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TRINET GROUP, INC.（TNET）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是TRINET GROUP, INC.的1.5倍（$1.8B vs $1.2B），华纳音乐集团同比增速更快（10.4% vs -2.2%），华纳音乐集团自由现金流更多（$420.0M vs $43.0M），过去两年华纳音乐集团的营收复合增速更高（11.0% 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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
TNET vs WMG — 直观对比
营收规模更大
WMG
是对方的1.5倍
$1.2B
营收增速更快
WMG
高出12.6%
-2.2%
自由现金流更多
WMG
多$377.0M
$43.0M
两年增速更快
WMG
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.8B |
| 净利润 | — | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 0.1% | 15.7% |
| 净利率 | — | 9.6% |
| 营收同比 | -2.2% | 10.4% |
| 净利润同比 | — | -25.4% |
| 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TNETWMG
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $1.2B | $1.9B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.3B | $1.5B |
净利润TNETWMG
| Q4 25 | — | $176.0M | ||
| Q3 25 | $34.0M | $109.0M | ||
| Q2 25 | $37.0M | $-16.0M | ||
| Q1 25 | $85.0M | $36.0M | ||
| Q4 24 | — | $236.0M | ||
| Q3 24 | $45.0M | $41.0M | ||
| Q2 24 | $60.0M | $139.0M | ||
| Q1 24 | $91.0M | $96.0M |
毛利率TNETWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率TNETWMG
| Q4 25 | 0.1% | 15.7% | ||
| Q3 25 | 4.1% | 7.7% | ||
| Q2 25 | 4.1% | 10.0% | ||
| Q1 25 | 8.9% | 11.3% | ||
| Q4 24 | -2.9% | 12.8% | ||
| Q3 24 | 4.7% | 8.8% | ||
| Q2 24 | 6.5% | 13.3% | ||
| Q1 24 | 9.7% | 8.0% |
净利率TNETWMG
| Q4 25 | — | 9.6% | ||
| Q3 25 | 2.8% | 5.8% | ||
| Q2 25 | 3.0% | -0.9% | ||
| Q1 25 | 6.6% | 2.4% | ||
| Q4 24 | — | 14.2% | ||
| Q3 24 | 3.6% | 2.5% | ||
| Q2 24 | 4.9% | 8.9% | ||
| Q1 24 | 7.2% | 6.4% |
每股收益（稀释后）TNETWMG
| Q4 25 | $0.02 | — | ||
| Q3 25 | $0.70 | — | ||
| Q2 25 | $0.77 | — | ||
| Q1 25 | $1.71 | — | ||
| Q4 24 | $-0.44 | — | ||
| Q3 24 | $0.89 | — | ||
| Q2 24 | $1.20 | — | ||
| Q1 24 | $1.78 | — |
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 | $751.0M |
| 总债务越低越好 | — | $4.4B |
| 股东权益账面价值 | $54.0M | $720.0M |
| 总资产 | $3.8B | $10.0B |
| 负债/权益比越低杠杆越低 | — | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资TNETWMG
| Q4 25 | $287.0M | $751.0M | ||
| Q3 25 | $321.0M | $532.0M | ||
| Q2 25 | $407.0M | $527.0M | ||
| Q1 25 | $349.0M | $637.0M | ||
| Q4 24 | $360.0M | $802.0M | ||
| Q3 24 | $301.0M | $694.0M | ||
| Q2 24 | $249.0M | $607.0M | ||
| Q1 24 | $383.0M | $587.0M |
总债务TNETWMG
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益TNETWMG
| Q4 25 | $54.0M | $720.0M | ||
| Q3 25 | $110.0M | $647.0M | ||
| Q2 25 | $107.0M | $589.0M | ||
| Q1 25 | $63.0M | $567.0M | ||
| Q4 24 | $69.0M | $545.0M | ||
| Q3 24 | $129.0M | $518.0M | ||
| Q2 24 | $100.0M | $483.0M | ||
| Q1 24 | $143.0M | $433.0M |
总资产TNETWMG
| Q4 25 | $3.8B | $10.0B | ||
| Q3 25 | $3.4B | $9.8B | ||
| Q2 25 | $3.7B | $9.8B | ||
| Q1 25 | $3.8B | $9.6B | ||
| Q4 24 | $4.1B | $9.1B | ||
| Q3 24 | $3.7B | $9.2B | ||
| Q2 24 | $3.7B | $8.8B | ||
| Q1 24 | $4.0B | $8.7B |
负债/权益比TNETWMG
| Q4 25 | — | 6.07× | ||
| Q3 25 | — | 6.75× | ||
| Q2 25 | — | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | — | 8.24× | ||
| Q1 24 | — | 9.20× |
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 | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $420.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 22.8% |
| 资本支出强度资本支出/营收 | 1.4% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $663.0M |
8季度趋势，按日历期对齐
经营现金流TNETWMG
| Q4 25 | $61.0M | $440.0M | ||
| Q3 25 | $72.0M | $231.0M | ||
| Q2 25 | $75.0M | $46.0M | ||
| Q1 25 | $95.0M | $69.0M | ||
| Q4 24 | $65.0M | $332.0M | ||
| Q3 24 | $84.0M | $304.0M | ||
| Q2 24 | $39.0M | $188.0M | ||
| Q1 24 | $91.0M | $-31.0M |
自由现金流TNETWMG
| Q4 25 | $43.0M | $420.0M | ||
| Q3 25 | $55.0M | $203.0M | ||
| Q2 25 | $57.0M | $7.0M | ||
| Q1 25 | $79.0M | $33.0M | ||
| Q4 24 | $47.0M | $296.0M | ||
| Q3 24 | $59.0M | $271.0M | ||
| Q2 24 | $22.0M | $160.0M | ||
| Q1 24 | $73.0M | $-57.0M |
自由现金流率TNETWMG
| Q4 25 | 3.4% | 22.8% | ||
| Q3 25 | 4.5% | 10.9% | ||
| Q2 25 | 4.6% | 0.4% | ||
| Q1 25 | 6.1% | 2.2% | ||
| Q4 24 | 3.7% | 17.8% | ||
| Q3 24 | 4.8% | 16.6% | ||
| Q2 24 | 1.8% | 10.3% | ||
| Q1 24 | 5.8% | -3.8% |
资本支出强度TNETWMG
| Q4 25 | 1.4% | 1.1% | ||
| Q3 25 | 1.4% | 1.5% | ||
| Q2 25 | 1.5% | 2.3% | ||
| Q1 25 | 1.2% | 2.4% | ||
| Q4 24 | 1.4% | 2.2% | ||
| Q3 24 | 2.0% | 2.0% | ||
| Q2 24 | 1.4% | 1.8% | ||
| Q1 24 | 1.4% | 1.7% |
现金转化率TNETWMG
| Q4 25 | — | 2.50× | ||
| Q3 25 | 2.12× | 2.12× | ||
| Q2 25 | 2.03× | — | ||
| Q1 25 | 1.12× | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | 1.87× | 7.41× | ||
| Q2 24 | 0.65× | 1.35× | ||
| Q1 24 | 1.00× | -0.32× |
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
