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KELLY SERVICES INC（KELYA）与INSPERITY, INC.（NSP）财务数据对比。点击上方公司名可切换其他公司
INSPERITY, INC.的季度营收约是KELLY SERVICES INC的1.4倍（$1.7B vs $1.2B）。INSPERITY, INC.同比增速更快（3.4% vs -3.3%）。INSPERITY, INC.自由现金流更多（$246.0M vs $13.0M）。过去两年KELLY SERVICES INC的营收复合增速更高（-3.1% vs -3.8%）
凯利服务是1946年成立的美国跨国人力资源服务企业，总部位于密歇根州特洛伊市。公司可为金融服务、信息技术、法律等多个领域输送各层级雇员，核心业务涵盖人力资源管理咨询、业务外包、人才招聘、职业转型及供应商管理等专业服务。
Insperity（前身为Administaff）是总部位于美国得克萨斯州休斯顿金伍德区的专业雇主组织（PEO），专注为中小微企业提供人力资源及行政事务外包等相关服务。自2004年起，该企业长期担任冠军巡回赛职业高尔夫赛事的冠名赞助商。
KELYA vs NSP — 直观对比
营收规模更大
NSP
是对方的1.4倍
$1.2B
营收增速更快
NSP
高出6.7%
-3.3%
自由现金流更多
NSP
多$233.0M
$13.0M
两年增速更快
KELYA
近两年复合增速
-3.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | — | — |
| 毛利率 | 20.3% | 10.3% |
| 营业利润率 | -4.8% | -2.8% |
| 净利率 | — | — |
| 营收同比 | -3.3% | 3.4% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-0.86 | $-0.87 |
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KELYANSP
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.0B | $1.6B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $1.0B | $1.8B |
净利润KELYANSP
| Q4 25 | — | — | ||
| Q3 25 | — | $-20.0M | ||
| Q2 25 | — | $-5.0M | ||
| Q1 25 | — | $51.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $800.0K | $3.0M | ||
| Q2 24 | $4.6M | $18.0M | ||
| Q1 24 | $25.8M | $79.0M |
毛利率KELYANSP
| Q4 25 | — | 10.3% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | 20.3% | 13.5% | ||
| Q3 24 | 21.4% | 14.7% | ||
| Q2 24 | 20.2% | 16.2% | ||
| Q1 24 | 19.7% | 19.1% |
营业利润率KELYANSP
| Q4 25 | — | -2.8% | ||
| Q3 25 | — | -1.5% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | — | 3.7% | ||
| Q4 24 | -4.8% | -0.9% | ||
| Q3 24 | 0.3% | 0.1% | ||
| Q2 24 | 1.2% | 1.4% | ||
| Q1 24 | 2.6% | 6.0% |
净利率KELYANSP
| Q4 25 | — | — | ||
| Q3 25 | — | -1.2% | ||
| Q2 25 | — | -0.3% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.1% | 0.2% | ||
| Q2 24 | 0.4% | 1.1% | ||
| Q1 24 | 2.5% | 4.4% |
每股收益（稀释后）KELYANSP
| Q4 25 | — | $-0.87 | ||
| Q3 25 | — | $-0.53 | ||
| Q2 25 | — | $-0.14 | ||
| Q1 25 | — | $1.35 | ||
| Q4 24 | $-0.86 | $-0.21 | ||
| Q3 24 | $0.02 | $0.07 | ||
| Q2 24 | $0.12 | $0.48 | ||
| Q1 24 | $0.70 | $2.08 |
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 | $39.0M | $682.0M |
| 总债务越低越好 | $239.4M | — |
| 股东权益账面价值 | $1.2B | $46.0M |
| 总资产 | $2.6B | $2.2B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资KELYANSP
| Q4 25 | — | $682.0M | ||
| Q3 25 | — | $521.0M | ||
| Q2 25 | — | $511.0M | ||
| Q1 25 | — | $684.0M | ||
| Q4 24 | $39.0M | $1.2B | ||
| Q3 24 | $32.8M | $596.0M | ||
| Q2 24 | $38.2M | $850.0M | ||
