vs
Automatic Data Processing（ADP）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是Automatic Data Processing的1.6倍（$8.7B vs $5.4B），Automatic Data Processing净利率更高（19.8% vs 16.6%，领先3.3%），Automatic Data Processing同比增速更快（6.2% vs 3.7%），过去两年贝宝的营收复合增速更高（6.2% 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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
ADP vs PYPL — 直观对比
营收规模更大
PYPL
是对方的1.6倍
$5.4B
营收增速更快
ADP
高出2.5%
3.7%
净利率更高
ADP
高出3.3%
16.6%
两年增速更快
PYPL
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $8.7B |
| 净利润 | $1.1B | $1.4B |
| 毛利率 | 46.1% | — |
| 营业利润率 | 25.8% | 17.4% |
| 净利率 | 19.8% | 16.6% |
| 营收同比 | 6.2% | 3.7% |
| 净利润同比 | 10.3% | 28.2% |
| 每股收益（稀释后） | $2.62 | $1.53 |
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ADPPYPL
| Q4 25 | $5.4B | $8.7B | ||
| Q3 25 | $5.2B | $8.4B | ||
| Q2 25 | $5.1B | $8.3B | ||
| Q1 25 | $5.6B | $7.8B | ||
| Q4 24 | $5.0B | $8.4B | ||
| Q3 24 | $4.8B | $7.8B | ||
| Q2 24 | $4.8B | $7.9B | ||
| Q1 24 | $5.3B | $7.7B |
净利润ADPPYPL
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $910.7M | $1.3B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $963.2M | $1.1B | ||
| Q3 24 | $956.3M | $1.0B | ||
| Q2 24 | $829.3M | $1.1B | ||
| Q1 24 | $1.2B | $888.0M |
毛利率ADPPYPL
| 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ADPPYPL
| Q4 25 | 25.8% | 17.4% | ||
| Q3 25 | 25.3% | 18.1% | ||
| Q2 25 | 23.2% | 18.1% | ||
| Q1 25 | 29.2% | 19.6% | ||
| Q4 24 | 25.0% | 17.2% | ||
| Q3 24 | 25.6% | 17.7% | ||
| Q2 24 | 22.8% | 16.8% | ||
| Q1 24 | 29.4% | 15.2% |
净利率ADPPYPL
| Q4 25 | 19.8% | 16.6% | ||
| Q3 25 | 19.6% | 14.8% | ||
| Q2 25 | 17.8% | 15.2% | ||
| Q1 25 | 22.5% | 16.5% | ||
| Q4 24 | 19.1% | 13.4% | ||
| Q3 24 | 19.8% | 12.9% | ||
| Q2 24 | 17.4% | 14.3% | ||
| Q1 24 | 22.6% | 11.5% |
每股收益（稀释后）ADPPYPL
| Q4 25 | $2.62 | $1.53 | ||
| Q3 25 | $2.49 | $1.30 | ||
| Q2 25 | $2.23 | $1.29 | ||
| Q1 25 | $3.06 | $1.29 | ||
| Q4 24 | $2.35 | $1.09 | ||
| Q3 24 | $2.34 | $0.99 | ||
| Q2 24 | $2.01 | $1.08 | ||
| Q1 24 | $2.88 | $0.83 |
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 | $10.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.4B | $20.3B |
| 总资产 | $84.6B | $80.2B |
| 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ADPPYPL
| Q4 25 | $2.5B | $10.4B | ||
| Q3 25 | $7.9B | $10.8B | ||
| Q2 25 | $7.8B | $10.0B | ||
| Q1 25 | $2.7B | $11.2B | ||
| Q4 24 | $2.2B | $10.8B | ||
| Q3 24 | $7.3B | $11.9B | ||
| Q2 24 | $3.3B | $13.6B | ||
| Q1 24 | $3.3B | $14.3B |
股东权益ADPPYPL
| Q4 25 | $6.4B | $20.3B | ||
| Q3 25 | $6.4B | $20.2B | ||
| Q2 25 | $6.2B | $20.2B | ||
| Q1 25 | $5.9B | $20.3B | ||
| Q4 24 | $5.1B | $20.4B | ||
| Q3 24 | $5.3B | $20.2B | ||
| Q2 24 | $4.5B | $20.6B | ||
| Q1 24 | $4.6B | $20.7B |
总资产ADPPYPL
| Q4 25 | $84.6B | $80.2B | ||
| Q3 25 | $54.3B | $79.8B | ||
| Q2 25 | $53.4B | $79.8B | ||
| Q1 25 | $56.4B | $81.3B | ||
| Q4 24 | $64.1B | $81.6B | ||
| Q3 24 | $49.5B | $83.5B | ||
| Q2 24 | $54.4B | $84.0B | ||
| Q1 24 | $64.2B | $83.3B |
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 | $2.4B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 25.2% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | 1.07× | 1.66× |
| 过去12个月自由现金流最近4个季度 | — | $5.6B |
8季度趋势，按日历期对齐
经营现金流ADPPYPL
| Q4 25 | $1.1B | $2.4B | ||
| Q3 25 | $642.3M | $2.0B | ||
| Q2 25 | $1.4B | $898.0M | ||
| Q1 25 | $1.5B | $1.2B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $824.4M | $1.6B | ||
| Q2 24 | $1.3B | $1.5B | ||
| Q1 24 | $1.5B | $1.9B |
自由现金流ADPPYPL
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $692.0M | ||
| Q1 25 | — | $964.0M | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.8B |
自由现金流率ADPPYPL
| Q4 25 | — | 25.2% | ||
| Q3 25 | — | 20.4% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 12.4% | ||
| Q4 24 | — | 26.2% | ||
| Q3 24 | — | 18.4% | ||
| Q2 24 | — | 17.3% | ||
| Q1 24 | — | 22.9% |
资本支出强度ADPPYPL
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.0% |
现金转化率ADPPYPL
| Q4 25 | 1.07× | 1.66× | ||
| Q3 25 | 0.63× | 1.58× | ||
| Q2 25 | 1.58× | 0.71× | ||
| Q1 25 | 1.22× | 0.90× | ||
| Q4 24 | 1.19× | 2.14× | ||
| Q3 24 | 0.86× | 1.60× | ||
| Q2 24 | 1.57× | 1.35× | ||
| Q1 24 | 1.26× | 2.16× |
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
| 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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
