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Conagra Brands（CAG）与Paychex（PAYX）财务数据对比。点击上方公司名可切换其他公司
Conagra Brands的季度营收约是Paychex的2.0倍（$3.0B vs $1.5B），Paychex净利率更高（26.3% vs -22.3%，领先48.6%），Paychex同比增速更快（17.4% vs -6.8%），Paychex自由现金流更多（$382.8M vs $138.8M），过去两年Paychex的营收复合增速更高（3.8% vs -0.9%）
Conagra Brands是美国包装消费品控股企业，1919年于内布拉斯加州成立，总部设在伊利诺伊州芝加哥。公司旗下拥有多个食品品牌，产品覆盖超市、餐厅及各类餐饮服务场所，2022年位列《财富》美国500强第331位。
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。
CAG vs PAYX — 直观对比
营收规模更大
CAG
是对方的2.0倍
$1.5B
营收增速更快
PAYX
高出24.1%
-6.8%
净利率更高
PAYX
高出48.6%
-22.3%
自由现金流更多
PAYX
多$244.0M
$138.8M
两年增速更快
PAYX
近两年复合增速
-0.9%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.0B | $1.5B |
| 净利润 | $-663.6M | $395.4M |
| 毛利率 | 23.4% | 72.6% |
| 营业利润率 | -20.1% | 38.0% |
| 净利率 | -22.3% | 26.3% |
| 营收同比 | -6.8% | 17.4% |
| 净利润同比 | -333.3% | -4.4% |
| 每股收益（稀释后） | $-1.39 | $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CAGPAYX
| Q4 25 | $3.0B | $1.5B | ||
| Q3 25 | $2.6B | $1.5B | ||
| Q2 25 | $2.8B | $1.4B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $3.2B | $1.3B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.9B | $1.3B | ||
| Q1 24 | $3.0B | $1.4B |
净利润CAGPAYX
| Q4 25 | $-663.6M | $395.4M | ||
| Q3 25 | $164.5M | $383.8M | ||
| Q2 25 | $256.0M | $297.2M | ||
| Q1 25 | $145.1M | $519.3M | ||
| Q4 24 | $284.5M | $413.4M | ||
| Q3 24 | $466.8M | $427.4M | ||
| Q2 24 | $-567.3M | $379.9M | ||
| Q1 24 | $308.6M | $498.6M |
毛利率CAGPAYX
| Q4 25 | 23.4% | 72.6% | ||
| Q3 25 | 24.3% | 72.3% | ||
| Q2 25 | 25.4% | 71.5% | ||
| Q1 25 | 25.0% | 73.6% | ||
| Q4 24 | 26.5% | 70.4% | ||
| Q3 24 | 26.5% | 70.3% | ||
| Q2 24 | 27.7% | 70.1% | ||
| Q1 24 | 28.3% | 72.8% |
营业利润率CAGPAYX
| Q4 25 | -20.1% | 38.0% | ||
| Q3 25 | 13.2% | 36.3% | ||
| Q2 25 | 0.1% | 31.2% | ||
| Q1 25 | 13.9% | 47.2% | ||
| Q4 24 | 14.8% | 42.0% | ||
| Q3 24 | 17.7% | 42.7% | ||
| Q2 24 | -16.3% | 38.3% | ||
| Q1 24 | 19.1% | 46.6% |
净利率CAGPAYX
| Q4 25 | -22.3% | 26.3% | ||
| Q3 25 | 6.2% | 25.7% | ||
| Q2 25 | 9.2% | 21.5% | ||
| Q1 25 | 5.1% | 35.4% | ||
| Q4 24 | 8.9% | 32.3% | ||
| Q3 24 | 16.7% | 33.4% | ||
| Q2 24 | -19.5% | 30.2% | ||
| Q1 24 | 10.2% | 35.7% |
每股收益（稀释后）CAGPAYX
| Q4 25 | $-1.39 | $1.10 | ||
| Q3 25 | $0.34 | $1.06 | ||
| Q2 25 | $0.54 | $0.83 | ||
| Q1 25 | $0.30 | $1.43 | ||
| Q4 24 | $0.59 | $1.14 | ||
| Q3 24 | $0.97 | $1.18 | ||
| Q2 24 | $-1.19 | $1.05 | ||
| Q1 24 | $0.64 | $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 | $46.6M | $1.5B |
| 总债务越低越好 | $7.2B | $5.0B |
| 股东权益账面价值 | $8.1B | $3.9B |
| 总资产 | $19.5B | $16.5B |
| 负债/权益比越低杠杆越低 | 0.89× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资CAGPAYX
| Q4 25 | $46.6M | $1.5B | ||
| Q3 25 | $698.1M | $1.7B | ||
| Q2 25 | $68.0M | $1.7B | ||
| Q1 25 | $49.4M | $1.6B | ||
| Q4 24 | $37.4M | $1.2B | ||
| Q3 24 | $128.7M | $1.5B | ||