| Q1 24 | $200.7M | $801.0M |
总债务KELYANSP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $239.4M | — | ||
| Q3 24 | $228.2M | — | ||
| Q2 24 | $210.4M | — | ||
| Q1 24 | — | — |
股东权益KELYANSP
| Q4 25 | — | $46.0M | ||
| Q3 25 | — | $87.0M | ||
| Q2 25 | — | $112.0M | ||
| Q1 25 | — | $119.0M | ||
| Q4 24 | $1.2B | $97.0M | ||
| Q3 24 | $1.3B | $125.0M | ||
| Q2 24 | $1.3B | $142.0M | ||
| Q1 24 | $1.3B | $140.0M |
总资产KELYANSP
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $2.6B | $2.6B | ||
| Q3 24 | $2.7B | $1.9B | ||
| Q2 24 | $2.6B | $2.1B | ||
| Q1 24 | $2.4B | $2.1B |
负债/权益比KELYANSP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.19× | — | ||
| Q3 24 | 0.18× | — | ||
| Q2 24 | 0.16× | — | ||
| 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 | $15.0M | $255.0M |
| 自由现金流经营现金流 - 资本支出 | $13.0M | $246.0M |
| 自由现金流率自由现金流/营收 | 1.1% | 14.7% |
| 资本支出强度资本支出/营收 | 0.2% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $15.8M | $-309.0M |
8季度趋势，按日历期对齐
经营现金流KELYANSP
| Q4 25 | — | $255.0M | ||
| Q3 25 | — | $-11.0M | ||
| Q2 25 | — | $-79.0M | ||
| Q1 25 | — | $-443.0M | ||
| Q4 24 | $15.0M | $619.0M | ||
| Q3 24 | $-20.3M | $-150.0M | ||
| Q2 24 | $57.7M | $20.0M | ||
| Q1 24 | $-25.5M | $31.0M |
自由现金流KELYANSP
| Q4 25 | — | $246.0M | ||
| Q3 25 | — | $-20.0M | ||
| Q2 25 | — | $-86.0M | ||
| Q1 25 | — | $-449.0M | ||
| Q4 24 | $13.0M | $606.0M | ||
| Q3 24 | $-22.7M | $-164.0M | ||
| Q2 24 | $54.7M | $14.0M | ||
| Q1 24 | $-29.2M | $26.0M |
自由现金流率KELYANSP
| Q4 25 | — | 14.7% | ||
| Q3 25 | — | -1.2% | ||
| Q2 25 | — | -5.2% | ||
| Q1 25 | — | -24.1% | ||
| Q4 24 | 1.1% | 37.6% | ||
| Q3 24 | -2.2% | -10.5% | ||
| Q2 24 | 5.2% | 0.9% | ||
| Q1 24 | -2.8% | 1.4% |
资本支出强度KELYANSP
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | 0.2% | 0.8% | ||
| Q3 24 | 0.2% | 0.9% | ||
| Q2 24 | 0.3% | 0.4% | ||
| Q1 24 | 0.4% | 0.3% |
现金转化率KELYANSP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -8.69× | ||
| Q4 24 | — | — | ||
| Q3 24 | -25.38× | -50.00× | ||
| Q2 24 | 12.54× | 1.11× | ||
| Q1 24 | -0.99× | 0.39× |
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
KELYA
| Science Engineering Technology | $295.8M | 25% |
| Education | $293.1M | 25% |
| Staffing Services | $237.7M | 20% |
| Other | $138.8M | 12% |
| Talent Solutions | $120.5M | 10% |
| Outcome Based Services | $103.6M | 9% |
| Permanent Placement | $1.6M | 0% |
NSP
| Northeast | $455.0M | 27% |
| West | $339.0M | 20% |
| Southwest | $317.0M | 19% |
| Central | $299.0M | 18% |
| Southeast | $241.0M | 14% |
| Other Revenues | $17.0M | 1% |
