vs
Dayforce（DAY）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
Dayforce的季度营收约是美世的1.1倍（$481.6M vs $449.5M），Dayforce净利率更高（-40.9% vs -68.7%，领先27.8%），Dayforce同比增速更快（9.5% vs -8.0%），过去两年Dayforce的营收复合增速更高（9.8% vs -9.9%）
Dayforce前身为知名人力资源服务商Ceridian，是一家总部位于美国的人力资源软件及服务企业，面向各行业不同规模的客户提供覆盖薪酬核算、人员管理、考勤等多场景的HR SaaS产品及配套专业服务，助力企业提升人力资源运营效率。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
DAY vs MERC — 直观对比
营收规模更大
DAY
是对方的1.1倍
$449.5M
营收增速更快
DAY
高出17.4%
-8.0%
净利率更高
DAY
高出27.8%
-68.7%
两年增速更快
DAY
近两年复合增速
-9.9%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $481.6M | $449.5M |
| 净利润 | $-196.8M | $-308.7M |
| 毛利率 | — | — |
| 营业利润率 | 6.3% | -62.0% |
| 净利率 | -40.9% | -68.7% |
| 营收同比 | 9.5% | -8.0% |
| 净利润同比 | -9940.0% | -1947.7% |
| 每股收益（稀释后） | $-1.23 | $-4.61 |
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DAYMERC
| Q4 25 | — | $449.5M | ||
| Q3 25 | $481.6M | $458.1M | ||
| Q2 25 | $464.7M | $453.5M | ||
| Q1 25 | $481.8M | $507.0M | ||
| Q4 24 | $465.2M | $488.4M | ||
| Q3 24 | $440.0M | $502.1M | ||
| Q2 24 | $423.3M | $499.4M | ||
| Q1 24 | $431.5M | $553.4M |
净利润DAYMERC
| Q4 25 | — | $-308.7M | ||
| Q3 25 | $-196.8M | $-80.8M | ||
| Q2 25 | $21.3M | $-86.1M | ||
| Q1 25 | $14.9M | $-22.3M | ||
| Q4 24 | $10.8M | $16.7M | ||
| Q3 24 | $2.0M | $-17.6M | ||
| Q2 24 | $-1.8M | $-67.6M | ||
| Q1 24 | $7.1M | $-16.7M |
毛利率DAYMERC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 47.0% | — | ||
| Q3 24 | 45.8% | — | ||
| Q2 24 | 44.1% | — | ||
| Q1 24 | 47.6% | — |
营业利润率DAYMERC
| Q4 25 | — | -62.0% | ||
| Q3 25 | 6.3% | -14.8% | ||
| Q2 25 | 9.1% | -12.9% | ||
| Q1 25 | 6.4% | 1.3% | ||
| Q4 24 | 6.1% | 10.3% | ||
| Q3 24 | 4.7% | 1.8% | ||
| Q2 24 | 3.3% | -8.8% | ||
| Q1 24 | 9.4% | -0.1% |
净利率DAYMERC
| Q4 25 | — | -68.7% | ||
| Q3 25 | -40.9% | -17.6% | ||
| Q2 25 | 4.6% | -19.0% | ||
| Q1 25 | 3.1% | -4.4% | ||
| Q4 24 | 2.3% | 3.4% | ||
| Q3 24 | 0.5% | -3.5% | ||
| Q2 24 | -0.4% | -13.5% | ||
| Q1 24 | 1.6% | -3.0% |
每股收益（稀释后）DAYMERC
| Q4 25 | — | $-4.61 | ||
| Q3 25 | $-1.23 | $-1.21 | ||
| Q2 25 | $0.13 | $-1.29 | ||
| Q1 25 | $0.09 | $-0.33 | ||
| Q4 24 | $0.07 | $0.25 | ||
| Q3 24 | $0.01 | $-0.26 | ||
| Q2 24 | $-0.01 | $-1.01 | ||
| Q1 24 | $0.04 | $-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 | $627.6M | $186.8M |
| 总债务越低越好 | $631.1M | $1.6B |
| 股东权益账面价值 | $2.7B | $68.1M |
| 总资产 | $8.7B | $2.0B |
| 负债/权益比越低杠杆越低 | 0.23× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资DAYMERC
| Q4 25 | — | $186.8M | ||
| Q3 25 | $627.6M | $98.1M | ||
| Q2 25 | $625.2M | $146.5M | ||
| Q1 25 | $557.3M | $181.5M | ||
