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GENMAB A/S（GMAB）与Paycom（PAYC）财务数据对比。点击上方公司名可切换其他公司
GENMAB A/S的季度营收约是Paycom的1.7倍（$925.0M vs $544.3M），GENMAB A/S净利率更高（36.3% vs 20.9%，领先15.4%），GENMAB A/S同比增速更快（18.7% vs 10.2%），GENMAB A/S自由现金流更多（$327.0M vs $122.6M）
Genmab A/S是丹麦生物技术企业，1999年2月由原BankInvest生物医药风险基金董事总经理Florian Schönharting创立，总部位于丹麦哥本哈根，在荷兰乌得勒支、美国新泽西州普林斯顿、日本东京、德国慕尼黑及中国苏州均设有子公司，深耕生物科技领域的研发与运营。
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。
GMAB vs PAYC — 直观对比
营收规模更大
GMAB
是对方的1.7倍
$544.3M
营收增速更快
GMAB
高出8.5%
10.2%
净利率更高
GMAB
高出15.4%
20.9%
自由现金流更多
GMAB
多$204.4M
$122.6M
损益表 — Q2 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $925.0M | $544.3M |
| 净利润 | $336.0M | $113.8M |
| 毛利率 | 93.8% | 83.9% |
| 营业利润率 | 38.9% | 28.9% |
| 净利率 | 36.3% | 20.9% |
| 营收同比 | 18.7% | 10.2% |
| 净利润同比 | 65.5% | 0.2% |
| 每股收益（稀释后） | $5.42 | $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GMABPAYC
| Q4 25 | — | $544.3M | ||
| Q3 25 | — | $493.3M | ||
| Q2 25 | $925.0M | $483.6M | ||
| Q1 25 | — | $530.5M | ||
| Q4 24 | — | $493.9M | ||
| Q3 24 | — | $451.9M | ||
| Q2 24 | $779.0M | $437.5M | ||
| Q1 24 | — | $499.9M |
净利润GMABPAYC
| Q4 25 | — | $113.8M | ||
| Q3 25 | — | $110.7M | ||
| Q2 25 | $336.0M | $89.5M | ||
| Q1 25 | — | $139.4M | ||
| Q4 24 | — | $113.6M | ||
| Q3 24 | — | $73.3M | ||
| Q2 24 | $203.0M | $68.0M | ||
| Q1 24 | — | $247.2M |
毛利率GMABPAYC
| Q4 25 | — | 83.9% | ||
| Q3 25 | — | 82.7% | ||
| Q2 25 | 93.8% | 81.9% | ||
| Q1 25 | — | 84.1% | ||
| Q4 24 | — | 83.1% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | 96.4% | 80.8% | ||
| Q1 24 | — | 84.3% |
营业利润率GMABPAYC
| Q4 25 | — | 28.9% | ||
| Q3 25 | — | 22.8% | ||
| Q2 25 | 38.9% | 23.2% | ||
| Q1 25 | — | 34.9% | ||
| Q4 24 | — | 30.1% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | 30.3% | 21.7% | ||
| Q1 24 | — | 57.2% |
净利率GMABPAYC
| Q4 25 | — | 20.9% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | 36.3% | 18.5% | ||
| Q1 25 | — | 26.3% | ||
| Q4 24 | — | 23.0% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | 26.1% | 15.5% | ||
| Q1 24 | — | 49.4% |
每股收益（稀释后）GMABPAYC
| Q4 25 | — | $2.06 | ||
| Q3 25 | — | $1.96 | ||
| Q2 25 | $5.42 | $1.58 | ||
| Q1 25 | — | $2.48 | ||
| Q4 24 | — | $2.04 | ||
| Q3 24 | — | $1.31 | ||
| Q2 24 | $3.13 | $1.20 | ||
| Q1 24 | — | $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 | $1.3B | $370.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.3B | $1.7B |
| 总资产 | $6.5B | $7.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GMABPAYC
| Q4 25 | — | $370.0M | ||
| Q3 25 | — | $375.0M | ||
| Q2 25 | $1.3B | $532.2M | ||
| Q1 25 | — | $520.8M | ||
| Q4 24 | — | $402.0M | ||
| Q3 24 | — | $325.8M | ||
| Q2 24 | $622.0M | $346.5M | ||
| Q1 24 | — | $371.3M |
股东权益GMABPAYC
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $5.3B | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | $4.4B | $1.4B | ||
| Q1 24 | — | $1.4B |
总资产GMABPAYC
| Q4 25 | — | $7.6B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | $6.5B | $4.0B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | $5.6B | $4.3B | ||
| Q1 24 | — | $4.7B |
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 | $349.0M | $196.1M |
| 自由现金流经营现金流 - 资本支出 | $327.0M | $122.6M |
| 自由现金流率自由现金流/营收 | 35.4% | 22.5% |
| 资本支出强度资本支出/营收 | 2.4% | 13.5% |
| 现金转化率经营现金流/净利润 | 1.04× | 1.72× |
| 过去12个月自由现金流最近4个季度 | — | $408.0M |
8季度趋势，按日历期对齐
经营现金流GMABPAYC
| Q4 25 | — | $196.1M | ||
| Q3 25 | — | $177.8M | ||
| Q2 25 | $349.0M | $122.5M | ||
| Q1 25 | — | $182.5M | ||
| Q4 24 | — | $160.4M | ||
| Q3 24 | — | $92.8M | ||
| Q2 24 | $438.0M | $132.1M | ||
| Q1 24 | — | $148.6M |
自由现金流GMABPAYC
| Q4 25 | — | $122.6M | ||
| Q3 25 | — | $79.8M | ||
| Q2 25 | $327.0M | $60.8M | ||
| Q1 25 | — | $144.8M | ||
| Q4 24 | — | $109.0M | ||
| Q3 24 | — | $44.6M | ||
| Q2 24 | $430.0M | $86.5M | ||
| Q1 24 | — | $100.9M |
自由现金流率GMABPAYC
| Q4 25 | — | 22.5% | ||
| Q3 25 | — | 16.2% | ||
| Q2 25 | 35.4% | 12.6% | ||
| Q1 25 | — | 27.3% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | 55.2% | 19.8% | ||
| Q1 24 | — | 20.2% |
资本支出强度GMABPAYC
| Q4 25 | — | 13.5% | ||
| Q3 25 | — | 19.9% | ||
| Q2 25 | 2.4% | 12.8% | ||
| Q1 25 | — | 7.1% | ||
| Q4 24 | — | 10.4% | ||
| Q3 24 | — | 10.7% | ||
| Q2 24 | 1.0% | 10.4% | ||
| Q1 24 | — | 9.5% |
现金转化率GMABPAYC
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | 1.04× | 1.37× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | 2.16× | 1.94× | ||
| Q1 24 | — | 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
GMAB
| Darzalex | $638.0M | 69% |
| Kesimpta | $108.0M | 12% |
| Net Product Sales | $101.0M | 11% |
| Other | $28.0M | 3% |
| Tepezza | $20.0M | 2% |
| Reimbursement Revenue | $13.0M | 1% |
| Bio N Tech | $11.0M | 1% |
| Abb Vie | $5.0M | 1% |
| Milestone Revenue | $1.0M | 0% |
PAYC
| Recurring | $510.3M | 94% |
| Interest On Funds Held For Clients | $27.2M | 5% |
| Implementation And Other | $6.8M | 1% |
