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Automatic Data Processing（ADP）与LINCOLN NATIONAL CORP（LNC）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LINCOLN NATIONAL CORP的1.1倍（$5.4B vs $4.9B），Automatic Data Processing净利率更高（19.8% vs 15.3%，领先4.5%），Automatic Data Processing同比增速更快（6.2% vs -2.8%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% 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。
林肯国民公司是美国财富200强控股企业，通过旗下多家子公司开展保险、投资管理等多元金融业务，“林肯金融集团”是该公司及其所有子公司共同使用的市场推广品牌名称。
ADP vs LNC — 直观对比
营收规模更大
ADP
是对方的1.1倍
$4.9B
营收增速更快
ADP
高出8.9%
-2.8%
净利率更高
ADP
高出4.5%
15.3%
两年增速更快
LNC
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $4.9B |
| 净利润 | $1.1B | $755.0M |
| 毛利率 | 46.1% | — |
| 营业利润率 | 25.8% | 18.6% |
| 净利率 | 19.8% | 15.3% |
| 营收同比 | 6.2% | -2.8% |
| 净利润同比 | 10.3% | -55.2% |
| 每股收益（稀释后） | $2.62 | $4.32 |
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ADPLNC
| Q4 25 | $5.4B | $4.9B | ||
| Q3 25 | $5.2B | $4.6B | ||
| Q2 25 | $5.1B | $4.0B | ||
| Q1 25 | $5.6B | $4.7B | ||
| Q4 24 | $5.0B | $5.1B | ||
| Q3 24 | $4.8B | $4.1B | ||
| Q2 24 | $4.8B | $5.2B | ||
| Q1 24 | $5.3B | $4.1B |
净利润ADPLNC
| Q4 25 | $1.1B | $755.0M | ||
| Q3 25 | $1.0B | $445.0M | ||
| Q2 25 | $910.7M | $699.0M | ||
| Q1 25 | $1.2B | $-722.0M | ||
| Q4 24 | $963.2M | $1.7B | ||
| Q3 24 | $956.3M | $-528.0M | ||
| Q2 24 | $829.3M | $895.0M | ||
| Q1 24 | $1.2B | $1.2B |
毛利率ADPLNC
| 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ADPLNC
| Q4 25 | 25.8% | 18.6% | ||
| Q3 25 | 25.3% | 11.5% | ||
| Q2 25 | 23.2% | 21.0% | ||
| Q1 25 | 29.2% | -20.2% | ||
| Q4 24 | 25.0% | 41.5% | ||
| Q3 24 | 25.6% | -17.1% | ||
| Q2 24 | 22.8% | 21.3% | ||
| Q1 24 | 29.4% | 37.1% |
净利率ADPLNC
| Q4 25 | 19.8% | 15.3% | ||
| Q3 25 | 19.6% | 9.8% | ||
| Q2 25 | 17.8% | 17.3% | ||
| Q1 25 | 22.5% | -15.4% | ||
| Q4 24 | 19.1% | 33.3% | ||
| Q3 24 | 19.8% | -12.8% | ||
| Q2 24 | 17.4% | 17.4% | ||
| Q1 24 | 22.6% | 29.7% |
每股收益（稀释后）ADPLNC
| Q4 25 | $2.62 | $4.32 | ||
| Q3 25 | $2.49 | $2.12 | ||
| Q2 25 | $2.23 | $3.80 | ||
| Q1 25 | $3.06 | $-4.41 | ||
| Q4 24 | $2.35 | $9.66 | ||
| Q3 24 | $2.34 | $-3.29 | ||
| Q2 24 | $2.01 | $5.11 | ||
| Q1 24 | $2.88 | $6.93 |
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 | — |
| 总债务越低越好 | — | $6.3B |
| 股东权益账面价值 | $6.4B | $10.9B |
| 总资产 | $84.6B | $417.2B |
| 负债/权益比越低杠杆越低 | — | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资ADPLNC
| Q4 25 | $2.5B | — | ||
| Q3 25 | $7.9B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $3.3B | — | ||
| Q1 24 | $3.3B | — |
总债务ADPLNC
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.7B | ||
| Q1 24 | — | $5.7B |
股东权益ADPLNC
| Q4 25 | $6.4B | $10.9B | ||
| Q3 25 | $6.4B | $10.5B | ||
| Q2 25 | $6.2B | $9.5B | ||
| Q1 25 | $5.9B | $8.2B | ||
| Q4 24 | $5.1B | $8.3B | ||
| Q3 24 | $5.3B | $9.0B | ||
| Q2 24 | $4.5B | $7.9B | ||
| Q1 24 | $4.6B | $7.5B |
总资产ADPLNC
| Q4 25 | $84.6B | $417.2B | ||
| Q3 25 | $54.3B | $415.3B | ||
| Q2 25 | $53.4B | $399.1B | ||
| Q1 25 | $56.4B | $382.9B | ||
| Q4 24 | $64.1B | $390.8B | ||
| Q3 24 | $49.5B | $396.8B | ||
| Q2 24 | $54.4B | $384.5B | ||
| Q1 24 | $64.2B | $383.4B |
负债/权益比ADPLNC
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.72× | ||
| 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 | $233.0M |
| 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 | — | — |
| 现金转化率经营现金流/净利润 | 1.07× | 0.31× |
| 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ADPLNC
| Q4 25 | $1.1B | $233.0M | ||
| Q3 25 | $642.3M | $-1.1B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $1.5B | $-272.0M | ||
| Q4 24 | $1.2B | $222.0M | ||
| Q3 24 | $824.4M | $-27.0M | ||
| Q2 24 | $1.3B | $-859.0M | ||
| Q1 24 | $1.5B | $-1.3B |
现金转化率ADPLNC
| Q4 25 | 1.07× | 0.31× | ||
| Q3 25 | 0.63× | -2.56× | ||
| Q2 25 | 1.58× | 1.45× | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.19× | 0.13× | ||
| Q3 24 | 0.86× | — | ||
| Q2 24 | 1.57× | -0.96× | ||
| Q1 24 | 1.26× | -1.10× |
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% |
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
