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高德纳（IT）与Paychex（PAYX）财务数据对比。点击上方公司名可切换其他公司
高德纳的季度营收约是Paychex的1.2倍（$1.8B vs $1.5B），Paychex净利率更高（26.3% vs 13.8%，领先12.5%），Paychex同比增速更快（17.4% vs 2.2%），Paychex自由现金流更多（$382.8M vs $270.7M），过去两年高德纳的营收复合增速更高（9.1% vs 3.8%）
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
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。
IT vs PAYX — 直观对比
营收规模更大
IT
是对方的1.2倍
$1.5B
营收增速更快
PAYX
高出15.2%
2.2%
净利率更高
PAYX
高出12.5%
13.8%
自由现金流更多
PAYX
多$112.1M
$270.7M
两年增速更快
IT
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.5B |
| 净利润 | $242.2M | $395.4M |
| 毛利率 | 67.8% | 72.6% |
| 营业利润率 | 19.1% | 38.0% |
| 净利率 | 13.8% | 26.3% |
| 营收同比 | 2.2% | 17.4% |
| 净利润同比 | -39.2% | -4.4% |
| 每股收益（稀释后） | $3.36 | $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ITPAYX
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $1.5B | $1.4B |
净利润ITPAYX
| Q4 25 | $242.2M | $395.4M | ||
| Q3 25 | $35.4M | $383.8M | ||
| Q2 25 | $240.8M | $297.2M | ||
| Q1 25 | $210.9M | $519.3M | ||
| Q4 24 | $398.6M | $413.4M | ||
| Q3 24 | $415.0M | $427.4M | ||
| Q2 24 | $229.5M | $379.9M | ||
| Q1 24 | $210.5M | $498.6M |
毛利率ITPAYX
| Q4 25 | 67.8% | 72.6% | ||
| Q3 25 | 69.3% | 72.3% | ||
| Q2 25 | 68.6% | 71.5% | ||
| Q1 25 | 69.4% | 73.6% | ||
| Q4 24 | 66.8% | 70.4% | ||
| Q3 24 | 68.4% | 70.3% | ||
| Q2 24 | 68.6% | 70.1% | ||
| Q1 24 | 69.4% | 72.8% |
营业利润率ITPAYX
| Q4 25 | 19.1% | 38.0% | ||
| Q3 25 | 5.7% | 36.3% | ||
| Q2 25 | 19.4% | 31.2% | ||
| Q1 25 | 18.1% | 47.2% | ||
| Q4 24 | 18.5% | 42.0% | ||
| Q3 24 | 16.6% | 42.7% | ||
| Q2 24 | 20.0% | 38.3% | ||
| Q1 24 | 18.6% | 46.6% |
净利率ITPAYX
| Q4 25 | 13.8% | 26.3% | ||
| Q3 25 | 2.3% | 25.7% | ||
| Q2 25 | 14.3% | 21.5% | ||
| Q1 25 | 13.7% | 35.4% | ||
| Q4 24 | 23.2% | 32.3% | ||
| Q3 24 | 28.0% | 33.4% | ||
| Q2 24 | 14.4% | 30.2% | ||
| Q1 24 | 14.3% | 35.7% |
每股收益（稀释后）ITPAYX
| Q4 25 | $3.36 | $1.10 | ||
| Q3 25 | $0.47 | $1.06 | ||
| Q2 25 | $3.11 | $0.83 | ||
| Q1 25 | $2.71 | $1.43 | ||
| Q4 24 | $5.08 | $1.14 | ||
| Q3 24 | $5.32 | $1.18 | ||
| Q2 24 | $2.93 | $1.05 | ||
| Q1 24 | $2.67 | $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 | $1.7B | $1.5B |
| 总债务越低越好 | — | $5.0B |
| 股东权益账面价值 | $319.9M | $3.9B |
| 总资产 | $8.1B | $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ITPAYX
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $2.2B | $1.7B | ||
