vs
Automatic Data Processing（ADP）与林肯电气（LECO）财务数据对比。点击上方公司名可切换其他公司
Automatic Data Processing的季度营收约是林肯电气的5.0倍（$5.4B vs $1.1B）。Automatic Data Processing净利率更高（19.8% vs 12.6%，领先7.2%）。Automatic Data Processing同比增速更快（6.2% vs 5.5%）。过去两年林肯电气的营收复合增速更高（4.9% 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。
林肯电气是美国跨国焊接产品制造企业，总部位于俄亥俄州欧几里得市，主营弧焊设备、焊接配件、等离子及氧燃料切割设备、焊接机器人系统等，业务覆盖160余个国家和地区，在全球设有42个生产基地，同时在19个国家布局了生产联盟及合资企业。
ADP vs LECO — 直观对比
营收规模更大
ADP
是对方的5.0倍
$1.1B
营收增速更快
ADP
高出0.6%
5.5%
净利率更高
ADP
高出7.2%
12.6%
两年增速更快
LECO
近两年复合增速
1.0%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $1.1B |
| 净利润 | $1.1B | $136.0M |
| 毛利率 | 46.1% | 34.7% |
| 营业利润率 | 25.8% | 17.1% |
| 净利率 | 19.8% | 12.6% |
| 营收同比 | 6.2% | 5.5% |
| 净利润同比 | 10.3% | -3.0% |
| 每股收益（稀释后） | $2.62 | $2.45 |
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ADPLECO
| Q4 25 | $5.4B | $1.1B | ||
| 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 | $983.8M | ||
| Q2 24 | $4.8B | $1.0B | ||
| Q1 24 | $5.3B | $981.2M |
净利润ADPLECO
| Q4 25 | $1.1B | $136.0M | ||
| Q3 25 | $1.0B | $122.6M | ||
| Q2 25 | $910.7M | $143.4M | ||
| Q1 25 | $1.2B | $118.5M | ||
| Q4 24 | $963.2M | $140.2M | ||
| Q3 24 | $956.3M | $100.8M | ||
| Q2 24 | $829.3M | $101.7M | ||
| Q1 24 | $1.2B | $123.4M |
毛利率ADPLECO
| Q4 25 | 46.1% | 34.7% | ||
| Q3 25 | 45.2% | 36.7% | ||
| Q2 25 | 45.1% | 37.3% | ||
| Q1 25 | 47.7% | 36.4% | ||
| Q4 24 | 45.7% | 36.1% | ||
| Q3 24 | 45.5% | 35.8% | ||
| Q2 24 | 44.8% | 37.6% | ||
| Q1 24 | 47.3% | 37.5% |
营业利润率ADPLECO
| Q4 25 | 25.8% | 17.1% | ||
| Q3 25 | 25.3% | 16.6% | ||
| Q2 25 | 23.2% | 17.6% | ||
| Q1 25 | 29.2% | 16.4% | ||
| Q4 24 | 25.0% | 17.3% | ||
| Q3 24 | 25.6% | 14.8% | ||
| Q2 24 | 22.8% | 14.6% | ||
| Q1 24 | 29.4% | 16.8% |
净利率ADPLECO
| Q4 25 | 19.8% | 12.6% | ||
| Q3 25 | 19.6% | 11.6% | ||
| Q2 25 | 17.8% | 13.2% | ||
| Q1 25 | 22.5% | 11.8% | ||
| Q4 24 | 19.1% | 13.7% | ||
| Q3 24 | 19.8% | 10.2% | ||
| Q2 24 | 17.4% | 10.0% | ||
| Q1 24 | 22.6% | 12.6% |
每股收益（稀释后）ADPLECO
| Q4 25 | $2.62 | $2.45 | ||
| Q3 25 | $2.49 | $2.21 | ||
| Q2 25 | $2.23 | $2.56 | ||
| Q1 25 | $3.06 | $2.10 | ||
| Q4 24 | $2.35 | $2.47 | ||
| Q3 24 | $2.34 | $1.77 | ||
| Q2 24 | $2.01 | $1.77 | ||
| Q1 24 | $2.88 | $2.14 |
