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Automatic Data Processing（ADP）与Targa Resources（TRGP）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Targa Resources的1.3倍（$5.4B vs $4.1B），Automatic Data Processing净利率更高（19.8% vs 13.4%，领先6.4%），Automatic Data Processing同比增速更快（6.2% vs -7.9%），过去两年Automatic Data Processing的营收复合增速更高（1.0% vs 0.8%）
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。
Targa Resources Corp.为财富500强企业，总部位于美国得克萨斯州休斯敦，是美国规模最大的中游能源基础设施企业之一，主营天然气及天然气凝液输送业务，运营资产主要集中在墨西哥湾沿岸，得克萨斯州与路易斯安那州为核心布局区域，马修·J·梅洛伊自2020年起担任首席执行官。
ADP vs TRGP — 直观对比
营收规模更大
ADP
是对方的1.3倍
$4.1B
营收增速更快
ADP
高出14.1%
-7.9%
净利率更高
ADP
高出6.4%
13.4%
两年增速更快
ADP
近两年复合增速
0.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $4.1B |
| 净利润 | $1.1B | $545.0M |
| 毛利率 | 46.1% | 43.1% |
| 营业利润率 | 25.8% | 22.6% |
| 净利率 | 19.8% | 13.4% |
| 营收同比 | 6.2% | -7.9% |
| 净利润同比 | 10.3% | 55.3% |
| 每股收益（稀释后） | $2.62 | $2.51 |
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ADPTRGP
| Q4 25 | $5.4B | $4.1B | ||
| Q3 25 | $5.2B | $4.2B | ||
| Q2 25 | $5.1B | $4.3B | ||
| Q1 25 | $5.6B | $4.6B | ||
| Q4 24 | $5.0B | $4.4B | ||
| Q3 24 | $4.8B | $3.9B | ||
| Q2 24 | $4.8B | $3.0B | ||
| Q1 24 | $5.3B | $4.0B |
净利润ADPTRGP
| Q4 25 | $1.1B | $545.0M | ||
| Q3 25 | $1.0B | $478.4M | ||
| Q2 25 | $910.7M | $629.1M | ||
| Q1 25 | $1.2B | $270.5M | ||
| Q4 24 | $963.2M | $350.9M | ||
| Q3 24 | $956.3M | $387.4M | ||
| Q2 24 | $829.3M | $298.5M | ||
| Q1 24 | $1.2B | $275.2M |
毛利率ADPTRGP
| Q4 25 | 46.1% | 43.1% | ||
| Q3 25 | 45.2% | 39.6% | ||
| Q2 25 | 45.1% | 42.8% | ||
| Q1 25 | 47.7% | 28.6% | ||
| Q4 24 | 45.7% | 33.7% | ||
| Q3 24 | 45.5% | 38.6% | ||
| Q2 24 | 44.8% | 27.9% | ||
| Q1 24 | 47.3% | 19.3% |
营业利润率ADPTRGP
| Q4 25 | 25.8% | 22.6% | ||
| Q3 25 | 25.3% | 20.2% | ||
| Q2 25 | 23.2% | 24.3% | ||
| Q1 25 | 29.2% | 11.9% | ||
| Q4 24 | 25.0% | 15.9% | ||
| Q3 24 | 25.6% | 18.9% | ||
| Q2 24 | 22.8% | 20.6% | ||
| Q1 24 | 29.4% | 16.0% |
净利率ADPTRGP
| Q4 25 | 19.8% | 13.4% | ||
| Q3 25 | 19.6% | 11.5% | ||
| Q2 25 | 17.8% | 14.8% | ||
| Q1 25 | 22.5% | 5.9% | ||
| Q4 24 | 19.1% | 8.0% | ||
| Q3 24 | 19.8% | 10.1% | ||
| Q2 24 | 17.4% | 9.8% | ||
| Q1 24 | 22.6% | 6.9% |
每股收益（稀释后）ADPTRGP
| Q4 25 | $2.62 | $2.51 | ||
| Q3 25 | $2.49 | $2.20 | ||
| Q2 25 | $2.23 | $2.87 | ||
| Q1 25 | $3.06 | $0.91 | ||
| Q4 24 | $2.35 | $1.44 | ||
| Q3 24 | $2.34 | $1.75 | ||
| Q2 24 | $2.01 | $1.33 | ||
| Q1 24 | $2.88 | $1.22 |
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 | $166.1M |
| 总债务越低越好 | — | $16.7B |
| 股东权益账面价值 | $6.4B | $3.1B |
| 总资产 | $84.6B | $25.2B |
| 负债/权益比越低杠杆越低 | — | 5.43× |
8季度趋势，按日历期对齐
现金及短期投资ADPTRGP
| Q4 25 | $2.5B | $166.1M | ||
