vs
Automatic Data Processing（ADP）与国际纸业（IP）财务数据对比。点击上方公司名可切换其他公司
国际纸业的季度营收约是Automatic Data Processing的1.0倍（$6.0B vs $5.9B），Automatic Data Processing净利率更高（22.9% vs 1.0%，领先21.9%），Automatic Data Processing同比增速更快（7.0% vs -0.6%），过去两年国际纸业的营收复合增速更高（12.3% vs 11.6%）
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。
国际纸业是总部位于美国田纳西州孟菲斯的纸浆及造纸企业，为全球规模最大的同类型企业，目前拥有约3.9万名员工，产品覆盖纸浆、包装用纸、办公用纸等品类，业务遍及全球多个国家和地区，广泛服务各行业客户的相关需求。
ADP vs IP — 直观对比
营收规模更大
IP
是对方的1.0倍
$5.9B
营收增速更快
ADP
高出7.5%
-0.6%
净利率更高
ADP
高出21.9%
1.0%
两年增速更快
IP
近两年复合增速
11.6%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.9B | $6.0B |
| 净利润 | $1.4B | $60.0M |
| 毛利率 | — | — |
| 营业利润率 | — | — |
| 净利率 | 22.9% | 1.0% |
| 营收同比 | 7.0% | -0.6% |
| 净利润同比 | 8.4% | 157.1% |
| 每股收益（稀释后） | $3.38 | $0.14 |
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ADPIP
| Q1 26 | $5.9B | $6.0B | ||
| Q4 25 | $5.4B | $4.7B | ||
| Q3 25 | $5.2B | $6.2B | ||
| Q2 25 | $5.1B | $6.8B | ||
| Q1 25 | $5.6B | $5.9B | ||
| Q4 24 | $5.0B | $4.6B | ||
| Q3 24 | $4.8B | $4.7B | ||
| Q2 24 | $4.8B | $4.7B |
净利润ADPIP
| Q1 26 | $1.4B | $60.0M | ||
| Q4 25 | $1.1B | $-2.4B | ||
| Q3 25 | $1.0B | $-1.1B | ||
| Q2 25 | $910.7M | $75.0M | ||
| Q1 25 | $1.2B | $-105.0M | ||
| Q4 24 | $963.2M | $-147.0M | ||
| Q3 24 | $956.3M | $150.0M | ||
| Q2 24 | $829.3M | $498.0M |
毛利率ADPIP
| Q1 26 | — | — | ||
| Q4 25 | 46.1% | 32.2% | ||
| Q3 25 | 45.2% | 31.1% | ||
| Q2 25 | 45.1% | 27.9% | ||
| Q1 25 | 47.7% | 27.8% | ||
| Q4 24 | 45.7% | 29.0% | ||
| Q3 24 | 45.5% | 28.7% | ||
| Q2 24 | 44.8% | 29.0% |
营业利润率ADPIP
| Q1 26 | — | — | ||
| Q4 25 | 25.8% | -56.4% | ||
| Q3 25 | 25.3% | -10.8% | ||
| Q2 25 | 23.2% | 1.7% | ||
| Q1 25 | 29.2% | -2.3% | ||
| Q4 24 | 25.0% | -4.9% | ||
| Q3 24 | 25.6% | 5.1% | ||
| Q2 24 | 22.8% | 6.8% |
净利率ADPIP
| Q1 26 | 22.9% | 1.0% | ||
| Q4 25 | 19.8% | -50.3% | ||
| Q3 25 | 19.6% | -17.7% | ||
| Q2 25 | 17.8% | 1.1% | ||
| Q1 25 | 22.5% | -1.8% | ||
| Q4 24 | 19.1% | -3.2% | ||
| Q3 24 | 19.8% | 3.2% | ||
| Q2 24 | 17.4% | 10.5% |
每股收益（稀释后）ADPIP
| Q1 26 | $3.38 | $0.14 | ||
| Q4 25 | $2.62 | $-4.76 | ||
| Q3 25 | $2.49 | $-2.09 | ||
| Q2 25 | $2.23 | $0.14 | ||
| Q1 25 | $3.06 | $-0.24 | ||
| Q4 24 | $2.35 | $-0.42 | ||
| Q3 24 | $2.34 | $0.42 | ||
| Q2 24 | $2.01 | $1.41 |
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 | $3.2B | — |
| 总债务越低越好 | $4.0B | $8.2B |
| 股东权益账面价值 | $6.4B | $14.8B |
| 总资产 | $64.5B | $36.4B |
| 负债/权益比越低杠杆越低 | 0.63× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资ADPIP
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.5B | $1.1B | ||
| Q3 25 | $7.9B | $995.0M | ||
