vs
Automatic Data Processing（ADP）与ADT Inc.（ADT）财务数据对比。点击上方公司名可切换其他公司
Automatic Data Processing的季度营收约是ADT Inc.的4.2倍（$5.4B vs $1.3B）。Automatic Data Processing净利率更高（19.8% vs 11.4%，领先8.4%）。Automatic Data Processing同比增速更快（6.2% vs 2.9%）。过去两年ADT Inc.的营收复合增速更高（2.7% vs 1.0%）
ADP是总部位于美国新泽西州罗斯兰的跨国企业，为全球各行业客户提供云基人力资源管理、薪资核算处理、专业雇主组织（PEO）等领域的专业服务，是全球人力资源服务领域的知名头部供应商。
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
ADP vs ADT — 直观对比
营收规模更大
ADP
是对方的4.2倍
$1.3B
营收增速更快
ADP
高出3.3%
2.9%
净利率更高
ADP
高出8.4%
11.4%
两年增速更快
ADT
近两年复合增速
1.0%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $1.3B |
| 净利润 | $1.1B | $145.4M |
| 毛利率 | 46.1% | — |
| 营业利润率 | 25.8% | 26.1% |
| 净利率 | 19.8% | 11.4% |
| 营收同比 | 6.2% | 2.9% |
| 净利润同比 | 10.3% | -23.5% |
| 每股收益（稀释后） | $2.62 | — |
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ADPADT
| Q4 25 | $5.4B | $1.3B | ||
| Q3 25 | $5.2B | $1.3B | ||
| Q2 25 | $5.1B | $1.3B | ||
| Q1 25 | $5.6B | $1.3B | ||
| Q4 24 | $5.0B | $1.2B | ||
| Q3 24 | $4.8B | $1.2B | ||
| Q2 24 | $4.8B | $1.2B | ||
| Q1 24 | $5.3B | $1.2B |
净利润ADPADT
| Q4 25 | $1.1B | $145.4M | ||
| Q3 25 | $1.0B | $145.1M | ||
| Q2 25 | $910.7M | $165.2M | ||
| Q1 25 | $1.2B | $140.2M | ||
| Q4 24 | $963.2M | $190.0M | ||
| Q3 24 | $956.3M | $127.2M | ||
| Q2 24 | $829.3M | $92.4M | ||
| Q1 24 | $1.2B | $91.6M |
毛利率ADPADT
| Q4 25 | 46.1% | — | ||
| Q3 25 | 45.2% | — | ||
| Q2 25 | 45.1% | — | ||
| Q1 25 | 47.7% | — | ||
| Q4 24 | 45.7% | — | ||
| Q3 24 | 45.5% | — | ||
| Q2 24 | 44.8% | — | ||
| Q1 24 | 47.3% | — |
营业利润率ADPADT
| Q4 25 | 25.8% | 26.1% | ||
| Q3 25 | 25.3% | 24.3% | ||
| Q2 25 | 23.2% | 26.6% | ||
| Q1 25 | 29.2% | 25.2% | ||
| Q4 24 | 25.0% | 32.4% | ||
| Q3 24 | 25.6% | 26.2% | ||
| Q2 24 | 22.8% | 23.6% | ||
| Q1 24 | 29.4% | 16.2% |
净利率ADPADT
| Q4 25 | 19.8% | 11.4% | ||
| Q3 25 | 19.6% | 11.2% | ||
| Q2 25 | 17.8% | 12.8% | ||
| Q1 25 | 22.5% | 11.1% | ||
| Q4 24 | 19.1% | 15.3% | ||
| Q3 24 | 19.8% | 10.2% | ||
| Q2 24 | 17.4% | 7.7% | ||
| Q1 24 | 22.6% | 7.6% |
每股收益（稀释后）ADPADT
| Q4 25 | $2.62 | — | ||
| Q3 25 | $2.49 | — | ||
| Q2 25 | $2.23 | — | ||
| Q1 25 | $3.06 | — | ||
| Q4 24 | $2.35 | — | ||
| Q3 24 | $2.34 | — | ||
| Q2 24 | $2.01 | — | ||
| Q1 24 | $2.88 | — |
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 | $2.5B | $80.8M |
| 总债务越低越好 | — | $7.4B |
| 股东权益账面价值 | $6.4B | $3.8B |
| 总资产 | $84.6B | $15.8B |
| 负债/权益比越低杠杆越低 | — | 1.95× |
8季度趋势，按日历期对齐
现金及短期投资ADPADT
| Q4 25 | $2.5B | $80.8M | ||
| Q3 25 | $7.9B | $62.8M | ||
| Q2 25 | $7.8B | $45.2M | ||
| Q1 25 | $2.7B | $3.7M | ||
| Q4 24 | $2.2B | $96.2M | ||
| Q3 24 | $7.3B | $95.3M | ||
| Q2 24 | $3.3B | $37.9M | ||
