vs
Automatic Data Processing（ADP）与环联（TRU）财务数据对比。点击上方公司名可切换其他公司
Automatic Data Processing的季度营收约是环联的4.6倍（$5.4B vs $1.2B）。Automatic Data Processing净利率更高（19.8% vs 8.6%，领先11.2%）。环联同比增速更快（13.0% vs 6.2%）。过去两年环联的营收复合增速更高（7.1% 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。
环联是美国知名消费者信用报告机构，与益博睿、艾奎法克斯并列美国三大征信机构，总部位于伊利诺伊州芝加哥。目前其业务覆盖30余个国家，累计收集超10亿消费者的信用信息，持有美国几乎所有有信用记录消费者的超2亿份档案，服务超6.5万家企业客户，2014年营收达13亿美元。
ADP vs TRU — 直观对比
营收规模更大
ADP
是对方的4.6倍
$1.2B
营收增速更快
TRU
高出6.8%
6.2%
净利率更高
ADP
高出11.2%
8.6%
两年增速更快
TRU
近两年复合增速
1.0%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $1.2B |
| 净利润 | $1.1B | $101.1M |
| 毛利率 | 46.1% | — |
| 营业利润率 | 25.8% | 17.4% |
| 净利率 | 19.8% | 8.6% |
| 营收同比 | 6.2% | 13.0% |
| 净利润同比 | 10.3% | 52.5% |
| 每股收益（稀释后） | $2.62 | $0.52 |
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ADPTRU
| Q4 25 | $5.4B | $1.2B | ||
| Q3 25 | $5.2B | $1.2B | ||
| Q2 25 | $5.1B | $1.1B | ||
| Q1 25 | $5.6B | $1.1B | ||
| Q4 24 | $5.0B | $1.0B | ||
| Q3 24 | $4.8B | $1.1B | ||
| Q2 24 | $4.8B | $1.0B | ||
| Q1 24 | $5.3B | $1.0B |
净利润ADPTRU
| Q4 25 | $1.1B | $101.1M | ||
| Q3 25 | $1.0B | $96.6M | ||
| Q2 25 | $910.7M | $109.6M | ||
| Q1 25 | $1.2B | $148.1M | ||
| Q4 24 | $963.2M | $66.3M | ||
| Q3 24 | $956.3M | $68.0M | ||
| Q2 24 | $829.3M | $85.0M | ||
| Q1 24 | $1.2B | $65.1M |
毛利率ADPTRU
| 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ADPTRU
| Q4 25 | 25.8% | 17.4% | ||
| Q3 25 | 25.3% | 17.8% | ||
| Q2 25 | 23.2% | 16.9% | ||
| Q1 25 | 29.2% | 23.2% | ||
| Q4 24 | 25.0% | 16.5% | ||
| Q3 24 | 25.6% | 14.4% | ||
| Q2 24 | 22.8% | 17.5% | ||
| Q1 24 | 29.4% | 15.4% |
净利率ADPTRU
| Q4 25 | 19.8% | 8.6% | ||
| Q3 25 | 19.6% | 8.3% | ||
| Q2 25 | 17.8% | 9.6% | ||
| Q1 25 | 22.5% | 13.5% | ||
| Q4 24 | 19.1% | 6.4% | ||
| Q3 24 | 19.8% | 6.3% | ||
| Q2 24 | 17.4% | 8.2% | ||
| Q1 24 | 22.6% | 6.4% |
每股收益（稀释后）ADPTRU
| Q4 25 | $2.62 | $0.52 | ||
| Q3 25 | $2.49 | $0.49 | ||
| Q2 25 | $2.23 | $0.56 | ||
| Q1 25 | $3.06 | $0.75 | ||
| Q4 24 | $2.35 | $0.33 | ||
| Q3 24 | $2.34 | $0.35 | ||
| Q2 24 | $2.01 | $0.44 | ||
| Q1 24 | $2.88 | $0.33 |
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 | $856.3M |
| 总债务越低越好 | — | $4.9B |
| 股东权益账面价值 | $6.4B | $4.4B |
| 总资产 | $84.6B | $11.1B |
| 负债/权益比越低杠杆越低 | — | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资ADPTRU
