vs
Automatic Data Processing（ADP）与托尔工业（THO）财务数据对比。点击上方公司名可切换其他公司
Automatic Data Processing的季度营收约是托尔工业的2.2倍（$5.4B vs $2.4B）。Automatic Data Processing净利率更高（19.8% vs 0.9%，领先18.9%）。托尔工业同比增速更快（11.5% vs 6.2%）。过去两年托尔工业的营收复合增速更高（4.0% 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。
托尔工业是美国知名休闲房车（RV）生产商，旗下拥有Airstream、Heartland RV、Jayco等多个子品牌，主营拖挂式及自行式休闲房车的生产销售，总部位于印第安纳州埃尔克哈特，在密歇根、俄亥俄、爱达荷、俄勒冈等多个州设有生产基地。
ADP vs THO — 直观对比
营收规模更大
ADP
是对方的2.2倍
$2.4B
营收增速更快
THO
高出5.3%
6.2%
净利率更高
ADP
高出18.9%
0.9%
两年增速更快
THO
近两年复合增速
1.0%
损益表 — Q2 2026 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $2.4B |
| 净利润 | $1.1B | $21.7M |
| 毛利率 | 46.1% | 13.4% |
| 营业利润率 | 25.8% | 1.4% |
| 净利率 | 19.8% | 0.9% |
| 营收同比 | 6.2% | 11.5% |
| 净利润同比 | 10.3% | 1282.8% |
| 每股收益（稀释后） | $2.62 | $0.41 |
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ADPTHO
| Q4 25 | $5.4B | $2.4B | ||
| Q3 25 | $5.2B | $2.5B | ||
| Q2 25 | $5.1B | $2.9B | ||
| Q1 25 | $5.6B | $2.0B | ||
| Q4 24 | $5.0B | $2.1B | ||
| Q3 24 | $4.8B | $2.5B | ||
| Q2 24 | $4.8B | $2.8B | ||
| Q1 24 | $5.3B | $2.2B |
净利润ADPTHO
| Q4 25 | $1.1B | $21.7M | ||
| Q3 25 | $1.0B | $125.8M | ||
| Q2 25 | $910.7M | $135.2M | ||
| Q1 25 | $1.2B | $-551.0K | ||
| Q4 24 | $963.2M | $-1.8M | ||
| Q3 24 | $956.3M | $90.0M | ||
| Q2 24 | $829.3M | $114.5M | ||
| Q1 24 | $1.2B | $7.2M |
毛利率ADPTHO
| Q4 25 | 46.1% | 13.4% | ||
| Q3 25 | 45.2% | 14.7% | ||
| Q2 25 | 45.1% | 15.3% | ||
| Q1 25 | 47.7% | 12.1% | ||
| Q4 24 | 45.7% | 13.1% | ||
| Q3 24 | 45.5% | 15.8% | ||
| Q2 24 | 44.8% | 15.1% | ||
| Q1 24 | 47.3% | 12.3% |
营业利润率ADPTHO
| Q4 25 | 25.8% | 1.4% | ||
| Q3 25 | 25.3% | 5.7% | ||
| Q2 25 | 23.2% | 5.4% | ||
| Q1 25 | 29.2% | -0.1% | ||
| Q4 24 | 25.0% | -0.1% | ||
| Q3 24 | 25.6% | 5.0% | ||
| Q2 24 | 22.8% | 5.1% | ||
| Q1 24 | 29.4% | 0.3% |
净利率ADPTHO
| Q4 25 | 19.8% | 0.9% | ||
| Q3 25 | 19.6% | 5.0% | ||
| Q2 25 | 17.8% | 4.7% | ||
| Q1 25 | 22.5% | -0.0% | ||
| Q4 24 | 19.1% | -0.1% | ||
| Q3 24 | 19.8% | 3.6% | ||
| Q2 24 | 17.4% | 4.1% | ||
| Q1 24 | 22.6% | 0.3% |
每股收益（稀释后）ADPTHO
| Q4 25 | $2.62 | $0.41 | ||
| Q3 25 | $2.49 | $2.35 | ||
| Q2 25 | $2.23 | $2.53 | ||
| Q1 25 | $3.06 | $-0.01 | ||
| Q4 24 | $2.35 | $-0.03 | ||
| Q3 24 | $2.34 | $1.69 | ||
| Q2 24 | $2.01 | $2.13 | ||
| 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 | $509.9M |
| 总债务越低越好 | — | $916.0M |
| 股东权益账面价值 | $6.4B | $4.3B |
