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Automatic Data Processing（ADP）与US Foods Holding Corp.（USFD）财务数据对比。点击上方公司名可切换其他公司
US Foods Holding Corp.的季度营收约是Automatic Data Processing的1.8倍（$9.8B vs $5.4B），Automatic Data Processing净利率更高（19.8% vs 1.9%，领先17.9%），Automatic Data Processing同比增速更快（6.2% vs 3.3%），过去两年US Foods Holding Corp.的营收复合增速更高（4.6% 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。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
ADP vs USFD — 直观对比
营收规模更大
USFD
是对方的1.8倍
$5.4B
营收增速更快
ADP
高出2.9%
3.3%
净利率更高
ADP
高出17.9%
1.9%
两年增速更快
USFD
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $9.8B |
| 净利润 | $1.1B | $184.0M |
| 毛利率 | 46.1% | 17.6% |
| 营业利润率 | 25.8% | 3.3% |
| 净利率 | 19.8% | 1.9% |
| 营收同比 | 6.2% | 3.3% |
| 净利润同比 | 10.3% | 178.8% |
| 每股收益（稀释后） | $2.62 | $0.82 |
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ADPUSFD
| Q4 25 | $5.4B | $9.8B | ||
| Q3 25 | $5.2B | $10.2B | ||
| Q2 25 | $5.1B | $10.1B | ||
| Q1 25 | $5.6B | $9.4B | ||
| Q4 24 | $5.0B | $9.5B | ||
| Q3 24 | $4.8B | $9.7B | ||
| Q2 24 | $4.8B | $9.7B | ||
| Q1 24 | $5.3B | $8.9B |
净利润ADPUSFD
| Q4 25 | $1.1B | $184.0M | ||
| Q3 25 | $1.0B | $153.0M | ||
| Q2 25 | $910.7M | $224.0M | ||
| Q1 25 | $1.2B | $115.0M | ||
| Q4 24 | $963.2M | $66.0M | ||
| Q3 24 | $956.3M | $148.0M | ||
| Q2 24 | $829.3M | $198.0M | ||
| Q1 24 | $1.2B | $82.0M |
毛利率ADPUSFD
| Q4 25 | 46.1% | 17.6% | ||
| Q3 25 | 45.2% | 17.2% | ||
| Q2 25 | 45.1% | 17.6% | ||
| Q1 25 | 47.7% | 17.3% | ||
| Q4 24 | 45.7% | 17.6% | ||
| Q3 24 | 45.5% | 17.1% | ||
| Q2 24 | 44.8% | 17.6% | ||
| Q1 24 | 47.3% | 16.7% |
营业利润率ADPUSFD
| Q4 25 | 25.8% | 3.3% | ||
| Q3 25 | 25.3% | 2.8% | ||
| Q2 25 | 23.2% | 3.7% | ||
| Q1 25 | 29.2% | 2.4% | ||
| Q4 24 | 25.0% | 3.2% | ||
| Q3 24 | 25.6% | 2.9% | ||
| Q2 24 | 22.8% | 3.6% | ||
| Q1 24 | 29.4% | 1.8% |
净利率ADPUSFD
| Q4 25 | 19.8% | 1.9% | ||
| Q3 25 | 19.6% | 1.5% | ||
| Q2 25 | 17.8% | 2.2% | ||
| Q1 25 | 22.5% | 1.2% | ||
| Q4 24 | 19.1% | 0.7% | ||
| Q3 24 | 19.8% | 1.5% | ||
| Q2 24 | 17.4% | 2.0% | ||
| Q1 24 | 22.6% | 0.9% |
每股收益（稀释后）ADPUSFD
| Q4 25 | $2.62 | $0.82 | ||
| Q3 25 | $2.49 | $0.67 | ||
| Q2 25 | $2.23 | $0.96 | ||
| Q1 25 | $3.06 | $0.49 | ||
| Q4 24 | $2.35 | $0.28 | ||
| Q3 24 | $2.34 | $0.61 | ||
| Q2 24 | $2.01 | $0.80 | ||
| 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 | $41.0M |
| 总债务越低越好 | — | $5.1B |
| 股东权益账面价值 | $6.4B | $4.3B |
