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TRINET GROUP, INC.（TNET）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
维多利亚的秘密的季度营收约是TRINET GROUP, INC.的1.2倍（$1.5B vs $1.2B），维多利亚的秘密同比增速更快（9.3% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $-232.0M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% vs -15.9%）
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。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
TNET vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.2倍
$1.2B
营收增速更快
VSCO
高出11.5%
-2.2%
自由现金流更多
TNET
多$275.0M
$-232.0M
两年增速更快
TNET
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | — | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 0.1% | -1.3% |
| 净利率 | — | -2.5% |
| 营收同比 | -2.2% | 9.3% |
| 净利润同比 | — | 33.9% |
| 每股收益（稀释后） | $0.02 | $-0.46 |
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TNETVSCO
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.3B | $2.1B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.2B | $1.4B | ||
| Q1 24 | $1.3B | $2.1B |
净利润TNETVSCO
| Q4 25 | — | $-37.0M | ||
| Q3 25 | $34.0M | $16.0M | ||
| Q2 25 | $37.0M | $-2.0M | ||
| Q1 25 | $85.0M | $193.0M | ||
| Q4 24 | — | $-56.0M | ||
| Q3 24 | $45.0M | $32.0M | ||
| Q2 24 | $60.0M | $-4.0M | ||
| Q1 24 | $91.0M | $180.0M |
毛利率TNETVSCO
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
营业利润率TNETVSCO
| Q4 25 | 0.1% | -1.3% | ||
| Q3 25 | 4.1% | 2.8% | ||
| Q2 25 | 4.1% | 1.5% | ||
| Q1 25 | 8.9% | 12.8% | ||
| Q4 24 | -2.9% | -3.5% | ||
| Q3 24 | 4.7% | 4.4% | ||
| Q2 24 | 6.5% | 1.9% | ||
| Q1 24 | 9.7% | 12.4% |
净利率TNETVSCO
| Q4 25 | — | -2.5% | ||
| Q3 25 | 2.8% | 1.1% | ||
| Q2 25 | 3.0% | -0.1% | ||
| Q1 25 | 6.6% | 9.2% | ||
| Q4 24 | — | -4.2% | ||
| Q3 24 | 3.6% | 2.3% | ||
| Q2 24 | 4.9% | -0.3% | ||
| Q1 24 | 7.2% | 8.6% |
每股收益（稀释后）TNETVSCO
| Q4 25 | $0.02 | $-0.46 | ||
| Q3 25 | $0.70 | $0.20 | ||
| Q2 25 | $0.77 | $-0.02 | ||
| Q1 25 | $1.71 | $2.41 | ||
| Q4 24 | $-0.44 | $-0.71 | ||
| Q3 24 | $0.89 | $0.40 | ||
| Q2 24 | $1.20 | $-0.05 | ||
| Q1 24 | $1.78 | $2.32 |
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 | $249.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | $653.0M |
| 总资产 | $3.8B | $5.1B |
| 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TNETVSCO
| Q4 25 | $287.0M | $249.0M | ||
| Q3 25 | $321.0M | $188.0M | ||
| Q2 25 | $407.0M | $138.0M | ||
| Q1 25 | $349.0M | $227.0M | ||
| Q4 24 | $360.0M | $161.0M | ||
| Q3 24 | $301.0M | $169.0M | ||
| Q2 24 | $249.0M | $105.0M | ||
| Q1 24 | $383.0M | $270.0M |
股东权益TNETVSCO
| Q4 25 | $54.0M | $653.0M | ||
| Q3 25 | $110.0M | $680.0M | ||
| Q2 25 | $107.0M | $645.0M | ||
| Q1 25 | $63.0M | $640.0M | ||
| Q4 24 | $69.0M | $429.0M | ||
| Q3 24 | $129.0M | $472.0M | ||
| Q2 24 | $100.0M | $423.0M | ||
| Q1 24 | $143.0M | $417.0M |
总资产TNETVSCO
| Q4 25 | $3.8B | $5.1B | ||
| Q3 25 | $3.4B | $4.8B | ||
| Q2 25 | $3.7B | $4.6B | ||
| Q1 25 | $3.8B | $4.5B | ||
| Q4 24 | $4.1B | $4.9B | ||
| Q3 24 | $3.7B | $4.6B | ||
| Q2 24 | $3.7B | $4.4B | ||
| Q1 24 | $4.0B | $4.6B |
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 | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $-232.0M |
| 自由现金流率自由现金流/营收 | 3.4% | -15.8% |
| 资本支出强度资本支出/营收 | 1.4% | 3.5% |
| 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 | $309.0M |
8季度趋势，按日历期对齐
经营现金流TNETVSCO
| Q4 25 | $61.0M | $-180.0M | ||
| Q3 25 | $72.0M | $156.0M | ||
| Q2 25 | $75.0M | $-150.0M | ||
| Q1 25 | $95.0M | $674.0M | ||
| Q4 24 | $65.0M | $-248.0M | ||
| Q3 24 | $84.0M | $115.0M | ||
| Q2 24 | $39.0M | $-116.0M | ||
| Q1 24 | $91.0M | $589.0M |
自由现金流TNETVSCO
| Q4 25 | $43.0M | $-232.0M | ||
| Q3 25 | $55.0M | $88.0M | ||
| Q2 25 | $57.0M | $-193.0M | ||
| Q1 25 | $79.0M | $646.0M | ||
| Q4 24 | $47.0M | $-299.0M | ||
| Q3 24 | $59.0M | $55.0M | ||
| Q2 24 | $22.0M | $-155.0M | ||
| Q1 24 | $73.0M | $557.0M |
自由现金流率TNETVSCO
| Q4 25 | 3.4% | -15.8% | ||
| Q3 25 | 4.5% | 6.0% | ||
| Q2 25 | 4.6% | -14.3% | ||
| Q1 25 | 6.1% | 30.7% | ||
| Q4 24 | 3.7% | -22.2% | ||
| Q3 24 | 4.8% | 3.9% | ||
| Q2 24 | 1.8% | -11.4% | ||
| Q1 24 | 5.8% | 26.7% |
资本支出强度TNETVSCO
| Q4 25 | 1.4% | 3.5% | ||
| Q3 25 | 1.4% | 4.7% | ||
| Q2 25 | 1.5% | 3.2% | ||
| Q1 25 | 1.2% | 1.3% | ||
| Q4 24 | 1.4% | 3.8% | ||
| Q3 24 | 2.0% | 4.2% | ||
| Q2 24 | 1.4% | 2.9% | ||
| Q1 24 | 1.4% | 1.5% |
现金转化率TNETVSCO
| Q4 25 | — | — | ||
| Q3 25 | 2.12× | 9.75× | ||
| Q2 25 | 2.03× | — | ||
| Q1 25 | 1.12× | 3.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.87× | 3.59× | ||
| Q2 24 | 0.65× | — | ||
| Q1 24 | 1.00× | 3.27× |
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% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
