vs
Automatic Data Processing（ADP）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
Automatic Data Processing的季度营收约是标普全球的1.2倍（$5.4B vs $4.4B），标普全球净利率更高（26.8% vs 19.8%，领先7.0%），标普全球同比增速更快（191.7% vs 6.2%），过去两年标普全球的营收复合增速更高（77.3% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
ADP vs VG — 直观对比
营收规模更大
ADP
是对方的1.2倍
$4.4B
营收增速更快
VG
高出185.5%
6.2%
净利率更高
VG
高出7.0%
19.8%
两年增速更快
VG
近两年复合增速
1.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $4.4B |
| 净利润 | $1.1B | $1.2B |
| 毛利率 | 46.1% | — |
| 营业利润率 | 25.8% | 38.7% |
| 净利率 | 19.8% | 26.8% |
| 营收同比 | 6.2% | 191.7% |
| 净利润同比 | 10.3% | 20.3% |
| 每股收益（稀释后） | $2.62 | $0.41 |
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ADPVG
| Q4 25 | $5.4B | $4.4B | ||
| Q3 25 | $5.2B | $3.3B | ||
| Q2 25 | $5.1B | $3.1B | ||
| Q1 25 | $5.6B | $2.9B | ||
| Q4 24 | $5.0B | $1.5B | ||
| Q3 24 | $4.8B | $926.0M | ||
| Q2 24 | $4.8B | $1.1B | ||
| Q1 24 | $5.3B | $1.4B |
净利润ADPVG
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.0B | $550.0M | ||
| Q2 25 | $910.7M | $475.0M | ||
| Q1 25 | $1.2B | $517.0M | ||
| Q4 24 | $963.2M | $990.0M | ||
| Q3 24 | $956.3M | $-294.0M | ||
| Q2 24 | $829.3M | $352.0M | ||
| Q1 24 | $1.2B | $698.0M |
毛利率ADPVG
| 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ADPVG
| Q4 25 | 25.8% | 38.7% | ||
| Q3 25 | 25.3% | 39.7% | ||
| Q2 25 | 23.2% | 33.5% | ||
| Q1 25 | 29.2% | 37.3% | ||
| Q4 24 | 25.0% | 39.0% | ||
| Q3 24 | 25.6% | 20.4% | ||
| Q2 24 | 22.8% | 32.8% | ||
| Q1 24 | 29.4% | 43.6% |
净利率ADPVG
| Q4 25 | 19.8% | 26.8% | ||
| Q3 25 | 19.6% | 16.5% | ||
| Q2 25 | 17.8% | 15.3% | ||
| Q1 25 | 22.5% | 17.9% | ||
| Q4 24 | 19.1% | 65.0% | ||
| Q3 24 | 19.8% | -31.7% | ||
| Q2 24 | 17.4% | 31.8% | ||
| Q1 24 | 22.6% | 49.4% |
每股收益（稀释后）ADPVG
| Q4 25 | $2.62 | $0.41 | ||
| Q3 25 | $2.49 | $0.16 | ||
| Q2 25 | $2.23 | $0.14 | ||
| Q1 25 | $3.06 | $0.15 | ||
| Q4 24 | $2.35 | $0.35 | ||
| Q3 24 | $2.34 | $-0.15 | ||
| Q2 24 | $2.01 | $0.12 | ||
| Q1 24 | $2.88 | $0.25 |
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 | $2.4B |
| 总债务越低越好 | — | $34.2B |
| 股东权益账面价值 | $6.4B | $6.7B |
| 总资产 | $84.6B | $53.4B |
| 负债/权益比越低杠杆越低 | — | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资ADPVG
| Q4 25 | $2.5B | $2.4B | ||
| Q3 25 | $7.9B | $1.9B | ||
| Q2 25 | $7.8B | $2.2B | ||
| Q1 25 | $2.7B | $3.6B | ||
| Q4 24 | $2.2B | $3.6B | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $3.3B | — | ||
| Q1 24 | $3.3B | — |
总债务ADPVG
| Q4 25 | — | $34.2B | ||
| Q3 25 | — | $32.6B | ||
| Q2 25 | — | $30.0B | ||
| Q1 25 | — | $29.3B | ||
| Q4 24 | — | $29.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ADPVG
| Q4 25 | $6.4B | $6.7B | ||
| Q3 25 | $6.4B | $5.7B | ||
| Q2 25 | $6.2B | $5.3B | ||
| Q1 25 | $5.9B | $4.9B | ||
| Q4 24 | $5.1B | $2.9B | ||
| Q3 24 | $5.3B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.6B | — |
总资产ADPVG
| Q4 25 | $84.6B | $53.4B | ||
| Q3 25 | $54.3B | $50.1B | ||
| Q2 25 | $53.4B | $46.5B | ||
| Q1 25 | $56.4B | $45.1B | ||
| Q4 24 | $64.1B | $43.5B | ||
| Q3 24 | $49.5B | — | ||
| Q2 24 | $54.4B | — | ||
| Q1 24 | $64.2B | — |
负债/权益比ADPVG
| Q4 25 | — | 5.07× | ||
| Q3 25 | — | 5.73× | ||
| Q2 25 | — | 5.69× | ||
| Q1 25 | — | 6.01× | ||
| Q4 24 | — | 10.11× | ||
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | — | $-1.5B |
| 自由现金流率自由现金流/营收 | — | -34.1% |
| 资本支出强度资本支出/营收 | — | 81.6% |
| 现金转化率经营现金流/净利润 | 1.07× | 1.77× |
| 过去12个月自由现金流最近4个季度 | — | $-6.8B |
8季度趋势，按日历期对齐
经营现金流ADPVG
| Q4 25 | $1.1B | $2.1B | ||
| Q3 25 | $642.3M | $1.9B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.5B | $1.1B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $824.4M | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.5B | $638.0M |
自由现金流ADPVG
| Q4 25 | — | $-1.5B | ||
| Q3 25 | — | $-1.4B | ||
| Q2 25 | — | $-1.5B | ||
| Q1 25 | — | $-2.4B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-2.4B |
自由现金流率ADPVG
| Q4 25 | — | -34.1% | ||
| Q3 25 | — | -42.4% | ||
| Q2 25 | — | -49.1% | ||
| Q1 25 | — | -81.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -167.3% |
资本支出强度ADPVG
| Q4 25 | — | 81.6% | ||
| Q3 25 | — | 98.9% | ||
| Q2 25 | — | 96.1% | ||
| Q1 25 | — | 119.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 212.4% |
现金转化率ADPVG
| Q4 25 | 1.07× | 1.77× | ||
| Q3 25 | 0.63× | 3.42× | ||
| Q2 25 | 1.58× | 3.07× | ||
| Q1 25 | 1.22× | 2.15× | ||
| Q4 24 | 1.19× | — | ||
| Q3 24 | 0.86× | — | ||
| Q2 24 | 1.57× | — | ||
| Q1 24 | 1.26× | 0.91× |
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% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
