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拜玛林制药（BMRN）与Paychex（PAYX）财务数据对比。点击上方公司名可切换其他公司
Paychex的季度营收约是拜玛林制药的1.7倍（$1.5B vs $874.6M），Paychex净利率更高（26.3% vs -5.3%，领先31.6%），Paychex同比增速更快（17.4% vs 17.0%），Paychex自由现金流更多（$382.8M vs $58.9M），过去两年拜玛林制药的营收复合增速更高（16.1% vs 3.8%）
拜玛林制药是总部位于美国加利福尼亚州圣拉斐尔的生物技术企业，在美洲、亚洲、欧洲多地设有办事机构及生产设施，核心业务聚焦酶替代疗法研发，是全球首个推出Ⅰ型粘多糖贮积症治疗药物拉罗尼酶及苯丙酮尿症治疗药物的企业。
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。
BMRN vs PAYX — 直观对比
营收规模更大
PAYX
是对方的1.7倍
$874.6M
营收增速更快
PAYX
高出0.3%
17.0%
净利率更高
PAYX
高出31.6%
-5.3%
自由现金流更多
PAYX
多$323.9M
$58.9M
两年增速更快
BMRN
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $874.6M | $1.5B |
| 净利润 | $-46.6M | $395.4M |
| 毛利率 | 68.5% | 72.6% |
| 营业利润率 | -5.1% | 38.0% |
| 净利率 | -5.3% | 26.3% |
| 营收同比 | 17.0% | 17.4% |
| 净利润同比 | -137.3% | -4.4% |
| 每股收益（稀释后） | $-0.22 | $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BMRNPAYX
| Q4 25 | $874.6M | $1.5B | ||
| Q3 25 | $776.1M | $1.5B | ||
| Q2 25 | $825.4M | $1.4B | ||
| Q1 25 | $745.1M | $1.5B | ||
| Q4 24 | $747.3M | $1.3B | ||
| Q3 24 | $745.7M | $1.3B | ||
| Q2 24 | $712.0M | $1.3B | ||
| Q1 24 | $648.8M | $1.4B |
净利润BMRNPAYX
| Q4 25 | $-46.6M | $395.4M | ||
| Q3 25 | $-30.7M | $383.8M | ||
| Q2 25 | $240.5M | $297.2M | ||
| Q1 25 | $185.7M | $519.3M | ||
| Q4 24 | $124.9M | $413.4M | ||
| Q3 24 | $106.1M | $427.4M | ||
| Q2 24 | $107.2M | $379.9M | ||
| Q1 24 | $88.7M | $498.6M |
毛利率BMRNPAYX
| Q4 25 | 68.5% | 72.6% | ||
| Q3 25 | 82.0% | 72.3% | ||
| Q2 25 | 81.8% | 71.5% | ||
| Q1 25 | 79.7% | 73.6% | ||
| Q4 24 | 81.8% | 70.4% | ||
| Q3 24 | 74.7% | 70.3% | ||
| Q2 24 | 81.7% | 70.1% | ||
| Q1 24 | 80.7% | 72.8% |
营业利润率BMRNPAYX
| Q4 25 | -5.1% | 38.0% | ||
| Q3 25 | -6.0% | 36.3% | ||
| Q2 25 | 33.5% | 31.2% | ||
| Q1 25 | 30.0% | 47.2% | ||
| Q4 24 | 21.6% | 42.0% | ||
| Q3 24 | 15.3% | 42.7% | ||
| Q2 24 | 16.9% | 38.3% | ||
| Q1 24 | 13.6% | 46.6% |
净利率BMRNPAYX
| Q4 25 | -5.3% | 26.3% | ||
| Q3 25 | -4.0% | 25.7% | ||
| Q2 25 | 29.1% | 21.5% | ||
| Q1 25 | 24.9% | 35.4% | ||
| Q4 24 | 16.7% | 32.3% | ||
| Q3 24 | 14.2% | 33.4% | ||
| Q2 24 | 15.1% | 30.2% | ||
| Q1 24 | 13.7% | 35.7% |
每股收益（稀释后）BMRNPAYX
| Q4 25 | $-0.22 | $1.10 | ||
| Q3 25 | $-0.16 | $1.06 | ||
| Q2 25 | $1.23 | $0.83 | ||
| Q1 25 | $0.95 | $1.43 | ||
| Q4 24 | $0.65 | $1.14 | ||
| Q3 24 | $0.55 | $1.18 | ||
| Q2 24 | $0.55 | $1.05 | ||
| Q1 24 | $0.46 | $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 | $1.3B | $1.5B |
| 总债务越低越好 | — | $5.0B |
| 股东权益账面价值 | $6.1B | $3.9B |
| 总资产 | $7.6B | $16.5B |
| 负债/权益比越低杠杆越低 | — | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资BMRNPAYX
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $942.8M | $1.2B | ||
