vs
Automatic Data Processing（ADP）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
Automatic Data Processing的季度营收约是北极星的2.8倍（$5.4B vs $1.9B）。Automatic Data Processing净利率更高（19.8% vs -15.8%，领先35.6%）。北极星同比增速更快（9.5% vs 6.2%）。过去两年北极星的营收复合增速更高（5.2% 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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
ADP vs PII — 直观对比
营收规模更大
ADP
是对方的2.8倍
$1.9B
营收增速更快
PII
高出3.3%
6.2%
净利率更高
ADP
高出35.6%
-15.8%
两年增速更快
PII
近两年复合增速
1.0%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $1.9B |
| 净利润 | $1.1B | $-303.6M |
| 毛利率 | 46.1% | 20.0% |
| 营业利润率 | 25.8% | -16.7% |
| 净利率 | 19.8% | -15.8% |
| 营收同比 | 6.2% | 9.5% |
| 净利润同比 | 10.3% | -2964.2% |
| 每股收益（稀释后） | $2.62 | $-5.34 |
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ADPPII
| Q4 25 | $5.4B | $1.9B | ||
| Q3 25 | $5.2B | $1.8B | ||
| Q2 25 | $5.1B | $1.9B | ||
| Q1 25 | $5.6B | $1.5B | ||
| Q4 24 | $5.0B | $1.8B | ||
| Q3 24 | $4.8B | $1.7B | ||
| Q2 24 | $4.8B | $2.0B | ||
| Q1 24 | $5.3B | $1.7B |
净利润ADPPII
| Q4 25 | $1.1B | $-303.6M | ||
| Q3 25 | $1.0B | $-15.8M | ||
| Q2 25 | $910.7M | $-79.3M | ||
| Q1 25 | $1.2B | $-66.8M | ||
| Q4 24 | $963.2M | $10.6M | ||
| Q3 24 | $956.3M | $27.7M | ||
| Q2 24 | $829.3M | $68.7M | ||
| Q1 24 | $1.2B | $3.8M |
毛利率ADPPII
| Q4 25 | 46.1% | 20.0% | ||
| Q3 25 | 45.2% | 20.7% | ||
| Q2 25 | 45.1% | 19.4% | ||
| Q1 25 | 47.7% | 16.0% | ||
| Q4 24 | 45.7% | 20.4% | ||
| Q3 24 | 45.5% | 20.6% | ||
| Q2 24 | 44.8% | 21.6% | ||
| Q1 24 | 47.3% | 19.0% |
营业利润率ADPPII
| Q4 25 | 25.8% | -16.7% | ||
| Q3 25 | 25.3% | 1.1% | ||
| Q2 25 | 23.2% | -0.7% | ||
| Q1 25 | 29.2% | -2.4% | ||
| Q4 24 | 25.0% | 3.7% | ||
| Q3 24 | 25.6% | 3.8% | ||
| Q2 24 | 22.8% | 6.1% | ||
| Q1 24 | 29.4% | 2.2% |
净利率ADPPII
| Q4 25 | 19.8% | -15.8% | ||
| Q3 25 | 19.6% | -0.9% | ||
| Q2 25 | 17.8% | -4.3% | ||
| Q1 25 | 22.5% | -4.3% | ||
| Q4 24 | 19.1% | 0.6% | ||
| Q3 24 | 19.8% | 1.6% | ||
| Q2 24 | 17.4% | 3.5% | ||
| Q1 24 | 22.6% | 0.2% |
每股收益（稀释后）ADPPII
| Q4 25 | $2.62 | $-5.34 | ||
| Q3 25 | $2.49 | $-0.28 | ||
| Q2 25 | $2.23 | $-1.39 | ||
| Q1 25 | $3.06 | $-1.17 | ||
| Q4 24 | $2.35 | $0.18 | ||
| Q3 24 | $2.34 | $0.49 | ||
| Q2 24 | $2.01 | $1.21 | ||
| Q1 24 | $2.88 | $0.07 |
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 | $138.0M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $6.4B | $828.4M |
| 总资产 | $84.6B | $4.9B |
| 负债/权益比越低杠杆越低 | — | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资ADPPII
| Q4 25 | $2.5B | $138.0M | ||
| Q3 25 | $7.9B | $335.5M | ||
| Q2 25 | $7.8B | $324.3M | ||
| Q1 25 | $2.7B | $291.7M | ||
| Q4 24 | $2.2B | $287.8M | ||
| Q3 24 | $7.3B | $291.3M | ||
| Q2 24 | $3.3B | $322.7M | ||
| Q1 24 | $3.3B | $318.8M |
总债务ADPPII
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.0B |
股东权益ADPPII
| Q4 25 | $6.4B | $828.4M | ||
| Q3 25 | $6.4B | $1.1B | ||
| Q2 25 | $6.2B | $1.2B | ||
| Q1 25 | $5.9B | $1.2B | ||
| Q4 24 | $5.1B | $1.3B | ||
| Q3 24 | $5.3B | $1.3B | ||
| Q2 24 | $4.5B | $1.3B | ||
| Q1 24 | $4.6B | $1.4B |
总资产ADPPII
| Q4 25 | $84.6B | $4.9B | ||
| Q3 25 | $54.3B | $5.3B | ||
| Q2 25 | $53.4B | $5.4B | ||
| Q1 25 | $56.4B | $5.5B | ||
| Q4 24 | $64.1B | $5.5B | ||
| Q3 24 | $49.5B | $5.6B | ||
| Q2 24 | $54.4B | $5.7B | ||
| Q1 24 | $64.2B | $5.6B |
负债/权益比ADPPII
| Q4 25 | — | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 1.46× |
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 | $178.7M |
| 自由现金流经营现金流 - 资本支出 | — | $114.0M |
| 自由现金流率自由现金流/营收 | — | 5.9% |
| 资本支出强度资本支出/营收 | — | 3.4% |
| 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 | — | $558.1M |
8季度趋势，按日历期对齐
经营现金流ADPPII
| Q4 25 | $1.1B | $178.7M | ||
| Q3 25 | $642.3M | $158.8M | ||
| Q2 25 | $1.4B | $320.3M | ||
| Q1 25 | $1.5B | $83.2M | ||
| Q4 24 | $1.2B | $206.3M | ||
| Q3 24 | $824.4M | $21.0M | ||
| Q2 24 | $1.3B | $146.3M | ||
| Q1 24 | $1.5B | $-105.4M |
自由现金流ADPPII
| Q4 25 | — | $114.0M | ||
| Q3 25 | — | $116.7M | ||
| Q2 25 | — | $279.8M | ||
| Q1 25 | — | $47.6M | ||
| Q4 24 | — | $137.3M | ||
| Q3 24 | — | $-32.4M | ||
| Q2 24 | — | $79.1M | ||
| Q1 24 | — | $-177.5M |
自由现金流率ADPPII
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | 6.3% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | -1.9% | ||
| Q2 24 | — | 4.0% | ||
| Q1 24 | — | -10.2% |
资本支出强度ADPPII
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 3.1% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | 4.2% |
现金转化率ADPPII
| Q4 25 | 1.07× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 1.58× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.19× | 19.46× | ||
| Q3 24 | 0.86× | 0.76× | ||
| Q2 24 | 1.57× | 2.13× | ||
| Q1 24 | 1.26× | -27.74× |
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% |
PII
| Wholegoods | $1.1B | 58% |
| Other | $243.3M | 13% |
| On Road Segment | $187.2M | 10% |
| Marine Segment | $138.3M | 7% |
| CA | $134.5M | 7% |
| APLA | $76.7M | 4% |
| Financial Service | $19.7M | 1% |