| Q1 24 | $3.3B | $4.0M |
总债务ADPADT
| Q4 25 | — | $7.4B | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | — | $7.5B | ||
| Q2 24 | — | $7.5B | ||
| Q1 24 | — | $7.6B |
股东权益ADPADT
| Q4 25 | $6.4B | $3.8B | ||
| Q3 25 | $6.4B | $3.7B | ||
| Q2 25 | $6.2B | $3.7B | ||
| Q1 25 | $5.9B | $3.6B | ||
| Q4 24 | $5.1B | $3.8B | ||
| Q3 24 | $5.3B | $3.9B | ||
| Q2 24 | $4.5B | $3.8B | ||
| Q1 24 | $4.6B | $3.7B |
总资产ADPADT
| Q4 25 | $84.6B | $15.8B | ||
| Q3 25 | $54.3B | $16.0B | ||
| Q2 25 | $53.4B | $16.0B | ||
| Q1 25 | $56.4B | $15.8B | ||
| Q4 24 | $64.1B | $16.1B | ||
| Q3 24 | $49.5B | $16.1B | ||
| Q2 24 | $54.4B | $16.0B | ||
| Q1 24 | $64.2B | $15.9B |
负债/权益比ADPADT
| Q4 25 | — | 1.95× | ||
| Q3 25 | — | 1.99× | ||
| Q2 25 | — | 1.84× | ||
| Q1 25 | — | 2.10× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 1.93× | ||
| Q2 24 | — | 1.98× | ||
| Q1 24 | — | 2.03× |
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 | $1.1B | $373.6M |
| 自由现金流经营现金流 - 资本支出 | — | $323.5M |
| 自由现金流率自由现金流/营收 | — | 25.4% |
| 资本支出强度资本支出/营收 | — | 3.9% |
| 现金转化率经营现金流/净利润 | 1.07× | 2.57× |
| 过去12个月自由现金流最近4个季度 | — | $1.7B |
8季度趋势，按日历期对齐
经营现金流ADPADT
| Q4 25 | $1.1B | $373.6M | ||
| Q3 25 | $642.3M | $480.1M | ||
| Q2 25 | $1.4B | $563.9M | ||
| Q1 25 | $1.5B | $466.6M | ||
| Q4 24 | $1.2B | $459.7M | ||
| Q3 24 | $824.4M | $498.2M | ||
| Q2 24 | $1.3B | $563.2M | ||
| Q1 24 | $1.5B | $363.8M |
自由现金流ADPADT
| Q4 25 | — | $323.5M | ||
| Q3 25 | — | $437.4M | ||
| Q2 25 | — | $526.3M | ||
| Q1 25 | — | $421.2M | ||
| Q4 24 | — | $426.0M | ||
| Q3 24 | — | $455.5M | ||
| Q2 24 | — | $516.5M | ||
| Q1 24 | — | $323.1M |
自由现金流率ADPADT
| Q4 25 | — | 25.4% | ||
| Q3 25 | — | 33.7% | ||
| Q2 25 | — | 40.9% | ||
| Q1 25 | — | 33.2% | ||
| Q4 24 | — | 34.3% | ||
| Q3 24 | — | 36.6% | ||
| Q2 24 | — | 42.9% | ||
| Q1 24 | — | 26.7% |
资本支出强度ADPADT
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 3.6% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 3.9% | ||
| Q1 24 | — | 3.4% |
现金转化率ADPADT
| Q4 25 | 1.07× | 2.57× | ||
| Q3 25 | 0.63× | 3.31× | ||
| Q2 25 | 1.58× | 3.41× | ||
| Q1 25 | 1.22× | 3.33× | ||
| Q4 24 | 1.19× | 2.42× | ||
| Q3 24 | 0.86× | 3.92× | ||
| Q2 24 | 1.57× | 6.10× | ||
| Q1 24 | 1.26× | 3.97× |
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
ADP
| HCM | $2.2B | 42% |
| PEO Zero Margin Benefits Pass Throughs | $1.1B | 21% |
| HRO | $979.3M | 18% |
| Global | $709.3M | 13% |
| Interest On Funds Held For Clients | $308.6M | 6% |
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Amortization Of Deferred Subscriber Acquisition Revenue | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
