vs
Dayforce（DAY）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是Dayforce的1.8倍（$883.8M vs $481.6M），RH净利率更高（4.1% vs -40.9%，领先45.0%），Dayforce同比增速更快（9.5% vs 8.9%），过去两年Dayforce的营收复合增速更高（9.8% vs 9.4%）
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。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
DAY vs RH — 直观对比
营收规模更大
RH
是对方的1.8倍
$481.6M
营收增速更快
DAY
高出0.6%
8.9%
净利率更高
RH
高出45.0%
-40.9%
两年增速更快
DAY
近两年复合增速
9.4%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $481.6M | $883.8M |
| 净利润 | $-196.8M | $36.3M |
| 毛利率 | — | 44.1% |
| 营业利润率 | 6.3% | 12.0% |
| 净利率 | -40.9% | 4.1% |
| 营收同比 | 9.5% | 8.9% |
| 净利润同比 | -9940.0% | 9.3% |
| 每股收益（稀释后） | $-1.23 | $1.83 |
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DAYRH
| Q4 25 | — | $883.8M | ||
| Q3 25 | $481.6M | $899.2M | ||
| Q2 25 | $464.7M | $814.0M | ||
| Q1 25 | $481.8M | $812.4M | ||
| Q4 24 | $465.2M | $811.7M | ||
| Q3 24 | $440.0M | $829.7M | ||
| Q2 24 | $423.3M | $727.0M | ||
| Q1 24 | $431.5M | $738.3M |
净利润DAYRH
| Q4 25 | — | $36.3M | ||
| Q3 25 | $-196.8M | $51.7M | ||
| Q2 25 | $21.3M | $8.0M | ||
| Q1 25 | $14.9M | $13.9M | ||
| Q4 24 | $10.8M | $33.2M | ||
| Q3 24 | $2.0M | $29.0M | ||
| Q2 24 | $-1.8M | $-3.6M | ||
| Q1 24 | $7.1M | $11.4M |
毛利率DAYRH
| Q4 25 | — | 44.1% | ||
| Q3 25 | — | 45.5% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 44.7% | ||
| Q4 24 | 47.0% | 44.5% | ||
| Q3 24 | 45.8% | 45.2% | ||
| Q2 24 | 44.1% | 43.5% | ||
| Q1 24 | 47.6% | 43.5% |
营业利润率DAYRH
| Q4 25 | — | 12.0% | ||
| Q3 25 | 6.3% | 14.3% | ||
| Q2 25 | 9.1% | 6.9% | ||
| Q1 25 | 6.4% | 8.7% | ||
| Q4 24 | 6.1% | 12.5% | ||
| Q3 24 | 4.7% | 11.6% | ||
| Q2 24 | 3.3% | 7.5% | ||
| Q1 24 | 9.4% | 8.7% |
净利率DAYRH
| Q4 25 | — | 4.1% | ||
| Q3 25 | -40.9% | 5.8% | ||
| Q2 25 | 4.6% | 1.0% | ||
| Q1 25 | 3.1% | 1.7% | ||
| Q4 24 | 2.3% | 4.1% | ||
| Q3 24 | 0.5% | 3.5% | ||
| Q2 24 | -0.4% | -0.5% | ||
| Q1 24 | 1.6% | 1.5% |
每股收益（稀释后）DAYRH
| Q4 25 | — | $1.83 | ||
| Q3 25 | $-1.23 | $2.62 | ||
| Q2 25 | $0.13 | $0.40 | ||
| Q1 25 | $0.09 | $0.71 | ||
| Q4 24 | $0.07 | $1.66 | ||
| Q3 24 | $0.01 | $1.45 | ||
| Q2 24 | $-0.01 | $-0.20 | ||
| Q1 24 | $0.04 | $0.91 |
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 | $43.1M |
| 总债务越低越好 | $631.1M | — |
| 股东权益账面价值 | $2.7B | $3.3M |
| 总资产 | $8.7B | $4.8B |
| 负债/权益比越低杠杆越低 | 0.23× | — |
8季度趋势，按日历期对齐
现金及短期投资DAYRH
| Q4 25 | — | $43.1M | ||
