vs
Automatic Data Processing（ADP）与Constellation Energy（CEG）财务数据对比。点击上方公司名可切换其他公司
Constellation Energy的季度营收约是Automatic Data Processing的1.1倍（$5.7B vs $5.4B），Automatic Data Processing净利率更高（19.8% vs 7.6%，领先12.2%），Constellation Energy同比增速更快（25.8% vs 6.2%），过去两年Constellation Energy的营收复合增速更高（4.0% 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。
Constellation Energy是总部位于美国马里兰州巴尔的摩的大型能源企业，核心业务涵盖电力供应、天然气供应以及专业能源管理服务，业务范围覆盖美国本土全境，累计服务的个人及企业客户总量约200万。
ADP vs CEG — 直观对比
营收规模更大
CEG
是对方的1.1倍
$5.4B
营收增速更快
CEG
高出19.7%
6.2%
净利率更高
ADP
高出12.2%
7.6%
两年增速更快
CEG
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $5.7B |
| 净利润 | $1.1B | $432.0M |
| 毛利率 | 46.1% | — |
| 营业利润率 | 25.8% | 10.5% |
| 净利率 | 19.8% | 7.6% |
| 营收同比 | 6.2% | 25.8% |
| 净利润同比 | 10.3% | -49.3% |
| 每股收益（稀释后） | $2.62 | $1.38 |
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ADPCEG
| Q4 25 | $5.4B | $5.7B | ||
| Q3 25 | $5.2B | $5.7B | ||
| Q2 25 | $5.1B | $5.2B | ||
| Q1 25 | $5.6B | $6.1B | ||
| Q4 24 | $5.0B | $4.5B | ||
| Q3 24 | $4.8B | $4.8B | ||
| Q2 24 | $4.8B | $4.4B | ||
| Q1 24 | $5.3B | $5.3B |
净利润ADPCEG
| Q4 25 | $1.1B | $432.0M | ||
| Q3 25 | $1.0B | $930.0M | ||
| Q2 25 | $910.7M | $839.0M | ||
| Q1 25 | $1.2B | $118.0M | ||
| Q4 24 | $963.2M | $852.0M | ||
| Q3 24 | $956.3M | $1.2B | ||
| Q2 24 | $829.3M | $814.0M | ||
| Q1 24 | $1.2B | $883.0M |
毛利率ADPCEG
| 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ADPCEG
| Q4 25 | 25.8% | 10.5% | ||
| Q3 25 | 25.3% | 19.0% | ||
| Q2 25 | 23.2% | 18.4% | ||
| Q1 25 | 29.2% | 7.4% | ||
| Q4 24 | 25.0% | 21.5% | ||
| Q3 24 | 25.6% | 30.7% | ||
| Q2 24 | 22.8% | 25.0% | ||
| Q1 24 | 29.4% | 15.5% |
净利率ADPCEG
| Q4 25 | 19.8% | 7.6% | ||
| Q3 25 | 19.6% | 16.3% | ||
| Q2 25 | 17.8% | 16.3% | ||
| Q1 25 | 22.5% | 1.9% | ||
| Q4 24 | 19.1% | 18.8% | ||
| Q3 24 | 19.8% | 25.1% | ||
| Q2 24 | 17.4% | 18.5% | ||
| Q1 24 | 22.6% | 16.8% |
每股收益（稀释后）ADPCEG
| Q4 25 | $2.62 | $1.38 | ||
| Q3 25 | $2.49 | $2.97 | ||
| Q2 25 | $2.23 | $2.67 | ||
| Q1 25 | $3.06 | $0.38 | ||
| Q4 24 | $2.35 | $2.71 | ||
| Q3 24 | $2.34 | $3.82 | ||
| Q2 24 | $2.01 | $2.58 | ||
| Q1 24 | $2.88 | $2.78 |
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 | $3.6B |
| 总债务越低越好 | — | $7.4B |
| 股东权益账面价值 | $6.4B | $14.5B |
| 总资产 | $84.6B | $57.2B |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资ADPCEG
| Q4 25 | $2.5B | $3.6B | ||
| Q3 25 | $7.9B | $4.0B | ||
| Q2 25 | $7.8B | $2.0B | ||
| Q1 25 | $2.7B | $1.8B | ||
| Q4 24 | $2.2B | $3.0B | ||
