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TRINET GROUP, INC.（TNET）与Workday, Inc.（WDAY）财务数据对比。点击上方公司名可切换其他公司
Workday, Inc.的季度营收约是TRINET GROUP, INC.的1.9倍（$2.4B vs $1.2B），Workday, Inc.同比增速更快（12.6% vs -2.2%），Workday, Inc.自由现金流更多（$550.0M vs $43.0M），过去两年Workday, Inc.的营收复合增速更高（12.5% 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。
Workday是全球领先的企业级云软件供应商，核心产品覆盖人力资本管理、财务管理及企业资源规划解决方案，主要服务教育、医疗、金融、科技等行业的中大型机构，业务遍布北美、欧洲、亚太等全球主要市场。
TNET vs WDAY — 直观对比
营收规模更大
WDAY
是对方的1.9倍
$1.2B
营收增速更快
WDAY
高出14.8%
-2.2%
自由现金流更多
WDAY
多$507.0M
$43.0M
两年增速更快
WDAY
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.4B |
| 净利润 | — | $252.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 10.6% |
| 净利率 | — | 10.4% |
| 营收同比 | -2.2% | 12.6% |
| 净利润同比 | — | 30.6% |
| 每股收益（稀释后） | $0.02 | $0.94 |
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TNETWDAY
| Q4 25 | $1.2B | $2.4B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $1.2B | $2.2B | ||
| Q1 25 | $1.3B | $2.2B | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.2B | $2.0B | ||
| Q1 24 | $1.3B | $1.9B |
净利润TNETWDAY
| Q4 25 | — | $252.0M | ||
| Q3 25 | $34.0M | $228.0M | ||
| Q2 25 | $37.0M | $68.0M | ||
| Q1 25 | $85.0M | $94.0M | ||
| Q4 24 | — | $193.0M | ||
| Q3 24 | $45.0M | $132.0M | ||
| Q2 24 | $60.0M | $107.0M | ||
| Q1 24 | $91.0M | $1.2B |
营业利润率TNETWDAY
| Q4 25 | 0.1% | 10.6% | ||
| Q3 25 | 4.1% | 10.6% | ||
| Q2 25 | 4.1% | 1.7% | ||
| Q1 25 | 8.9% | 3.4% | ||
| Q4 24 | -2.9% | 7.6% | ||
| Q3 24 | 4.7% | 5.3% | ||
| Q2 24 | 6.5% | 3.2% | ||
| Q1 24 | 9.7% | 4.1% |
净利率TNETWDAY
| Q4 25 | — | 10.4% | ||
| Q3 25 | 2.8% | 9.7% | ||
| Q2 25 | 3.0% | 3.0% | ||
| Q1 25 | 6.6% | 4.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | 3.6% | 6.3% | ||
| Q2 24 | 4.9% | 5.4% | ||
| Q1 24 | 7.2% | 61.8% |
每股收益（稀释后）TNETWDAY
| Q4 25 | $0.02 | $0.94 | ||
| Q3 25 | $0.70 | $0.84 | ||
| Q2 25 | $0.77 | $0.25 | ||
| Q1 25 | $1.71 | $0.34 | ||
| Q4 24 | $-0.44 | $0.72 | ||
| Q3 24 | $0.89 | $0.49 | ||
| Q2 24 | $1.20 | $0.40 | ||
| Q1 24 | $1.78 | $4.48 |
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 | $6.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | $8.9B |
| 总资产 | $3.8B | $17.8B |
| 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TNETWDAY
| Q4 25 | $287.0M | $6.8B | ||
| Q3 25 | $321.0M | $8.2B | ||
| Q2 25 | $407.0M | $8.0B | ||
| Q1 25 | $349.0M | $8.0B | ||
| Q4 24 | $360.0M | $7.2B | ||
| Q3 24 | $301.0M | $7.4B | ||
| Q2 24 | $249.0M | $7.2B | ||
| Q1 24 | $383.0M | $7.8B |
总债务TNETWDAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
股东权益TNETWDAY
| Q4 25 | $54.0M | $8.9B | ||
| Q3 25 | $110.0M | $9.2B | ||
| Q2 25 | $107.0M | $8.9B | ||
| Q1 25 | $63.0M | $9.0B | ||
| Q4 24 | $69.0M | $8.6B | ||
| Q3 24 | $129.0M | $8.3B | ||
| Q2 24 | $100.0M | $8.2B | ||
| Q1 24 | $143.0M | $8.1B |
总资产TNETWDAY
| Q4 25 | $3.8B | $17.8B | ||
| Q3 25 | $3.4B | $18.0B | ||
| Q2 25 | $3.7B | $17.2B | ||
| Q1 25 | $3.8B | $18.0B | ||
| Q4 24 | $4.1B | $16.4B | ||
| Q3 24 | $3.7B | $16.2B | ||
| Q2 24 | $3.7B | $15.9B | ||
| Q1 24 | $4.0B | $16.5B |
负债/权益比TNETWDAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $588.0M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $550.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 22.6% |
| 资本支出强度资本支出/营收 | 1.4% | 1.6% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $2.6B |
8季度趋势，按日历期对齐
经营现金流TNETWDAY
| Q4 25 | $61.0M | $588.0M | ||
| Q3 25 | $72.0M | $616.0M | ||
| Q2 25 | $75.0M | $457.0M | ||
| Q1 25 | $95.0M | $1.1B | ||
| Q4 24 | $65.0M | $406.0M | ||
| Q3 24 | $84.0M | $571.0M | ||
| Q2 24 | $39.0M | $372.0M | ||
| Q1 24 | $91.0M | $995.6M |
自由现金流TNETWDAY
| Q4 25 | $43.0M | $550.0M | ||
| Q3 25 | $55.0M | $588.0M | ||
| Q2 25 | $57.0M | $421.0M | ||
| Q1 25 | $79.0M | $1.0B | ||
| Q4 24 | $47.0M | $359.0M | ||
| Q3 24 | $59.0M | $516.0M | ||
| Q2 24 | $22.0M | $291.0M | ||
| Q1 24 | $73.0M | $947.6M |
自由现金流率TNETWDAY
| Q4 25 | 3.4% | 22.6% | ||
| Q3 25 | 4.5% | 25.0% | ||
| Q2 25 | 4.6% | 18.8% | ||
| Q1 25 | 6.1% | 46.4% | ||
| Q4 24 | 3.7% | 16.6% | ||
| Q3 24 | 4.8% | 24.7% | ||
| Q2 24 | 1.8% | 14.6% | ||
| Q1 24 | 5.8% | 49.3% |
资本支出强度TNETWDAY
| Q4 25 | 1.4% | 1.6% | ||
| Q3 25 | 1.4% | 1.2% | ||
| Q2 25 | 1.5% | 1.6% | ||
| Q1 25 | 1.2% | 3.9% | ||
| Q4 24 | 1.4% | 2.2% | ||
| Q3 24 | 2.0% | 2.6% | ||
| Q2 24 | 1.4% | 4.1% | ||
| Q1 24 | 1.4% | 2.5% |
现金转化率TNETWDAY
| Q4 25 | — | 2.33× | ||
| Q3 25 | 2.12× | 2.70× | ||
| Q2 25 | 2.03× | 6.72× | ||
| Q1 25 | 1.12× | 11.83× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | 1.87× | 4.33× | ||
| Q2 24 | 0.65× | 3.48× | ||
| Q1 24 | 1.00× | 0.84× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
