vs
Automatic Data Processing（ADP）与林德（LIN）财务数据对比。点击上方公司名可切换其他公司
林德的季度营收约是Automatic Data Processing的1.5倍（$8.8B vs $5.9B），Automatic Data Processing净利率更高（22.9% vs 17.5%，领先5.4%），Automatic Data Processing同比增速更快（7.0% vs 5.8%），过去两年Automatic Data Processing的营收复合增速更高（11.6% vs 4.0%）
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。
林德是全球知名跨国化工企业，按市场份额及营收计为全球最大工业气体供应商。公司1879年由德国科学家、工程师卡尔·冯·林德在德国威斯巴登创立，现总部位于英国沃金，在爱尔兰注册，2018年由原林德股份公司与1907年在美国成立的普莱克斯合并组建。
ADP vs LIN — 直观对比
营收规模更大
LIN
是对方的1.5倍
$5.9B
营收增速更快
ADP
高出1.1%
5.8%
净利率更高
ADP
高出5.4%
17.5%
两年增速更快
ADP
近两年复合增速
4.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.9B | $8.8B |
| 净利润 | $1.4B | $1.5B |
| 毛利率 | — | — |
| 营业利润率 | — | 23.0% |
| 净利率 | 22.9% | 17.5% |
| 营收同比 | 7.0% | 5.8% |
| 净利润同比 | 8.4% | -11.3% |
| 每股收益（稀释后） | $3.38 | $3.28 |
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ADPLIN
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.4B | $8.8B | ||
| Q3 25 | $5.2B | $8.6B | ||
| Q2 25 | $5.1B | $8.5B | ||
| Q1 25 | $5.6B | $8.1B | ||
| Q4 24 | $5.0B | $8.3B | ||
| Q3 24 | $4.8B | $8.4B | ||
| Q2 24 | $4.8B | $8.3B |
净利润ADPLIN
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.0B | $1.9B | ||
| Q2 25 | $910.7M | $1.8B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $963.2M | $1.7B | ||
| Q3 24 | $956.3M | $1.6B | ||
| Q2 24 | $829.3M | $1.7B |
毛利率ADPLIN
| Q1 26 | — | — | ||
| 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% | — |
营业利润率ADPLIN
| Q1 26 | — | — | ||
| Q4 25 | 25.8% | 23.0% | ||
| Q3 25 | 25.3% | 27.5% | ||
| Q2 25 | 23.2% | 27.7% | ||
| Q1 25 | 29.2% | 26.9% | ||
| Q4 24 | 25.0% | 27.4% | ||
| Q3 24 | 25.6% | 25.0% | ||
| Q2 24 | 22.8% | 26.4% |
净利率ADPLIN
| Q1 26 | 22.9% | — | ||
| Q4 25 | 19.8% | 17.5% | ||
| Q3 25 | 19.6% | 22.4% | ||
| Q2 25 | 17.8% | 20.8% | ||
| Q1 25 | 22.5% | 20.6% | ||
| Q4 24 | 19.1% | 20.8% | ||
| Q3 24 | 19.8% | 18.5% | ||
| Q2 24 | 17.4% | 20.1% |
每股收益（稀释后）ADPLIN
| Q1 26 | $3.38 | — | ||
| Q4 25 | $2.62 | $3.28 | ||
| Q3 25 | $2.49 | $4.09 | ||
| Q2 25 | $2.23 | $3.73 | ||
| Q1 25 | $3.06 | $3.51 | ||
| Q4 24 | $2.35 | $3.61 | ||
| Q3 24 | $2.34 | $3.22 | ||
| Q2 24 | $2.01 | $3.44 |
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 | $5.1B |
| 总债务越低越好 | $4.0B | $20.7B |
| 股东权益账面价值 | $6.4B | $38.2B |
| 总资产 | $64.5B | $86.8B |
| 负债/权益比越低杠杆越低 | 0.63× | 0.54× |
8季度趋势，按日历期对齐
现金及短期投资ADPLIN
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.5B | $5.1B | ||
| Q3 25 | $7.9B | $4.5B | ||
| Q2 25 | $7.8B | $4.8B | ||
| Q1 25 | $2.7B | $5.3B | ||