| 总资产 | $84.6B | $13.9B |
| 负债/权益比越低杠杆越低 | — | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资ADPUSFD
| Q4 25 | $2.5B | $41.0M | ||
| Q3 25 | $7.9B | $56.0M | ||
| Q2 25 | $7.8B | $61.0M | ||
| Q1 25 | $2.7B | $101.0M | ||
| Q4 24 | $2.2B | $59.0M | ||
| Q3 24 | $7.3B | $81.0M | ||
| Q2 24 | $3.3B | $405.0M | ||
| Q1 24 | $3.3B | $267.0M |
总债务ADPUSFD
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $4.7B | ||
| Q2 24 | — | $4.6B | ||
| Q1 24 | — | $4.6B |
股东权益ADPUSFD
| Q4 25 | $6.4B | $4.3B | ||
| Q3 25 | $6.4B | $4.5B | ||
| Q2 25 | $6.2B | $4.6B | ||
| Q1 25 | $5.9B | $4.6B | ||
| Q4 24 | $5.1B | $4.5B | ||
| Q3 24 | $5.3B | $4.6B | ||
| Q2 24 | $4.5B | $5.0B | ||
| Q1 24 | $4.6B | $4.8B |
总资产ADPUSFD
| Q4 25 | $84.6B | $13.9B | ||
| Q3 25 | $54.3B | $14.0B | ||
| Q2 25 | $53.4B | $13.8B | ||
| Q1 25 | $56.4B | $13.7B | ||
| Q4 24 | $64.1B | $13.4B | ||
| Q3 24 | $49.5B | $13.5B | ||
| Q2 24 | $54.4B | $13.7B | ||
| Q1 24 | $64.2B | $13.4B |
负债/权益比ADPUSFD
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.06× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 0.92× | ||
| Q1 24 | — | 0.95× |
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 | $293.0M |
| 自由现金流经营现金流 - 资本支出 | — | $159.0M |
| 自由现金流率自由现金流/营收 | — | 1.6% |
| 资本支出强度资本支出/营收 | — | 1.4% |
| 现金转化率经营现金流/净利润 | 1.07× | 1.59× |
| 过去12个月自由现金流最近4个季度 | — | $959.0M |
8季度趋势，按日历期对齐
经营现金流ADPUSFD
| Q4 25 | $1.1B | $293.0M | ||
| Q3 25 | $642.3M | $351.0M | ||
| Q2 25 | $1.4B | $334.0M | ||
| Q1 25 | $1.5B | $391.0M | ||
| Q4 24 | $1.2B | $283.0M | ||
| Q3 24 | $824.4M | $270.0M | ||
| Q2 24 | $1.3B | $482.0M | ||
| Q1 24 | $1.5B | $139.0M |
自由现金流ADPUSFD
| Q4 25 | — | $159.0M | ||
| Q3 25 | — | $236.0M | ||
| Q2 25 | — | $257.0M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $178.0M | ||
| Q3 24 | — | $190.0M | ||
| Q2 24 | — | $413.0M | ||
| Q1 24 | — | $52.0M |
自由现金流率ADPUSFD
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 0.6% |
资本支出强度ADPUSFD
| Q4 25 | — | 1.4% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.0% |
现金转化率ADPUSFD
| Q4 25 | 1.07× | 1.59× | ||
| Q3 25 | 0.63× | 2.29× | ||
| Q2 25 | 1.58× | 1.49× | ||
| Q1 25 | 1.22× | 3.40× | ||
| Q4 24 | 1.19× | 4.29× | ||
| Q3 24 | 0.86× | 1.82× | ||
| Q2 24 | 1.57× | 2.43× | ||
| Q1 24 | 1.26× | 1.70× |
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% |
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