| Q4 25 | $2.5B | $856.3M | ||
| Q3 25 | $7.9B | $752.5M | ||
| Q2 25 | $7.8B | $690.0M | ||
| Q1 25 | $2.7B | $612.5M | ||
| Q4 24 | $2.2B | $682.0M | ||
| Q3 24 | $7.3B | $646.0M | ||
| Q2 24 | $3.3B | $545.8M | ||
| Q1 24 | $3.3B | $436.2M |
总债务ADPTRU
| Q4 25 | — | $4.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ADPTRU
| Q4 25 | $6.4B | $4.4B | ||
| Q3 25 | $6.4B | $4.5B | ||
| Q2 25 | $6.2B | $4.5B | ||
| Q1 25 | $5.9B | $4.4B | ||
| Q4 24 | $5.1B | $4.2B | ||
| Q3 24 | $5.3B | $4.2B | ||
| Q2 24 | $4.5B | $4.1B | ||
| Q1 24 | $4.6B | $4.1B |
总资产ADPTRU
| Q4 25 | $84.6B | $11.1B | ||
| Q3 25 | $54.3B | $11.1B | ||
| Q2 25 | $53.4B | $11.1B | ||
| Q1 25 | $56.4B | $10.9B | ||
| Q4 24 | $64.1B | $11.0B | ||
| Q3 24 | $49.5B | $11.1B | ||
| Q2 24 | $54.4B | $11.0B | ||
| Q1 24 | $64.2B | $11.0B |
负债/权益比ADPTRU
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.20× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $319.5M |
| 自由现金流经营现金流 - 资本支出 | — | $222.8M |
| 自由现金流率自由现金流/营收 | — | 19.0% |
| 资本支出强度资本支出/营收 | — | 8.3% |
| 现金转化率经营现金流/净利润 | 1.07× | 3.16× |
| 过去12个月自由现金流最近4个季度 | — | $661.6M |
8季度趋势，按日历期对齐
经营现金流ADPTRU
| Q4 25 | $1.1B | $319.5M | ||
| Q3 25 | $642.3M | $324.3M | ||
| Q2 25 | $1.4B | $291.3M | ||
| Q1 25 | $1.5B | $52.5M | ||
| Q4 24 | $1.2B | $254.0M | ||
| Q3 24 | $824.4M | $229.3M | ||
| Q2 24 | $1.3B | $295.2M | ||
| Q1 24 | $1.5B | $54.0M |
自由现金流ADPTRU
| Q4 25 | — | $222.8M | ||
| Q3 25 | — | $240.4M | ||
| Q2 25 | — | $214.3M | ||
| Q1 25 | — | $-15.9M | ||
| Q4 24 | — | $136.9M | ||
| Q3 24 | — | $161.3M | ||
| Q2 24 | — | $226.9M | ||
| Q1 24 | — | $-8.4M |
自由现金流率ADPTRU
| Q4 25 | — | 19.0% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | -1.5% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | -0.8% |
资本支出强度ADPTRU
| Q4 25 | — | 8.3% | ||
| Q3 25 | — | 7.2% | ||
| Q2 25 | — | 6.8% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | — | 6.3% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 6.1% |
现金转化率ADPTRU
| Q4 25 | 1.07× | 3.16× | ||
| Q3 25 | 0.63× | 3.36× | ||
| Q2 25 | 1.58× | 2.66× | ||
| Q1 25 | 1.22× | 0.35× | ||
| Q4 24 | 1.19× | 3.83× | ||
| Q3 24 | 0.86× | 3.37× | ||
| Q2 24 | 1.57× | 3.47× | ||
| Q1 24 | 1.26× | 0.83× |
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% |
TRU
暂无分部数据
