vs
TRINET GROUP, INC.（TNET）与威世（VSH）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是威世的1.6倍（$1.2B vs $800.9M），威世同比增速更快（12.1% vs -2.2%），威世自由现金流更多（$54.6M vs $43.0M），过去两年威世的营收复合增速更高（3.6% 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。
威世（Vishay Intertechnology）是美国知名的分立半导体与被动电子元器件制造商，由企业家菲利克斯·赞德曼创立。公司在以色列、亚洲、欧洲、美洲均设有生产基地，产品覆盖整流器、二极管、MOSFET、光电器件、精选集成电路、电阻器、电容器、电感器等品类，2024年营收达29亿美元，全球全职员工约2.27万人。
TNET vs VSH — 直观对比
营收规模更大
TNET
是对方的1.6倍
$800.9M
营收增速更快
VSH
高出14.3%
-2.2%
自由现金流更多
VSH
多$11.6M
$43.0M
两年增速更快
VSH
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $800.9M |
| 净利润 | — | $986.0K |
| 毛利率 | — | 19.6% |
| 营业利润率 | 0.1% | 1.8% |
| 净利率 | — | 0.1% |
| 营收同比 | -2.2% | 12.1% |
| 净利润同比 | — | 101.5% |
| 每股收益（稀释后） | $0.02 | $0.01 |
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TNETVSH
| Q4 25 | $1.2B | $800.9M | ||
| Q3 25 | $1.2B | $790.6M | ||
| Q2 25 | $1.2B | $762.3M | ||
| Q1 25 | $1.3B | $715.2M | ||
| Q4 24 | $1.3B | $714.7M | ||
| Q3 24 | $1.2B | $735.4M | ||
| Q2 24 | $1.2B | $741.2M | ||
| Q1 24 | $1.3B | $746.3M |
净利润TNETVSH
| Q4 25 | — | $986.0K | ||
| Q3 25 | $34.0M | $-7.9M | ||
| Q2 25 | $37.0M | $2.0M | ||
| Q1 25 | $85.0M | $-4.1M | ||
| Q4 24 | — | $-66.1M | ||
| Q3 24 | $45.0M | $-19.3M | ||
| Q2 24 | $60.0M | $23.5M | ||
| Q1 24 | $91.0M | $30.9M |
毛利率TNETVSH
| Q4 25 | — | 19.6% | ||
| Q3 25 | — | 19.5% | ||
| Q2 25 | — | 19.5% | ||
| Q1 25 | — | 19.0% | ||
| Q4 24 | — | 19.9% | ||
| Q3 24 | — | 20.5% | ||
| Q2 24 | — | 22.0% | ||
| Q1 24 | — | 22.8% |
营业利润率TNETVSH
| Q4 25 | 0.1% | 1.8% | ||
| Q3 25 | 4.1% | 2.4% | ||
| Q2 25 | 4.1% | 2.9% | ||
| Q1 25 | 8.9% | 0.1% | ||
| Q4 24 | -2.9% | -7.9% | ||
| Q3 24 | 4.7% | -2.5% | ||
| Q2 24 | 6.5% | 5.1% | ||
| Q1 24 | 9.7% | 5.7% |
净利率TNETVSH
| Q4 25 | — | 0.1% | ||
| Q3 25 | 2.8% | -1.0% | ||
| Q2 25 | 3.0% | 0.3% | ||
| Q1 25 | 6.6% | -0.6% | ||
| Q4 24 | — | -9.2% | ||
| Q3 24 | 3.6% | -2.6% | ||
| Q2 24 | 4.9% | 3.2% | ||
| Q1 24 | 7.2% | 4.1% |
每股收益（稀释后）TNETVSH
| Q4 25 | $0.02 | $0.01 | ||
| Q3 25 | $0.70 | $-0.06 | ||
| Q2 25 | $0.77 | $0.01 | ||
| Q1 25 | $1.71 | $-0.03 | ||
| Q4 24 | $-0.44 | $-0.48 | ||
| Q3 24 | $0.89 | $-0.14 | ||
| Q2 24 | $1.20 | $0.17 | ||
| Q1 24 | $1.78 | $0.22 |
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 | $515.0M |
| 总债务越低越好 | — | $950.9M |
| 股东权益账面价值 | $54.0M | $2.1B |
| 总资产 | $3.8B | $4.2B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资TNETVSH
| Q4 25 | $287.0M | $515.0M | ||
| Q3 25 | $321.0M | $443.9M | ||
| Q2 25 | $407.0M | $473.9M | ||
| Q1 25 | $349.0M | $609.4M | ||
| Q4 24 | $360.0M | $590.3M | ||
| Q3 24 | $301.0M | $643.8M | ||
| Q2 24 | $249.0M | $672.7M | ||
