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Automatic Data Processing（ADP）与超威半导体（AMD）财务数据对比。点击上方公司名可切换其他公司
超威半导体的季度营收约是Automatic Data Processing的1.9倍（$10.3B vs $5.4B），Automatic Data Processing净利率更高（19.8% vs 14.7%，领先5.1%），超威半导体同比增速更快（34.1% vs 6.2%），过去两年超威半导体的营收复合增速更高（37.0% 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。
超威半导体（AMD）是总部位于美国加利福尼亚州圣克拉拉的跨国半导体企业，专注研发生产面向数据中心、游戏、个人电脑、嵌入式系统的高性能CPU、GPU及自适应片上系统，旗下拥有锐龙、霄龙、镭龙、Instinct等核心产品线，2022年收购赛灵思后拓展了FPGA及自适应计算业务，直接与英特尔、英伟达展开竞争。
ADP vs AMD — 直观对比
营收规模更大
AMD
是对方的1.9倍
$5.4B
营收增速更快
AMD
高出27.9%
6.2%
净利率更高
ADP
高出5.1%
14.7%
两年增速更快
AMD
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $10.3B |
| 净利润 | $1.1B | $1.5B |
| 毛利率 | 46.1% | 54.3% |
| 营业利润率 | 25.8% | 17.1% |
| 净利率 | 19.8% | 14.7% |
| 营收同比 | 6.2% | 34.1% |
| 净利润同比 | 10.3% | 213.5% |
| 每股收益（稀释后） | $2.62 | $0.92 |
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ADPAMD
| Q4 25 | $5.4B | $10.3B | ||
| Q3 25 | $5.2B | $9.2B | ||
| Q2 25 | $5.1B | $7.7B | ||
| Q1 25 | $5.6B | $7.4B | ||
| Q4 24 | $5.0B | $7.7B | ||
| Q3 24 | $4.8B | $6.8B | ||
| Q2 24 | $4.8B | $5.8B | ||
| Q1 24 | $5.3B | $5.5B |
净利润ADPAMD
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $910.7M | $872.0M | ||
| Q1 25 | $1.2B | $709.0M | ||
| Q4 24 | $963.2M | $482.0M | ||
| Q3 24 | $956.3M | $771.0M | ||
| Q2 24 | $829.3M | $265.0M | ||
| Q1 24 | $1.2B | $123.0M |
毛利率ADPAMD
| Q4 25 | 46.1% | 54.3% | ||
| Q3 25 | 45.2% | 51.7% | ||
| Q2 25 | 45.1% | 39.8% | ||
| Q1 25 | 47.7% | 50.2% | ||
| Q4 24 | 45.7% | 50.7% | ||
| Q3 24 | 45.5% | 50.1% | ||
| Q2 24 | 44.8% | 49.1% | ||
| Q1 24 | 47.3% | 46.8% |
营业利润率ADPAMD
| Q4 25 | 25.8% | 17.1% | ||
| Q3 25 | 25.3% | 13.7% | ||
| Q2 25 | 23.2% | -1.7% | ||
| Q1 25 | 29.2% | 10.8% | ||
| Q4 24 | 25.0% | 11.4% | ||
| Q3 24 | 25.6% | 10.6% | ||
| Q2 24 | 22.8% | 4.6% | ||
| Q1 24 | 29.4% | 0.7% |
净利率ADPAMD
| Q4 25 | 19.8% | 14.7% | ||
| Q3 25 | 19.6% | 13.4% | ||
| Q2 25 | 17.8% | 11.3% | ||
| Q1 25 | 22.5% | 9.5% | ||
| Q4 24 | 19.1% | 6.3% | ||
| Q3 24 | 19.8% | 11.3% | ||
| Q2 24 | 17.4% | 4.5% | ||
| Q1 24 | 22.6% | 2.2% |
每股收益（稀释后）ADPAMD
| Q4 25 | $2.62 | $0.92 | ||
| Q3 25 | $2.49 | $0.75 | ||
| Q2 25 | $2.23 | $0.54 | ||
| Q1 25 | $3.06 | $0.44 | ||
| Q4 24 | $2.35 | $0.30 | ||
| Q3 24 | $2.34 | $0.47 | ||
| Q2 24 | $2.01 | $0.16 | ||
| Q1 24 | $2.88 | $0.07 |
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 | $10.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.4B | $63.0B |
| 总资产 | $84.6B | $76.9B |
| 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ADPAMD
| Q4 25 | $2.5B | $10.6B | ||
| Q3 25 | $7.9B | $7.2B | ||
| Q2 25 | $7.8B | $5.9B | ||
| Q1 25 | $2.7B | $7.3B | ||
| Q4 24 | $2.2B | $5.1B | ||
| Q3 24 | $7.3B | $4.5B | ||
| Q2 24 | $3.3B | $5.3B | ||
| Q1 24 | $3.3B | $6.0B |
股东权益ADPAMD
| Q4 25 | $6.4B | $63.0B | ||
| Q3 25 | $6.4B | $60.8B | ||
| Q2 25 | $6.2B | $59.7B | ||
| Q1 25 | $5.9B | $57.9B | ||
| Q4 24 | $5.1B | $57.6B | ||
| Q3 24 | $5.3B | $57.0B | ||
| Q2 24 | $4.5B | $56.5B | ||
| Q1 24 | $4.6B | $56.2B |
总资产ADPAMD
| Q4 25 | $84.6B | $76.9B | ||
| Q3 25 | $54.3B | $76.9B | ||
| Q2 25 | $53.4B | $74.8B | ||
| Q1 25 | $56.4B | $71.5B | ||
| Q4 24 | $64.1B | $69.2B | ||
| Q3 24 | $49.5B | $69.6B | ||
| Q2 24 | $54.4B | $67.9B | ||
| Q1 24 | $64.2B | $67.9B |
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 | $2.6B |
| 自由现金流经营现金流 - 资本支出 | — | $2.4B |
| 自由现金流率自由现金流/营收 | — | 23.2% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | 1.07× | 1.72× |
| 过去12个月自由现金流最近4个季度 | — | $6.7B |
8季度趋势，按日历期对齐
经营现金流ADPAMD
| Q4 25 | $1.1B | $2.6B | ||
| Q3 25 | $642.3M | $2.2B | ||
| Q2 25 | $1.4B | $2.0B | ||
| Q1 25 | $1.5B | $939.0M | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $824.4M | $628.0M | ||
| Q2 24 | $1.3B | $593.0M | ||
| Q1 24 | $1.5B | $521.0M |
自由现金流ADPAMD
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $727.0M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $496.0M | ||
| Q2 24 | — | $439.0M | ||
| Q1 24 | — | $379.0M |
自由现金流率ADPAMD
| Q4 25 | — | 23.2% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | — | 22.5% | ||
| Q1 25 | — | 9.8% | ||
| Q4 24 | — | 14.2% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | 7.5% | ||
| Q1 24 | — | 6.9% |
资本支出强度ADPAMD
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 2.6% |
现金转化率ADPAMD
| Q4 25 | 1.07× | 1.72× | ||
| Q3 25 | 0.63× | 1.74× | ||
| Q2 25 | 1.58× | 2.31× | ||
| Q1 25 | 1.22× | 1.32× | ||
| Q4 24 | 1.19× | 2.70× | ||
| Q3 24 | 0.86× | 0.81× | ||
| Q2 24 | 1.57× | 2.24× | ||
| Q1 24 | 1.26× | 4.24× |
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% |
AMD
| Other | $5.4B | 52% |
| Client | $3.1B | 30% |
| Embedded | $950.0M | 9% |
| Gaming | $843.0M | 8% |
