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TRINET GROUP, INC.（TNET）与Zscaler, Inc.（ZS）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Zscaler, Inc.的1.6倍（$1.2B vs $788.1M），Zscaler, Inc.同比增速更快（25.5% vs -2.2%），Zscaler, Inc.自由现金流更多（$431.0M vs $43.0M），过去两年Zscaler, Inc.的营收复合增速更高（22.5% 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。
Zscaler是总部位于美国加利福尼亚州圣何塞的云安全企业，专注提供云原生安全服务，为全球各行业企业的网络系统与数据资产提供全方位防护，助力企业在数字化运营过程中抵御各类安全风险，保障业务稳定开展。
TNET vs ZS — 直观对比
营收规模更大
TNET
是对方的1.6倍
$788.1M
营收增速更快
ZS
高出27.7%
-2.2%
自由现金流更多
ZS
多$388.0M
$43.0M
两年增速更快
ZS
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $788.1M |
| 净利润 | — | $-11.6M |
| 毛利率 | — | 76.6% |
| 营业利润率 | 0.1% | -4.6% |
| 净利率 | — | -1.5% |
| 营收同比 | -2.2% | 25.5% |
| 净利润同比 | — | 3.6% |
| 每股收益（稀释后） | $0.02 | $-0.07 |
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TNETZS
| Q4 25 | $1.2B | $788.1M | ||
| Q3 25 | $1.2B | $719.2M | ||
| Q2 25 | $1.2B | $678.0M | ||
| Q1 25 | $1.3B | $647.9M | ||
| Q4 24 | $1.3B | $628.0M | ||
| Q3 24 | $1.2B | $592.9M | ||
| Q2 24 | $1.2B | $553.2M | ||
| Q1 24 | $1.3B | $525.0M |
净利润TNETZS
| Q4 25 | — | $-11.6M | ||
| Q3 25 | $34.0M | $-17.6M | ||
| Q2 25 | $37.0M | $-4.1M | ||
| Q1 25 | $85.0M | $-7.7M | ||
| Q4 24 | — | $-12.1M | ||
| Q3 24 | $45.0M | $-14.9M | ||
| Q2 24 | $60.0M | $19.1M | ||
| Q1 24 | $91.0M | $-28.5M |
毛利率TNETZS
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 76.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 77.5% | ||
| Q3 24 | — | 78.0% | ||
| Q2 24 | — | 78.6% | ||
| Q1 24 | — | 77.7% |
营业利润率TNETZS
| Q4 25 | 0.1% | -4.6% | ||
| Q3 25 | 4.1% | -4.5% | ||
| Q2 25 | 4.1% | -3.7% | ||
| Q1 25 | 8.9% | -6.2% | ||
| Q4 24 | -2.9% | -4.9% | ||
| Q3 24 | 4.7% | -4.5% | ||
| Q2 24 | 6.5% | -0.5% | ||
| Q1 24 | 9.7% | -8.7% |
净利率TNETZS
| Q4 25 | — | -1.5% | ||
| Q3 25 | 2.8% | -2.4% | ||
| Q2 25 | 3.0% | -0.6% | ||
| Q1 25 | 6.6% | -1.2% | ||
| Q4 24 | — | -1.9% | ||
| Q3 24 | 3.6% | -2.5% | ||
| Q2 24 | 4.9% | 3.5% | ||
| Q1 24 | 7.2% | -5.4% |
每股收益（稀释后）TNETZS
| Q4 25 | $0.02 | $-0.07 | ||
| Q3 25 | $0.70 | $-0.11 | ||
| Q2 25 | $0.77 | $-0.03 | ||
| Q1 25 | $1.71 | $-0.05 | ||
| Q4 24 | $-0.44 | $-0.08 | ||
| Q3 24 | $0.89 | $-0.09 | ||
| Q2 24 | $1.20 | $0.12 | ||
| Q1 24 | $1.78 | $-0.19 |
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 | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $54.0M | $2.0B |
| 总资产 | $3.8B | $6.5B |
| 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TNETZS
