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Automatic Data Processing（ADP）与UL Solutions Inc.（ULS）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UL Solutions Inc.的6.8倍（$5.4B vs $789.0M）。Automatic Data Processing净利率更高（19.8% vs 8.5%，领先11.3%）。UL Solutions Inc.同比增速更快（6.8% vs 6.2%）。过去两年UL Solutions Inc.的营收复合增速更高（8.5% 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。
UL是总部位于美国伊利诺伊州诺斯布鲁克的全球私营安全领域企业，旗下设有三大机构：UL研究院、UL标准与倡议部门以及UL Solutions，为全球各行业客户提供标准制定、检测认证、风险管控等专业安全服务，保障产品与运营的合规性与安全性，助力企业可持续发展。
ADP vs ULS — 直观对比
营收规模更大
ADP
是对方的6.8倍
$789.0M
营收增速更快
ULS
高出0.6%
6.2%
净利率更高
ADP
高出11.3%
8.5%
两年增速更快
ULS
近两年复合增速
1.0%
损益表 — Q2 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $789.0M |
| 净利润 | $1.1B | $67.0M |
| 毛利率 | 46.1% | 49.7% |
| 营业利润率 | 25.8% | 15.0% |
| 净利率 | 19.8% | 8.5% |
| 营收同比 | 6.2% | 6.8% |
| 净利润同比 | 10.3% | -17.3% |
| 每股收益（稀释后） | $2.62 | $0.33 |
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ADPULS
| Q4 25 | $5.4B | $789.0M | ||
| Q3 25 | $5.2B | $783.0M | ||
| Q2 25 | $5.1B | $776.0M | ||
| Q1 25 | $5.6B | $705.0M | ||
| Q4 24 | $5.0B | $739.0M | ||
| Q3 24 | $4.8B | $731.0M | ||
| Q2 24 | $4.8B | $730.0M | ||
| Q1 24 | $5.3B | $670.0M |
净利润ADPULS
| Q4 25 | $1.1B | $67.0M | ||
| Q3 25 | $1.0B | $100.0M | ||
| Q2 25 | $910.7M | $91.0M | ||
| Q1 25 | $1.2B | $67.0M | ||
| Q4 24 | $963.2M | $81.0M | ||
| Q3 24 | $956.3M | $88.0M | ||
| Q2 24 | $829.3M | $101.0M | ||
| Q1 24 | $1.2B | $56.0M |
毛利率ADPULS
| Q4 25 | 46.1% | 49.7% | ||
| Q3 25 | 45.2% | 50.3% | ||
| Q2 25 | 45.1% | 49.4% | ||
| Q1 25 | 47.7% | 48.4% | ||
| Q4 24 | 45.7% | 47.4% | ||
| Q3 24 | 45.5% | 49.0% | ||
| Q2 24 | 44.8% | 50.1% | ||
| Q1 24 | 47.3% | 47.6% |
营业利润率ADPULS
| Q4 25 | 25.8% | 15.0% | ||
| Q3 25 | 25.3% | 19.9% | ||
| Q2 25 | 23.2% | 17.9% | ||
| Q1 25 | 29.2% | 15.5% | ||
| Q4 24 | 25.0% | 15.6% | ||
| Q3 24 | 25.6% | 17.8% | ||
| Q2 24 | 22.8% | 17.3% | ||
| Q1 24 | 29.4% | 13.6% |
净利率ADPULS
| Q4 25 | 19.8% | 8.5% | ||
| Q3 25 | 19.6% | 12.8% | ||
| Q2 25 | 17.8% | 11.7% | ||
| Q1 25 | 22.5% | 9.5% | ||
| Q4 24 | 19.1% | 11.0% | ||
| Q3 24 | 19.8% | 12.0% | ||
| Q2 24 | 17.4% | 13.8% | ||
| Q1 24 | 22.6% | 8.4% |
每股收益（稀释后）ADPULS
| Q4 25 | $2.62 | $0.33 | ||
| Q3 25 | $2.49 | $0.49 | ||
| Q2 25 | $2.23 | $0.45 | ||
| Q1 25 | $3.06 | $0.33 | ||
| Q4 24 | $2.35 | $0.40 | ||
| Q3 24 | $2.34 | $0.44 | ||
| Q2 24 | $2.01 | $0.50 | ||
