vs
Automatic Data Processing（ADP）与NCR Atleos Corp（NATL）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NCR Atleos Corp的4.7倍（$5.4B vs $1.2B）。Automatic Data Processing净利率更高（19.8% vs 7.2%，领先12.6%）。Automatic Data Processing同比增速更快（6.2% vs 4.0%）。过去两年NCR Atleos Corp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。
NCR Atleos Corp 前身为NCR公司（National Cash Register），是全球知名的软件、咨询与技术企业，提供多元专业服务与电子产品，业务覆盖自助服务 kiosk、销售点终端、自动柜员机、支票处理系统、条码扫描器等商用软硬件的研发与生产，服务全球各行业客户的数字化运营需求。
ADP vs NATL — 直观对比
营收规模更大
ADP
是对方的4.7倍
$1.2B
营收增速更快
ADP
高出2.2%
4.0%
净利率更高
ADP
高出12.6%
7.2%
两年增速更快
NATL
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 | $83.0M |
| 毛利率 | 46.1% | — |
| 营业利润率 | 25.8% | 13.5% |
| 净利率 | 19.8% | 7.2% |
| 营收同比 | 6.2% | 4.0% |
| 净利润同比 | 10.3% | 102.4% |
| 每股收益（稀释后） | $2.62 | $1.09 |
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ADPNATL
| Q4 25 | $5.4B | $1.2B | ||
| Q3 25 | $5.2B | $1.1B | ||
| Q2 25 | $5.1B | $1.1B | ||
| Q1 25 | $5.6B | $979.0M | ||
| Q4 24 | $5.0B | $1.1B | ||
| Q3 24 | $4.8B | $1.1B | ||
| Q2 24 | $4.8B | $1.1B | ||
| Q1 24 | $5.3B | $1.0B |
净利润ADPNATL
| Q4 25 | $1.1B | $83.0M | ||
| Q3 25 | $1.0B | $26.0M | ||
| Q2 25 | $910.7M | $39.0M | ||
| Q1 25 | $1.2B | $14.0M | ||
| Q4 24 | $963.2M | $41.0M | ||
| Q3 24 | $956.3M | $21.0M | ||
| Q2 24 | $829.3M | $27.0M | ||
| Q1 24 | $1.2B | $-9.0M |
毛利率ADPNATL
| 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ADPNATL
| Q4 25 | 25.8% | 13.5% | ||
| Q3 25 | 25.3% | 9.8% | ||
| Q2 25 | 23.2% | 10.8% | ||
| Q1 25 | 29.2% | 9.5% | ||
| Q4 24 | 25.0% | 13.4% | ||
| Q3 24 | 25.6% | 10.6% | ||
| Q2 24 | 22.8% | 9.8% | ||
| Q1 24 | 29.4% | 6.5% |
净利率ADPNATL
| Q4 25 | 19.8% | 7.2% | ||
| Q3 25 | 19.6% | 2.3% | ||
| Q2 25 | 17.8% | 3.5% | ||
| Q1 25 | 22.5% | 1.4% | ||
| Q4 24 | 19.1% | 3.7% | ||
| Q3 24 | 19.8% | 2.0% | ||
| Q2 24 | 17.4% | 2.5% | ||
| Q1 24 | 22.6% | -0.9% |
每股收益（稀释后）ADPNATL
| Q4 25 | $2.62 | $1.09 | ||
| Q3 25 | $2.49 | $0.34 | ||
| Q2 25 | $2.23 | $0.52 | ||
| Q1 25 | $3.06 | $0.19 | ||
| Q4 24 | $2.35 | $0.56 | ||
| Q3 24 | $2.34 | $0.28 | ||
| Q2 24 | $2.01 | $0.37 | ||
| Q1 24 | $2.88 | $-0.13 |
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 | $456.0M |
| 总债务越低越好 | — | $2.7B |
| 股东权益账面价值 | $6.4B | $403.0M |
| 总资产 | $84.6B | $5.7B |
| 负债/权益比越低杠杆越低 | — | 6.63× |
8季度趋势，按日历期对齐
现金及短期投资ADPNATL
| Q4 25 | $2.5B | $456.0M | ||