| Q4 24 | $2.2B | $4.8B | ||
| Q3 24 | $7.3B | $5.2B | ||
| Q2 24 | $3.3B | $4.6B |
总债务ADPLIN
| Q1 26 | $4.0B | — | ||
| Q4 25 | — | $20.7B | ||
| Q3 25 | — | $18.6B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $17.6B | ||
| Q4 24 | — | $15.3B | ||
| Q3 24 | — | $17.5B | ||
| Q2 24 | — | $16.9B |
股东权益ADPLIN
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.4B | $38.2B | ||
| Q3 25 | $6.4B | $38.6B | ||
| Q2 25 | $6.2B | $38.5B | ||
| Q1 25 | $5.9B | $38.0B | ||
| Q4 24 | $5.1B | $38.1B | ||
| Q3 24 | $5.3B | $39.2B | ||
| Q2 24 | $4.5B | $38.2B |
总资产ADPLIN
| Q1 26 | $64.5B | — | ||
| Q4 25 | $84.6B | $86.8B | ||
| Q3 25 | $54.3B | $86.0B | ||
| Q2 25 | $53.4B | $86.1B | ||
| Q1 25 | $56.4B | $82.7B | ||
| Q4 24 | $64.1B | $80.1B | ||
| Q3 24 | $49.5B | $82.5B | ||
| Q2 24 | $54.4B | $80.2B |
负债/权益比ADPLIN
| Q1 26 | 0.63× | — | ||
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | 0.45× | ||
| Q2 24 | — | 0.44× |
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 | — | $3.0B |
| 自由现金流经营现金流 - 资本支出 | — | $1.6B |
| 自由现金流率自由现金流/营收 | — | 17.9% |
| 资本支出强度资本支出/营收 | 2.1% | 16.6% |
| 现金转化率经营现金流/净利润 | — | 1.98× |
| 过去12个月自由现金流最近4个季度 | — | $5.1B |
8季度趋势，按日历期对齐
经营现金流ADPLIN
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $3.0B | ||
| Q3 25 | $642.3M | $2.9B | ||
| Q2 25 | $1.4B | $2.2B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $1.2B | $2.8B | ||
| Q3 24 | $824.4M | $2.7B | ||
| Q2 24 | $1.3B | $1.9B |
自由现金流ADPLIN
| Q1 26 | — | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $954.0M | ||
| Q1 25 | — | $891.0M | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $796.0M |
自由现金流率ADPLIN
| Q1 26 | — | — | ||
| Q4 25 | — | 17.9% | ||
| Q3 25 | — | 19.4% | ||
| Q2 25 | — | 11.2% | ||
| Q1 25 | — | 11.0% | ||
| Q4 24 | — | 18.8% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 9.6% |
资本支出强度ADPLIN
| Q1 26 | 2.1% | — | ||
| Q4 25 | — | 16.6% | ||
| Q3 25 | — | 14.8% | ||
| Q2 25 | — | 14.8% | ||
| Q1 25 | — | 15.7% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | — | 12.8% | ||
| Q2 24 | — | 13.7% |
现金转化率ADPLIN
| Q1 26 | — | — | ||
| Q4 25 | 1.07× | 1.98× | ||
| Q3 25 | 0.63× | 1.53× | ||
| Q2 25 | 1.58× | 1.25× | ||
| Q1 25 | 1.22× | 1.29× | ||
| Q4 24 | 1.19× | 1.63× | ||
| Q3 24 | 0.86× | 1.76× | ||
| Q2 24 | 1.57× | 1.16× |
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% |
LIN
| Other | $4.9B | 56% |
| Packaged Gas | $1.6B | 19% |
| Merchant | $1.2B | 14% |
| On Site | $950.0M | 11% |
| Other Distribution Methods | $64.0M | 1% |
