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Brighthouse Financial, Inc.（BHF）与Paychex（PAYX）财务数据对比。点击上方公司名可切换其他公司
Brighthouse Financial, Inc.的季度营收约是Paychex的1.1倍（$1.7B vs $1.5B），Paychex净利率更高（26.3% vs 8.1%，领先18.2%），Brighthouse Financial, Inc.同比增速更快（40.2% vs 17.4%），过去两年Brighthouse Financial, Inc.的营收复合增速更高（9.8% vs 3.8%）
Brighthouse Financial是总部位于美国北卡罗来纳州夏洛特的保险公司，核心业务为销售年金和人寿保险产品。截至2018年3月，该公司是美国规模领先的年金和人寿保险提供商之一，总资产达2190亿美元，有效保单及年金合约数量约260万份。
Paychex是美国知名人力资源服务提供商，1971年成立，总部位于纽约州罗切斯特，面向中小微企业提供薪资管理、人力资源外包、员工福利外包等服务。目前在美欧地区拥有超100个办事处，服务约80万家薪资客户，位列《财富》500强第681位。
BHF vs PAYX — 直观对比
营收规模更大
BHF
是对方的1.1倍
$1.5B
营收增速更快
BHF
高出22.8%
17.4%
净利率更高
PAYX
高出18.2%
8.1%
两年增速更快
BHF
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.5B |
| 净利润 | $137.0M | $395.4M |
| 毛利率 | — | 72.6% |
| 营业利润率 | 8.9% | 38.0% |
| 净利率 | 8.1% | 26.3% |
| 营收同比 | 40.2% | 17.4% |
| 净利润同比 | -79.6% | -4.4% |
| 每股收益（稀释后） | $1.84 | $1.10 |
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BHFPAYX
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $871.0M | $1.4B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | — | $1.4B |
净利润BHFPAYX
| Q4 25 | $137.0M | $395.4M | ||
| Q3 25 | $479.0M | $383.8M | ||
| Q2 25 | $85.0M | $297.2M | ||
| Q1 25 | $-268.0M | $519.3M | ||
| Q4 24 | $671.0M | $413.4M | ||
| Q3 24 | $176.0M | $427.4M | ||
| Q2 24 | $34.0M | $379.9M | ||
| Q1 24 | — | $498.6M |
毛利率BHFPAYX
| Q4 25 | — | 72.6% | ||
| Q3 25 | — | 72.3% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | — | 73.6% | ||
| Q4 24 | — | 70.4% | ||
| Q3 24 | — | 70.3% | ||
| Q2 24 | — | 70.1% | ||
| Q1 24 | — | 72.8% |
营业利润率BHFPAYX
| Q4 25 | 8.9% | 38.0% | ||
| Q3 25 | 32.2% | 36.3% | ||
| Q2 25 | 10.7% | 31.2% | ||
| Q1 25 | -14.8% | 47.2% | ||
| Q4 24 | 69.2% | 42.0% | ||
| Q3 24 | 9.3% | 42.7% | ||
| Q2 24 | 1.0% | 38.3% | ||
| Q1 24 | — | 46.6% |
净利率BHFPAYX
| Q4 25 | 8.1% | 26.3% | ||
| Q3 25 | 26.4% | 25.7% | ||
| Q2 25 | 9.8% | 21.5% | ||
| Q1 25 | -11.2% | 35.4% | ||
| Q4 24 | 55.7% | 32.3% | ||
| Q3 24 | 8.7% | 33.4% | ||
| Q2 24 | 2.4% | 30.2% | ||
| Q1 24 | — | 35.7% |
每股收益（稀释后）BHFPAYX
| Q4 25 | $1.84 | $1.10 | ||
| Q3 25 | $7.89 | $1.06 | ||
| Q2 25 | $1.02 | $0.83 | ||
| Q1 25 | $-5.04 | $1.43 | ||
| Q4 24 | $10.27 | $1.14 | ||
| Q3 24 | $2.47 | $1.18 | ||
| Q2 24 | $0.12 | $1.05 | ||
| Q1 24 | — | $1.38 |
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 | — | $1.5B |
| 总债务越低越好 | $3.2B | $5.0B |
| 股东权益账面价值 | $6.8B | $3.9B |
| 总资产 | $241.8B | $16.5B |
| 负债/权益比越低杠杆越低 | 0.47× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资BHFPAYX
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.8B | $1.5B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | — | $1.7B |
