vs
Forestar Group Inc.（FOR）与Paycom（PAYC）财务数据对比。点击上方公司名可切换其他公司
Paycom的季度营收约是Forestar Group Inc.的2.0倍（$544.3M vs $273.0M），Paycom净利率更高（20.9% vs 5.6%，领先15.3%），Paycom同比增速更快（10.2% vs 9.0%），Paycom自由现金流更多（$122.6M vs $-157.1M），过去两年Paycom的营收复合增速更高（4.3% vs -9.6%）
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
Paycom Software Inc.（简称Paycom）是1998年成立的线上薪资与人力资源软件服务商，总部位于美国俄克拉荷马城，在全美多地设有办事处，是全球最早推出全线上薪资管理服务的供应商之一，2025年营收达20.52亿美元，较2024年的18.83亿美元稳步增长。
FOR vs PAYC — 直观对比
营收规模更大
PAYC
是对方的2.0倍
$273.0M
营收增速更快
PAYC
高出1.2%
9.0%
净利率更高
PAYC
高出15.3%
5.6%
自由现金流更多
PAYC
多$279.7M
$-157.1M
两年增速更快
PAYC
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $544.3M |
| 净利润 | $15.4M | $113.8M |
| 毛利率 | 20.1% | 83.9% |
| 营业利润率 | 7.6% | 28.9% |
| 净利率 | 5.6% | 20.9% |
| 营收同比 | 9.0% | 10.2% |
| 净利润同比 | -6.7% | 0.2% |
| 每股收益（稀释后） | $0.30 | $2.06 |
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FORPAYC
| Q4 25 | $273.0M | $544.3M | ||
| Q3 25 | $670.5M | $493.3M | ||
| Q2 25 | $390.5M | $483.6M | ||
| Q1 25 | $351.0M | $530.5M | ||
| Q4 24 | $250.4M | $493.9M | ||
| Q3 24 | $551.3M | $451.9M | ||
| Q2 24 | $318.4M | $437.5M | ||
| Q1 24 | $333.8M | $499.9M |
净利润FORPAYC
| Q4 25 | $15.4M | $113.8M | ||
| Q3 25 | $86.9M | $110.7M | ||
| Q2 25 | $32.9M | $89.5M | ||
| Q1 25 | $31.6M | $139.4M | ||
| Q4 24 | $16.5M | $113.6M | ||
| Q3 24 | $81.5M | $73.3M | ||
| Q2 24 | $38.7M | $68.0M | ||
| Q1 24 | $45.0M | $247.2M |
毛利率FORPAYC
| Q4 25 | 20.1% | 83.9% | ||
| Q3 25 | 22.3% | 82.7% | ||
| Q2 25 | 20.4% | 81.9% | ||
| Q1 25 | 22.6% | 84.1% | ||
| Q4 24 | 22.0% | 83.1% | ||
| Q3 24 | 23.9% | 80.5% | ||
| Q2 24 | 22.5% | 80.8% | ||
| Q1 24 | 24.9% | 84.3% |
营业利润率FORPAYC
| Q4 25 | 7.6% | 28.9% | ||
| Q3 25 | 16.9% | 22.8% | ||
| Q2 25 | 11.2% | 23.2% | ||
| Q1 25 | 11.6% | 34.9% | ||
| Q4 24 | 8.7% | 30.1% | ||
| Q3 24 | 19.7% | 23.2% | ||
| Q2 24 | 16.2% | 21.7% | ||
| Q1 24 | 17.6% | 57.2% |
净利率FORPAYC
| Q4 25 | 5.6% | 20.9% | ||
| Q3 25 | 13.0% | 22.4% | ||
| Q2 25 | 8.4% | 18.5% | ||
| Q1 25 | 9.0% | 26.3% | ||
| Q4 24 | 6.6% | 23.0% | ||
| Q3 24 | 14.8% | 16.2% | ||
| Q2 24 | 12.2% | 15.5% | ||
| Q1 24 | 13.5% | 49.4% |
每股收益（稀释后）FORPAYC
| Q4 25 | $0.30 | $2.06 | ||
| Q3 25 | $1.70 | $1.96 | ||
| Q2 25 | $0.65 | $1.58 | ||
| Q1 25 | $0.62 | $2.48 | ||
| Q4 24 | $0.32 | $2.04 | ||
| Q3 24 | $1.59 | $1.31 | ||
| Q2 24 | $0.76 | $1.20 | ||
| Q1 24 | $0.89 | $4.37 |
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 | $211.7M | $370.0M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $1.7B |
| 总资产 | $3.2B | $7.6B |
| 负债/权益比越低杠杆越低 | 0.44× | — |
8季度趋势，按日历期对齐
现金及短期投资FORPAYC
| Q4 25 | $211.7M | $370.0M | ||
| Q3 25 | $379.2M | $375.0M | ||
