vs
Core Natural Resources, Inc.（CNR）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Core Natural Resources, Inc.的1.4倍（$1.5B vs $1.0B），Paychex净利率更高（26.3% vs -7.6%，领先33.9%），Core Natural Resources, Inc.同比增速更快（81.8% vs 17.4%），Paychex自由现金流更多（$382.8M vs $26.0M），过去两年Core Natural Resources, Inc.的营收复合增速更高（38.1% vs 3.8%）
Arch Resources（原阿奇煤炭）曾是美国煤炭开采加工企业，为美国第二大煤炭供应商，仅次于皮博迪能源，2011年占据美国国内15%的市场份额，主营低硫烟煤、次烟煤的开采、加工与销售，客户以发电企业为主。
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。
CNR vs PAYX — 直观对比
营收规模更大
PAYX
是对方的1.4倍
$1.0B
营收增速更快
CNR
高出64.4%
17.4%
净利率更高
PAYX
高出33.9%
-7.6%
自由现金流更多
PAYX
多$356.8M
$26.0M
两年增速更快
CNR
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.5B |
| 净利润 | $-79.0M | $395.4M |
| 毛利率 | — | 72.6% |
| 营业利润率 | -9.3% | 38.0% |
| 净利率 | -7.6% | 26.3% |
| 营收同比 | 81.8% | 17.4% |
| 净利润同比 | -356.3% | -4.4% |
| 每股收益（稀释后） | $-1.51 | $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CNRPAYX
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.0B | $1.5B | ||
| Q4 24 | $573.6M | $1.3B | ||
| Q3 24 | $553.4M | $1.3B | ||
| Q2 24 | $490.7M | $1.3B | ||
| Q1 24 | $546.7M | $1.4B |
净利润CNRPAYX
| Q4 25 | $-79.0M | $395.4M | ||
| Q3 25 | $31.6M | $383.8M | ||
| Q2 25 | $-36.6M | $297.2M | ||
| Q1 25 | $-69.3M | $519.3M | ||
| Q4 24 | $30.8M | $413.4M | ||
| Q3 24 | $95.6M | $427.4M | ||
| Q2 24 | $58.1M | $379.9M | ||
| Q1 24 | $101.9M | $498.6M |
毛利率CNRPAYX
| 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CNRPAYX
| Q4 25 | -9.3% | 38.0% | ||
| Q3 25 | -1.2% | 36.3% | ||
| Q2 25 | -1.7% | 31.2% | ||
| Q1 25 | -5.3% | 47.2% | ||
| Q4 24 | 6.6% | 42.0% | ||
| Q3 24 | 21.2% | 42.7% | ||
| Q2 24 | 14.6% | 38.3% | ||
| Q1 24 | 22.7% | 46.6% |
净利率CNRPAYX
| Q4 25 | -7.6% | 26.3% | ||
| Q3 25 | 3.2% | 25.7% | ||
| Q2 25 | -3.3% | 21.5% | ||
| Q1 25 | -6.8% | 35.4% | ||
| Q4 24 | 5.4% | 32.3% | ||
| Q3 24 | 17.3% | 33.4% | ||
| Q2 24 | 11.8% | 30.2% | ||
| Q1 24 | 18.6% | 35.7% |
每股收益（稀释后）CNRPAYX
| Q4 25 | $-1.51 | $1.10 | ||
| Q3 25 | $0.61 | $1.06 | ||
| Q2 25 | $-0.70 | $0.83 | ||
| Q1 25 | $-1.38 | $1.43 | ||
| Q4 24 | $1.04 | $1.14 | ||
| Q3 24 | $3.22 | $1.18 | ||
| Q2 24 | $1.96 | $1.05 | ||
| Q1 24 | $3.39 | $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 | $432.2M | $1.5B |
| 总债务越低越好 | $354.2M | $5.0B |
| 股东权益账面价值 | $3.7B | $3.9B |
| 总资产 | $6.1B | $16.5B |
| 负债/权益比越低杠杆越低 | 0.10× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资CNRPAYX
| Q4 25 | $432.2M | $1.5B | ||
| Q3 25 | $444.7M | $1.7B | ||
| Q2 25 | $413.2M | $1.7B | ||
| Q1 25 | $388.5M | $1.6B | ||
| Q4 24 | $460.2M | $1.2B | ||
| Q3 24 | $331.7M | $1.5B | ||
| Q2 24 | $216.1M | $1.5B | ||
| Q1 24 | $172.6M | $1.7B |
总债务CNRPAYX
| Q4 25 | $354.2M | $5.0B | ||
| Q3 25 | $334.5M | $5.0B | ||