总债务BHFPAYX
| Q4 25 | $3.2B | $5.0B | ||
| Q3 25 | $3.2B | $5.0B | ||
| Q2 25 | $3.2B | $4.9B | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | $798.6M | ||
| Q1 24 | — | — |
股东权益BHFPAYX
| Q4 25 | $6.8B | $3.9B | ||
| Q3 25 | $6.4B | $4.0B | ||
| Q2 25 | $5.7B | $4.1B | ||
| Q1 25 | $5.2B | $4.1B | ||
| Q4 24 | $5.0B | $3.9B | ||
| Q3 24 | $5.5B | $3.9B | ||
| Q2 24 | $4.1B | $3.8B | ||
| Q1 24 | — | $3.7B |
总资产BHFPAYX
| Q4 25 | $241.8B | $16.5B | ||
| Q3 25 | $244.7B | $16.7B | ||
| Q2 25 | $242.6B | $16.6B | ||
| Q1 25 | $234.7B | $11.2B | ||
| Q4 24 | $238.5B | $10.6B | ||
| Q3 24 | $245.2B | $10.5B | ||
| Q2 24 | $237.4B | $10.4B | ||
| Q1 24 | — | $13.0B |
负债/权益比BHFPAYX
| Q4 25 | 0.47× | 1.28× | ||
| Q3 25 | 0.50× | 1.25× | ||
| Q2 25 | 0.56× | 1.20× | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.76× | 0.21× | ||
| 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 | $-3.0M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | — | $382.8M |
| 自由现金流率自由现金流/营收 | — | 25.5% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | -0.02× | 1.13× |
| 过去12个月自由现金流最近4个季度 | — | $2.0B |
8季度趋势，按日历期对齐
经营现金流BHFPAYX
| Q4 25 | $-3.0M | $444.9M | ||
| Q3 25 | $117.0M | $718.4M | ||
| Q2 25 | $-1.0M | $343.8M | ||
| Q1 25 | $146.0M | $716.0M | ||
| Q4 24 | $-118.0M | $295.0M | ||
| Q3 24 | $24.0M | $546.1M | ||
| Q2 24 | $334.0M | $221.7M | ||
| Q1 24 | — | $671.7M |
自由现金流BHFPAYX
| Q4 25 | — | $382.8M | ||
| Q3 25 | — | $662.5M | ||
| Q2 25 | — | $283.3M | ||
| Q1 25 | — | $667.3M | ||
| Q4 24 | — | $248.0M | ||
| Q3 24 | — | $510.5M | ||
| Q2 24 | — | $180.4M | ||
| Q1 24 | — | $631.0M |
自由现金流率BHFPAYX
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 44.4% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 45.5% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | 39.9% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 45.2% |
资本支出强度BHFPAYX
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 3.7% | ||
| Q2 25 | — | 4.4% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.9% |
现金转化率BHFPAYX
| Q4 25 | -0.02× | 1.13× | ||
| Q3 25 | 0.24× | 1.87× | ||
| Q2 25 | -0.01× | 1.16× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | -0.18× | 0.71× | ||
| Q3 24 | 0.14× | 1.28× | ||
| Q2 24 | 9.82× | 0.58× | ||
| Q1 24 | — | 1.35× |
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
BHF
| Annuities | $926.0M | 55% |
| Runoff | $319.0M | 19% |
| Life | $298.0M | 18% |
| Other | $78.0M | 5% |
| Distribution Service | $66.0M | 4% |
| Accident And Health Insurance Segment | $2.0M | 0% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