| Q2 25 | $189.2M | $532.2M | ||
| Q1 25 | $174.3M | $520.8M | ||
| Q4 24 | $132.0M | $402.0M | ||
| Q3 24 | $481.2M | $325.8M | ||
| Q2 24 | $359.2M | $346.5M | ||
| Q1 24 | $416.2M | $371.3M |
总债务FORPAYC
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | — | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
股东权益FORPAYC
| Q4 25 | $1.8B | $1.7B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.6B | $1.7B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.5B | $1.4B | ||
| Q1 24 | $1.5B | $1.4B |
总资产FORPAYC
| Q4 25 | $3.2B | $7.6B | ||
| Q3 25 | $3.1B | $4.2B | ||
| Q2 25 | $3.1B | $4.0B | ||
| Q1 25 | $3.0B | $4.6B | ||
| Q4 24 | $3.0B | $5.9B | ||
| Q3 24 | $2.8B | $3.5B | ||
| Q2 24 | $2.7B | $4.3B | ||
| Q1 24 | $2.6B | $4.7B |
负债/权益比FORPAYC
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.47× | — | ||
| Q1 24 | 0.48× | — |
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 | $-157.0M | $196.1M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $122.6M |
| 自由现金流率自由现金流/营收 | -57.5% | 22.5% |
| 资本支出强度资本支出/营收 | 0.0% | 13.5% |
| 现金转化率经营现金流/净利润 | -10.19× | 1.72× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $408.0M |
8季度趋势，按日历期对齐
经营现金流FORPAYC
| Q4 25 | $-157.0M | $196.1M | ||
| Q3 25 | $256.3M | $177.8M | ||
| Q2 25 | $15.8M | $122.5M | ||
| Q1 25 | $-19.8M | $182.5M | ||
| Q4 24 | $-450.0M | $160.4M | ||
| Q3 24 | $119.2M | $92.8M | ||
| Q2 24 | $-61.7M | $132.1M | ||
| Q1 24 | $-59.2M | $148.6M |
自由现金流FORPAYC
| Q4 25 | $-157.1M | $122.6M | ||
| Q3 25 | $255.6M | $79.8M | ||
| Q2 25 | $15.0M | $60.8M | ||
| Q1 25 | $-20.5M | $144.8M | ||
| Q4 24 | — | $109.0M | ||
| Q3 24 | $118.4M | $44.6M | ||
| Q2 24 | $-62.3M | $86.5M | ||
| Q1 24 | $-59.8M | $100.9M |
自由现金流率FORPAYC
| Q4 25 | -57.5% | 22.5% | ||
| Q3 25 | 38.1% | 16.2% | ||
| Q2 25 | 3.8% | 12.6% | ||
| Q1 25 | -5.8% | 27.3% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | 21.5% | 9.9% | ||
| Q2 24 | -19.6% | 19.8% | ||
| Q1 24 | -17.9% | 20.2% |
资本支出强度FORPAYC
| Q4 25 | 0.0% | 13.5% | ||
| Q3 25 | 0.1% | 19.9% | ||
| Q2 25 | 0.2% | 12.8% | ||
| Q1 25 | 0.2% | 7.1% | ||
| Q4 24 | 0.0% | 10.4% | ||
| Q3 24 | 0.1% | 10.7% | ||
| Q2 24 | 0.2% | 10.4% | ||
| Q1 24 | 0.2% | 9.5% |
现金转化率FORPAYC
| Q4 25 | -10.19× | 1.72× | ||
| Q3 25 | 2.95× | 1.61× | ||
| Q2 25 | 0.48× | 1.37× | ||
| Q1 25 | -0.63× | 1.31× | ||
| Q4 24 | -27.27× | 1.41× | ||
| Q3 24 | 1.46× | 1.27× | ||
| Q2 24 | -1.59× | 1.94× | ||
| Q1 24 | -1.32× | 0.60× |
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
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
PAYC
| Recurring | $510.3M | 94% |
| Interest On Funds Held For Clients | $27.2M | 5% |
| Implementation And Other | $6.8M | 1% |
