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TRINET GROUP, INC.（TNET）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是TRINET GROUP, INC.的1.9倍（$2.4B vs $1.2B），硕腾同比增速更快（3.0% vs -2.2%），硕腾自由现金流更多（$732.0M vs $43.0M），过去两年硕腾的营收复合增速更高（4.4% 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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
TNET vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.9倍
$1.2B
营收增速更快
ZTS
高出5.2%
-2.2%
自由现金流更多
ZTS
多$689.0M
$43.0M
两年增速更快
ZTS
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.4B |
| 净利润 | — | $603.0M |
| 毛利率 | — | 70.2% |
| 营业利润率 | 0.1% | 31.9% |
| 净利率 | — | 25.3% |
| 营收同比 | -2.2% | 3.0% |
| 净利润同比 | — | 3.8% |
| 每股收益（稀释后） | $0.02 | $1.37 |
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TNETZTS
| Q4 25 | $1.2B | $2.4B | ||
| Q3 25 | $1.2B | $2.4B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $1.3B | $2.2B | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.2B | $2.4B | ||
| Q2 24 | $1.2B | $2.4B | ||
| Q1 24 | $1.3B | $2.2B |
净利润TNETZTS
| Q4 25 | — | $603.0M | ||
| Q3 25 | $34.0M | $721.0M | ||
| Q2 25 | $37.0M | $718.0M | ||
| Q1 25 | $85.0M | $631.0M | ||
| Q4 24 | — | $581.0M | ||
| Q3 24 | $45.0M | $682.0M | ||
| Q2 24 | $60.0M | $624.0M | ||
| Q1 24 | $91.0M | $599.0M |
毛利率TNETZTS
| Q4 25 | — | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | — | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | — | 71.7% | ||
| Q1 24 | — | 70.6% |
营业利润率TNETZTS
| Q4 25 | 0.1% | 31.9% | ||
| Q3 25 | 4.1% | 37.0% | ||
| Q2 25 | 4.1% | 36.7% | ||
| Q1 25 | 8.9% | 36.5% | ||
| Q4 24 | -2.9% | 31.6% | ||
| Q3 24 | 4.7% | 36.6% | ||
| Q2 24 | 6.5% | 33.0% | ||
| Q1 24 | 9.7% | 34.1% |
净利率TNETZTS
| Q4 25 | — | 25.3% | ||
| Q3 25 | 2.8% | 30.0% | ||
| Q2 25 | 3.0% | 29.2% | ||
| Q1 25 | 6.6% | 28.4% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | 3.6% | 28.6% | ||
| Q2 24 | 4.9% | 26.4% | ||
| Q1 24 | 7.2% | 27.4% |
每股收益（稀释后）TNETZTS
| Q4 25 | $0.02 | $1.37 | ||
| Q3 25 | $0.70 | $1.63 | ||
| Q2 25 | $0.77 | $1.61 | ||
| Q1 25 | $1.71 | $1.41 | ||
| Q4 24 | $-0.44 | $1.29 | ||
| Q3 24 | $0.89 | $1.50 | ||
| Q2 24 | $1.20 | $1.37 | ||
| Q1 24 | $1.78 | $1.31 |
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 | — | — |
| 股东权益账面价值 | $54.0M | $3.3B |
| 总资产 | $3.8B | $15.5B |
| 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TNETZTS
| Q4 25 | $287.0M | — | ||
| Q3 25 | $321.0M | $2.1B | ||
| Q2 25 | $407.0M | $1.4B | ||
| Q1 25 | $349.0M | $1.7B | ||
| Q4 24 | $360.0M | $2.0B | ||
| Q3 24 | $301.0M | $1.7B | ||
| Q2 24 | $249.0M | $1.6B | ||
| Q1 24 | $383.0M | $2.0B |
股东权益TNETZTS
| Q4 25 | $54.0M | $3.3B | ||
| Q3 25 | $110.0M | $5.4B | ||
| Q2 25 | $107.0M | $5.0B | ||
| Q1 25 | $63.0M | $4.7B | ||
| Q4 24 | $69.0M | $4.8B | ||
| Q3 24 | $129.0M | $5.2B | ||
| Q2 24 | $100.0M | $5.0B | ||
| Q1 24 | $143.0M | $5.1B |
总资产TNETZTS
| Q4 25 | $3.8B | $15.5B | ||
| Q3 25 | $3.4B | $15.2B | ||
| Q2 25 | $3.7B | $14.5B | ||
| Q1 25 | $3.8B | $14.1B | ||
| Q4 24 | $4.1B | $14.2B | ||
| Q3 24 | $3.7B | $14.4B | ||
| Q2 24 | $3.7B | $14.2B | ||
| Q1 24 | $4.0B | $14.3B |
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 | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $43.0M | $732.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 30.7% |
| 资本支出强度资本支出/营收 | 1.4% | 6.7% |
| 现金转化率经营现金流/净利润 | — | 1.48× |
| 过去12个月自由现金流最近4个季度 | $234.0M | $2.3B |
8季度趋势，按日历期对齐
经营现金流TNETZTS
| Q4 25 | $61.0M | $893.0M | ||
| Q3 25 | $72.0M | $938.0M | ||
| Q2 25 | $75.0M | $486.0M | ||
| Q1 25 | $95.0M | $587.0M | ||
| Q4 24 | $65.0M | $905.0M | ||
| Q3 24 | $84.0M | $951.0M | ||
| Q2 24 | $39.0M | $502.0M | ||
| Q1 24 | $91.0M | $595.0M |
自由现金流TNETZTS
| Q4 25 | $43.0M | $732.0M | ||
| Q3 25 | $55.0M | $805.0M | ||
| Q2 25 | $57.0M | $308.0M | ||
| Q1 25 | $79.0M | $438.0M | ||
| Q4 24 | $47.0M | $689.0M | ||
| Q3 24 | $59.0M | $784.0M | ||
| Q2 24 | $22.0M | $370.0M | ||
| Q1 24 | $73.0M | $455.0M |
自由现金流率TNETZTS
| Q4 25 | 3.4% | 30.7% | ||
| Q3 25 | 4.5% | 33.5% | ||
| Q2 25 | 4.6% | 12.5% | ||
| Q1 25 | 6.1% | 19.7% | ||
| Q4 24 | 3.7% | 29.7% | ||
| Q3 24 | 4.8% | 32.8% | ||
| Q2 24 | 1.8% | 15.7% | ||
| Q1 24 | 5.8% | 20.8% |
资本支出强度TNETZTS
| Q4 25 | 1.4% | 6.7% | ||
| Q3 25 | 1.4% | 5.5% | ||
| Q2 25 | 1.5% | 7.2% | ||
| Q1 25 | 1.2% | 6.7% | ||
| Q4 24 | 1.4% | 9.3% | ||
| Q3 24 | 2.0% | 7.0% | ||
| Q2 24 | 1.4% | 5.6% | ||
| Q1 24 | 1.4% | 6.4% |
现金转化率TNETZTS
| Q4 25 | — | 1.48× | ||
| Q3 25 | 2.12× | 1.30× | ||
| Q2 25 | 2.03× | 0.68× | ||
| Q1 25 | 1.12× | 0.93× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 1.87× | 1.39× | ||
| Q2 24 | 0.65× | 0.80× | ||
| Q1 24 | 1.00× | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
