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Automatic Data Processing（ADP）与纽蒙特（NEM）财务数据对比。点击上方公司名可切换其他公司
纽蒙特的季度营收约是Automatic Data Processing的1.4倍（$7.3B vs $5.4B），纽蒙特净利率更高（26.0% vs 19.8%，领先6.2%），Automatic Data Processing同比增速更快（6.2% vs -31.4%），过去两年纽蒙特的营收复合增速更高（28.8% 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。
纽蒙特公司是总部位于美国科罗拉多州丹佛市的金矿企业，为全球规模最大的金矿开采集团。公司成立于1921年，在全球十余个国家持有金矿资产，还与巴里克矿业共同持有内华达金矿的部分股权，除黄金外也开采铜、银、锌、铅等多种金属。
ADP vs NEM — 直观对比
营收规模更大
NEM
是对方的1.4倍
$5.4B
营收增速更快
ADP
高出37.6%
-31.4%
净利率更高
NEM
高出6.2%
19.8%
两年增速更快
NEM
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $7.3B |
| 净利润 | $1.1B | $1.9B |
| 毛利率 | 46.1% | — |
| 营业利润率 | 25.8% | — |
| 净利率 | 19.8% | 26.0% |
| 营收同比 | 6.2% | -31.4% |
| 净利润同比 | 10.3% | -8.3% |
| 每股收益（稀释后） | $2.62 | $1.68 |
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ADPNEM
| Q1 26 | — | $7.3B | ||
| Q4 25 | $5.4B | $6.8B | ||
| Q3 25 | $5.2B | $5.5B | ||
| Q2 25 | $5.1B | $5.3B | ||
| Q1 25 | $5.6B | $5.0B | ||
| Q4 24 | $5.0B | $5.7B | ||
| Q3 24 | $4.8B | $4.6B | ||
| Q2 24 | $4.8B | $4.4B |
净利润ADPNEM
| Q1 26 | — | $1.9B | ||
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $1.0B | $1.8B | ||
| Q2 25 | $910.7M | $2.1B | ||
| Q1 25 | $1.2B | $1.9B | ||
| Q4 24 | $963.2M | $1.4B | ||
| Q3 24 | $956.3M | $922.0M | ||
| Q2 24 | $829.3M | $853.0M |
毛利率ADPNEM
| 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ADPNEM
| Q1 26 | — | — | ||
| Q4 25 | 25.8% | 47.6% | ||
| Q3 25 | 25.3% | 45.4% | ||
| Q2 25 | 23.2% | 58.6% | ||
| Q1 25 | 29.2% | 49.3% | ||
| Q4 24 | 25.0% | 36.3% | ||
| Q3 24 | 25.6% | 23.0% | ||
| Q2 24 | 22.8% | 23.5% |
净利率ADPNEM
| Q1 26 | — | 26.0% | ||
| Q4 25 | 19.8% | 19.1% | ||
| Q3 25 | 19.6% | 33.2% | ||
| Q2 25 | 17.8% | 38.8% | ||
| Q1 25 | 22.5% | 37.7% | ||
| Q4 24 | 19.1% | 24.8% | ||
| Q3 24 | 19.8% | 20.0% | ||
| Q2 24 | 17.4% | 19.4% |
每股收益（稀释后）ADPNEM
| Q1 26 | — | $1.68 | ||
| Q4 25 | $2.62 | $1.19 | ||
| Q3 25 | $2.49 | $1.67 | ||
| Q2 25 | $2.23 | $1.85 | ||
| Q1 25 | $3.06 | $1.68 | ||
| Q4 24 | $2.35 | $1.23 | ||
| Q3 24 | $2.34 | $0.80 | ||
| Q2 24 | $2.01 | $0.74 |
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 | $4.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.4B | $31.4B |
| 总资产 | $84.6B | $55.5B |
| 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ADPNEM
| Q1 26 | — | $4.7B | ||
| Q4 25 | $2.5B | $8.2B | ||
| Q3 25 | $7.9B | $6.0B | ||
| Q2 25 | $7.8B | $6.7B | ||
| Q1 25 | $2.7B | $4.7B | ||
