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TRINET GROUP, INC.（TNET）与West Pharmaceutical Services（WST）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West Pharmaceutical Services的1.6倍（$1.2B vs $805.0M），West Pharmaceutical Services同比增速更快（7.5% vs -2.2%），West Pharmaceutical Services自由现金流更多（$175.0M vs $43.0M），过去两年West Pharmaceutical Services的营收复合增速更高（7.6% 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。
美国West Pharmaceutical Services是注射用药品包装及给药系统的设计和制造商，1923年成立，总部位于宾夕法尼亚州埃克斯顿。成立初期主营注射类药物包装用橡胶组件，曾为青霉素和胰岛素生产商提供符合无菌要求的配套产品。
TNET vs WST — 直观对比
营收规模更大
TNET
是对方的1.6倍
$805.0M
营收增速更快
WST
高出9.7%
-2.2%
自由现金流更多
WST
多$132.0M
$43.0M
两年增速更快
WST
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $805.0M |
| 净利润 | — | $132.1M |
| 毛利率 | — | 37.8% |
| 营业利润率 | 0.1% | 19.5% |
| 净利率 | — | 16.4% |
| 营收同比 | -2.2% | 7.5% |
| 净利润同比 | — | 1.5% |
| 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TNETWST
| Q4 25 | $1.2B | $805.0M | ||
| Q3 25 | $1.2B | $804.6M | ||
| Q2 25 | $1.2B | $766.5M | ||
| Q1 25 | $1.3B | $698.0M | ||
| Q4 24 | $1.3B | $748.8M | ||
| Q3 24 | $1.2B | $746.9M | ||
| Q2 24 | $1.2B | $702.1M | ||
| Q1 24 | $1.3B | $695.4M |
净利润TNETWST
| Q4 25 | — | $132.1M | ||
| Q3 25 | $34.0M | $140.0M | ||
| Q2 25 | $37.0M | $131.8M | ||
| Q1 25 | $85.0M | $89.8M | ||
| Q4 24 | — | $130.1M | ||
| Q3 24 | $45.0M | $136.0M | ||
| Q2 24 | $60.0M | $111.3M | ||
| Q1 24 | $91.0M | $115.3M |
毛利率TNETWST
| Q4 25 | — | 37.8% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 33.2% | ||
| Q4 24 | — | 36.5% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 32.8% | ||
| Q1 24 | — | 33.1% |
营业利润率TNETWST
| Q4 25 | 0.1% | 19.5% | ||
| Q3 25 | 4.1% | 20.8% | ||
| Q2 25 | 4.1% | 20.1% | ||
| Q1 25 | 8.9% | 15.3% | ||
| Q4 24 | -2.9% | 21.3% | ||
| Q3 24 | 4.7% | 21.6% | ||
| Q2 24 | 6.5% | 18.0% | ||
| Q1 24 | 9.7% | 17.7% |
净利率TNETWST
| Q4 25 | — | 16.4% | ||
| Q3 25 | 2.8% | 17.4% | ||
| Q2 25 | 3.0% | 17.2% | ||
| Q1 25 | 6.6% | 12.9% | ||
| Q4 24 | — | 17.4% | ||
| Q3 24 | 3.6% | 18.2% | ||
| Q2 24 | 4.9% | 15.9% | ||
| Q1 24 | 7.2% | 16.6% |
每股收益（稀释后）TNETWST
| Q4 25 | $0.02 | $1.82 | ||
| Q3 25 | $0.70 | $1.92 | ||
| Q2 25 | $0.77 | $1.82 | ||
| Q1 25 | $1.71 | $1.23 | ||
| Q4 24 | $-0.44 | $1.78 | ||
| Q3 24 | $0.89 | $1.85 | ||
| Q2 24 | $1.20 | $1.51 | ||
| Q1 24 | $1.78 | $1.55 |
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 | $791.3M |
| 总债务越低越好 | — | $202.8M |
| 股东权益账面价值 | $54.0M | $3.2B |
| 总资产 | $3.8B | $4.3B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资TNETWST
| Q4 25 | $287.0M | $791.3M | ||
| Q3 25 | $321.0M | $628.5M | ||
| Q2 25 | $407.0M | $509.7M | ||
| Q1 25 | $349.0M | $404.2M | ||
