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Automatic Data Processing（ADP）与Southern Company（SO）财务数据对比。点击上方公司名可切换其他公司
Southern Company的季度营收约是Automatic Data Processing的1.3倍（$7.0B vs $5.4B），Automatic Data Processing净利率更高（19.8% vs 4.9%，领先14.9%），Southern Company同比增速更快（10.1% vs 6.2%），过去两年Southern Company的营收复合增速更高（2.5% 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。
Southern Company是美国燃气电力公用事业控股企业，总部位于佐治亚州亚特兰大，在阿拉巴马州伯明翰设有行政办公室。截至2021年按用户规模计为美国第二大公用事业公司，旗下子公司覆盖6个州，为900万燃气及电力用户提供服务，供电区域达12万平方英里。
ADP vs SO — 直观对比
营收规模更大
SO
是对方的1.3倍
$5.4B
营收增速更快
SO
高出4.0%
6.2%
净利率更高
ADP
高出14.9%
4.9%
两年增速更快
SO
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $7.0B |
| 净利润 | $1.1B | $341.0M |
| 毛利率 | 46.1% | — |
| 营业利润率 | 25.8% | 13.1% |
| 净利率 | 19.8% | 4.9% |
| 营收同比 | 6.2% | 10.1% |
| 净利润同比 | 10.3% | -26.8% |
| 每股收益（稀释后） | $2.62 | $0.38 |
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ADPSO
| Q4 25 | $5.4B | $7.0B | ||
| Q3 25 | $5.2B | $7.8B | ||
| Q2 25 | $5.1B | $7.0B | ||
| Q1 25 | $5.6B | $7.8B | ||
| Q4 24 | $5.0B | $6.3B | ||
| Q3 24 | $4.8B | $7.3B | ||
| Q2 24 | $4.8B | $6.5B | ||
| Q1 24 | $5.3B | $6.6B |
净利润ADPSO
| Q4 25 | $1.1B | $341.0M | ||
| Q3 25 | $1.0B | $1.7B | ||
| Q2 25 | $910.7M | $880.0M | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $963.2M | $466.0M | ||
| Q3 24 | $956.3M | $1.5B | ||
| Q2 24 | $829.3M | $1.2B | ||
| Q1 24 | $1.2B | $1.1B |
毛利率ADPSO
| 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ADPSO
| Q4 25 | 25.8% | 13.1% | ||
| Q3 25 | 25.3% | 33.2% | ||
| Q2 25 | 23.2% | 25.3% | ||
| Q1 25 | 29.2% | 25.9% | ||
| Q4 24 | 25.0% | 16.7% | ||
| Q3 24 | 25.6% | 32.6% | ||
| Q2 24 | 22.8% | 30.0% | ||
| Q1 24 | 29.4% | 25.6% |
净利率ADPSO
| Q4 25 | 19.8% | 4.9% | ||
| Q3 25 | 19.6% | 21.9% | ||
| Q2 25 | 17.8% | 12.6% | ||
| Q1 25 | 22.5% | 16.3% | ||
| Q4 24 | 19.1% | 7.3% | ||
| Q3 24 | 19.8% | 21.1% | ||
| Q2 24 | 17.4% | 18.6% | ||
| Q1 24 | 22.6% | 16.1% |
每股收益（稀释后）ADPSO
| Q4 25 | $2.62 | $0.38 | ||
| Q3 25 | $2.49 | $1.54 | ||
| Q2 25 | $2.23 | $0.79 | ||
| Q1 25 | $3.06 | $1.21 | ||
| Q4 24 | $2.35 | $0.48 | ||
| Q3 24 | $2.34 | $1.39 | ||
| Q2 24 | $2.01 | $1.09 | ||
| Q1 24 | $2.88 | $1.03 |
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 | $1.6B |
| 总债务越低越好 | — | $65.6B |
| 股东权益账面价值 | $6.4B | $36.0B |
| 总资产 | $84.6B | $155.7B |
| 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ADPSO
| Q4 25 | $2.5B | $1.6B | ||
| Q3 25 | $7.9B | $3.3B | ||
| Q2 25 | $7.8B | $1.3B | ||
| Q1 25 | $2.7B | $2.3B | ||
| Q4 24 | $2.2B | $1.1B | ||
| Q3 24 | $7.3B | $1.0B | ||
| Q2 24 | $3.3B | $1.2B | ||
| Q1 24 | $3.3B | $713.0M |
总债务ADPSO
| Q4 25 | — | $65.6B | ||
| Q3 25 | — | $64.6B | ||
| Q2 25 | — | $63.0B | ||
| Q1 25 | — | $62.9B | ||