| Q4 25 | $287.0M | $1.3B | ||
| Q3 25 | $321.0M | $2.4B | ||
| Q2 25 | $407.0M | $2.0B | ||
| Q1 25 | $349.0M | $1.8B | ||
| Q4 24 | $360.0M | $1.6B | ||
| Q3 24 | $301.0M | $1.4B | ||
| Q2 24 | $249.0M | $1.3B | ||
| Q1 24 | $383.0M | $1.4B |
总债务TNETZS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
股东权益TNETZS
| Q4 25 | $54.0M | $2.0B | ||
| Q3 25 | $110.0M | $1.8B | ||
| Q2 25 | $107.0M | $1.8B | ||
| Q1 25 | $63.0M | $1.6B | ||
| Q4 24 | $69.0M | $1.4B | ||
| Q3 24 | $129.0M | $1.3B | ||
| Q2 24 | $100.0M | $1.1B | ||
| Q1 24 | $143.0M | $958.9M |
总资产TNETZS
| Q4 25 | $3.8B | $6.5B | ||
| Q3 25 | $3.4B | $6.4B | ||
| Q2 25 | $3.7B | $5.3B | ||
| Q1 25 | $3.8B | $5.0B | ||
| Q4 24 | $4.1B | $4.7B | ||
| Q3 24 | $3.7B | $4.7B | ||
| Q2 24 | $3.7B | $4.2B | ||
| Q1 24 | $4.0B | $3.9B |
负债/权益比TNETZS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 1.19× |
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 | $448.3M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $431.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 54.7% |
| 资本支出强度资本支出/营收 | 1.4% | 2.2% |
| 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 | $924.9M |
8季度趋势，按日历期对齐
经营现金流TNETZS
| Q4 25 | $61.0M | $448.3M | ||
| Q3 25 | $72.0M | $250.6M | ||
| Q2 25 | $75.0M | $211.1M | ||
| Q1 25 | $95.0M | $179.4M | ||
| Q4 24 | $65.0M | $331.3M | ||
| Q3 24 | $84.0M | $203.6M | ||
| Q2 24 | $39.0M | $173.4M | ||
| Q1 24 | $91.0M | $142.1M |
自由现金流TNETZS
| Q4 25 | $43.0M | $431.0M | ||
| Q3 25 | $55.0M | $190.6M | ||
| Q2 25 | $57.0M | $138.9M | ||
| Q1 25 | $79.0M | $164.4M | ||
| Q4 24 | $47.0M | $314.3M | ||
| Q3 24 | $59.0M | $154.2M | ||
| Q2 24 | $22.0M | $137.8M | ||
| Q1 24 | $73.0M | $111.2M |
自由现金流率TNETZS
| Q4 25 | 3.4% | 54.7% | ||
| Q3 25 | 4.5% | 26.5% | ||
| Q2 25 | 4.6% | 20.5% | ||
| Q1 25 | 6.1% | 25.4% | ||
| Q4 24 | 3.7% | 50.1% | ||
| Q3 24 | 4.8% | 26.0% | ||
| Q2 24 | 1.8% | 24.9% | ||
| Q1 24 | 5.8% | 21.2% |
资本支出强度TNETZS
| Q4 25 | 1.4% | 2.2% | ||
| Q3 25 | 1.4% | 8.3% | ||
| Q2 25 | 1.5% | 10.6% | ||
| Q1 25 | 1.2% | 2.3% | ||
| Q4 24 | 1.4% | 2.7% | ||
| Q3 24 | 2.0% | 8.3% | ||
| Q2 24 | 1.4% | 6.4% | ||
| Q1 24 | 1.4% | 5.9% |
现金转化率TNETZS
| Q4 25 | — | — | ||
| Q3 25 | 2.12× | — | ||
| Q2 25 | 2.03× | — | ||
| Q1 25 | 1.12× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.87× | — | ||
| Q2 24 | 0.65× | 9.07× | ||
| Q1 24 | 1.00× | — |
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% |
ZS
暂无分部数据
