vs
Automatic Data Processing（ADP）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是Automatic Data Processing的1.2倍（$7.4B vs $5.9B），美国合众银行净利率更高（27.8% vs 22.9%，领先4.9%），Automatic Data Processing同比增速更快（7.0% vs 5.1%），过去两年Automatic Data Processing的营收复合增速更高（11.6% vs 4.7%）
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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
ADP vs USB — 直观对比
营收规模更大
USB
是对方的1.2倍
$5.9B
营收增速更快
ADP
高出1.9%
5.1%
净利率更高
USB
高出4.9%
22.9%
两年增速更快
ADP
近两年复合增速
4.7%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.9B | $7.4B |
| 净利润 | $1.4B | $2.0B |
| 毛利率 | — | — |
| 营业利润率 | — | 34.4% |
| 净利率 | 22.9% | 27.8% |
| 营收同比 | 7.0% | 5.1% |
| 净利润同比 | 8.4% | 23.0% |
| 每股收益（稀释后） | $3.38 | $1.26 |
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ADPUSB
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.4B | $7.4B | ||
| Q3 25 | $5.2B | $7.3B | ||
| Q2 25 | $5.1B | $7.0B | ||
| Q1 25 | $5.6B | $7.0B | ||
| Q4 24 | $5.0B | $7.0B | ||
| Q3 24 | $4.8B | $6.9B | ||
| Q2 24 | $4.8B | $6.9B |
净利润ADPUSB
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.1B | $2.0B | ||
| Q3 25 | $1.0B | $2.0B | ||
| Q2 25 | $910.7M | $1.8B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $963.2M | $1.7B | ||
| Q3 24 | $956.3M | $1.7B | ||
| Q2 24 | $829.3M | $1.6B |
毛利率ADPUSB
| Q1 26 | — | — | ||
| 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% | — |
营业利润率ADPUSB
| Q1 26 | — | — | ||
| Q4 25 | 25.8% | 34.4% | ||
| Q3 25 | 25.3% | 34.5% | ||
| Q2 25 | 23.2% | 32.7% | ||
| Q1 25 | 29.2% | 31.0% | ||
| Q4 24 | 25.0% | 30.1% | ||
| Q3 24 | 25.6% | 30.2% | ||
| Q2 24 | 22.8% | 29.9% |
净利率ADPUSB
| Q1 26 | 22.9% | — | ||
| Q4 25 | 19.8% | 27.8% | ||
| Q3 25 | 19.6% | 27.3% | ||
| Q2 25 | 17.8% | 25.9% | ||
| Q1 25 | 22.5% | 24.6% | ||
| Q4 24 | 19.1% | 23.7% | ||
| Q3 24 | 19.8% | 25.0% | ||
| Q2 24 | 17.4% | 23.3% |
每股收益（稀释后）ADPUSB
| Q1 26 | $3.38 | — | ||
| Q4 25 | $2.62 | $1.26 | ||
| Q3 25 | $2.49 | $1.22 | ||
| Q2 25 | $2.23 | $1.11 | ||
| Q1 25 | $3.06 | $1.03 | ||
| Q4 24 | $2.35 | $1.01 | ||
| Q3 24 | $2.34 | $1.03 | ||
| Q2 24 | $2.01 | $0.97 |
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 | $3.2B | — |
| 总债务越低越好 | $4.0B | — |
| 股东权益账面价值 | $6.4B | $65.2B |
| 总资产 | $64.5B | $692.3B |
| 负债/权益比越低杠杆越低 | 0.63× | — |
8季度趋势，按日历期对齐
现金及短期投资ADPUSB
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $7.9B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $3.3B | — |
总债务ADPUSB
| Q1 26 | $4.0B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ADPUSB
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.4B | $65.2B | ||
| Q3 25 | $6.4B | $63.3B | ||
| Q2 25 | $6.2B | $61.4B | ||
| Q1 25 | $5.9B | $60.1B | ||
| Q4 24 | $5.1B | $58.6B | ||
| Q3 24 | $5.3B | $58.9B | ||
| Q2 24 | $4.5B | $56.4B |
总资产ADPUSB
| Q1 26 | $64.5B | — | ||
| Q4 25 | $84.6B | $692.3B | ||
| Q3 25 | $54.3B | $695.4B | ||
| Q2 25 | $53.4B | $686.4B | ||
| Q1 25 | $56.4B | $676.5B | ||
| Q4 24 | $64.1B | $678.3B | ||
| Q3 24 | $49.5B | $686.5B | ||
| Q2 24 | $54.4B | $680.1B |
负债/权益比ADPUSB
| Q1 26 | 0.63× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $2.8B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | — | 1.39× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ADPUSB
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $2.8B | ||
| Q3 25 | $642.3M | $3.4B | ||
| Q2 25 | $1.4B | $2.0B | ||
| Q1 25 | $1.5B | $-285.0M | ||
| Q4 24 | $1.2B | $4.8B | ||
| Q3 24 | $824.4M | $972.0M | ||
| Q2 24 | $1.3B | $2.9B |
资本支出强度ADPUSB
| Q1 26 | 2.1% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率ADPUSB
| Q1 26 | — | — | ||
| Q4 25 | 1.07× | 1.39× | ||
| Q3 25 | 0.63× | 1.69× | ||
| Q2 25 | 1.58× | 1.12× | ||
| Q1 25 | 1.22× | -0.17× | ||
| Q4 24 | 1.19× | 2.87× | ||
| Q3 24 | 0.86× | 0.57× | ||
| Q2 24 | 1.57× | 1.79× |
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
| Revenues, other than interest on funds held for clients and PEO revenues | $3.6B | 61% |
| PEO revenues (A) (B) (C) | $1.9B | 32% |
| Other | $403.9M | 7% |
USB
暂无分部数据
