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TRINET GROUP, INC.（TNET）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
斑马技术的季度营收约是TRINET GROUP, INC.的1.2倍（$1.5B vs $1.2B），斑马技术同比增速更快（10.6% vs -2.2%），斑马技术自由现金流更多（$327.0M vs $43.0M），过去两年斑马技术的营收复合增速更高（12.0% 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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
TNET vs ZBRA — 直观对比
营收规模更大
ZBRA
是对方的1.2倍
$1.2B
营收增速更快
ZBRA
高出12.8%
-2.2%
自由现金流更多
ZBRA
多$284.0M
$43.0M
两年增速更快
ZBRA
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | — | $70.0M |
| 毛利率 | — | 47.3% |
| 营业利润率 | 0.1% | 9.4% |
| 净利率 | — | 4.7% |
| 营收同比 | -2.2% | 10.6% |
| 净利润同比 | — | -57.1% |
| 每股收益（稀释后） | $0.02 | $1.40 |
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TNETZBRA
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
净利润TNETZBRA
| Q4 25 | — | $70.0M | ||
| Q3 25 | $34.0M | $101.0M | ||
| Q2 25 | $37.0M | $112.0M | ||
| Q1 25 | $85.0M | $136.0M | ||
| Q4 24 | — | $163.0M | ||
| Q3 24 | $45.0M | $137.0M | ||
| Q2 24 | $60.0M | $113.0M | ||
| Q1 24 | $91.0M | $115.0M |
毛利率TNETZBRA
| Q4 25 | — | 47.3% | ||
| Q3 25 | — | 48.0% | ||
| Q2 25 | — | 47.6% | ||
| Q1 25 | — | 49.3% | ||
| Q4 24 | — | 48.6% | ||
| Q3 24 | — | 48.8% | ||
| Q2 24 | — | 48.4% | ||
| Q1 24 | — | 47.9% |
营业利润率TNETZBRA
| Q4 25 | 0.1% | 9.4% | ||
| Q3 25 | 4.1% | 13.9% | ||
| Q2 25 | 4.1% | 14.2% | ||
| Q1 25 | 8.9% | 14.9% | ||
| Q4 24 | -2.9% | 16.9% | ||
| Q3 24 | 4.7% | 15.2% | ||
| Q2 24 | 6.5% | 13.7% | ||
| Q1 24 | 9.7% | 13.5% |
净利率TNETZBRA
| Q4 25 | — | 4.7% | ||
| Q3 25 | 2.8% | 7.7% | ||
| Q2 25 | 3.0% | 8.7% | ||
| Q1 25 | 6.6% | 10.4% | ||
| Q4 24 | — | 12.2% | ||
| Q3 24 | 3.6% | 10.9% | ||
| Q2 24 | 4.9% | 9.3% | ||
| Q1 24 | 7.2% | 9.8% |
每股收益（稀释后）TNETZBRA
| Q4 25 | $0.02 | $1.40 | ||
| Q3 25 | $0.70 | $1.97 | ||
| Q2 25 | $0.77 | $2.19 | ||
| Q1 25 | $1.71 | $2.62 | ||
| Q4 24 | $-0.44 | $3.14 | ||
| Q3 24 | $0.89 | $2.64 | ||
| Q2 24 | $1.20 | $2.17 | ||
| Q1 24 | $1.78 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | $3.6B |
| 总资产 | $3.8B | $8.5B |
| 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TNETZBRA
| Q4 25 | $287.0M | $125.0M | ||
| Q3 25 | $321.0M | $1.1B | ||
| Q2 25 | $407.0M | $872.0M | ||
| Q1 25 | $349.0M | $879.0M | ||
| Q4 24 | $360.0M | $901.0M | ||
| Q3 24 | $301.0M | $676.0M | ||
| Q2 24 | $249.0M | $411.0M | ||
| Q1 24 | $383.0M | $127.0M |
总债务TNETZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
股东权益TNETZBRA
| Q4 25 | $54.0M | $3.6B | ||
| Q3 25 | $110.0M | $3.7B | ||
| Q2 25 | $107.0M | $3.6B | ||
| Q1 25 | $63.0M | $3.6B | ||
| Q4 24 | $69.0M | $3.6B | ||
| Q3 24 | $129.0M | $3.4B | ||
| Q2 24 | $100.0M | $3.3B | ||
| Q1 24 | $143.0M | $3.2B |
总资产TNETZBRA
| Q4 25 | $3.8B | $8.5B | ||
| Q3 25 | $3.4B | $8.1B | ||
| Q2 25 | $3.7B | $7.9B | ||
| Q1 25 | $3.8B | $7.9B | ||
| Q4 24 | $4.1B | $8.0B | ||
| Q3 24 | $3.7B | $7.7B | ||
| Q2 24 | $3.7B | $7.5B | ||
| Q1 24 | $4.0B | $7.3B |
负债/权益比TNETZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.66× | ||
| Q1 24 | — | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $327.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 22.2% |
| 资本支出强度资本支出/营收 | 1.4% | 2.0% |
| 现金转化率经营现金流/净利润 | — | 5.10× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $831.0M |
8季度趋势，按日历期对齐
经营现金流TNETZBRA
| Q4 25 | $61.0M | $357.0M | ||
| Q3 25 | $72.0M | $235.0M | ||
| Q2 25 | $75.0M | $147.0M | ||
| Q1 25 | $95.0M | $178.0M | ||
| Q4 24 | $65.0M | $306.0M | ||
| Q3 24 | $84.0M | $294.0M | ||
| Q2 24 | $39.0M | $288.0M | ||
| Q1 24 | $91.0M | $125.0M |
自由现金流TNETZBRA
| Q4 25 | $43.0M | $327.0M | ||
| Q3 25 | $55.0M | $216.0M | ||
| Q2 25 | $57.0M | $130.0M | ||
| Q1 25 | $79.0M | $158.0M | ||
| Q4 24 | $47.0M | $288.0M | ||
| Q3 24 | $59.0M | $277.0M | ||
| Q2 24 | $22.0M | $278.0M | ||
| Q1 24 | $73.0M | $111.0M |
自由现金流率TNETZBRA
| Q4 25 | 3.4% | 22.2% | ||
| Q3 25 | 4.5% | 16.4% | ||
| Q2 25 | 4.6% | 10.1% | ||
| Q1 25 | 6.1% | 12.1% | ||
| Q4 24 | 3.7% | 21.6% | ||
| Q3 24 | 4.8% | 22.1% | ||
| Q2 24 | 1.8% | 22.8% | ||
| Q1 24 | 5.8% | 9.4% |
资本支出强度TNETZBRA
| Q4 25 | 1.4% | 2.0% | ||
| Q3 25 | 1.4% | 1.4% | ||
| Q2 25 | 1.5% | 1.3% | ||
| Q1 25 | 1.2% | 1.5% | ||
| Q4 24 | 1.4% | 1.3% | ||
| Q3 24 | 2.0% | 1.4% | ||
| Q2 24 | 1.4% | 0.8% | ||
| Q1 24 | 1.4% | 1.2% |
现金转化率TNETZBRA
| Q4 25 | — | 5.10× | ||
| Q3 25 | 2.12× | 2.33× | ||
| Q2 25 | 2.03× | 1.31× | ||
| Q1 25 | 1.12× | 1.31× | ||
| Q4 24 | — | 1.88× | ||
| Q3 24 | 1.87× | 2.15× | ||
| Q2 24 | 0.65× | 2.55× | ||
| Q1 24 | 1.00× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