| Q3 25 | $627.6M | $34.6M | ||
| Q2 25 | $625.2M | $46.1M | ||
| Q1 25 | $557.3M | $30.4M | ||
| Q4 24 | $579.7M | $87.0M | ||
| Q3 24 | $494.1M | $78.3M | ||
| Q2 24 | $465.4M | $101.8M | ||
| Q1 24 | $392.5M | $123.7M |
总债务DAYRH
| Q4 25 | — | — | ||
| Q3 25 | $631.1M | — | ||
| Q2 25 | $631.8M | — | ||
| Q1 25 | $632.4M | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
股东权益DAYRH
| Q4 25 | — | $3.3M | ||
| Q3 25 | $2.7B | $-40.9M | ||
| Q2 25 | $2.7B | $-110.8M | ||
| Q1 25 | $2.6B | $-163.6M | ||
| Q4 24 | $2.5B | $-183.0M | ||
| Q3 24 | $2.6B | $-234.7M | ||
| Q2 24 | $2.5B | $-289.9M | ||
| Q1 24 | $2.4B | $-297.4M |
总资产DAYRH
| Q4 25 | — | $4.8B | ||
| Q3 25 | $8.7B | $4.7B | ||
| Q2 25 | $8.5B | $4.7B | ||
| Q1 25 | $9.5B | $4.6B | ||
| Q4 24 | $9.1B | $4.5B | ||
| Q3 24 | $8.1B | $4.4B | ||
| Q2 24 | $9.0B | $4.2B | ||
| Q1 24 | $10.8B | $4.1B |
负债/权益比DAYRH
| Q4 25 | — | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.50× | — |
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 | $131.9M |
| 自由现金流经营现金流 - 资本支出 | — | $83.0M |
| 自由现金流率自由现金流/营收 | — | 9.4% |
| 资本支出强度资本支出/营收 | — | 5.5% |
| 现金转化率经营现金流/净利润 | — | 3.64× |
| 过去12个月自由现金流最近4个季度 | — | $128.1M |
8季度趋势，按日历期对齐
经营现金流DAYRH
| Q4 25 | — | $131.9M | ||
| Q3 25 | $31.2M | $137.7M | ||
| Q2 25 | $112.7M | $86.6M | ||
| Q1 25 | $49.6M | $-18.8M | ||
| Q4 24 | $81.0M | $-31.4M | ||
| Q3 24 | $91.8M | $11.2M | ||
| Q2 24 | $99.2M | $56.1M | ||
| Q1 24 | $9.1M | $-114.0M |
自由现金流DAYRH
| Q4 25 | — | $83.0M | ||
| Q3 25 | — | $80.7M | ||
| Q2 25 | — | $34.1M | ||
| Q1 25 | — | $-69.7M | ||
| Q4 24 | — | $-96.0M | ||
| Q3 24 | — | $-37.9M | ||
| Q2 24 | — | $-10.1M | ||
| Q1 24 | — | $-251.5M |
自由现金流率DAYRH
| Q4 25 | — | 9.4% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | -8.6% | ||
| Q4 24 | — | -11.8% | ||
| Q3 24 | — | -4.6% | ||
| Q2 24 | — | -1.4% | ||
| Q1 24 | — | -34.1% |
资本支出强度DAYRH
| Q4 25 | — | 5.5% | ||
| Q3 25 | — | 6.3% | ||
| Q2 25 | — | 6.5% | ||
| Q1 25 | — | 6.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | 18.6% |
现金转化率DAYRH
| Q4 25 | — | 3.64× | ||
| Q3 25 | — | 2.66× | ||
| Q2 25 | 5.29× | 10.78× | ||
| Q1 25 | 3.33× | -1.35× | ||
| Q4 24 | 7.50× | -0.95× | ||
| Q3 24 | 45.90× | 0.39× | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.28× | -10.01× |
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% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
