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TRINET GROUP, INC.（TNET）与ADVANCED DRAINAGE SYSTEMS, INC.（WMS）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ADVANCED DRAINAGE SYSTEMS, INC.的1.8倍（$1.2B vs $693.4M），ADVANCED DRAINAGE SYSTEMS, INC.同比增速更快（0.4% vs -2.2%），ADVANCED DRAINAGE SYSTEMS, INC.自由现金流更多（$183.6M vs $43.0M），过去两年ADVANCED DRAINAGE SYSTEMS, INC.的营收复合增速更高（3.0% 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。
Advanced Drainage Systems（简称ADS）是一家美国企业，主营聚丙烯、聚乙烯管材，塑料渗滤场系统、化粪池及配套配件、雨水调蓄设施、PVC排水构件、管件、水过滤与分离设备的设计、生产及销售，是美国规模最大的高密度聚乙烯管道生产商，总部位于俄亥俄州希利厄德。
TNET vs WMS — 直观对比
营收规模更大
TNET
是对方的1.8倍
$693.4M
营收增速更快
WMS
高出2.6%
-2.2%
自由现金流更多
WMS
多$140.6M
$43.0M
两年增速更快
WMS
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $693.4M |
| 净利润 | — | $93.6M |
| 毛利率 | — | 37.4% |
| 营业利润率 | 0.1% | 19.7% |
| 净利率 | — | 13.5% |
| 营收同比 | -2.2% | 0.4% |
| 净利润同比 | — | 15.3% |
| 每股收益（稀释后） | $0.02 | $1.19 |
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TNETWMS
| Q4 25 | $1.2B | $693.4M | ||
| Q3 25 | $1.2B | $850.4M | ||
| Q2 25 | $1.2B | $829.9M | ||
| Q1 25 | $1.3B | $615.8M | ||
| Q4 24 | $1.3B | $690.5M | ||
| Q3 24 | $1.2B | $782.6M | ||
| Q2 24 | $1.2B | $815.3M | ||
| Q1 24 | $1.3B | $653.8M |
净利润TNETWMS
| Q4 25 | — | $93.6M | ||
| Q3 25 | $34.0M | $156.0M | ||
| Q2 25 | $37.0M | $143.9M | ||
| Q1 25 | $85.0M | $77.2M | ||
| Q4 24 | — | $81.2M | ||
| Q3 24 | $45.0M | $130.4M | ||
| Q2 24 | $60.0M | $161.4M | ||
| Q1 24 | $91.0M | $94.8M |
毛利率TNETWMS
| Q4 25 | — | 37.4% | ||
| Q3 25 | — | 40.0% | ||
| Q2 25 | — | 39.8% | ||
| Q1 25 | — | 36.7% | ||
| Q4 24 | — | 35.0% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.5% |
营业利润率TNETWMS
| Q4 25 | 0.1% | 19.7% | ||
| Q3 25 | 4.1% | 26.3% | ||
| Q2 25 | 4.1% | 24.8% | ||
| Q1 25 | 8.9% | 19.0% | ||
| Q4 24 | -2.9% | 18.4% | ||
| Q3 24 | 4.7% | 23.9% | ||
| Q2 24 | 6.5% | 27.7% | ||
| Q1 24 | 9.7% | 20.7% |
净利率TNETWMS
| Q4 25 | — | 13.5% | ||
| Q3 25 | 2.8% | 18.3% | ||
| Q2 25 | 3.0% | 17.3% | ||
| Q1 25 | 6.6% | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | 3.6% | 16.7% | ||
| Q2 24 | 4.9% | 19.8% | ||
| Q1 24 | 7.2% | 14.5% |
每股收益（稀释后）TNETWMS
| Q4 25 | $0.02 | $1.19 | ||
| Q3 25 | $0.70 | $1.99 | ||
| Q2 25 | $0.77 | $1.84 | ||
| Q1 25 | $1.71 | $0.99 | ||
| Q4 24 | $-0.44 | $1.04 | ||
| Q3 24 | $0.89 | $1.67 | ||
| Q2 24 | $1.20 | $2.06 | ||
| Q1 24 | $1.78 | $1.22 |
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 | $1.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | $1.9B |
| 总资产 | $3.8B | $4.1B |
| 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TNETWMS
| Q4 25 | $287.0M | $1.0B | ||
