vs
Automatic Data Processing（ADP）与伯克希尔·哈撒韦（HEI）财务数据对比。点击上方公司名可切换其他公司
Automatic Data Processing的季度营收约是伯克希尔·哈撒韦的4.4倍（$5.4B vs $1.2B）。Automatic Data Processing净利率更高（19.8% vs 15.6%，领先4.2%）。伯克希尔·哈撒韦同比增速更快（19.3% vs 6.2%）。过去两年伯克希尔·哈撒韦的营收复合增速更高（16.2% 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。
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
ADP vs HEI — 直观对比
营收规模更大
ADP
是对方的4.4倍
$1.2B
营收增速更快
HEI
高出13.2%
6.2%
净利率更高
ADP
高出4.2%
15.6%
两年增速更快
HEI
近两年复合增速
1.0%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $1.2B |
| 净利润 | $1.1B | $188.3M |
| 毛利率 | 46.1% | 40.2% |
| 营业利润率 | 25.8% | 23.1% |
| 净利率 | 19.8% | 15.6% |
| 营收同比 | 6.2% | 19.3% |
| 净利润同比 | 10.3% | 34.8% |
| 每股收益（稀释后） | $2.62 | $1.32 |
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ADPHEI
| Q4 25 | $5.4B | $1.2B | ||
| Q3 25 | $5.2B | $1.1B | ||
| Q2 25 | $5.1B | $1.1B | ||
| Q1 25 | $5.6B | $1.0B | ||
| Q4 24 | $5.0B | $1.0B | ||
| Q3 24 | $4.8B | $992.2M | ||
| Q2 24 | $4.8B | $955.4M | ||
| Q1 24 | $5.3B | $896.4M |
净利润ADPHEI
| Q4 25 | $1.1B | $188.3M | ||
| Q3 25 | $1.0B | $177.3M | ||
| Q2 25 | $910.7M | $156.8M | ||
| Q1 25 | $1.2B | $168.0M | ||
| Q4 24 | $963.2M | $139.7M | ||
| Q3 24 | $956.3M | $136.6M | ||
| Q2 24 | $829.3M | $123.1M | ||
| Q1 24 | $1.2B | $114.7M |
毛利率ADPHEI
| Q4 25 | 46.1% | 40.2% | ||
| Q3 25 | 45.2% | 39.8% | ||
| Q2 25 | 45.1% | 39.9% | ||
| Q1 25 | 47.7% | 39.4% | ||
| Q4 24 | 45.7% | 38.9% | ||
| Q3 24 | 45.5% | 39.2% | ||
| Q2 24 | 44.8% | 38.9% | ||
| Q1 24 | 47.3% | 38.7% |
营业利润率ADPHEI
| Q4 25 | 25.8% | 23.1% | ||
| Q3 25 | 25.3% | 23.1% | ||
| Q2 25 | 23.2% | 22.6% | ||
| Q1 25 | 29.2% | 22.0% | ||
| Q4 24 | 25.0% | 21.6% | ||
| Q3 24 | 25.6% | 21.8% | ||
| Q2 24 | 22.8% | 21.9% | ||
| Q1 24 | 29.4% | 20.1% |
净利率ADPHEI
| Q4 25 | 19.8% | 15.6% | ||
| Q3 25 | 19.6% | 15.5% | ||
| Q2 25 | 17.8% | 14.3% | ||
| Q1 25 | 22.5% | 16.3% | ||
| Q4 24 | 19.1% | 13.8% | ||
| Q3 24 | 19.8% | 13.8% | ||
| Q2 24 | 17.4% | 12.9% | ||
| Q1 24 | 22.6% | 12.8% |
每股收益（稀释后）ADPHEI
| Q4 25 | $2.62 | $1.32 | ||
| Q3 25 | $2.49 | $1.26 | ||
| Q2 25 | $2.23 | $1.12 | ||
| Q1 25 | $3.06 | $1.20 | ||
| Q4 24 | $2.35 | $1.00 | ||
| Q3 24 | $2.34 | $0.97 | ||
| Q2 24 | $2.01 | $0.88 | ||
| Q1 24 | $2.88 | $0.82 |
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 | $217.8M |
| 总债务越低越好 | — | $2.2B |
| 股东权益账面价值 | $6.4B | $4.3B |
