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Automatic Data Processing（ADP）与FORWARD AIR CORP（FWRD）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FORWARD AIR CORP的8.5倍（$5.4B vs $631.2M）。Automatic Data Processing净利率更高（19.8% vs -4.5%，领先24.3%）。Automatic Data Processing同比增速更快（6.2% vs -0.3%）。过去两年FORWARD AIR CORP的营收复合增速更高（7.9% 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。
Forward Air Corp是北美领先的轻资产物流运输服务商，核心业务包括加急零担货运、最后一公里配送、多式联运、仓储及供应链解决方案，服务覆盖美加墨地区，主要服务电商、零售、制造、汽车等行业。
ADP vs FWRD — 直观对比
营收规模更大
ADP
是对方的8.5倍
$631.2M
营收增速更快
ADP
高出6.4%
-0.3%
净利率更高
ADP
高出24.3%
-4.5%
两年增速更快
FWRD
近两年复合增速
1.0%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $631.2M |
| 净利润 | $1.1B | $-28.3M |
| 毛利率 | 46.1% | — |
| 营业利润率 | 25.8% | -0.5% |
| 净利率 | 19.8% | -4.5% |
| 营收同比 | 6.2% | -0.3% |
| 净利润同比 | 10.3% | 22.2% |
| 每股收益（稀释后） | $2.62 | $-0.90 |
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ADPFWRD
| Q4 25 | $5.4B | $631.2M | ||
| Q3 25 | $5.2B | $631.8M | ||
| Q2 25 | $5.1B | $618.8M | ||
| Q1 25 | $5.6B | $613.3M | ||
| Q4 24 | $5.0B | $632.8M | ||
| Q3 24 | $4.8B | $655.9M | ||
| Q2 24 | $4.8B | $643.7M | ||
| Q1 24 | $5.3B | $541.8M |
净利润ADPFWRD
| Q4 25 | $1.1B | $-28.3M | ||
| Q3 25 | $1.0B | $-16.3M | ||
| Q2 25 | $910.7M | $-12.6M | ||
| Q1 25 | $1.2B | $-50.6M | ||
| Q4 24 | $963.2M | $-36.4M | ||
| Q3 24 | $956.3M | $-73.4M | ||
| Q2 24 | $829.3M | $-645.4M | ||
| Q1 24 | $1.2B | $-61.7M |
毛利率ADPFWRD
| 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ADPFWRD
| Q4 25 | 25.8% | -0.5% | ||
| Q3 25 | 25.3% | 2.4% | ||
| Q2 25 | 23.2% | 3.2% | ||
| Q1 25 | 29.2% | 0.8% | ||
| Q4 24 | 25.0% | 12.0% | ||
| Q3 24 | 25.6% | 3.5% | ||
| Q2 24 | 22.8% | -170.2% | ||
| Q1 24 | 29.4% | -12.1% |
净利率ADPFWRD
| Q4 25 | 19.8% | -4.5% | ||
| Q3 25 | 19.6% | -2.6% | ||
| Q2 25 | 17.8% | -2.0% | ||
| Q1 25 | 22.5% | -8.3% | ||
| Q4 24 | 19.1% | -5.8% | ||
| Q3 24 | 19.8% | -11.2% | ||
| Q2 24 | 17.4% | -100.3% | ||
| Q1 24 | 22.6% | -11.4% |
每股收益（稀释后）ADPFWRD
| Q4 25 | $2.62 | $-0.90 | ||
| Q3 25 | $2.49 | $-0.52 | ||
| Q2 25 | $2.23 | $-0.41 | ||
| Q1 25 | $3.06 | $-1.68 | ||
| Q4 24 | $2.35 | $-1.69 | ||
| Q3 24 | $2.34 | $-2.66 | ||
| Q2 24 | $2.01 | $-23.47 | ||
| Q1 24 | $2.88 | $-2.81 |
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 | $106.0M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $6.4B | $113.3M |
| 总资产 | $84.6B | $2.7B |
| 负债/权益比越低杠杆越低 | — | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资ADPFWRD
| Q4 25 | $2.5B | $106.0M | ||
| Q3 25 | $7.9B | $140.4M | ||
| Q2 25 | $7.8B | $95.1M | ||
| Q1 25 | $2.7B | $116.3M | ||
| Q4 24 | $2.2B | $104.9M | ||
| Q3 24 | $7.3B | $136.6M | ||
| Q2 24 | $3.3B | $84.9M | ||
| Q1 24 | $3.3B | $152.0M |
总债务ADPFWRD
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
股东权益ADPFWRD
| Q4 25 | $6.4B | $113.3M | ||
| Q3 25 | $6.4B | $139.8M | ||
| Q2 25 | $6.2B | $151.8M | ||
| Q1 25 | $5.9B | $154.6M | ||
| Q4 24 | $5.1B | $201.7M | ||
| Q3 24 | $5.3B | $226.1M | ||
| Q2 24 | $4.5B | $283.8M | ||
| Q1 24 | $4.6B | $926.1M |
总资产ADPFWRD
| Q4 25 | $84.6B | $2.7B | ||
| Q3 25 | $54.3B | $2.8B | ||
| Q2 25 | $53.4B | $2.8B | ||
| Q1 25 | $56.4B | $2.8B | ||
| Q4 24 | $64.1B | $2.8B | ||
| Q3 24 | $49.5B | $3.1B | ||
| Q2 24 | $54.4B | $3.1B | ||
| Q1 24 | $64.2B | $4.0B |
负债/权益比ADPFWRD
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.81× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | 1.07× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ADPFWRD
| Q4 25 | $1.1B | — | ||
| Q3 25 | $642.3M | $52.7M | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.5B | $27.6M | ||
| Q4 24 | $1.2B | $-23.2M | ||
| Q3 24 | $824.4M | $51.2M | ||
| Q2 24 | $1.3B | $-45.2M | ||
| Q1 24 | $1.5B | $-51.7M |
自由现金流ADPFWRD
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
自由现金流率ADPFWRD
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
资本支出强度ADPFWRD
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
现金转化率ADPFWRD
| Q4 25 | 1.07× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 1.58× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.19× | — | ||
| Q3 24 | 0.86× | — | ||
| Q2 24 | 1.57× | — | ||
| Q1 24 | 1.26× | — |
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% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
