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TRINET GROUP, INC.（TNET）与WATSCO INC（WSO）财务数据对比。点击上方公司名可切换其他公司
WATSCO INC的季度营收约是TRINET GROUP, INC.的1.3倍（$1.6B vs $1.2B），TRINET GROUP, INC.同比增速更快（-2.2% vs -10.0%），WATSCO INC自由现金流更多（$388.5M vs $43.0M），过去两年WATSCO INC的营收复合增速更高（0.4% 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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
TNET vs WSO — 直观对比
营收规模更大
WSO
是对方的1.3倍
$1.2B
营收增速更快
TNET
高出7.8%
-10.0%
自由现金流更多
WSO
多$345.5M
$43.0M
两年增速更快
WSO
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.6B |
| 净利润 | — | $71.7M |
| 毛利率 | — | 27.1% |
| 营业利润率 | 0.1% | 6.4% |
| 净利率 | — | 4.5% |
| 营收同比 | -2.2% | -10.0% |
| 净利润同比 | — | -25.9% |
| 每股收益（稀释后） | $0.02 | $1.82 |
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TNETWSO
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.2B | $2.1B | ||
| Q1 24 | $1.3B | $1.6B |
净利润TNETWSO
| Q4 25 | — | $71.7M | ||
| Q3 25 | $34.0M | $161.6M | ||
| Q2 25 | $37.0M | $183.6M | ||
| Q1 25 | $85.0M | $80.1M | ||
| Q4 24 | — | $96.8M | ||
| Q3 24 | $45.0M | $171.0M | ||
| Q2 24 | $60.0M | $181.4M | ||
| Q1 24 | $91.0M | $87.0M |
毛利率TNETWSO
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 27.5% |
营业利润率TNETWSO
| Q4 25 | 0.1% | 6.4% | ||
| Q3 25 | 4.1% | 11.4% | ||
| Q2 25 | 4.1% | 13.2% | ||
| Q1 25 | 8.9% | 7.3% | ||
| Q4 24 | -2.9% | 7.8% | ||
| Q3 24 | 4.7% | 11.6% | ||
| Q2 24 | 6.5% | 12.6% | ||
| Q1 24 | 9.7% | 8.1% |
净利率TNETWSO
| Q4 25 | — | 4.5% | ||
| Q3 25 | 2.8% | 7.8% | ||
| Q2 25 | 3.0% | 8.9% | ||
| Q1 25 | 6.6% | 5.2% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | 3.6% | 7.9% | ||
| Q2 24 | 4.9% | 8.5% | ||
| Q1 24 | 7.2% | 5.6% |
每股收益（稀释后）TNETWSO
| Q4 25 | $0.02 | $1.82 | ||
| Q3 25 | $0.70 | $3.98 | ||
| Q2 25 | $0.77 | $4.52 | ||
| Q1 25 | $1.71 | $1.93 | ||
| Q4 24 | $-0.44 | $2.42 | ||
| Q3 24 | $0.89 | $4.22 | ||
| Q2 24 | $1.20 | $4.49 | ||
| Q1 24 | $1.78 | $2.17 |
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 | $733.3M |
| 总债务越低越好 | — | $361.6M |
| 股东权益账面价值 | $54.0M | $2.8B |
| 总资产 | $3.8B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资TNETWSO
| Q4 25 | $287.0M | $733.3M | ||
| Q3 25 | $321.0M | $524.3M | ||
| Q2 25 | $407.0M | $293.0M | ||
| Q1 25 | $349.0M | $431.8M | ||
| Q4 24 | $360.0M | $781.9M | ||
| Q3 24 | $301.0M | $550.0M | ||
| Q2 24 | $249.0M | $424.9M | ||
| Q1 24 | $383.0M | $478.9M |
总债务TNETWSO
| Q4 25 | — | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
股东权益TNETWSO
| Q4 25 | $54.0M | $2.8B | ||
| Q3 25 | $110.0M | $2.8B | ||
| Q2 25 | $107.0M | $2.8B | ||
| Q1 25 | $63.0M | $2.7B | ||
| Q4 24 | $69.0M | $2.7B | ||
| Q3 24 | $129.0M | $2.7B | ||
| Q2 24 | $100.0M | $2.6B | ||
| Q1 24 | $143.0M | $2.5B |
总资产TNETWSO
| Q4 25 | $3.8B | $4.4B | ||
| Q3 25 | $3.4B | $4.6B | ||
| Q2 25 | $3.7B | $4.7B | ||
| Q1 25 | $3.8B | $4.5B | ||
| Q4 24 | $4.1B | $4.5B | ||
| Q3 24 | $3.7B | $4.5B | ||
| Q2 24 | $3.7B | $4.4B | ||
| Q1 24 | $4.0B | $4.4B |
负债/权益比TNETWSO
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $388.5M |
| 自由现金流率自由现金流/营收 | 3.4% | 24.6% |
| 资本支出强度资本支出/营收 | 1.4% | 0.7% |
| 现金转化率经营现金流/净利润 | — | 5.57× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $535.1M |
8季度趋势，按日历期对齐
经营现金流TNETWSO
| Q4 25 | $61.0M | $399.8M | ||
| Q3 25 | $72.0M | $354.9M | ||
| Q2 25 | $75.0M | $-7.4M | ||
| Q1 25 | $95.0M | $-177.6M | ||
| Q4 24 | $65.0M | $378.9M | ||
| Q3 24 | $84.0M | $232.8M | ||
| Q2 24 | $39.0M | $57.7M | ||
| Q1 24 | $91.0M | $103.7M |
自由现金流TNETWSO
| Q4 25 | $43.0M | $388.5M | ||
| Q3 25 | $55.0M | $346.1M | ||
| Q2 25 | $57.0M | $-14.3M | ||
| Q1 25 | $79.0M | $-185.2M | ||
| Q4 24 | $47.0M | $370.9M | ||
| Q3 24 | $59.0M | $223.0M | ||
| Q2 24 | $22.0M | $51.3M | ||
| Q1 24 | $73.0M | $97.9M |
自由现金流率TNETWSO
| Q4 25 | 3.4% | 24.6% | ||
| Q3 25 | 4.5% | 16.7% | ||
| Q2 25 | 4.6% | -0.7% | ||
| Q1 25 | 6.1% | -12.1% | ||
| Q4 24 | 3.7% | 21.1% | ||
| Q3 24 | 4.8% | 10.3% | ||
| Q2 24 | 1.8% | 2.4% | ||
| Q1 24 | 5.8% | 6.3% |
资本支出强度TNETWSO
| Q4 25 | 1.4% | 0.7% | ||
| Q3 25 | 1.4% | 0.4% | ||
| Q2 25 | 1.5% | 0.3% | ||
| Q1 25 | 1.2% | 0.5% | ||
| Q4 24 | 1.4% | 0.5% | ||
| Q3 24 | 2.0% | 0.5% | ||
| Q2 24 | 1.4% | 0.3% | ||
| Q1 24 | 1.4% | 0.4% |
现金转化率TNETWSO
| Q4 25 | — | 5.57× | ||
| Q3 25 | 2.12× | 2.20× | ||
| Q2 25 | 2.03× | -0.04× | ||
| Q1 25 | 1.12× | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | 1.87× | 1.36× | ||
| Q2 24 | 0.65× | 0.32× | ||
| Q1 24 | 1.00× | 1.19× |
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% |
WSO
暂无分部数据
