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TRINET GROUP, INC.（TNET）与WHITE MOUNTAINS INSURANCE GROUP LTD（WTM）财务数据对比。点击上方公司名可切换其他公司
WHITE MOUNTAINS INSURANCE GROUP LTD的季度营收约是TRINET GROUP, INC.的1.3倍（$1.6B vs $1.2B），WHITE MOUNTAINS INSURANCE GROUP LTD同比增速更快（348.0% vs -2.2%），过去两年WHITE MOUNTAINS INSURANCE GROUP LTD的营收复合增速更高（57.4% 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。
怀特山保险集团是一家多元化保险及相关金融服务控股企业，总部位于百慕大汉密尔顿，1999年10月25日从美国特拉华州迁册至当前注册地，大部分业务通过旗下保险子公司及其他关联机构开展，覆盖多个保险及金融服务细分赛道。
TNET vs WTM — 直观对比
营收规模更大
WTM
是对方的1.3倍
$1.2B
营收增速更快
WTM
高出350.2%
-2.2%
两年增速更快
WTM
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 | — | $835.8M |
| 毛利率 | — | 97.1% |
| 营业利润率 | 0.1% | 56.2% |
| 净利率 | — | 52.1% |
| 营收同比 | -2.2% | 348.0% |
| 净利润同比 | — | 741.0% |
| 每股收益（稀释后） | $0.02 | $325.02 |
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TNETWTM
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.2B | $864.2M | ||
| Q2 25 | $1.2B | $689.2M | ||
| Q1 25 | $1.3B | $577.8M | ||
| Q4 24 | $1.3B | $358.0M | ||
| Q3 24 | $1.2B | $839.1M | ||
| Q2 24 | $1.2B | $395.4M | ||
| Q1 24 | $1.3B | $647.3M |
净利润TNETWTM
| Q4 25 | — | $835.8M | ||
| Q3 25 | $34.0M | $113.8M | ||
| Q2 25 | $37.0M | $122.9M | ||
| Q1 25 | $85.0M | $33.9M | ||
| Q4 24 | — | $-130.4M | ||
| Q3 24 | $45.0M | $179.0M | ||
| Q2 24 | $60.0M | $-54.6M | ||
| Q1 24 | $91.0M | $236.4M |
毛利率TNETWTM
| Q4 25 | — | 97.1% | ||
| Q3 25 | — | 93.6% | ||
| Q2 25 | — | 93.8% | ||
| Q1 25 | — | 98.7% | ||
| Q4 24 | — | 97.9% | ||
| Q3 24 | — | 99.1% | ||
| Q2 24 | — | 98.2% | ||
| Q1 24 | — | 98.8% |
营业利润率TNETWTM
| Q4 25 | 0.1% | 56.2% | ||
| Q3 25 | 4.1% | 20.7% | ||
| Q2 25 | 4.1% | 25.6% | ||
| Q1 25 | 8.9% | 12.5% | ||
| Q4 24 | -2.9% | -33.7% | ||
| Q3 24 | 4.7% | 28.5% | ||
| Q2 24 | 6.5% | -8.8% | ||
| Q1 24 | 9.7% | 35.9% |
净利率TNETWTM
| Q4 25 | — | 52.1% | ||
| Q3 25 | 2.8% | 13.2% | ||
| Q2 25 | 3.0% | 17.8% | ||
| Q1 25 | 6.6% | 5.9% | ||
| Q4 24 | — | -36.4% | ||
| Q3 24 | 3.6% | 21.3% | ||
| Q2 24 | 4.9% | -13.8% | ||
| Q1 24 | 7.2% | 36.5% |
每股收益（稀释后）TNETWTM
| Q4 25 | $0.02 | $325.02 | ||
| Q3 25 | $0.70 | $44.18 | ||
| Q2 25 | $0.77 | $47.75 | ||
| Q1 25 | $1.71 | $13.19 | ||
| Q4 24 | $-0.44 | $-50.98 | ||
| Q3 24 | $0.89 | $69.68 | ||
| Q2 24 | $1.20 | $-21.24 | ||
| Q1 24 | $1.78 | $92.33 |
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 | — |
| 总债务越低越好 | — | $837.0M |
| 股东权益账面价值 | $54.0M | $5.4B |
| 总资产 | $3.8B | $12.3B |
