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Global Payments（GPN）与Paychex（PAYX）财务数据对比。点击上方公司名可切换其他公司
Paychex的季度营收约是Global Payments的1.1倍（$1.5B vs $1.3B），Paychex净利率更高（26.3% vs 16.4%，领先9.9%），Paychex同比增速更快（17.4% vs -47.1%），Paychex自由现金流更多（$382.8M vs $347.0M），过去两年Paychex的营收复合增速更高（3.8% vs -25.9%）
Global Payments Inc.是美国跨国金融科技企业，面向商户、发卡机构及消费者提供支付技术与相关服务，支持信用卡、借记卡、数字支付及非接触式支付的交易处理，2021年6月入选《财富》500强榜单。
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。
GPN vs PAYX — 直观对比
营收规模更大
PAYX
是对方的1.1倍
$1.3B
营收增速更快
PAYX
高出64.5%
-47.1%
净利率更高
PAYX
高出9.9%
16.4%
自由现金流更多
PAYX
多$35.8M
$347.0M
两年增速更快
PAYX
近两年复合增速
-25.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.5B |
| 净利润 | $217.5M | $395.4M |
| 毛利率 | 89.7% | 72.6% |
| 营业利润率 | 5.9% | 38.0% |
| 净利率 | 16.4% | 26.3% |
| 营收同比 | -47.1% | 17.4% |
| 净利润同比 | -61.6% | -4.4% |
| 每股收益（稀释后） | $0.91 | $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GPNPAYX
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $2.0B | $1.4B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.6B | $1.3B | ||
| Q2 24 | $2.6B | $1.3B | ||
| Q1 24 | $2.4B | $1.4B |
净利润GPNPAYX
| Q4 25 | $217.5M | $395.4M | ||
| Q3 25 | $635.2M | $383.8M | ||
| Q2 25 | $241.6M | $297.2M | ||
| Q1 25 | $305.7M | $519.3M | ||
| Q4 24 | $567.2M | $413.4M | ||
| Q3 24 | $315.1M | $427.4M | ||
| Q2 24 | $374.8M | $379.9M | ||
| Q1 24 | $313.3M | $498.6M |
毛利率GPNPAYX
| Q4 25 | 89.7% | 72.6% | ||
| Q3 25 | 72.3% | 72.3% | ||
| Q2 25 | 74.5% | 71.5% | ||
| Q1 25 | 61.8% | 73.6% | ||
| Q4 24 | 62.1% | 70.4% | ||
| Q3 24 | 63.6% | 70.3% | ||
| Q2 24 | 63.5% | 70.1% | ||
| Q1 24 | 61.9% | 72.8% |
营业利润率GPNPAYX
| Q4 25 | 5.9% | 38.0% | ||
| Q3 25 | 38.8% | 36.3% | ||
| Q2 25 | 21.8% | 31.2% | ||
| Q1 25 | 19.5% | 47.2% | ||
| Q4 24 | 33.1% | 42.0% | ||
| Q3 24 | 18.3% | 42.7% | ||
| Q2 24 | 22.3% | 38.3% | ||
| Q1 24 | 18.7% | 46.6% |
净利率GPNPAYX
| Q4 25 | 16.4% | 26.3% | ||
| Q3 25 | 31.6% | 25.7% | ||
| Q2 25 | 12.3% | 21.5% | ||
| Q1 25 | 12.7% | 35.4% | ||
| Q4 24 | 22.5% | 32.3% | ||
| Q3 24 | 12.1% | 33.4% | ||
| Q2 24 | 14.6% | 30.2% | ||
| Q1 24 | 12.9% | 35.7% |
每股收益（稀释后）GPNPAYX
| Q4 25 | $0.91 | $1.10 | ||
| Q3 25 | $2.64 | $1.06 | ||
| Q2 25 | $0.99 | $0.83 | ||
| Q1 25 | $1.24 | $1.43 | ||
| Q4 24 | $2.23 | $1.14 | ||
| Q3 24 | $1.24 | $1.18 | ||
| Q2 24 | $1.47 | $1.05 | ||
| Q1 24 | $1.22 | $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 | $8.3B | $1.5B |
| 总债务越低越好 | $19.5B | $5.0B |
| 股东权益账面价值 | $22.9B | $3.9B |
| 总资产 | $53.3B | $16.5B |
| 负债/权益比越低杠杆越低 | 0.85× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资GPNPAYX
| Q4 25 | $8.3B | $1.5B | ||
| Q3 25 | $2.6B | $1.7B | ||
| Q2 25 | $2.6B | $1.7B | ||
| Q1 25 | $2.9B | $1.6B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.9B | $1.5B | ||
| Q2 24 | $2.1B | $1.5B | ||