| Q3 25 | $7.9B | $412.0M | ||
| Q2 25 | $7.8B | $357.0M | ||
| Q1 25 | $2.7B | $352.0M | ||
| Q4 24 | $2.2B | $419.0M | ||
| Q3 24 | $7.3B | $395.0M | ||
| Q2 24 | $3.3B | $374.0M | ||
| Q1 24 | $3.3B | $343.0M |
总债务ADPNATL
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ADPNATL
| Q4 25 | $6.4B | $403.0M | ||
| Q3 25 | $6.4B | $330.0M | ||
| Q2 25 | $6.2B | $350.0M | ||
| Q1 25 | $5.9B | $275.0M | ||
| Q4 24 | $5.1B | $219.0M | ||
| Q3 24 | $5.3B | $264.0M | ||
| Q2 24 | $4.5B | $250.0M | ||
| Q1 24 | $4.6B | $283.0M |
总资产ADPNATL
| Q4 25 | $84.6B | $5.7B | ||
| Q3 25 | $54.3B | $5.7B | ||
| Q2 25 | $53.4B | $5.8B | ||
| Q1 25 | $56.4B | $5.7B | ||
| Q4 24 | $64.1B | $5.5B | ||
| Q3 24 | $49.5B | $5.7B | ||
| Q2 24 | $54.4B | $5.8B | ||
| Q1 24 | $64.2B | $5.8B |
负债/权益比ADPNATL
| Q4 25 | — | 6.63× | ||
| Q3 25 | — | 8.45× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 13.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $231.0M |
| 自由现金流经营现金流 - 资本支出 | — | $194.0M |
| 自由现金流率自由现金流/营收 | — | 16.8% |
| 资本支出强度资本支出/营收 | — | 3.2% |
| 现金转化率经营现金流/净利润 | 1.07× | 2.78× |
| 过去12个月自由现金流最近4个季度 | — | $239.0M |
8季度趋势，按日历期对齐
经营现金流ADPNATL
| Q4 25 | $1.1B | $231.0M | ||
| Q3 25 | $642.3M | $25.0M | ||
| Q2 25 | $1.4B | $-23.0M | ||
| Q1 25 | $1.5B | $123.0M | ||
| Q4 24 | $1.2B | $80.0M | ||
| Q3 24 | $824.4M | $107.0M | ||
| Q2 24 | $1.3B | $9.0M | ||
| Q1 24 | $1.5B | $148.0M |
自由现金流ADPNATL
| Q4 25 | — | $194.0M | ||
| Q3 25 | — | $-5.0M | ||
| Q2 25 | — | $-44.0M | ||
| Q1 25 | — | $94.0M | ||
| Q4 24 | — | $62.0M | ||
| Q3 24 | — | $85.0M | ||
| Q2 24 | — | $-14.0M | ||
| Q1 24 | — | $124.0M |
自由现金流率ADPNATL
| Q4 25 | — | 16.8% | ||
| Q3 25 | — | -0.4% | ||
| Q2 25 | — | -4.0% | ||
| Q1 25 | — | 9.6% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | -1.3% | ||
| Q1 24 | — | 11.9% |
资本支出强度ADPNATL
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | 2.7% | ||
| Q2 25 | — | 1.9% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 2.3% |
现金转化率ADPNATL
| Q4 25 | 1.07× | 2.78× | ||
| Q3 25 | 0.63× | 0.96× | ||
| Q2 25 | 1.58× | -0.59× | ||
| Q1 25 | 1.22× | 8.79× | ||
| Q4 24 | 1.19× | 1.95× | ||
| Q3 24 | 0.86× | 5.10× | ||
| Q2 24 | 1.57× | 0.33× | ||
| Q1 24 | 1.26× | — |
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% |
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