| Q2 25 | $7.8B | $1.1B | ||
| Q1 25 | $2.7B | $1.2B | ||
| Q4 24 | $2.2B | $1.2B | ||
| Q3 24 | $7.3B | $1.2B | ||
| Q2 24 | $3.3B | $1.0B |
总债务ADPIP
| Q1 26 | $4.0B | $8.2B | ||
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $9.7B | ||
| Q1 25 | — | $9.2B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.3B |
股东权益ADPIP
| Q1 26 | $6.4B | $14.8B | ||
| Q4 25 | $6.4B | $14.8B | ||
| Q3 25 | $6.4B | $17.3B | ||
| Q2 25 | $6.2B | $18.6B | ||
| Q1 25 | $5.9B | $18.1B | ||
| Q4 24 | $5.1B | $8.2B | ||
| Q3 24 | $5.3B | $8.6B | ||
| Q2 24 | $4.5B | $8.6B |
总资产ADPIP
| Q1 26 | $64.5B | $36.4B | ||
| Q4 25 | $84.6B | $38.0B | ||
| Q3 25 | $54.3B | $40.6B | ||
| Q2 25 | $53.4B | $42.4B | ||
| Q1 25 | $56.4B | $41.2B | ||
| Q4 24 | $64.1B | $22.8B | ||
| Q3 24 | $49.5B | $23.2B | ||
| Q2 24 | $54.4B | $23.1B |
负债/权益比ADPIP
| Q1 26 | 0.63× | 0.55× | ||
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.62× | ||
| Q2 24 | — | 0.62× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | — | $94.0M |
| 自由现金流率自由现金流/营收 | — | 1.6% |
| 资本支出强度资本支出/营收 | 2.1% | 8.7% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $553.0M |
8季度趋势，按日历期对齐
经营现金流ADPIP
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $905.0M | ||
| Q3 25 | $642.3M | $605.0M | ||
| Q2 25 | $1.4B | $476.0M | ||
| Q1 25 | $1.5B | $-288.0M | ||
| Q4 24 | $1.2B | $397.0M | ||
| Q3 24 | $824.4M | $521.0M | ||
| Q2 24 | $1.3B | $365.0M |
自由现金流ADPIP
| Q1 26 | — | $94.0M | ||
| Q4 25 | — | $255.0M | ||
| Q3 25 | — | $150.0M | ||
| Q2 25 | — | $54.0M | ||
| Q1 25 | — | $-618.0M | ||
| Q4 24 | — | $137.0M | ||
| Q3 24 | — | $309.0M | ||
| Q2 24 | — | $167.0M |
自由现金流率ADPIP
| Q1 26 | — | 1.6% | ||
| Q4 25 | — | 5.4% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | -10.5% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 3.5% |
资本支出强度ADPIP
| Q1 26 | 2.1% | 8.7% | ||
| Q4 25 | — | 13.7% | ||
| Q3 25 | — | 7.3% | ||
| Q2 25 | — | 6.2% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 4.2% |
现金转化率ADPIP
| Q1 26 | — | — | ||
| Q4 25 | 1.07× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 1.58× | 6.35× | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.19× | — | ||
| Q3 24 | 0.86× | 3.47× | ||
| Q2 24 | 1.57× | 0.73× |
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
| Revenues, other than interest on funds held for clients and PEO revenues | $3.6B | 61% |
| PEO revenues (A) (B) (C) | $1.9B | 32% |
| Other | $403.9M | 7% |
IP
| Packaging Solutions North America | $3.6B | 61% |
| Packaging Solutions EMEA | $2.3B | 39% |
| Corporate and Inter-segment Sales | $22.0M | 0% |