| Q3 24 | $7.3B | $1.8B | ||
| Q2 24 | $3.3B | $311.0M | ||
| Q1 24 | $3.3B | $562.0M |
总债务ADPCEG
| Q4 25 | — | $7.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ADPCEG
| Q4 25 | $6.4B | $14.5B | ||
| Q3 25 | $6.4B | $14.3B | ||
| Q2 25 | $6.2B | $13.4B | ||
| Q1 25 | $5.9B | $13.0B | ||
| Q4 24 | $5.1B | $13.2B | ||
| Q3 24 | $5.3B | $12.6B | ||
| Q2 24 | $4.5B | $11.4B | ||
| Q1 24 | $4.6B | $11.2B |
总资产ADPCEG
| Q4 25 | $84.6B | $57.2B | ||
| Q3 25 | $54.3B | $56.2B | ||
| Q2 25 | $53.4B | $53.0B | ||
| Q1 25 | $56.4B | $52.3B | ||
| Q4 24 | $64.1B | $52.9B | ||
| Q3 24 | $49.5B | $51.8B | ||
| Q2 24 | $54.4B | $51.3B | ||
| Q1 24 | $64.2B | $52.0B |
负债/权益比ADPCEG
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.64× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $805.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-181.0M |
| 自由现金流率自由现金流/营收 | — | -3.2% |
| 资本支出强度资本支出/营收 | — | 17.3% |
| 现金转化率经营现金流/净利润 | 1.07× | 1.86× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流ADPCEG
| Q4 25 | $1.1B | $805.0M | ||
| Q3 25 | $642.3M | $1.8B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.5B | $107.0M | ||
| Q4 24 | $1.2B | $-1.0B | ||
| Q3 24 | $824.4M | $-112.0M | ||
| Q2 24 | $1.3B | $-613.0M | ||
| Q1 24 | $1.5B | $-723.0M |
自由现金流ADPCEG
| Q4 25 | — | $-181.0M | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $710.0M | ||
| Q1 25 | — | $-699.0M | ||
| Q4 24 | — | $-1.7B | ||
| Q3 24 | — | $-664.0M | ||
| Q2 24 | — | $-1.2B | ||
| Q1 24 | — | $-1.5B |
自由现金流率ADPCEG
| Q4 25 | — | -3.2% | ||
| Q3 25 | — | 25.6% | ||
| Q2 25 | — | 13.8% | ||
| Q1 25 | — | -11.4% | ||
| Q4 24 | — | -38.6% | ||
| Q3 24 | — | -13.9% | ||
| Q2 24 | — | -26.3% | ||
| Q1 24 | — | -27.8% |
资本支出强度ADPCEG
| Q4 25 | — | 17.3% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 14.9% | ||
| Q1 25 | — | 13.2% | ||
| Q4 24 | — | 16.1% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 12.4% | ||
| Q1 24 | — | 14.0% |
现金转化率ADPCEG
| Q4 25 | 1.07× | 1.86× | ||
| Q3 25 | 0.63× | 1.99× | ||
| Q2 25 | 1.58× | 1.76× | ||
| Q1 25 | 1.22× | 0.91× | ||
| Q4 24 | 1.19× | -1.19× | ||
| Q3 24 | 0.86× | -0.09× | ||
| Q2 24 | 1.57× | -0.75× | ||
| Q1 24 | 1.26× | -0.82× |
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% |
CEG
| Constellation Mid Atlantic | $1.6B | 29% |
| Constellation Midwest | $1.3B | 23% |
| Constellation Other Regions | $1.1B | 20% |
| Other | $660.0M | 12% |
| Constellation New York | $618.0M | 11% |
| Constellation ERCOT | $292.0M | 5% |