| 总资产 | $84.6B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.50× |
8季度趋势，按日历期对齐
现金及短期投资ADPHEI
| Q4 25 | $2.5B | $217.8M | ||
| Q3 25 | $7.9B | $261.9M | ||
| Q2 25 | $7.8B | $242.3M | ||
| Q1 25 | $2.7B | $165.5M | ||
| Q4 24 | $2.2B | $162.1M | ||
| Q3 24 | $7.3B | $202.9M | ||
| Q2 24 | $3.3B | $204.2M | ||
| Q1 24 | $3.3B | $196.3M |
总债务ADPHEI
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.5B |
股东权益ADPHEI
| Q4 25 | $6.4B | $4.3B | ||
| Q3 25 | $6.4B | $4.1B | ||
| Q2 25 | $6.2B | $4.0B | ||
| Q1 25 | $5.9B | $3.7B | ||
| Q4 24 | $5.1B | $3.6B | ||
| Q3 24 | $5.3B | $3.5B | ||
| Q2 24 | $4.5B | $3.4B | ||
| Q1 24 | $4.6B | $3.3B |
总资产ADPHEI
| Q4 25 | $84.6B | $8.5B | ||
| Q3 25 | $54.3B | $8.5B | ||
| Q2 25 | $53.4B | $8.1B | ||
| Q1 25 | $56.4B | $7.9B | ||
| Q4 24 | $64.1B | $7.6B | ||
| Q3 24 | $49.5B | $7.4B | ||
| Q2 24 | $54.4B | $7.4B | ||
| Q1 24 | $64.2B | $7.3B |
负债/权益比ADPHEI
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.76× |
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 | $295.3M |
| 自由现金流经营现金流 - 资本支出 | — | $268.5M |
| 自由现金流率自由现金流/营收 | — | 22.2% |
| 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× | 1.57× |
| 过去12个月自由现金流最近4个季度 | — | $861.4M |
8季度趋势，按日历期对齐
经营现金流ADPHEI
| Q4 25 | $1.1B | $295.3M | ||
| Q3 25 | $642.3M | $231.2M | ||
| Q2 25 | $1.4B | $204.7M | ||
| Q1 25 | $1.5B | $203.0M | ||
| Q4 24 | $1.2B | $205.6M | ||
| Q3 24 | $824.4M | $214.0M | ||
| Q2 24 | $1.3B | $141.1M | ||
| Q1 24 | $1.5B | $111.7M |
自由现金流ADPHEI
| Q4 25 | — | $268.5M | ||
| Q3 25 | — | $218.5M | ||
| Q2 25 | — | $188.7M | ||
| Q1 25 | — | $185.7M | ||
| Q4 24 | — | $189.5M | ||
| Q3 24 | — | $198.1M | ||
| Q2 24 | — | $128.2M | ||
| Q1 24 | — | $98.3M |
自由现金流率ADPHEI
| Q4 25 | — | 22.2% | ||
| Q3 25 | — | 19.0% | ||
| Q2 25 | — | 17.2% | ||
| Q1 25 | — | 18.0% | ||
| Q4 24 | — | 18.7% | ||
| Q3 24 | — | 20.0% | ||
| Q2 24 | — | 13.4% | ||
| Q1 24 | — | 11.0% |
资本支出强度ADPHEI
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.5% |
现金转化率ADPHEI
| Q4 25 | 1.07× | 1.57× | ||
| Q3 25 | 0.63× | 1.30× | ||
| Q2 25 | 1.58× | 1.31× | ||
| Q1 25 | 1.22× | 1.21× | ||
| Q4 24 | 1.19× | 1.47× | ||
| Q3 24 | 0.86× | 1.57× | ||
| Q2 24 | 1.57× | 1.15× | ||
| Q1 24 | 1.26× | 0.97× |
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% |
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