| Q4 24 | $2.2B | $3.6B | ||
| Q3 24 | $7.3B | $3.1B | ||
| Q2 24 | $3.3B | $2.7B |
总债务ADPNEM
| Q1 26 | — | — | ||
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $7.1B | ||
| Q1 25 | — | $7.5B | ||
| Q4 24 | — | $8.5B | ||
| Q3 24 | — | $8.6B | ||
| Q2 24 | — | $8.7B |
股东权益ADPNEM
| Q1 26 | — | $31.4B | ||
| Q4 25 | $6.4B | $33.9B | ||
| Q3 25 | $6.4B | $33.2B | ||
| Q2 25 | $6.2B | $32.1B | ||
| Q1 25 | $5.9B | $31.2B | ||
| Q4 24 | $5.1B | $29.9B | ||
| Q3 24 | $5.3B | $29.7B | ||
| Q2 24 | $4.5B | $29.4B |
总资产ADPNEM
| Q1 26 | — | $55.5B | ||
| Q4 25 | $84.6B | $57.1B | ||
| Q3 25 | $54.3B | $54.7B | ||
| Q2 25 | $53.4B | $55.2B | ||
| Q1 25 | $56.4B | $55.5B | ||
| Q4 24 | $64.1B | $56.3B | ||
| Q3 24 | $49.5B | $56.2B | ||
| Q2 24 | $54.4B | $55.7B |
负债/权益比ADPNEM
| Q1 26 | — | — | ||
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.22× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.30× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $1.2B |
| 自由现金流率自由现金流/营收 | — | 16.5% |
| 资本支出强度资本支出/营收 | — | 11.3% |
| 现金转化率经营现金流/净利润 | 1.07× | — |
| 过去12个月自由现金流最近4个季度 | — | $7.3B |
8季度趋势，按日历期对齐
经营现金流ADPNEM
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $3.6B | ||
| Q3 25 | $642.3M | $2.3B | ||
| Q2 25 | $1.4B | $2.4B | ||
| Q1 25 | $1.5B | $2.0B | ||
| Q4 24 | $1.2B | $2.5B | ||
| Q3 24 | $824.4M | $1.6B | ||
| Q2 24 | $1.3B | $1.4B |
自由现金流ADPNEM
| Q1 26 | — | $1.2B | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $771.0M | ||
| Q2 24 | — | $628.0M |
自由现金流率ADPNEM
| Q1 26 | — | 16.5% | ||
| Q4 25 | — | 41.3% | ||
| Q3 25 | — | 28.4% | ||
| Q2 25 | — | 32.2% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 28.9% | ||
| Q3 24 | — | 16.7% | ||
| Q2 24 | — | 14.3% |
资本支出强度ADPNEM
| Q1 26 | — | 11.3% | ||
| Q4 25 | — | 11.9% | ||
| Q3 25 | — | 13.2% | ||
| Q2 25 | — | 12.7% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | — | 19.0% | ||
| Q2 24 | — | 18.2% |
现金转化率ADPNEM
| Q1 26 | — | — | ||
| Q4 25 | 1.07× | 2.78× | ||
| Q3 25 | 0.63× | 1.25× | ||
| Q2 25 | 1.58× | 1.16× | ||
| Q1 25 | 1.22× | 1.07× | ||
| Q4 24 | 1.19× | 1.79× | ||
| Q3 24 | 0.86× | 1.79× | ||
| Q2 24 | 1.57× | 1.67× |
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% |
NEM
| Consolidated gold sales, net | $6.0B | 83% |
| Other | $506.0M | 7% |
| Consolidated copper sales, net | $354.0M | 5% |
| Consolidated silver sales, net | $188.0M | 3% |
| Consolidated zinc sales, net | $181.0M | 2% |
| Consolidated lead sales, net | $42.0M | 1% |