| Q2 24 | $77.7M | $1.5B | ||
| Q1 24 | $78.5M | $1.7B |
总债务CAGPAYX
| Q4 25 | $7.2B | $5.0B | ||
| Q3 25 | $8.2B | $5.0B | ||
| Q2 25 | $7.3B | $4.9B | ||
| Q1 25 | $7.3B | — | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | $798.6M | ||
| Q1 24 | $8.5B | — |
股东权益CAGPAYX
| Q4 25 | $8.1B | $3.9B | ||
| Q3 25 | $8.9B | $4.0B | ||
| Q2 25 | $8.9B | $4.1B | ||
| Q1 25 | $8.8B | $4.1B | ||
| Q4 24 | $8.8B | $3.9B | ||
| Q3 24 | $8.7B | $3.9B | ||
| Q2 24 | $8.4B | $3.8B | ||
| Q1 24 | $9.2B | $3.7B |
总资产CAGPAYX
| Q4 25 | $19.5B | $16.5B | ||
| Q3 25 | $21.2B | $16.7B | ||
| Q2 25 | $20.9B | $16.6B | ||
| Q1 25 | $20.7B | $11.2B | ||
| Q4 24 | $21.0B | $10.6B | ||
| Q3 24 | $21.2B | $10.5B | ||
| Q2 24 | $20.9B | $10.4B | ||
| Q1 24 | $21.9B | $13.0B |
负债/权益比CAGPAYX
| Q4 25 | 0.89× | 1.28× | ||
| Q3 25 | 0.92× | 1.25× | ||
| Q2 25 | 0.81× | 1.20× | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 0.83× | — | ||
| Q3 24 | 0.86× | — | ||
| Q2 24 | 0.89× | 0.21× | ||
| Q1 24 | 0.93× | — |
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 | $210.6M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $138.8M | $382.8M |
| 自由现金流率自由现金流/营收 | 4.7% | 25.5% |
| 资本支出强度资本支出/营收 | 2.4% | 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 | $876.4M | $2.0B |
8季度趋势，按日历期对齐
经营现金流CAGPAYX
| Q4 25 | $210.6M | $444.9M | ||
| Q3 25 | $120.6M | $718.4M | ||
| Q2 25 | $345.7M | $343.8M | ||
| Q1 25 | $592.0M | $716.0M | ||
| Q4 24 | $485.6M | $295.0M | ||
| Q3 24 | $268.6M | $546.1M | ||
| Q2 24 | $484.3M | $221.7M | ||
| Q1 24 | $676.7M | $671.7M |
自由现金流CAGPAYX
| Q4 25 | $138.8M | $382.8M | ||
| Q3 25 | $-26.2M | $662.5M | ||
| Q2 25 | $260.6M | $283.3M | ||
| Q1 25 | $503.2M | $667.3M | ||
| Q4 24 | $403.2M | $248.0M | ||
| Q3 24 | $135.6M | $510.5M | ||
| Q2 24 | $405.8M | $180.4M | ||
| Q1 24 | $581.1M | $631.0M |
自由现金流率CAGPAYX
| Q4 25 | 4.7% | 25.5% | ||
| Q3 25 | -1.0% | 44.4% | ||
| Q2 25 | 9.4% | 20.5% | ||
| Q1 25 | 17.7% | 45.5% | ||
| Q4 24 | 12.6% | 19.4% | ||
| Q3 24 | 4.9% | 39.9% | ||
| Q2 24 | 14.0% | 14.4% | ||
| Q1 24 | 19.2% | 45.2% |
资本支出强度CAGPAYX
| Q4 25 | 2.4% | 4.1% | ||
| Q3 25 | 5.6% | 3.7% | ||
| Q2 25 | 3.1% | 4.4% | ||
| Q1 25 | 3.1% | 3.3% | ||
| Q4 24 | 2.6% | 3.7% | ||
| Q3 24 | 4.8% | 2.8% | ||
| Q2 24 | 2.7% | 3.3% | ||
| Q1 24 | 3.2% | 2.9% |
现金转化率CAGPAYX
| Q4 25 | — | 1.13× | ||
| Q3 25 | 0.73× | 1.87× | ||
| Q2 25 | 1.35× | 1.16× | ||
| Q1 25 | 4.08× | 1.38× | ||
| Q4 24 | 1.71× | 0.71× | ||
| Q3 24 | 0.58× | 1.28× | ||
| Q2 24 | — | 0.58× | ||
| Q1 24 | 2.19× | 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
CAG
| Frozen | $1.1B | 35% |
| Other Shelf Stable | $625.2M | 21% |
| Snacks | $583.9M | 20% |
| Foodservice | $288.4M | 10% |
| Other | $230.4M | 8% |
| Refrigerated | $196.0M | 7% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