| Q4 24 | $360.0M | $484.6M | ||
| Q3 24 | $301.0M | $490.9M | ||
| Q2 24 | $249.0M | $446.2M | ||
| Q1 24 | $383.0M | $601.8M |
总债务TNETWST
| Q4 25 | — | $202.8M | ||
| Q3 25 | — | $202.7M | ||
| Q2 25 | — | $202.6M | ||
| Q1 25 | — | $202.6M | ||
| Q4 24 | — | $202.6M | ||
| Q3 24 | — | $202.6M | ||
| Q2 24 | — | $205.8M | ||
| Q1 24 | — | $206.2M |
股东权益TNETWST
| Q4 25 | $54.0M | $3.2B | ||
| Q3 25 | $110.0M | $3.1B | ||
| Q2 25 | $107.0M | $2.9B | ||
| Q1 25 | $63.0M | $2.7B | ||
| Q4 24 | $69.0M | $2.7B | ||
| Q3 24 | $129.0M | $2.8B | ||
| Q2 24 | $100.0M | $2.6B | ||
| Q1 24 | $143.0M | $2.7B |
总资产TNETWST
| Q4 25 | $3.8B | $4.3B | ||
| Q3 25 | $3.4B | $4.1B | ||
| Q2 25 | $3.7B | $4.0B | ||
| Q1 25 | $3.8B | $3.6B | ||
| Q4 24 | $4.1B | $3.6B | ||
| Q3 24 | $3.7B | $3.7B | ||
| Q2 24 | $3.7B | $3.5B | ||
| Q1 24 | $4.0B | $3.6B |
负债/权益比TNETWST
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | — | 0.08× |
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 | $251.1M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $175.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 21.7% |
| 资本支出强度资本支出/营收 | 1.4% | 9.5% |
| 现金转化率经营现金流/净利润 | — | 1.90× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $468.9M |
8季度趋势，按日历期对齐
经营现金流TNETWST
| Q4 25 | $61.0M | $251.1M | ||
| Q3 25 | $72.0M | $197.2M | ||
| Q2 25 | $75.0M | $177.1M | ||
| Q1 25 | $95.0M | $129.4M | ||
| Q4 24 | $65.0M | $190.1M | ||
| Q3 24 | $84.0M | $180.1M | ||
| Q2 24 | $39.0M | $165.0M | ||
| Q1 24 | $91.0M | $118.2M |
自由现金流TNETWST
| Q4 25 | $43.0M | $175.0M | ||
| Q3 25 | $55.0M | $133.9M | ||
| Q2 25 | $57.0M | $101.9M | ||
| Q1 25 | $79.0M | $58.1M | ||
| Q4 24 | $47.0M | $85.2M | ||
| Q3 24 | $59.0M | $98.8M | ||
| Q2 24 | $22.0M | $64.8M | ||
| Q1 24 | $73.0M | $27.6M |
自由现金流率TNETWST
| Q4 25 | 3.4% | 21.7% | ||
| Q3 25 | 4.5% | 16.6% | ||
| Q2 25 | 4.6% | 13.3% | ||
| Q1 25 | 6.1% | 8.3% | ||
| Q4 24 | 3.7% | 11.4% | ||
| Q3 24 | 4.8% | 13.2% | ||
| Q2 24 | 1.8% | 9.2% | ||
| Q1 24 | 5.8% | 4.0% |
资本支出强度TNETWST
| Q4 25 | 1.4% | 9.5% | ||
| Q3 25 | 1.4% | 7.9% | ||
| Q2 25 | 1.5% | 9.8% | ||
| Q1 25 | 1.2% | 10.2% | ||
| Q4 24 | 1.4% | 14.0% | ||
| Q3 24 | 2.0% | 10.9% | ||
| Q2 24 | 1.4% | 14.3% | ||
| Q1 24 | 1.4% | 13.0% |
现金转化率TNETWST
| Q4 25 | — | 1.90× | ||
| Q3 25 | 2.12× | 1.41× | ||
| Q2 25 | 2.03× | 1.34× | ||
| Q1 25 | 1.12× | 1.44× | ||
| Q4 24 | — | 1.46× | ||
| Q3 24 | 1.87× | 1.32× | ||
| Q2 24 | 0.65× | 1.48× | ||
| Q1 24 | 1.00× | 1.03× |
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% |
WST
| Proprietary Products | $661.8M | 82% |
| Contract Manufactured Products | $143.2M | 18% |
| Affiliated Entity | $3.3M | 0% |