| Q2 25 | $334.0M | $4.9B | ||
| Q1 25 | $329.8M | — | ||
| Q4 24 | $94.8M | — | ||
| Q3 24 | $83.7M | — | ||
| Q2 24 | $184.9M | $798.6M | ||
| Q1 24 | $185.5M | — |
股东权益CNRPAYX
| Q4 25 | $3.7B | $3.9B | ||
| Q3 25 | $3.8B | $4.0B | ||
| Q2 25 | $3.8B | $4.1B | ||
| Q1 25 | $3.9B | $4.1B | ||
| Q4 24 | $1.6B | $3.9B | ||
| Q3 24 | $1.5B | $3.9B | ||
| Q2 24 | $1.4B | $3.8B | ||
| Q1 24 | $1.4B | $3.7B |
总资产CNRPAYX
| Q4 25 | $6.1B | $16.5B | ||
| Q3 25 | $6.2B | $16.7B | ||
| Q2 25 | $6.2B | $16.6B | ||
| Q1 25 | $6.3B | $11.2B | ||
| Q4 24 | $2.9B | $10.6B | ||
| Q3 24 | $2.8B | $10.5B | ||
| Q2 24 | $2.7B | $10.4B | ||
| Q1 24 | $2.7B | $13.0B |
负债/权益比CNRPAYX
| Q4 25 | 0.10× | 1.28× | ||
| Q3 25 | 0.09× | 1.25× | ||
| Q2 25 | 0.09× | 1.20× | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | 0.06× | — | ||
| Q3 24 | 0.05× | — | ||
| Q2 24 | 0.13× | 0.21× | ||
| Q1 24 | 0.13× | — |
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 | $107.3M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $26.0M | $382.8M |
| 自由现金流率自由现金流/营收 | 2.5% | 25.5% |
| 资本支出强度资本支出/营收 | 7.8% | 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 | $21.2M | $2.0B |
8季度趋势，按日历期对齐
经营现金流CNRPAYX
| Q4 25 | $107.3M | $444.9M | ||
| Q3 25 | $87.9M | $718.4M | ||
| Q2 25 | $220.2M | $343.8M | ||
| Q1 25 | $-109.6M | $716.0M | ||
| Q4 24 | $121.3M | $295.0M | ||
| Q3 24 | $161.3M | $546.1M | ||
| Q2 24 | $116.3M | $221.7M | ||
| Q1 24 | $77.5M | $671.7M |
自由现金流CNRPAYX
| Q4 25 | $26.0M | $382.8M | ||
| Q3 25 | $38.6M | $662.5M | ||
| Q2 25 | $131.0M | $283.3M | ||
| Q1 25 | $-174.5M | $667.3M | ||
| Q4 24 | $80.5M | $248.0M | ||
| Q3 24 | $121.9M | $510.5M | ||
| Q2 24 | $60.9M | $180.4M | ||
| Q1 24 | $35.1M | $631.0M |
自由现金流率CNRPAYX
| Q4 25 | 2.5% | 25.5% | ||
| Q3 25 | 3.9% | 44.4% | ||
| Q2 25 | 11.9% | 20.5% | ||
| Q1 25 | -17.1% | 45.5% | ||
| Q4 24 | 14.0% | 19.4% | ||
| Q3 24 | 22.0% | 39.9% | ||
| Q2 24 | 12.4% | 14.4% | ||
| Q1 24 | 6.4% | 45.2% |
资本支出强度CNRPAYX
| Q4 25 | 7.8% | 4.1% | ||
| Q3 25 | 4.9% | 3.7% | ||
| Q2 25 | 8.1% | 4.4% | ||
| Q1 25 | 6.4% | 3.3% | ||
| Q4 24 | 7.1% | 3.7% | ||
| Q3 24 | 7.1% | 2.8% | ||
| Q2 24 | 11.3% | 3.3% | ||
| Q1 24 | 7.7% | 2.9% |
现金转化率CNRPAYX
| Q4 25 | — | 1.13× | ||
| Q3 25 | 2.78× | 1.87× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | 3.94× | 0.71× | ||
| Q3 24 | 1.69× | 1.28× | ||
| Q2 24 | 2.00× | 0.58× | ||
| Q1 24 | 0.76× | 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
CNR
| Other | $397.4M | 38% |
| Power Generation | $376.5M | 36% |
| PRB | $183.0M | 18% |
| Metallurgical | $42.0M | 4% |
| Industrial | $34.1M | 3% |
| Terminal Revenue | $6.4M | 1% |
| Other Revenue | $3.0M | 0% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
