| Q3 25 | 2.8% | 75.6% | ||
| Q2 25 | 3.0% | 86.4% | ||
| Q1 25 | 6.6% | 55.2% | ||
| Q4 24 | — | 63.0% | ||
| Q3 24 | 3.6% | 76.0% | ||
| Q2 24 | 4.9% | 77.5% | ||
| Q1 24 | 7.2% | 62.0% |
每股收益（稀释后）TNETVICI
| Q4 25 | $0.02 | $0.57 | ||
| Q3 25 | $0.70 | $0.71 | ||
| Q2 25 | $0.77 | $0.82 | ||
| Q1 25 | $1.71 | $0.51 | ||
| Q4 24 | $-0.44 | $0.58 | ||
| Q3 24 | $0.89 | $0.70 | ||
| Q2 24 | $1.20 | $0.71 | ||
| Q1 24 | $1.78 | $0.57 |
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 | $608.0M |
| 总债务越低越好 | — | $16.8B |
| 股东权益账面价值 | $54.0M | $27.8B |
| 总资产 | $3.8B | $46.7B |
| 负债/权益比越低杠杆越低 | — | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资TNETVICI
| Q4 25 | $287.0M | $608.0M | ||
| Q3 25 | $321.0M | $507.5M | ||
| Q2 25 | $407.0M | $233.0M | ||
| Q1 25 | $349.0M | $334.3M | ||
| Q4 24 | $360.0M | $524.6M | ||
| Q3 24 | $301.0M | $355.7M | ||
| Q2 24 | $249.0M | $347.2M | ||
| Q1 24 | $383.0M | $514.9M |
总债务TNETVICI
| Q4 25 | — | $16.8B | ||
| Q3 25 | — | $16.8B | ||
| Q2 25 | — | $16.9B | ||
| Q1 25 | — | $16.8B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | — | $16.7B | ||
| Q2 24 | — | $16.7B | ||
| Q1 24 | — | $16.7B |
股东权益TNETVICI
| Q4 25 | $54.0M | $27.8B | ||
| Q3 25 | $110.0M | $27.7B | ||
| Q2 25 | $107.0M | $27.0B | ||
| Q1 25 | $63.0M | $26.6B | ||
| Q4 24 | $69.0M | $26.5B | ||
| Q3 24 | $129.0M | $26.1B | ||
| Q2 24 | $100.0M | $25.7B | ||
| Q1 24 | $143.0M | $25.4B |
总资产TNETVICI
| Q4 25 | $3.8B | $46.7B | ||
| Q3 25 | $3.4B | $46.5B | ||
| Q2 25 | $3.7B | $46.1B | ||
| Q1 25 | $3.8B | $45.5B | ||
| Q4 24 | $4.1B | $45.4B | ||
| Q3 24 | $3.7B | $44.9B | ||
| Q2 24 | $3.7B | $44.5B | ||
| Q1 24 | $4.0B | $44.2B |
负债/权益比TNETVICI
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 0.66× |
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 | $691.9M |
| 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 | — | 1.14× |
| 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TNETVICI
| Q4 25 | $61.0M | $691.9M | ||
| Q3 25 | $72.0M | $586.3M | ||
| Q2 25 | $75.0M | $639.9M | ||
| Q1 25 | $95.0M | $591.9M | ||
| Q4 24 | $65.0M | $644.1M | ||
| Q3 24 | $84.0M | $579.1M | ||
| Q2 24 | $39.0M | $614.6M | ||
| Q1 24 | $91.0M | $543.7M |
自由现金流TNETVICI
| 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TNETVICI
| 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TNETVICI
| 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TNETVICI
| Q4 25 | — | 1.14× | ||
| Q3 25 | 2.12× | 0.77× | ||
| Q2 25 | 2.03× | 0.74× | ||
| Q1 25 | 1.12× | 1.09× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | 1.87× | 0.79× | ||
| Q2 24 | 0.65× | 0.83× | ||
| Q1 24 | 1.00× | 0.92× |
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% |
VICI
| Fixed Rent | $504.3M | 50% |
| Other | $478.4M | 47% |
| Contingent Rent | $30.4M | 3% |
