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TRINET GROUP, INC.（TNET）与登士柏西诺德（XRAY）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是登士柏西诺德的1.3倍（$1.2B vs $961.0M），登士柏西诺德同比增速更快（6.2% vs -2.2%），登士柏西诺德自由现金流更多（$60.0M vs $43.0M），过去两年登士柏西诺德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。
登士柏西诺德是美国牙科设备及耗材制造商，业务覆盖全球120多个国家，在21个国家设有生产工厂。该公司前身为1993年Gendex公司以5.9亿美元收购登士柏国际后整合组建的企业，是全球牙科领域的重要供应商。
TNET vs XRAY — 直观对比
营收规模更大
TNET
是对方的1.3倍
$961.0M
营收增速更快
XRAY
高出8.4%
-2.2%
自由现金流更多
XRAY
多$17.0M
$43.0M
两年增速更快
XRAY
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $961.0M |
| 净利润 | — | $-146.0M |
| 毛利率 | — | 46.1% |
| 营业利润率 | 0.1% | -14.5% |
| 净利率 | — | -15.2% |
| 营收同比 | -2.2% | 6.2% |
| 净利润同比 | — | 66.0% |
| 每股收益（稀释后） | $0.02 | $-0.74 |
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TNETXRAY
| Q4 25 | $1.2B | $961.0M | ||
| Q3 25 | $1.2B | $904.0M | ||
| Q2 25 | $1.2B | $936.0M | ||
| Q1 25 | $1.3B | $879.0M | ||
| Q4 24 | $1.3B | $905.0M | ||
| Q3 24 | $1.2B | $951.0M | ||
| Q2 24 | $1.2B | $984.0M | ||
| Q1 24 | $1.3B | $953.0M |
净利润TNETXRAY
| Q4 25 | — | $-146.0M | ||
| Q3 25 | $34.0M | $-427.0M | ||
| Q2 25 | $37.0M | $-45.0M | ||
| Q1 25 | $85.0M | $20.0M | ||
| Q4 24 | — | $-430.0M | ||
| Q3 24 | $45.0M | $-494.0M | ||
| Q2 24 | $60.0M | $-4.0M | ||
| Q1 24 | $91.0M | $18.0M |
毛利率TNETXRAY
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | — | 52.4% | ||
| Q1 25 | — | 53.0% | ||
| Q4 24 | — | 49.3% | ||
| Q3 24 | — | 52.1% | ||
| Q2 24 | — | 51.9% | ||
| Q1 24 | — | 53.1% |
营业利润率TNETXRAY
| Q4 25 | 0.1% | -14.5% | ||
| Q3 25 | 4.1% | -24.1% | ||
| Q2 25 | 4.1% | -13.7% | ||
| Q1 25 | 8.9% | 7.2% | ||
| Q4 24 | -2.9% | -56.2% | ||
| Q3 24 | 4.7% | -48.6% | ||
| Q2 24 | 6.5% | 5.1% | ||
| Q1 24 | 9.7% | 4.4% |
净利率TNETXRAY
| Q4 25 | — | -15.2% | ||
| Q3 25 | 2.8% | -47.2% | ||
| Q2 25 | 3.0% | -4.8% | ||
| Q1 25 | 6.6% | 2.3% | ||
| Q4 24 | — | -47.5% | ||
| Q3 24 | 3.6% | -51.9% | ||
| Q2 24 | 4.9% | -0.4% | ||
| Q1 24 | 7.2% | 1.9% |
每股收益（稀释后）TNETXRAY
| Q4 25 | $0.02 | $-0.74 | ||
| Q3 25 | $0.70 | $-2.14 | ||
| Q2 25 | $0.77 | $-0.22 | ||
| Q1 25 | $1.71 | $0.10 | ||
| Q4 24 | $-0.44 | $-2.09 | ||
| Q3 24 | $0.89 | $-2.46 | ||
| Q2 24 | $1.20 | $-0.02 | ||
| Q1 24 | $1.78 | $0.09 |
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 | $326.0M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $54.0M | $1.3B |
| 总资产 | $3.8B | $5.4B |
| 负债/权益比越低杠杆越低 | — | 1.70× |
8季度趋势，按日历期对齐
现金及短期投资TNETXRAY
| Q4 25 | $287.0M | $326.0M | ||
| Q3 25 | $321.0M | $363.0M | ||
| Q2 25 | $407.0M | $359.0M | ||
