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TRINET GROUP, INC.（TNET）与沃特世（WAT）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是沃特世的1.3倍（$1.2B vs $932.4M），沃特世同比增速更快（6.8% vs -2.2%），过去两年沃特世的营收复合增速更高（21.0% 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。
沃特世是总部位于美国马萨诸塞州米尔福德的企业，面向生命科学、材料、食品等行业，提供色谱、质谱、实验室信息学、流变测量领域所用的分析仪器及配套软件，为各领域的检测、研发等工作提供可靠技术支持。
TNET vs WAT — 直观对比
营收规模更大
TNET
是对方的1.3倍
$932.4M
营收增速更快
WAT
高出9.0%
-2.2%
两年增速更快
WAT
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $932.4M |
| 净利润 | — | $225.2M |
| 毛利率 | — | 61.1% |
| 营业利润率 | 0.1% | 29.0% |
| 净利率 | — | 24.2% |
| 营收同比 | -2.2% | 6.8% |
| 净利润同比 | — | -2.7% |
| 每股收益（稀释后） | $0.02 | $3.76 |
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TNETWAT
| Q4 25 | $1.2B | $932.4M | ||
| Q3 25 | $1.2B | $799.9M | ||
| Q2 25 | $1.2B | $771.3M | ||
| Q1 25 | $1.3B | $661.7M | ||
| Q4 24 | $1.3B | $872.7M | ||
| Q3 24 | $1.2B | $740.3M | ||
| Q2 24 | $1.2B | $708.5M | ||
| Q1 24 | $1.3B | $636.8M |
净利润TNETWAT
| Q4 25 | — | $225.2M | ||
| Q3 25 | $34.0M | $148.9M | ||
| Q2 25 | $37.0M | $147.1M | ||
| Q1 25 | $85.0M | $121.4M | ||
| Q4 24 | — | $231.4M | ||
| Q3 24 | $45.0M | $161.5M | ||
| Q2 24 | $60.0M | $142.7M | ||
| Q1 24 | $91.0M | $102.2M |
毛利率TNETWAT
| Q4 25 | — | 61.1% | ||
| Q3 25 | — | 59.0% | ||
| Q2 25 | — | 58.3% | ||
| Q1 25 | — | 58.2% | ||
| Q4 24 | — | 60.1% | ||
| Q3 24 | — | 59.3% | ||
| Q2 24 | — | 59.3% | ||
| Q1 24 | — | 58.9% |
营业利润率TNETWAT
| Q4 25 | 0.1% | 29.0% | ||
| Q3 25 | 4.1% | 24.0% | ||
| Q2 25 | 4.1% | 24.4% | ||
| Q1 25 | 8.9% | 22.9% | ||
| Q4 24 | -2.9% | 33.5% | ||
| Q3 24 | 4.7% | 28.5% | ||
| Q2 24 | 6.5% | 26.7% | ||
| Q1 24 | 9.7% | 21.0% |
净利率TNETWAT
| Q4 25 | — | 24.2% | ||
| Q3 25 | 2.8% | 18.6% | ||
| Q2 25 | 3.0% | 19.1% | ||
| Q1 25 | 6.6% | 18.3% | ||
| Q4 24 | — | 26.5% | ||
| Q3 24 | 3.6% | 21.8% | ||
| Q2 24 | 4.9% | 20.1% | ||
| Q1 24 | 7.2% | 16.0% |
每股收益（稀释后）TNETWAT
| Q4 25 | $0.02 | $3.76 | ||
| Q3 25 | $0.70 | $2.50 | ||
| Q2 25 | $0.77 | $2.47 | ||
| Q1 25 | $1.71 | $2.03 | ||
| Q4 24 | $-0.44 | $3.88 | ||
| Q3 24 | $0.89 | $2.71 | ||
| Q2 24 | $1.20 | $2.40 | ||
| Q1 24 | $1.78 | $1.72 |
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 | $587.8M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $54.0M | $2.6B |
| 总资产 | $3.8B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资TNETWAT
| Q4 25 | $287.0M | $587.8M | ||
| Q3 25 | $321.0M | $459.1M | ||
| Q2 25 | $407.0M | $367.2M | ||
| Q1 25 | $349.0M | $382.9M | ||
| Q4 24 | $360.0M | $325.4M | ||
| Q3 24 | $301.0M | $331.5M | ||
| Q2 24 | $249.0M | $327.4M | ||
| Q1 24 | $383.0M | $338.2M |
总债务TNETWAT
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益TNETWAT
| Q4 25 | $54.0M | $2.6B | ||
| Q3 25 | $110.0M | $2.3B | ||
| Q2 25 | $107.0M | $2.2B | ||
| Q1 25 | $63.0M | $2.0B | ||
| Q4 24 | $69.0M | $1.8B | ||
| Q3 24 | $129.0M | $1.6B | ||
| Q2 24 | $100.0M | $1.4B | ||
| Q1 24 | $143.0M | $1.3B |
总资产TNETWAT
| Q4 25 | $3.8B | $5.1B | ||
| Q3 25 | $3.4B | $4.9B | ||
| Q2 25 | $3.7B | $4.7B | ||
| Q1 25 | $3.8B | $4.6B | ||
| Q4 24 | $4.1B | $4.6B | ||
| Q3 24 | $3.7B | $4.5B | ||
| Q2 24 | $3.7B | $4.4B | ||
| Q1 24 | $4.0B | $4.5B |
负债/权益比TNETWAT
| Q4 25 | — | 0.55× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $164.6M |
| 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 | — | 0.73× |
| 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TNETWAT
| Q4 25 | $61.0M | $164.6M | ||
| Q3 25 | $72.0M | $187.3M | ||
| Q2 25 | $75.0M | $41.1M | ||
| Q1 25 | $95.0M | $259.6M | ||
| Q4 24 | $65.0M | $240.1M | ||
| Q3 24 | $84.0M | $204.6M | ||
| Q2 24 | $39.0M | $54.5M | ||
| Q1 24 | $91.0M | $262.9M |
自由现金流TNETWAT
| 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TNETWAT
| 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TNETWAT
| 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TNETWAT
| Q4 25 | — | 0.73× | ||
| Q3 25 | 2.12× | 1.26× | ||
| Q2 25 | 2.03× | 0.28× | ||
| Q1 25 | 1.12× | 2.14× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | 1.87× | 1.27× | ||
| Q2 24 | 0.65× | 0.38× | ||
| Q1 24 | 1.00× | 2.57× |
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% |
WAT
暂无分部数据