| 负债/权益比越低杠杆越低 | — | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资TNETWTM
| Q4 25 | $287.0M | — | ||
| Q3 25 | $321.0M | — | ||
| Q2 25 | $407.0M | — | ||
| Q1 25 | $349.0M | — | ||
| Q4 24 | $360.0M | — | ||
| Q3 24 | $301.0M | — | ||
| Q2 24 | $249.0M | — | ||
| Q1 24 | $383.0M | — |
总债务TNETWTM
| Q4 25 | — | $837.0M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $694.6M | ||
| Q1 25 | — | $676.1M | ||
| Q4 24 | — | $562.5M | ||
| Q3 24 | — | $544.9M | ||
| Q2 24 | — | $530.2M | ||
| Q1 24 | — | $532.1M |
股东权益TNETWTM
| Q4 25 | $54.0M | $5.4B | ||
| Q3 25 | $110.0M | $4.8B | ||
| Q2 25 | $107.0M | $4.6B | ||
| Q1 25 | $63.0M | $4.5B | ||
| Q4 24 | $69.0M | $4.5B | ||
| Q3 24 | $129.0M | $4.6B | ||
| Q2 24 | $100.0M | $4.4B | ||
| Q1 24 | $143.0M | $4.5B |
总资产TNETWTM
| Q4 25 | $3.8B | $12.3B | ||
| Q3 25 | $3.4B | $12.3B | ||
| Q2 25 | $3.7B | $11.8B | ||
| Q1 25 | $3.8B | $11.0B | ||
| Q4 24 | $4.1B | $9.9B | ||
| Q3 24 | $3.7B | $10.3B | ||
| Q2 24 | $3.7B | $10.2B | ||
| Q1 24 | $4.0B | $9.6B |
负债/权益比TNETWTM
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.18× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.15× | ||
| 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 | $53.9M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | — |
| 自由现金流率自由现金流/营收 | 3.4% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | — | 0.06× |
| 过去12个月自由现金流最近4个季度 | $234.0M | — |
8季度趋势，按日历期对齐
经营现金流TNETWTM
| Q4 25 | $61.0M | $53.9M | ||
| Q3 25 | $72.0M | $359.3M | ||
| Q2 25 | $75.0M | $177.5M | ||
| Q1 25 | $95.0M | $-40.2M | ||
| Q4 24 | $65.0M | $64.1M | ||
| Q3 24 | $84.0M | $269.4M | ||
| Q2 24 | $39.0M | $216.8M | ||
| Q1 24 | $91.0M | $36.5M |
自由现金流TNETWTM
| Q4 25 | $43.0M | — | ||
| Q3 25 | $55.0M | — | ||
| Q2 25 | $57.0M | — | ||
| Q1 25 | $79.0M | — | ||
| Q4 24 | $47.0M | — | ||
| Q3 24 | $59.0M | — | ||
| Q2 24 | $22.0M | — | ||
| Q1 24 | $73.0M | — |
自由现金流率TNETWTM
| Q4 25 | 3.4% | — | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 4.8% | — | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 5.8% | — |
资本支出强度TNETWTM
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 1.4% | — |
现金转化率TNETWTM
| Q4 25 | — | 0.06× | ||
| Q3 25 | 2.12× | 3.16× | ||
| Q2 25 | 2.03× | 1.44× | ||
| Q1 25 | 1.12× | -1.19× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.87× | 1.51× | ||
| Q2 24 | 0.65× | — | ||
| Q1 24 | 1.00× | 0.15× |
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% |
WTM
暂无分部数据