| Q3 25 | $7.9B | $124.1M | ||
| Q2 25 | $7.8B | $113.1M | ||
| Q1 25 | $2.7B | $151.4M | ||
| Q4 24 | $2.2B | $157.3M | ||
| Q3 24 | $7.3B | $127.2M | ||
| Q2 24 | $3.3B | $166.4M | ||
| Q1 24 | $3.3B | $109.9M |
总债务ADPTRGP
| Q4 25 | — | $16.7B | ||
| Q3 25 | — | $16.7B | ||
| Q2 25 | — | $16.1B | ||
| Q1 25 | — | $15.5B | ||
| Q4 24 | — | $13.8B | ||
| Q3 24 | — | $13.6B | ||
| Q2 24 | — | $13.0B | ||
| Q1 24 | — | $12.5B |
股东权益ADPTRGP
| Q4 25 | $6.4B | $3.1B | ||
| Q3 25 | $6.4B | $2.7B | ||
| Q2 25 | $6.2B | $2.6B | ||
| Q1 25 | $5.9B | $2.5B | ||
| Q4 24 | $5.1B | $2.6B | ||
| Q3 24 | $5.3B | $2.6B | ||
| Q2 24 | $4.5B | $2.5B | ||
| Q1 24 | $4.6B | $2.7B |
总资产ADPTRGP
| Q4 25 | $84.6B | $25.2B | ||
| Q3 25 | $54.3B | $24.2B | ||
| Q2 25 | $53.4B | $23.5B | ||
| Q1 25 | $56.4B | $22.8B | ||
| Q4 24 | $64.1B | $22.7B | ||
| Q3 24 | $49.5B | $21.9B | ||
| Q2 24 | $54.4B | $21.3B | ||
| Q1 24 | $64.2B | $20.8B |
负债/权益比ADPTRGP
| Q4 25 | — | 5.43× | ||
| Q3 25 | — | 6.19× | ||
| Q2 25 | — | 6.21× | ||
| Q1 25 | — | 6.34× | ||
| Q4 24 | — | 5.32× | ||
| Q3 24 | — | 5.28× | ||
| Q2 24 | — | 5.25× | ||
| Q1 24 | — | 4.63× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | — | $542.3M |
| 自由现金流率自由现金流/营收 | — | 13.4% |
| 资本支出强度资本支出/营收 | — | 23.8% |
| 现金转化率经营现金流/净利润 | 1.07× | 2.76× |
| 过去12个月自由现金流最近4个季度 | — | $584.1M |
8季度趋势，按日历期对齐
经营现金流ADPTRGP
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $642.3M | $599.2M | ||
| Q2 25 | $1.4B | $858.3M | ||
| Q1 25 | $1.5B | $954.4M | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $824.4M | $540.9M | ||
| Q2 24 | $1.3B | $904.5M | ||
| Q1 24 | $1.5B | $876.4M |
自由现金流ADPTRGP
| Q4 25 | — | $542.3M | ||
| Q3 25 | — | $-72.6M | ||
| Q2 25 | — | $-47.8M | ||
| Q1 25 | — | $162.2M | ||
| Q4 24 | — | $601.0M | ||
| Q3 24 | — | $-287.9M | ||
| Q2 24 | — | $164.2M | ||
| Q1 24 | — | $206.6M |
自由现金流率ADPTRGP
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | -1.7% | ||
| Q2 25 | — | -1.1% | ||
| Q1 25 | — | 3.6% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | -7.5% | ||
| Q2 24 | — | 5.4% | ||
| Q1 24 | — | 5.2% |
资本支出强度ADPTRGP
| Q4 25 | — | 23.8% | ||
| Q3 25 | — | 16.2% | ||
| Q2 25 | — | 21.3% | ||
| Q1 25 | — | 17.4% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | — | 21.5% | ||
| Q2 24 | — | 24.3% | ||
| Q1 24 | — | 16.8% |
现金转化率ADPTRGP
| Q4 25 | 1.07× | 2.76× | ||
| Q3 25 | 0.63× | 1.25× | ||
| Q2 25 | 1.58× | 1.36× | ||
| Q1 25 | 1.22× | 3.53× | ||
| Q4 24 | 1.19× | 3.78× | ||
| Q3 24 | 0.86× | 1.40× | ||
| Q2 24 | 1.57× | 3.03× | ||
| Q1 24 | 1.26× | 3.18× |
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% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
