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自由媒体集团（FWONA）与Paychex（PAYX）财务数据对比。点击上方公司名可切换其他公司
自由媒体集团的季度营收约是Paychex的1.1倍（$1.6B vs $1.5B），Paychex净利率更高（26.3% vs 20.7%，领先5.6%），自由媒体集团同比增速更快（150.7% vs 17.4%），Paychex自由现金流更多（$382.8M vs $62.0M），过去两年Paychex的营收复合增速更高（3.8% vs -23.5%）
自由媒体集团是1991年由约翰·C·马龙创立的美国大型传媒企业，旗下设有两大对应独立追踪股票的业务板块，持有一级方程式集团和Live Nation Entertainment的股权，截至2025年拥有F1、世界摩托车锦标赛、世界超级摩托车锦标赛三项全球顶级赛车运动IP及运营业务。
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。
FWONA vs PAYX — 直观对比
营收规模更大
FWONA
是对方的1.1倍
$1.5B
营收增速更快
FWONA
高出133.3%
17.4%
净利率更高
PAYX
高出5.6%
20.7%
自由现金流更多
PAYX
多$320.8M
$62.0M
两年增速更快
PAYX
近两年复合增速
-23.5%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.5B |
| 净利润 | $333.0M | $395.4M |
| 毛利率 | — | 72.6% |
| 营业利润率 | 14.0% | 38.0% |
| 净利率 | 20.7% | 26.3% |
| 营收同比 | 150.7% | 17.4% |
| 净利润同比 | 193.8% | -4.4% |
| 每股收益（稀释后） | — | $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FWONAPAYX
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $447.0M | $1.5B | ||
| Q4 24 | $-3.2B | $1.3B | ||
| Q3 24 | $911.0M | $1.3B | ||
| Q2 24 | $3.2B | $1.3B | ||
| Q1 24 | $2.7B | $1.4B |
净利润FWONAPAYX
| Q4 25 | $333.0M | $395.4M | ||
| Q3 25 | $13.0M | $383.8M | ||
| Q2 25 | $204.0M | $297.2M | ||
| Q1 25 | $5.0M | $519.3M | ||
| Q4 24 | $-355.0M | $413.4M | ||
| Q3 24 | $-2.4B | $427.4M | ||
| Q2 24 | $457.0M | $379.9M | ||
| Q1 24 | $203.0M | $498.6M |
毛利率FWONAPAYX
| 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FWONAPAYX
| Q4 25 | 14.0% | 38.0% | ||
| Q3 25 | 13.7% | 36.3% | ||
| Q2 25 | 20.4% | 31.2% | ||
| Q1 25 | -15.9% | 47.2% | ||
| Q4 24 | — | 42.0% | ||
| Q3 24 | 11.7% | 42.7% | ||
| Q2 24 | 16.7% | 38.3% | ||
| Q1 24 | 18.3% | 46.6% |
净利率FWONAPAYX
| Q4 25 | 20.7% | 26.3% | ||
| Q3 25 | 1.2% | 25.7% | ||
| Q2 25 | 15.2% | 21.5% | ||
| Q1 25 | 1.1% | 35.4% | ||
| Q4 24 | 11.2% | 32.3% | ||
| Q3 24 | -259.9% | 33.4% | ||
| Q2 24 | 14.4% | 30.2% | ||
| Q1 24 | 7.4% | 35.7% |
每股收益（稀释后）FWONAPAYX
| Q4 25 | — | $1.10 | ||
| Q3 25 | — | $1.06 | ||
| Q2 25 | — | $0.83 | ||
| Q1 25 | — | $1.43 | ||
| Q4 24 | — | $1.14 | ||
| Q3 24 | — | $1.18 | ||
| Q2 24 | — | $1.05 | ||
| Q1 24 | — | $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 | $1.1B | $1.5B |
| 总债务越低越好 | $5.1B | $5.0B |
| 股东权益账面价值 | $7.8B | $3.9B |
| 总资产 | $15.4B | $16.5B |
| 负债/权益比越低杠杆越低 | 0.66× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资FWONAPAYX
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | $3.4B | $1.7B | ||
| Q1 25 | $3.1B | $1.6B | ||
| Q4 24 | $3.0B | $1.2B | ||
| Q3 24 | $3.1B | $1.5B | ||
| Q2 24 | $2.1B | $1.5B | ||
| Q1 24 | $1.7B | $1.7B |
总债务FWONAPAYX
| Q4 25 | $5.1B | $5.0B | ||
| Q3 25 | $7.0B | $5.0B | ||
