vs
佳明（GRMN）与Paychex（PAYX）财务数据对比。点击上方公司名可切换其他公司
佳明的季度营收约是Paychex的1.4倍（$2.1B vs $1.5B），Paychex净利率更高（26.3% vs 24.9%，领先1.4%），Paychex同比增速更快（17.4% vs 16.6%），佳明自由现金流更多（$429.6M vs $382.8M），过去两年佳明的营收复合增速更高（24.0% vs 3.8%）
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
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。
GRMN vs PAYX — 直观对比
营收规模更大
GRMN
是对方的1.4倍
$1.5B
营收增速更快
PAYX
高出0.8%
16.6%
净利率更高
PAYX
高出1.4%
24.9%
自由现金流更多
GRMN
多$46.8M
$382.8M
两年增速更快
GRMN
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.5B |
| 净利润 | $528.7M | $395.4M |
| 毛利率 | 59.2% | 72.6% |
| 营业利润率 | 28.9% | 38.0% |
| 净利率 | 24.9% | 26.3% |
| 营收同比 | 16.6% | 17.4% |
| 净利润同比 | 21.3% | -4.4% |
| 每股收益（稀释后） | $2.72 | $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GRMNPAYX
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.8B | $1.3B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.4B | $1.4B |
净利润GRMNPAYX
| Q4 25 | $528.7M | $395.4M | ||
| Q3 25 | $401.6M | $383.8M | ||
| Q2 25 | $400.8M | $297.2M | ||
| Q1 25 | $332.8M | $519.3M | ||
| Q4 24 | $435.7M | $413.4M | ||
| Q3 24 | $399.1M | $427.4M | ||
| Q2 24 | $300.6M | $379.9M | ||
| Q1 24 | $276.0M | $498.6M |
毛利率GRMNPAYX
| Q4 25 | 59.2% | 72.6% | ||
| Q3 25 | 59.1% | 72.3% | ||
| Q2 25 | 58.8% | 71.5% | ||
| Q1 25 | 57.6% | 73.6% | ||
| Q4 24 | 59.3% | 70.4% | ||
| Q3 24 | 60.0% | 70.3% | ||
| Q2 24 | 57.3% | 70.1% | ||
| Q1 24 | 58.1% | 72.8% |
营业利润率GRMNPAYX
| Q4 25 | 28.9% | 38.0% | ||
| Q3 25 | 25.8% | 36.3% | ||
| Q2 25 | 26.0% | 31.2% | ||
| Q1 25 | 21.7% | 47.2% | ||
| Q4 24 | 28.3% | 42.0% | ||
| Q3 24 | 27.6% | 42.7% | ||
| Q2 24 | 22.7% | 38.3% | ||
| Q1 24 | 21.6% | 46.6% |
净利率GRMNPAYX
| Q4 25 | 24.9% | 26.3% | ||
| Q3 25 | 22.7% | 25.7% | ||
| Q2 25 | 22.1% | 21.5% | ||
| Q1 25 | 21.7% | 35.4% | ||
| Q4 24 | 23.9% | 32.3% | ||
| Q3 24 | 25.2% | 33.4% | ||
| Q2 24 | 20.0% | 30.2% | ||
| Q1 24 | 20.0% | 35.7% |
每股收益（稀释后）GRMNPAYX
| Q4 25 | $2.72 | $1.10 | ||
| Q3 25 | $2.08 | $1.06 | ||
| Q2 25 | $2.07 | $0.83 | ||
| Q1 25 | $1.72 | $1.43 | ||
| Q4 24 | $2.24 | $1.14 | ||
| Q3 24 | $2.07 | $1.18 | ||
| Q2 24 | $1.56 | $1.05 | ||
| Q1 24 | $1.43 | $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 | $2.3B | $1.5B |
| 总债务越低越好 | — | $5.0B |
| 股东权益账面价值 | $9.0B | $3.9B |
| 总资产 | $11.0B | $16.5B |
| 负债/权益比越低杠杆越低 | — | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资GRMNPAYX
| Q4 25 | $2.3B | $1.5B | ||
| Q3 25 | $2.1B | $1.7B | ||
| Q2 25 | $2.1B | $1.7B | ||
| Q1 25 | $2.2B | $1.6B | ||
| Q4 24 | $2.1B | $1.2B | ||