| Q1 24 | $2.2B | $1.7B |
总债务GPNPAYX
| Q4 25 | $19.5B | $5.0B | ||
| Q3 25 | $13.3B | $5.0B | ||
| Q2 25 | $14.2B | $4.9B | ||
| Q1 25 | $15.0B | — | ||
| Q4 24 | $15.2B | — | ||
| Q3 24 | $15.2B | — | ||
| Q2 24 | $15.6B | $798.6M | ||
| Q1 24 | $15.6B | — |
股东权益GPNPAYX
| Q4 25 | $22.9B | $3.9B | ||
| Q3 25 | $22.7B | $4.0B | ||
| Q2 25 | $22.6B | $4.1B | ||
| Q1 25 | $22.2B | $4.1B | ||
| Q4 24 | $22.3B | $3.9B | ||
| Q3 24 | $22.8B | $3.9B | ||
| Q2 24 | $22.4B | $3.8B | ||
| Q1 24 | $22.2B | $3.7B |
总资产GPNPAYX
| Q4 25 | $53.3B | $16.5B | ||
| Q3 25 | $48.0B | $16.7B | ||
| Q2 25 | $48.5B | $16.6B | ||
| Q1 25 | $47.6B | $11.2B | ||
| Q4 24 | $46.9B | $10.6B | ||
| Q3 24 | $50.0B | $10.5B | ||
| Q2 24 | $50.8B | $10.4B | ||
| Q1 24 | $51.8B | $13.0B |
负债/权益比GPNPAYX
| Q4 25 | 0.85× | 1.28× | ||
| Q3 25 | 0.59× | 1.25× | ||
| Q2 25 | 0.63× | 1.20× | ||
| Q1 25 | 0.67× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.67× | — | ||
| Q2 24 | 0.70× | 0.21× | ||
| Q1 24 | 0.70× | — |
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 | $515.2M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $347.0M | $382.8M |
| 自由现金流率自由现金流/营收 | 26.1% | 25.5% |
| 资本支出强度资本支出/营收 | 12.7% | 4.1% |
| 现金转化率经营现金流/净利润 | 2.37× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $2.0B |
8季度趋势，按日历期对齐
经营现金流GPNPAYX
| Q4 25 | $515.2M | $444.9M | ||
| Q3 25 | $768.7M | $718.4M | ||
| Q2 25 | $817.5M | $343.8M | ||
| Q1 25 | $555.1M | $716.0M | ||
| Q4 24 | $653.4M | $295.0M | ||
| Q3 24 | $1.7B | $546.1M | ||
| Q2 24 | $736.9M | $221.7M | ||
| Q1 24 | $416.3M | $671.7M |
自由现金流GPNPAYX
| Q4 25 | $347.0M | $382.8M | ||
| Q3 25 | $598.9M | $662.5M | ||
| Q2 25 | $665.4M | $283.3M | ||
| Q1 25 | $427.5M | $667.3M | ||
| Q4 24 | $469.4M | $248.0M | ||
| Q3 24 | $1.6B | $510.5M | ||
| Q2 24 | $557.7M | $180.4M | ||
| Q1 24 | $270.9M | $631.0M |
自由现金流率GPNPAYX
| Q4 25 | 26.1% | 25.5% | ||
| Q3 25 | 29.8% | 44.4% | ||
| Q2 25 | 34.0% | 20.5% | ||
| Q1 25 | 17.7% | 45.5% | ||
| Q4 24 | 18.7% | 19.4% | ||
| Q3 24 | 60.0% | 39.9% | ||
| Q2 24 | 21.7% | 14.4% | ||
| Q1 24 | 11.2% | 45.2% |
资本支出强度GPNPAYX
| Q4 25 | 12.7% | 4.1% | ||
| Q3 25 | 8.5% | 3.7% | ||
| Q2 25 | 7.8% | 4.4% | ||
| Q1 25 | 5.3% | 3.3% | ||
| Q4 24 | 7.3% | 3.7% | ||
| Q3 24 | 6.4% | 2.8% | ||
| Q2 24 | 7.0% | 3.3% | ||
| Q1 24 | 6.0% | 2.9% |
现金转化率GPNPAYX
| Q4 25 | 2.37× | 1.13× | ||
| Q3 25 | 1.21× | 1.87× | ||
| Q2 25 | 3.38× | 1.16× | ||
| Q1 25 | 1.82× | 1.38× | ||
| Q4 24 | 1.15× | 0.71× | ||
| Q3 24 | 5.48× | 1.28× | ||
| Q2 24 | 1.97× | 0.58× | ||
| Q1 24 | 1.33× | 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
GPN
| Integrated And Embedded Solutions | $869.3M | 65% |
| Point Of Sale And Software Solutions | $281.7M | 21% |
| Other | $178.4M | 13% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