| Q1 24 | $2.88 | $0.28 |
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 | $295.0M |
| 总债务越低越好 | — | $491.0M |
| 股东权益账面价值 | $6.4B | $1.3B |
| 总资产 | $84.6B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资ADPULS
| Q4 25 | $2.5B | $295.0M | ||
| Q3 25 | $7.9B | $255.0M | ||
| Q2 25 | $7.8B | $272.0M | ||
| Q1 25 | $2.7B | $267.0M | ||
| Q4 24 | $2.2B | $298.0M | ||
| Q3 24 | $7.3B | $327.0M | ||
| Q2 24 | $3.3B | $295.0M | ||
| Q1 24 | $3.3B | $344.0M |
总债务ADPULS
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
股东权益ADPULS
| Q4 25 | $6.4B | $1.3B | ||
| Q3 25 | $6.4B | $1.2B | ||
| Q2 25 | $6.2B | $1.1B | ||
| Q1 25 | $5.9B | $970.0M | ||
| Q4 24 | $5.1B | $904.0M | ||
| Q3 24 | $5.3B | $872.0M | ||
| Q2 24 | $4.5B | $769.0M | ||
| Q1 24 | $4.6B | $671.0M |
总资产ADPULS
| Q4 25 | $84.6B | $2.9B | ||
| Q3 25 | $54.3B | $2.9B | ||
| Q2 25 | $53.4B | $2.9B | ||
| Q1 25 | $56.4B | $2.9B | ||
| Q4 24 | $64.1B | $2.8B | ||
| Q3 24 | $49.5B | $2.9B | ||
| Q2 24 | $54.4B | $2.7B | ||
| Q1 24 | $64.2B | $2.8B |
负债/权益比ADPULS
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| 自由现金流经营现金流 - 资本支出 | — | $86.0M |
| 自由现金流率自由现金流/营收 | — | 10.9% |
| 资本支出强度资本支出/营收 | — | 7.4% |
| 现金转化率经营现金流/净利润 | 1.07× | 2.15× |
| 过去12个月自由现金流最近4个季度 | — | $403.0M |
8季度趋势，按日历期对齐
经营现金流ADPULS
| Q4 25 | $1.1B | $144.0M | ||
| Q3 25 | $642.3M | $155.0M | ||
| Q2 25 | $1.4B | $147.0M | ||
| Q1 25 | $1.5B | $154.0M | ||
| Q4 24 | $1.2B | $130.0M | ||
| Q3 24 | $824.4M | $150.0M | ||
| Q2 24 | $1.3B | $103.0M | ||
| Q1 24 | $1.5B | $141.0M |
自由现金流ADPULS
| Q4 25 | — | $86.0M | ||
| Q3 25 | — | $109.0M | ||
| Q2 25 | — | $105.0M | ||
| Q1 25 | — | $103.0M | ||
| Q4 24 | — | $72.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $47.0M | ||
| Q1 24 | — | $84.0M |
自由现金流率ADPULS
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 13.9% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | — | 9.7% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 6.4% | ||
| Q1 24 | — | 12.5% |
资本支出强度ADPULS
| Q4 25 | — | 7.4% | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | — | 8.5% |
现金转化率ADPULS
| Q4 25 | 1.07× | 2.15× | ||
| Q3 25 | 0.63× | 1.55× | ||
| Q2 25 | 1.58× | 1.62× | ||
| Q1 25 | 1.22× | 2.30× | ||
| Q4 24 | 1.19× | 1.60× | ||
| Q3 24 | 0.86× | 1.70× | ||
| Q2 24 | 1.57× | 1.02× | ||
| Q1 24 | 1.26× | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