| Q4 24 | $579.7M | $184.9M | ||
| Q3 24 | $494.1M | $239.0M | ||
| Q2 24 | $465.4M | $263.2M | ||
| Q1 24 | $392.5M | $274.3M |
总债务DAYMERC
| Q4 25 | — | $1.6B | ||
| Q3 25 | $631.1M | $1.5B | ||
| Q2 25 | $631.8M | $1.5B | ||
| Q1 25 | $632.4M | $1.5B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.2B | $1.6B |
股东权益DAYMERC
| Q4 25 | — | $68.1M | ||
| Q3 25 | $2.7B | $359.5M | ||
| Q2 25 | $2.7B | $446.5M | ||
| Q1 25 | $2.6B | $437.4M | ||
| Q4 24 | $2.5B | $429.8M | ||
| Q3 24 | $2.6B | $516.8M | ||
| Q2 24 | $2.5B | $487.7M | ||
| Q1 24 | $2.4B | $573.6M |
总资产DAYMERC
| Q4 25 | — | $2.0B | ||
| Q3 25 | $8.7B | $2.3B | ||
| Q2 25 | $8.5B | $2.4B | ||
| Q1 25 | $9.5B | $2.3B | ||
| Q4 24 | $9.1B | $2.3B | ||
| Q3 24 | $8.1B | $2.5B | ||
| Q2 24 | $9.0B | $2.5B | ||
| Q1 24 | $10.8B | $2.6B |
负债/权益比DAYMERC
| Q4 25 | — | 23.58× | ||
| Q3 25 | 0.23× | 4.30× | ||
| Q2 25 | 0.23× | 3.42× | ||
| Q1 25 | 0.24× | 3.44× | ||
| Q4 24 | 0.47× | 3.43× | ||
| Q3 24 | 0.47× | 3.09× | ||
| Q2 24 | 0.49× | 3.22× | ||
| Q1 24 | 0.50× | 2.82× |
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 | $31.2M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | — | $32.0M |
| 自由现金流率自由现金流/营收 | — | 7.1% |
| 资本支出强度资本支出/营收 | — | 3.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-80.0M |
8季度趋势，按日历期对齐
经营现金流DAYMERC
| Q4 25 | — | $46.2M | ||
| Q3 25 | $31.2M | $-30.1M | ||
| Q2 25 | $112.7M | $-4.5M | ||
| Q1 25 | $49.6M | $-3.0M | ||
| Q4 24 | $81.0M | $71.2M | ||
| Q3 24 | $91.8M | $-13.9M | ||
| Q2 24 | $99.2M | $62.2M | ||
| Q1 24 | $9.1M | $-29.2M |
自由现金流DAYMERC
| Q4 25 | — | $32.0M | ||
| Q3 25 | — | $-60.1M | ||
| Q2 25 | — | $-28.9M | ||
| Q1 25 | — | $-23.1M | ||
| Q4 24 | — | $50.4M | ||
| Q3 24 | — | $-41.2M | ||
| Q2 24 | — | $44.3M | ||
| Q1 24 | — | $-47.7M |
自由现金流率DAYMERC
| Q4 25 | — | 7.1% | ||
| Q3 25 | — | -13.1% | ||
| Q2 25 | — | -6.4% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | -8.2% | ||
| Q2 24 | — | 8.9% | ||
| Q1 24 | — | -8.6% |
资本支出强度DAYMERC
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 3.6% | ||
| Q1 24 | — | 3.3% |
现金转化率DAYMERC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.29× | — | ||
| Q1 25 | 3.33× | — | ||
| Q4 24 | 7.50× | 4.26× | ||
| Q3 24 | 45.90× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.28× | — |
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
DAY
| Dayforce Recurring | $333.0M | 69% |
| Cloud And Bureau Professional Services And Other | $78.5M | 16% |
| Float | $42.2M | 9% |
| Powerpay Recurring | $19.7M | 4% |
| Other Recurring | $8.2M | 2% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