| Q1 25 | $2.1B | $1.6B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.8B | $1.5B | ||
| Q2 24 | $1.2B | $1.5B | ||
| Q1 24 | $1.2B | $1.7B |
总债务ITPAYX
| 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ITPAYX
| Q4 25 | $319.9M | $3.9B | ||
| Q3 25 | $556.6M | $4.0B | ||
| Q2 25 | $1.5B | $4.1B | ||
| Q1 25 | $1.5B | $4.1B | ||
| Q4 24 | $1.4B | $3.9B | ||
| Q3 24 | $1.1B | $3.9B | ||
| Q2 24 | $646.7M | $3.8B | ||
| Q1 24 | $718.2M | $3.7B |
总资产ITPAYX
| Q4 25 | $8.1B | $16.5B | ||
| Q3 25 | $7.2B | $16.7B | ||
| Q2 25 | $8.3B | $16.6B | ||
| Q1 25 | $8.5B | $11.2B | ||
| Q4 24 | $8.5B | $10.6B | ||
| Q3 24 | $7.8B | $10.5B | ||
| Q2 24 | $7.4B | $10.4B | ||
| Q1 24 | $7.7B | $13.0B |
负债/权益比ITPAYX
| 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 | $294.5M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $270.7M | $382.8M |
| 自由现金流率自由现金流/营收 | 15.4% | 25.5% |
| 资本支出强度资本支出/营收 | 1.4% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.22× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $2.0B |
8季度趋势，按日历期对齐
经营现金流ITPAYX
| Q4 25 | $294.5M | $444.9M | ||
| Q3 25 | $298.7M | $718.4M | ||
| Q2 25 | $383.6M | $343.8M | ||
| Q1 25 | $313.5M | $716.0M | ||
| Q4 24 | $335.4M | $295.0M | ||
| Q3 24 | $590.8M | $546.1M | ||
| Q2 24 | $370.0M | $221.7M | ||
| Q1 24 | $188.8M | $671.7M |
自由现金流ITPAYX
| Q4 25 | $270.7M | $382.8M | ||
| Q3 25 | $269.3M | $662.5M | ||
| Q2 25 | $347.3M | $283.3M | ||
| Q1 25 | $287.9M | $667.3M | ||
| Q4 24 | $311.4M | $248.0M | ||
| Q3 24 | $565.0M | $510.5M | ||
| Q2 24 | $340.6M | $180.4M | ||
| Q1 24 | $166.2M | $631.0M |
自由现金流率ITPAYX
| Q4 25 | 15.4% | 25.5% | ||
| Q3 25 | 17.7% | 44.4% | ||
| Q2 25 | 20.6% | 20.5% | ||
| Q1 25 | 18.8% | 45.5% | ||
| Q4 24 | 18.2% | 19.4% | ||
| Q3 24 | 38.1% | 39.9% | ||
| Q2 24 | 21.4% | 14.4% | ||
| Q1 24 | 11.3% | 45.2% |
资本支出强度ITPAYX
| Q4 25 | 1.4% | 4.1% | ||
| Q3 25 | 1.9% | 3.7% | ||
| Q2 25 | 2.1% | 4.4% | ||
| Q1 25 | 1.7% | 3.3% | ||
| Q4 24 | 1.4% | 3.7% | ||
| Q3 24 | 1.7% | 2.8% | ||
| Q2 24 | 1.8% | 3.3% | ||
| Q1 24 | 1.5% | 2.9% |
现金转化率ITPAYX
| Q4 25 | 1.22× | 1.13× | ||
| Q3 25 | 8.45× | 1.87× | ||
| Q2 25 | 1.59× | 1.16× | ||
| Q1 25 | 1.49× | 1.38× | ||
| Q4 24 | 0.84× | 0.71× | ||
| Q3 24 | 1.42× | 1.28× | ||
| Q2 24 | 1.61× | 0.58× | ||
| Q1 24 | 0.90× | 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
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