| Q4 24 | — | $58.8B | ||
| Q3 24 | — | $61.3B | ||
| Q2 24 | — | $59.9B | ||
| Q1 24 | — | $59.4B |
股东权益ADPSO
| Q4 25 | $6.4B | $36.0B | ||
| Q3 25 | $6.4B | $38.3B | ||
| Q2 25 | $6.2B | $37.3B | ||
| Q1 25 | $5.9B | $37.2B | ||
| Q4 24 | $5.1B | $33.2B | ||
| Q3 24 | $5.3B | $36.9B | ||
| Q2 24 | $4.5B | $36.1B | ||
| Q1 24 | $4.6B | $35.6B |
总资产ADPSO
| Q4 25 | $84.6B | $155.7B | ||
| Q3 25 | $54.3B | $153.2B | ||
| Q2 25 | $53.4B | $148.9B | ||
| Q1 25 | $56.4B | $148.1B | ||
| Q4 24 | $64.1B | $145.2B | ||
| Q3 24 | $49.5B | $144.0B | ||
| Q2 24 | $54.4B | $141.9B | ||
| Q1 24 | $64.2B | $140.1B |
负债/权益比ADPSO
| Q4 25 | — | 1.82× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.69× | ||
| Q4 24 | — | 1.77× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 1.66× | ||
| Q1 24 | — | 1.67× |
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 | $2.6B |
| 自由现金流经营现金流 - 资本支出 | — | $-1.7B |
| 自由现金流率自由现金流/营收 | — | -24.2% |
| 资本支出强度资本支出/营收 | — | 61.4% |
| 现金转化率经营现金流/净利润 | 1.07× | 7.62× |
| 过去12个月自由现金流最近4个季度 | — | $-2.9B |
8季度趋势，按日历期对齐
经营现金流ADPSO
| Q4 25 | $1.1B | $2.6B | ||
| Q3 25 | $642.3M | $3.8B | ||
| Q2 25 | $1.4B | $2.2B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.2B | $2.2B | ||
| Q3 24 | $824.4M | $3.6B | ||
| Q2 24 | $1.3B | $2.7B | ||
| Q1 24 | $1.5B | $1.3B |
自由现金流ADPSO
| Q4 25 | — | $-1.7B | ||
| Q3 25 | — | $559.0M | ||
| Q2 25 | — | $-619.0M | ||
| Q1 25 | — | $-1.2B | ||
| Q4 24 | — | $-576.0M | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $563.0M | ||
| Q1 24 | — | $-459.0M |
自由现金流率ADPSO
| Q4 25 | — | -24.2% | ||
| Q3 25 | — | 7.1% | ||
| Q2 25 | — | -8.9% | ||
| Q1 25 | — | -15.3% | ||
| Q4 24 | — | -9.1% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | — | -6.9% |
资本支出强度ADPSO
| Q4 25 | — | 61.4% | ||
| Q3 25 | — | 41.1% | ||
| Q2 25 | — | 40.2% | ||
| Q1 25 | — | 31.3% | ||
| Q4 24 | — | 43.4% | ||
| Q3 24 | — | 31.8% | ||
| Q2 24 | — | 32.9% | ||
| Q1 24 | — | 26.6% |
现金转化率ADPSO
| Q4 25 | 1.07× | 7.62× | ||
| Q3 25 | 0.63× | 2.21× | ||
| Q2 25 | 1.58× | 2.48× | ||
| Q1 25 | 1.22× | 0.98× | ||
| Q4 24 | 1.19× | 4.66× | ||
| Q3 24 | 0.86× | 2.36× | ||
| Q2 24 | 1.57× | 2.23× | ||
| Q1 24 | 1.26× | 1.22× |
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% |
SO
| Other | $3.9B | 57% |
| Retail Electric Commercial | $1.6B | 23% |
| Natural Gas Distribution Residential | $689.0M | 10% |
| Natural Gas Distribution Transportation | $371.0M | 5% |
| Wholesale Non Affiliates | $123.0M | 2% |
| Natural Gas Distribution Other | $76.0M | 1% |
| Wholesale Electric Non PPA Revenues | $62.0M | 1% |
| Wholesale Affiliates | $55.0M | 1% |
| Retail Electric Other | $31.0M | 0% |
| Alternative Energy | $20.0M | 0% |
| Natural Gas Distribution Industrial | $15.0M | 0% |