| Q1 24 | $383.0M | $796.5M |
总债务TNETVSH
| Q4 25 | — | $950.9M | ||
| Q3 25 | — | $919.7M | ||
| Q2 25 | — | $914.5M | ||
| Q1 25 | — | $988.2M | ||
| Q4 24 | — | $905.0M | ||
| Q3 24 | — | $820.8M | ||
| Q2 24 | — | $820.6M | ||
| Q1 24 | — | $819.4M |
股东权益TNETVSH
| Q4 25 | $54.0M | $2.1B | ||
| Q3 25 | $110.0M | $2.1B | ||
| Q2 25 | $107.0M | $2.1B | ||
| Q1 25 | $63.0M | $2.0B | ||
| Q4 24 | $69.0M | $2.0B | ||
| Q3 24 | $129.0M | $2.2B | ||
| Q2 24 | $100.0M | $2.2B | ||
| Q1 24 | $143.0M | $2.2B |
总资产TNETVSH
| Q4 25 | $3.8B | $4.2B | ||
| Q3 25 | $3.4B | $4.2B | ||
| Q2 25 | $3.7B | $4.2B | ||
| Q1 25 | $3.8B | $4.2B | ||
| Q4 24 | $4.1B | $4.1B | ||
| Q3 24 | $3.7B | $4.2B | ||
| Q2 24 | $3.7B | $4.2B | ||
| Q1 24 | $4.0B | $4.3B |
负债/权益比TNETVSH
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 0.38× |
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 | $149.4M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $54.6M |
| 自由现金流率自由现金流/营收 | 3.4% | 6.8% |
| 资本支出强度资本支出/营收 | 1.4% | 11.8% |
| 现金转化率经营现金流/净利润 | — | 151.48× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $-89.0M |
8季度趋势，按日历期对齐
经营现金流TNETVSH
| Q4 25 | $61.0M | $149.4M | ||
| Q3 25 | $72.0M | $27.6M | ||
| Q2 25 | $75.0M | $-8.8M | ||
| Q1 25 | $95.0M | $16.1M | ||
| Q4 24 | $65.0M | $67.7M | ||
| Q3 24 | $84.0M | $50.6M | ||
| Q2 24 | $39.0M | $-24.7M | ||
| Q1 24 | $91.0M | $80.2M |
自由现金流TNETVSH
| Q4 25 | $43.0M | $54.6M | ||
| Q3 25 | $55.0M | $-24.7M | ||
| Q2 25 | $57.0M | $-73.4M | ||
| Q1 25 | $79.0M | $-45.5M | ||
| Q4 24 | $47.0M | $-77.2M | ||
| Q3 24 | $59.0M | $-9.0M | ||
| Q2 24 | $22.0M | $-87.3M | ||
| Q1 24 | $73.0M | $27.1M |
自由现金流率TNETVSH
| Q4 25 | 3.4% | 6.8% | ||
| Q3 25 | 4.5% | -3.1% | ||
| Q2 25 | 4.6% | -9.6% | ||
| Q1 25 | 6.1% | -6.4% | ||
| Q4 24 | 3.7% | -10.8% | ||
| Q3 24 | 4.8% | -1.2% | ||
| Q2 24 | 1.8% | -11.8% | ||
| Q1 24 | 5.8% | 3.6% |
资本支出强度TNETVSH
| Q4 25 | 1.4% | 11.8% | ||
| Q3 25 | 1.4% | 6.6% | ||
| Q2 25 | 1.5% | 8.5% | ||
| Q1 25 | 1.2% | 8.6% | ||
| Q4 24 | 1.4% | 20.3% | ||
| Q3 24 | 2.0% | 8.1% | ||
| Q2 24 | 1.4% | 8.4% | ||
| Q1 24 | 1.4% | 7.1% |
现金转化率TNETVSH
| Q4 25 | — | 151.48× | ||
| Q3 25 | 2.12× | — | ||
| Q2 25 | 2.03× | -4.39× | ||
| Q1 25 | 1.12× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 0.65× | -1.05× | ||
| Q1 24 | 1.00× | 2.59× |
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% |
VSH
| Resistors Segment | $189.4M | 24% |
| Diodes Segment | $154.2M | 19% |
| Capacitors Segment | $136.5M | 17% |
| Other | $126.4M | 16% |
| Inductors Segment | $92.6M | 12% |
| Optoelectronic Components Segment | $55.7M | 7% |
| EMS Companies | $51.6M | 6% |