| Q1 25 | $349.0M | $398.0M | ||
| Q4 24 | $360.0M | $272.0M | ||
| Q3 24 | $301.0M | $296.0M | ||
| Q2 24 | $249.0M | $279.0M | ||
| Q1 24 | $383.0M | $291.0M |
总债务TNETXRAY
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益TNETXRAY
| Q4 25 | $54.0M | $1.3B | ||
| Q3 25 | $110.0M | $1.5B | ||
| Q2 25 | $107.0M | $2.0B | ||
| Q1 25 | $63.0M | $2.0B | ||
| Q4 24 | $69.0M | $1.9B | ||
| Q3 24 | $129.0M | $2.5B | ||
| Q2 24 | $100.0M | $3.1B | ||
| Q1 24 | $143.0M | $3.3B |
总资产TNETXRAY
| Q4 25 | $3.8B | $5.4B | ||
| Q3 25 | $3.4B | $5.7B | ||
| Q2 25 | $3.7B | $6.1B | ||
| Q1 25 | $3.8B | $6.0B | ||
| Q4 24 | $4.1B | $5.8B | ||
| Q3 24 | $3.7B | $6.6B | ||
| Q2 24 | $3.7B | $6.9B | ||
| Q1 24 | $4.0B | $7.1B |
负债/权益比TNETXRAY
| Q4 25 | — | 1.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $101.0M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $60.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 6.2% |
| 资本支出强度资本支出/营收 | 1.4% | 4.3% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $234.0M | $104.0M |
8季度趋势，按日历期对齐
经营现金流TNETXRAY
| Q4 25 | $61.0M | $101.0M | ||
| Q3 25 | $72.0M | $79.0M | ||
| Q2 25 | $75.0M | $48.0M | ||
| Q1 25 | $95.0M | $7.0M | ||
| Q4 24 | $65.0M | $87.0M | ||
| Q3 24 | $84.0M | $141.0M | ||
| Q2 24 | $39.0M | $208.0M | ||
| Q1 24 | $91.0M | $25.0M |
自由现金流TNETXRAY
| Q4 25 | $43.0M | $60.0M | ||
| Q3 25 | $55.0M | $40.0M | ||
| Q2 25 | $57.0M | $16.0M | ||
| Q1 25 | $79.0M | $-12.0M | ||
| Q4 24 | $47.0M | $36.0M | ||
| Q3 24 | $59.0M | $98.0M | ||
| Q2 24 | $22.0M | $156.0M | ||
| Q1 24 | $73.0M | $-9.0M |
自由现金流率TNETXRAY
| Q4 25 | 3.4% | 6.2% | ||
| Q3 25 | 4.5% | 4.4% | ||
| Q2 25 | 4.6% | 1.7% | ||
| Q1 25 | 6.1% | -1.4% | ||
| Q4 24 | 3.7% | 4.0% | ||
| Q3 24 | 4.8% | 10.3% | ||
| Q2 24 | 1.8% | 15.9% | ||
| Q1 24 | 5.8% | -0.9% |
资本支出强度TNETXRAY
| Q4 25 | 1.4% | 4.3% | ||
| Q3 25 | 1.4% | 4.3% | ||
| Q2 25 | 1.5% | 3.4% | ||
| Q1 25 | 1.2% | 2.2% | ||
| Q4 24 | 1.4% | 5.6% | ||
| Q3 24 | 2.0% | 4.5% | ||
| Q2 24 | 1.4% | 5.3% | ||
| Q1 24 | 1.4% | 3.6% |
现金转化率TNETXRAY
| Q4 25 | — | — | ||
| Q3 25 | 2.12× | — | ||
| Q2 25 | 2.03× | — | ||
| Q1 25 | 1.12× | 0.35× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 0.65× | — | ||
| Q1 24 | 1.00× | 1.39× |
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% |
XRAY
| Essential Dental Solutions | $372.0M | 39% |
| Equipment And Instruments | $160.0M | 17% |
| Implants And Prosthetics | $150.0M | 16% |
| CADCAM | $139.0M | 14% |
| Wellspect Healthcare | $88.0M | 9% |
| Orthodontics | $52.0M | 5% |