| Q3 25 | $321.0M | $812.9M | ||
| Q2 25 | $407.0M | $638.3M | ||
| Q1 25 | $349.0M | $463.3M | ||
| Q4 24 | $360.0M | $488.9M | ||
| Q3 24 | $301.0M | $613.0M | ||
| Q2 24 | $249.0M | $541.6M | ||
| Q1 24 | $383.0M | $490.2M |
总债务TNETWMS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.3B |
股东权益TNETWMS
| Q4 25 | $54.0M | $1.9B | ||
| Q3 25 | $110.0M | $1.8B | ||
| Q2 25 | $107.0M | $1.7B | ||
| Q1 25 | $63.0M | $1.5B | ||
| Q4 24 | $69.0M | $1.5B | ||
| Q3 24 | $129.0M | $1.4B | ||
| Q2 24 | $100.0M | $1.3B | ||
| Q1 24 | $143.0M | $1.2B |
总资产TNETWMS
| Q4 25 | $3.8B | $4.1B | ||
| Q3 25 | $3.4B | $4.1B | ||
| Q2 25 | $3.7B | $3.9B | ||
| Q1 25 | $3.8B | $3.7B | ||
| Q4 24 | $4.1B | $3.6B | ||
| Q3 24 | $3.7B | $3.5B | ||
| Q2 24 | $3.7B | $3.4B | ||
| Q1 24 | $4.0B | $3.3B |
负债/权益比TNETWMS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.11× |
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 | $269.3M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $183.6M |
| 自由现金流率自由现金流/营收 | 3.4% | 26.5% |
| 资本支出强度资本支出/营收 | 1.4% | 12.4% |
| 现金转化率经营现金流/净利润 | — | 2.88× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $577.1M |
8季度趋势，按日历期对齐
经营现金流TNETWMS
| Q4 25 | $61.0M | $269.3M | ||
| Q3 25 | $72.0M | $234.9M | ||
| Q2 25 | $75.0M | $275.0M | ||
| Q1 25 | $95.0M | $41.2M | ||
| Q4 24 | $65.0M | $189.9M | ||
| Q3 24 | $84.0M | $166.9M | ||
| Q2 24 | $39.0M | $183.4M | ||
| Q1 24 | $91.0M | $17.7M |
自由现金流TNETWMS
| Q4 25 | $43.0M | $183.6M | ||
| Q3 25 | $55.0M | $176.4M | ||
| Q2 25 | $57.0M | $222.4M | ||
| Q1 25 | $79.0M | $-5.3M | ||
| Q4 24 | $47.0M | $135.7M | ||
| Q3 24 | $59.0M | $112.4M | ||
| Q2 24 | $22.0M | $125.7M | ||
| Q1 24 | $73.0M | $-29.8M |
自由现金流率TNETWMS
| Q4 25 | 3.4% | 26.5% | ||
| Q3 25 | 4.5% | 20.7% | ||
| Q2 25 | 4.6% | 26.8% | ||
| Q1 25 | 6.1% | -0.9% | ||
| Q4 24 | 3.7% | 19.7% | ||
| Q3 24 | 4.8% | 14.4% | ||
| Q2 24 | 1.8% | 15.4% | ||
| Q1 24 | 5.8% | -4.6% |
资本支出强度TNETWMS
| Q4 25 | 1.4% | 12.4% | ||
| Q3 25 | 1.4% | 6.9% | ||
| Q2 25 | 1.5% | 6.3% | ||
| Q1 25 | 1.2% | 7.6% | ||
| Q4 24 | 1.4% | 7.9% | ||
| Q3 24 | 2.0% | 7.0% | ||
| Q2 24 | 1.4% | 7.1% | ||
| Q1 24 | 1.4% | 7.3% |
现金转化率TNETWMS
| Q4 25 | — | 2.88× | ||
| Q3 25 | 2.12× | 1.51× | ||
| Q2 25 | 2.03× | 1.91× | ||
| Q1 25 | 1.12× | 0.53× | ||
| Q4 24 | — | 2.34× | ||
| Q3 24 | 1.87× | 1.28× | ||
| Q2 24 | 0.65× | 1.14× | ||
| Q1 24 | 1.00× | 0.19× |
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% |
WMS
| Reportable Segment Aggregation Before Other Operating Segment | $557.3M | 80% |
| Other | $85.5M | 12% |
| Pipe | $35.5M | 5% |
| Allied Products And Other | $15.0M | 2% |