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 | $308.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.4B | $1.5B |
| 总资产 | $84.6B | $3.8B |
| 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ADPLECO
| Q4 25 | $2.5B | $308.8M | ||
| Q3 25 | $7.9B | $293.0M | ||
| Q2 25 | $7.8B | $299.5M | ||
| Q1 25 | $2.7B | $394.7M | ||
| Q4 24 | $2.2B | $377.3M | ||
| Q3 24 | $7.3B | $404.2M | ||
| Q2 24 | $3.3B | $272.7M | ||
| Q1 24 | $3.3B | $375.0M |
股东权益ADPLECO
| Q4 25 | $6.4B | $1.5B | ||
| Q3 25 | $6.4B | $1.4B | ||
| Q2 25 | $6.2B | $1.4B | ||
| Q1 25 | $5.9B | $1.3B | ||
| Q4 24 | $5.1B | $1.3B | ||
| Q3 24 | $5.3B | $1.3B | ||
| Q2 24 | $4.5B | $1.3B | ||
| Q1 24 | $4.6B | $1.3B |
总资产ADPLECO
| Q4 25 | $84.6B | $3.8B | ||
| Q3 25 | $54.3B | $3.8B | ||
| Q2 25 | $53.4B | $3.7B | ||
| Q1 25 | $56.4B | $3.6B | ||
| Q4 24 | $64.1B | $3.5B | ||
| Q3 24 | $49.5B | $3.7B | ||
| Q2 24 | $54.4B | $3.4B | ||
| Q1 24 | $64.2B | $3.4B |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | — | $52.0M |
| 自由现金流率自由现金流/营收 | — | 4.8% |
| 资本支出强度资本支出/营收 | — | 4.0% |
| 现金转化率经营现金流/净利润 | 1.07× | 0.70× |
| 过去12个月自由现金流最近4个季度 | — | $534.2M |
8季度趋势，按日历期对齐
经营现金流ADPLECO
| Q4 25 | $1.1B | $95.0M | ||
| Q3 25 | $642.3M | $236.7M | ||
| Q2 25 | $1.4B | $143.8M | ||
| Q1 25 | $1.5B | $185.7M | ||
| Q4 24 | $1.2B | $95.8M | ||
| Q3 24 | $824.4M | $199.2M | ||
| Q2 24 | $1.3B | $170.7M | ||
| Q1 24 | $1.5B | $133.3M |
自由现金流ADPLECO
| Q4 25 | — | $52.0M | ||
| Q3 25 | — | $205.1M | ||
| Q2 25 | — | $118.4M | ||
| Q1 25 | — | $158.7M | ||
| Q4 24 | — | $64.3M | ||
| Q3 24 | — | $163.5M | ||
| Q2 24 | — | $147.5M | ||
| Q1 24 | — | $107.0M |
自由现金流率ADPLECO
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 19.3% | ||
| Q2 25 | — | 10.9% | ||
| Q1 25 | — | 15.8% | ||
| Q4 24 | — | 6.3% | ||
| Q3 24 | — | 16.6% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 10.9% |
资本支出强度ADPLECO
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 2.7% |
现金转化率ADPLECO
| Q4 25 | 1.07× | 0.70× | ||
| Q3 25 | 0.63× | 1.93× | ||
| Q2 25 | 1.58× | 1.00× | ||
| Q1 25 | 1.22× | 1.57× | ||
| Q4 24 | 1.19× | 0.68× | ||
| Q3 24 | 0.86× | 1.98× | ||
| Q2 24 | 1.57× | 1.68× | ||
| Q1 24 | 1.26× | 1.08× |
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% |
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
