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TRINET GROUP, INC.（TNET）与Ventas（VTR）财务数据对比。点击上方公司名可切换其他公司
Ventas的季度营收约是TRINET GROUP, INC.的1.3倍（$1.7B vs $1.2B），Ventas同比增速更快（22.0% vs -2.2%），过去两年Ventas的营收复合增速更高（17.5% 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。
Ventas是一家领先的医疗地产投资信托企业，旗下资产涵盖养老社区、医疗办公楼、生命科学研究设施及康复医疗中心等，主要在北美、英国地区运营，为医疗服务及生命科学机构提供专业物业解决方案。
TNET vs VTR — 直观对比
营收规模更大
VTR
是对方的1.3倍
$1.2B
营收增速更快
VTR
高出24.2%
-2.2%
两年增速更快
VTR
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | — | $59.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | — |
| 净利率 | — | 3.6% |
| 营收同比 | -2.2% | 22.0% |
| 净利润同比 | — | 19.0% |
| 每股收益（稀释后） | $0.02 | — |
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TNETVTR
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | $1.2B |
净利润TNETVTR
| Q1 26 | — | $59.0M | ||
| Q4 25 | — | $73.0M | ||
| Q3 25 | $34.0M | $68.7M | ||
| Q2 25 | $37.0M | $71.5M | ||
| Q1 25 | $85.0M | $48.4M | ||
| Q4 24 | — | $58.7M | ||
| Q3 24 | $45.0M | $21.0M | ||
| Q2 24 | $60.0M | $21.2M |
营业利润率TNETVTR
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 4.9% | ||
| Q3 25 | 4.1% | 3.0% | ||
| Q2 25 | 4.1% | 3.0% | ||
| Q1 25 | 8.9% | 3.0% | ||
| Q4 24 | -2.9% | -0.0% | ||
| Q3 24 | 4.7% | 1.5% | ||
| Q2 24 | 6.5% | -1.6% |
净利率TNETVTR
| Q1 26 | — | 3.6% | ||
| Q4 25 | — | 4.7% | ||
| Q3 25 | 2.8% | 4.6% | ||
| Q2 25 | 3.0% | 5.0% | ||
| Q1 25 | 6.6% | 3.6% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | 3.6% | 1.7% | ||
| Q2 24 | 4.9% | 1.8% |
每股收益（稀释后）TNETVTR
| Q1 26 | — | — | ||
| Q4 25 | $0.02 | $0.15 | ||
| Q3 25 | $0.70 | $0.14 | ||
| Q2 25 | $0.77 | $0.15 | ||
| Q1 25 | $1.71 | $0.10 | ||
| Q4 24 | $-0.44 | $0.13 | ||
| Q3 24 | $0.89 | $0.05 | ||
| Q2 24 | $1.20 | $0.05 |
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 | $183.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | $13.2B |
| 总资产 | $3.8B | $27.7B |
| 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TNETVTR
| Q1 26 | — | $183.6M | ||
| Q4 25 | $287.0M | $741.1M | ||
| Q3 25 | $321.0M | $188.6M | ||
| Q2 25 | $407.0M | $614.2M | ||
| Q1 25 | $349.0M | $182.3M | ||
| Q4 24 | $360.0M | $897.9M | ||
| Q3 24 | $301.0M | $1.1B | ||
| Q2 24 | $249.0M | $557.1M |
总债务TNETVTR
| Q1 26 | — | — | ||
| Q4 25 | — | $13.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $13.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益TNETVTR
| Q1 26 | — | $13.2B | ||
| Q4 25 | $54.0M | $12.5B | ||
| Q3 25 | $110.0M | $12.4B | ||
| Q2 25 | $107.0M | $11.5B | ||
| Q1 25 | $63.0M | $11.5B | ||
| Q4 24 | $69.0M | $10.8B | ||
| Q3 24 | $129.0M | $9.8B | ||
| Q2 24 | $100.0M | $9.6B |
总资产TNETVTR
| Q1 26 | — | $27.7B | ||
| Q4 25 | $3.8B | $27.6B | ||
| Q3 25 | $3.4B | $26.9B | ||
| Q2 25 | $3.7B | $26.5B | ||
| Q1 25 | $3.8B | $26.0B | ||
| Q4 24 | $4.1B | $26.2B | ||
| Q3 24 | $3.7B | $25.3B | ||
| Q2 24 | $3.7B | $24.5B |
负债/权益比TNETVTR
| Q1 26 | — | — | ||
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 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 | — | — |
| 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TNETVTR
| Q1 26 | — | — | ||
| Q4 25 | $61.0M | $471.7M | ||
| Q3 25 | $72.0M | $378.6M | ||
| Q2 25 | $75.0M | $475.3M | ||
| Q1 25 | $95.0M | $321.1M | ||
| Q4 24 | $65.0M | $373.6M | ||
| Q3 24 | $84.0M | $353.7M | ||
| Q2 24 | $39.0M | $335.9M |
自由现金流TNETVTR
| Q1 26 | — | — | ||
| 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 | — |
自由现金流率TNETVTR
| Q1 26 | — | — | ||
| 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% | — |
资本支出强度TNETVTR
| Q1 26 | — | — | ||
| 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% | — |
现金转化率TNETVTR
| Q1 26 | — | — | ||
| Q4 25 | — | 6.46× | ||
| Q3 25 | 2.12× | 5.51× | ||
| Q2 25 | 2.03× | 6.65× | ||
| Q1 25 | 1.12× | 6.64× | ||
| Q4 24 | — | 6.36× | ||
| Q3 24 | 1.87× | 16.84× | ||
| Q2 24 | 0.65× | 15.87× |
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% |
VTR
| Resident fees and services | $1.3B | 78% |
| Outpatient medical and research portfolio | $230.1M | 14% |
| Triple-net leased properties | $123.1M | 7% |
| Third-party capital management revenues | $4.4M | 0% |