| 总资产 | $84.6B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资ADPTHO
| Q4 25 | $2.5B | $509.9M | ||
| Q3 25 | $7.9B | $586.6M | ||
| Q2 25 | $7.8B | $508.3M | ||
| Q1 25 | $2.7B | $373.8M | ||
| Q4 24 | $2.2B | $445.2M | ||
| Q3 24 | $7.3B | $501.3M | ||
| Q2 24 | $3.3B | $371.8M | ||
| Q1 24 | $3.3B | $340.2M |
总债务ADPTHO
| Q4 25 | — | $916.0M | ||
| Q3 25 | — | $923.0M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.4B |
股东权益ADPTHO
| Q4 25 | $6.4B | $4.3B | ||
| Q3 25 | $6.4B | $4.3B | ||
| Q2 25 | $6.2B | $4.2B | ||
| Q1 25 | $5.9B | $4.0B | ||
| Q4 24 | $5.1B | $4.1B | ||
| Q3 24 | $5.3B | $4.1B | ||
| Q2 24 | $4.5B | $4.0B | ||
| Q1 24 | $4.6B | $3.9B |
总资产ADPTHO
| Q4 25 | $84.6B | $7.0B | ||
| Q3 25 | $54.3B | $7.1B | ||
| Q2 25 | $53.4B | $7.2B | ||
| Q1 25 | $56.4B | $6.7B | ||
| Q4 24 | $64.1B | $6.9B | ||
| Q3 24 | $49.5B | $7.0B | ||
| Q2 24 | $54.4B | $7.2B | ||
| Q1 24 | $64.2B | $7.2B |
负债/权益比ADPTHO
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 0.28× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.36× |
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 | $-44.9M |
| 自由现金流经营现金流 - 资本支出 | — | $-74.8M |
| 自由现金流率自由现金流/营收 | — | -3.1% |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | 1.07× | -2.07× |
| 过去12个月自由现金流最近4个季度 | — | $375.1M |
8季度趋势，按日历期对齐
经营现金流ADPTHO
| Q4 25 | $1.1B | $-44.9M | ||
| Q3 25 | $642.3M | $258.7M | ||
| Q2 25 | $1.4B | $257.7M | ||
| Q1 25 | $1.5B | $30.8M | ||
| Q4 24 | $1.2B | $30.7M | ||
| Q3 24 | $824.4M | $338.0M | ||
| Q2 24 | $1.3B | $251.7M | ||
| Q1 24 | $1.5B | $-103.9M |
自由现金流ADPTHO
| Q4 25 | — | $-74.8M | ||
| Q3 25 | — | $221.6M | ||
| Q2 25 | — | $222.5M | ||
| Q1 25 | — | $5.8M | ||
| Q4 24 | — | $6.4M | ||
| Q3 24 | — | $301.3M | ||
| Q2 24 | — | $225.4M | ||
| Q1 24 | — | $-140.2M |
自由现金流率ADPTHO
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 11.9% | ||
| Q2 24 | — | 8.0% | ||
| Q1 24 | — | -6.4% |
资本支出强度ADPTHO
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | 1.6% |
现金转化率ADPTHO
| Q4 25 | 1.07× | -2.07× | ||
| Q3 25 | 0.63× | 2.06× | ||
| Q2 25 | 1.58× | 1.91× | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.19× | — | ||
| Q3 24 | 0.86× | 3.76× | ||
| Q2 24 | 1.57× | 2.20× | ||
| Q1 24 | 1.26× | -14.39× |
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% |
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