| Q2 25 | $4.8B | $4.9B | ||
| Q1 25 | $4.6B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $15.0B | $798.6M | ||
| Q1 24 | $15.4B | — |
股东权益FWONAPAYX
| Q4 25 | $7.8B | $3.9B | ||
| Q3 25 | $7.4B | $4.0B | ||
| Q2 25 | $7.3B | $4.1B | ||
| Q1 25 | $7.0B | $4.1B | ||
| Q4 24 | $7.0B | $3.9B | ||
| Q3 24 | $7.4B | $3.9B | ||
| Q2 24 | $17.1B | $3.8B | ||
| Q1 24 | $16.6B | $3.7B |
总资产FWONAPAYX
| Q4 25 | $15.4B | $16.5B | ||
| Q3 25 | $17.8B | $16.7B | ||
| Q2 25 | $13.8B | $16.6B | ||
| Q1 25 | $13.3B | $11.2B | ||
| Q4 24 | $12.9B | $10.6B | ||
| Q3 24 | $13.2B | $10.5B | ||
| Q2 24 | $42.6B | $10.4B | ||
| Q1 24 | $42.4B | $13.0B |
负债/权益比FWONAPAYX
| Q4 25 | 0.66× | 1.28× | ||
| Q3 25 | 0.95× | 1.25× | ||
| Q2 25 | 0.65× | 1.20× | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.65× | — | ||
| Q3 24 | 0.59× | — | ||
| Q2 24 | 0.88× | 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 | $123.0M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $62.0M | $382.8M |
| 自由现金流率自由现金流/营收 | 3.9% | 25.5% |
| 资本支出强度资本支出/营收 | 3.8% | 4.1% |
| 现金转化率经营现金流/净利润 | 0.37× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $789.0M | $2.0B |
8季度趋势，按日历期对齐
经营现金流FWONAPAYX
| Q4 25 | $123.0M | $444.9M | ||
| Q3 25 | $173.0M | $718.4M | ||
| Q2 25 | $231.0M | $343.8M | ||
| Q1 25 | $381.0M | $716.0M | ||
| Q4 24 | $-23.0M | $295.0M | ||
| Q3 24 | $182.0M | $546.1M | ||
| Q2 24 | $752.0M | $221.7M | ||
| Q1 24 | $395.0M | $671.7M |
自由现金流FWONAPAYX
| Q4 25 | $62.0M | $382.8M | ||
| Q3 25 | $170.0M | $662.5M | ||
| Q2 25 | $209.0M | $283.3M | ||
| Q1 25 | $348.0M | $667.3M | ||
| Q4 24 | $-46.0M | $248.0M | ||
| Q3 24 | $-153.0M | $510.5M | ||
| Q2 24 | $566.0M | $180.4M | ||
| Q1 24 | $194.0M | $631.0M |
自由现金流率FWONAPAYX
| Q4 25 | 3.9% | 25.5% | ||
| Q3 25 | 15.7% | 44.4% | ||
| Q2 25 | 15.6% | 20.5% | ||
| Q1 25 | 77.9% | 45.5% | ||
| Q4 24 | 1.4% | 19.4% | ||
| Q3 24 | -16.8% | 39.9% | ||
| Q2 24 | 17.9% | 14.4% | ||
| Q1 24 | 7.1% | 45.2% |
资本支出强度FWONAPAYX
| Q4 25 | 3.8% | 4.1% | ||
| Q3 25 | 0.3% | 3.7% | ||
| Q2 25 | 1.6% | 4.4% | ||
| Q1 25 | 7.4% | 3.3% | ||
| Q4 24 | -0.7% | 3.7% | ||
| Q3 24 | 36.8% | 2.8% | ||
| Q2 24 | 5.9% | 3.3% | ||
| Q1 24 | 7.3% | 2.9% |
现金转化率FWONAPAYX
| Q4 25 | 0.37× | 1.13× | ||
| Q3 25 | 13.31× | 1.87× | ||
| Q2 25 | 1.13× | 1.16× | ||
| Q1 25 | 76.20× | 1.38× | ||
| Q4 24 | — | 0.71× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | 1.65× | 0.58× | ||
| Q1 24 | 1.95× | 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
FWONA
| Formula One | $1.4B | 87% |
| Product Service Or Other | $131.0M | 8% |
| Other | $77.0M | 5% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