| Q3 24 | $2.0B | $1.5B | ||
| Q2 24 | $1.9B | $1.5B | ||
| Q1 24 | $1.9B | $1.7B |
总债务GRMNPAYX
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $798.6M | ||
| Q1 24 | — | — |
股东权益GRMNPAYX
| Q4 25 | $9.0B | $3.9B | ||
| Q3 25 | $8.5B | $4.0B | ||
| Q2 25 | $8.1B | $4.1B | ||
| Q1 25 | $8.2B | $4.1B | ||
| Q4 24 | $7.8B | $3.9B | ||
| Q3 24 | $7.5B | $3.9B | ||
| Q2 24 | $7.0B | $3.8B | ||
| Q1 24 | $7.2B | $3.7B |
总资产GRMNPAYX
| Q4 25 | $11.0B | $16.5B | ||
| Q3 25 | $10.5B | $16.7B | ||
| Q2 25 | $10.3B | $16.6B | ||
| Q1 25 | $9.8B | $11.2B | ||
| Q4 24 | $9.6B | $10.6B | ||
| Q3 24 | $9.3B | $10.5B | ||
| Q2 24 | $8.9B | $10.4B | ||
| Q1 24 | $8.6B | $13.0B |
负债/权益比GRMNPAYX
| Q4 25 | — | 1.28× | ||
| Q3 25 | — | 1.25× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.21× | ||
| Q1 24 | — | — |
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 | $553.8M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $382.8M |
| 自由现金流率自由现金流/营收 | 20.2% | 25.5% |
| 资本支出强度资本支出/营收 | 5.8% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.05× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $2.0B |
8季度趋势，按日历期对齐
经营现金流GRMNPAYX
| Q4 25 | $553.8M | $444.9M | ||
| Q3 25 | $485.6M | $718.4M | ||
| Q2 25 | $173.2M | $343.8M | ||
| Q1 25 | $420.8M | $716.0M | ||
| Q4 24 | $483.9M | $295.0M | ||
| Q3 24 | $258.0M | $546.1M | ||
| Q2 24 | $255.3M | $221.7M | ||
| Q1 24 | $435.3M | $671.7M |
自由现金流GRMNPAYX
| Q4 25 | $429.6M | $382.8M | ||
| Q3 25 | $425.1M | $662.5M | ||
| Q2 25 | $127.5M | $283.3M | ||
| Q1 25 | $380.7M | $667.3M | ||
| Q4 24 | $399.2M | $248.0M | ||
| Q3 24 | $219.4M | $510.5M | ||
| Q2 24 | $218.2M | $180.4M | ||
| Q1 24 | $402.1M | $631.0M |
自由现金流率GRMNPAYX
| Q4 25 | 20.2% | 25.5% | ||
| Q3 25 | 24.0% | 44.4% | ||
| Q2 25 | 7.0% | 20.5% | ||
| Q1 25 | 24.8% | 45.5% | ||
| Q4 24 | 21.9% | 19.4% | ||
| Q3 24 | 13.8% | 39.9% | ||
| Q2 24 | 14.5% | 14.4% | ||
| Q1 24 | 29.1% | 45.2% |
资本支出强度GRMNPAYX
| Q4 25 | 5.8% | 4.1% | ||
| Q3 25 | 3.4% | 3.7% | ||
| Q2 25 | 2.5% | 4.4% | ||
| Q1 25 | 2.6% | 3.3% | ||
| Q4 24 | 4.6% | 3.7% | ||
| Q3 24 | 2.4% | 2.8% | ||
| Q2 24 | 2.5% | 3.3% | ||
| Q1 24 | 2.4% | 2.9% |
现金转化率GRMNPAYX
| Q4 25 | 1.05× | 1.13× | ||
| Q3 25 | 1.21× | 1.87× | ||
| Q2 25 | 0.43× | 1.16× | ||
| Q1 25 | 1.26× | 1.38× | ||
| Q4 24 | 1.11× | 0.71× | ||
| Q3 24 | 0.65× | 1.28× | ||
| Q2 24 | 0.85× | 0.58× | ||
| Q1 24 | 1.58× | 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
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