| Q3 24 | $675.4M | $1.5B | ||
| Q2 24 | $972.1M | $1.5B | ||
| Q1 24 | $747.0M | $1.7B |
总债务BMRNPAYX
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $798.6M | ||
| Q1 24 | — | — |
股东权益BMRNPAYX
| Q4 25 | $6.1B | $3.9B | ||
| Q3 25 | $6.1B | $4.0B | ||
| Q2 25 | $6.0B | $4.1B | ||
| Q1 25 | $5.8B | $4.1B | ||
| Q4 24 | $5.7B | $3.9B | ||
| Q3 24 | $5.4B | $3.9B | ||
| Q2 24 | $5.3B | $3.8B | ||
| Q1 24 | $5.1B | $3.7B |
总资产BMRNPAYX
| Q4 25 | $7.6B | $16.5B | ||
| Q3 25 | $7.6B | $16.7B | ||
| Q2 25 | $7.5B | $16.6B | ||
| Q1 25 | $7.1B | $11.2B | ||
| Q4 24 | $7.0B | $10.6B | ||
| Q3 24 | $6.9B | $10.5B | ||
| Q2 24 | $7.1B | $10.4B | ||
| Q1 24 | $6.9B | $13.0B |
负债/权益比BMRNPAYX
| Q4 25 | — | 1.28× | ||
| Q3 25 | — | 1.25× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 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 | $99.6M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $58.9M | $382.8M |
| 自由现金流率自由现金流/营收 | 6.7% | 25.5% |
| 资本支出强度资本支出/营收 | 4.7% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | $725.0M | $2.0B |
8季度趋势，按日历期对齐
经营现金流BMRNPAYX
| Q4 25 | $99.6M | $444.9M | ||
| Q3 25 | $368.7M | $718.4M | ||
| Q2 25 | $185.3M | $343.8M | ||
| Q1 25 | $174.4M | $716.0M | ||
| Q4 24 | $185.6M | $295.0M | ||
| Q3 24 | $221.5M | $546.1M | ||
| Q2 24 | $118.8M | $221.7M | ||
| Q1 24 | $47.0M | $671.7M |
自由现金流BMRNPAYX
| Q4 25 | $58.9M | $382.8M | ||
| Q3 25 | $340.2M | $662.5M | ||
| Q2 25 | $168.2M | $283.3M | ||
| Q1 25 | $157.6M | $667.3M | ||
| Q4 24 | $166.1M | $248.0M | ||
| Q3 24 | $203.0M | $510.5M | ||
| Q2 24 | $97.4M | $180.4M | ||
| Q1 24 | $20.9M | $631.0M |
自由现金流率BMRNPAYX
| Q4 25 | 6.7% | 25.5% | ||
| Q3 25 | 43.8% | 44.4% | ||
| Q2 25 | 20.4% | 20.5% | ||
| Q1 25 | 21.2% | 45.5% | ||
| Q4 24 | 22.2% | 19.4% | ||
| Q3 24 | 27.2% | 39.9% | ||
| Q2 24 | 13.7% | 14.4% | ||
| Q1 24 | 3.2% | 45.2% |
资本支出强度BMRNPAYX
| Q4 25 | 4.7% | 4.1% | ||
| Q3 25 | 3.7% | 3.7% | ||
| Q2 25 | 2.1% | 4.4% | ||
| Q1 25 | 2.3% | 3.3% | ||
| Q4 24 | 2.6% | 3.7% | ||
| Q3 24 | 2.5% | 2.8% | ||
| Q2 24 | 3.0% | 3.3% | ||
| Q1 24 | 4.0% | 2.9% |
现金转化率BMRNPAYX
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.87× | ||
| Q2 25 | 0.77× | 1.16× | ||
| Q1 25 | 0.94× | 1.38× | ||
| Q4 24 | 1.49× | 0.71× | ||
| Q3 24 | 2.09× | 1.28× | ||
| Q2 24 | 1.11× | 0.58× | ||
| Q1 24 | 0.53× | 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
BMRN
| VOXZOGO | $273.4M | 31% |
| VIMIZIM | $205.5M | 24% |
| PALYNZIQ | $125.3M | 14% |
| NAGLAZYME | $120.2M | 14% |
| Other | $49.4M | 6% |
| ALDURAZYME | $49.4M | 6% |
| KUVAN | $23.3M | 3% |
| Royalty And Other | $15.2M | 2% |
| ROCTAVIAN | $12.8M | 1% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
