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Kontoor Brands, Inc.（KTB）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Kontoor Brands, Inc.的1.8倍（$1.5B vs $853.2M），Paychex净利率更高（26.3% vs 4.3%，领先22.0%），Kontoor Brands, Inc.同比增速更快（27.3% vs 17.4%），Paychex自由现金流更多（$382.8M vs $55.8M），过去两年Kontoor Brands, Inc.的营收复合增速更高（14.2% vs 3.8%）
Kontoor Brands是美国知名服装企业，2019年5月从威富集团分拆独立运营，旗下拥有Lee、Wrangler、Helly Hansen等国际知名服饰品牌，面向全球市场销售各类服饰产品，在休闲服饰及户外功能服饰领域拥有广泛的消费者基础。
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。
KTB vs PAYX — 直观对比
营收规模更大
PAYX
是对方的1.8倍
$853.2M
营收增速更快
KTB
高出9.9%
17.4%
净利率更高
PAYX
高出22.0%
4.3%
自由现金流更多
PAYX
多$327.0M
$55.8M
两年增速更快
KTB
近两年复合增速
3.8%
损益表 — Q3 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $853.2M | $1.5B |
| 净利润 | $36.9M | $395.4M |
| 毛利率 | 41.3% | 72.6% |
| 营业利润率 | 7.5% | 38.0% |
| 净利率 | 4.3% | 26.3% |
| 营收同比 | 27.3% | 17.4% |
| 净利润同比 | -47.6% | -4.4% |
| 每股收益（稀释后） | $0.66 | $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KTBPAYX
| Q4 25 | — | $1.5B | ||
| Q3 25 | $853.2M | $1.5B | ||
| Q2 25 | $658.3M | $1.4B | ||
| Q1 25 | $622.9M | $1.5B | ||
| Q4 24 | $699.3M | $1.3B | ||
| Q3 24 | $670.2M | $1.3B | ||
| Q2 24 | $606.9M | $1.3B | ||
| Q1 24 | $631.2M | $1.4B |
净利润KTBPAYX
| Q4 25 | — | $395.4M | ||
| Q3 25 | $36.9M | $383.8M | ||
| Q2 25 | $73.9M | $297.2M | ||
| Q1 25 | $42.9M | $519.3M | ||
| Q4 24 | $64.0M | $413.4M | ||
| Q3 24 | $70.5M | $427.4M | ||
| Q2 24 | $51.8M | $379.9M | ||
| Q1 24 | $59.5M | $498.6M |
毛利率KTBPAYX
| Q4 25 | — | 72.6% | ||
| Q3 25 | 41.3% | 72.3% | ||
| Q2 25 | 46.3% | 71.5% | ||
| Q1 25 | 47.5% | 73.6% | ||
| Q4 24 | 43.7% | 70.4% | ||
| Q3 24 | 44.7% | 70.3% | ||
| Q2 24 | 44.7% | 70.1% | ||
| Q1 24 | 45.2% | 72.8% |
营业利润率KTBPAYX
| Q4 25 | — | 38.0% | ||
| Q3 25 | 7.5% | 36.3% | ||
| Q2 25 | 11.9% | 31.2% | ||
| Q1 25 | 11.8% | 47.2% | ||
| Q4 24 | 12.1% | 42.0% | ||
| Q3 24 | 14.7% | 42.7% | ||
| Q2 24 | 12.4% | 38.3% | ||
| Q1 24 | 13.4% | 46.6% |
净利率KTBPAYX
| Q4 25 | — | 26.3% | ||
| Q3 25 | 4.3% | 25.7% | ||
| Q2 25 | 11.2% | 21.5% | ||
| Q1 25 | 6.9% | 35.4% | ||
| Q4 24 | 9.1% | 32.3% | ||
| Q3 24 | 10.5% | 33.4% | ||
| Q2 24 | 8.5% | 30.2% | ||
| Q1 24 | 9.4% | 35.7% |
每股收益（稀释后）KTBPAYX
| Q4 25 | — | $1.10 | ||
| Q3 25 | $0.66 | $1.06 | ||
| Q2 25 | $1.32 | $0.83 | ||
| Q1 25 | $0.76 | $1.43 | ||
| Q4 24 | $1.13 | $1.14 | ||
| Q3 24 | $1.26 | $1.18 | ||
| Q2 24 | $0.92 | $1.05 | ||
| Q1 24 | $1.05 | $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 | $82.4M | $1.5B |
| 总债务越低越好 | $1.3B | $5.0B |
| 股东权益账面价值 | $529.6M | $3.9B |
| 总资产 | $2.9B | $16.5B |
| 负债/权益比越低杠杆越低 | 2.53× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资KTBPAYX
| Q4 25 | — | $1.5B | ||
| Q3 25 | $82.4M | $1.7B | ||
| Q2 25 | $107.5M | $1.7B | ||
| Q1 25 | $356.7M | $1.6B | ||
| Q4 24 | $334.1M | $1.2B | ||
| Q3 24 | $269.4M | $1.5B | ||
| Q2 24 | $224.3M | $1.5B | ||
| Q1 24 | $215.1M | $1.7B |
总债务KTBPAYX
| Q4 25 | — | $5.0B | ||
| Q3 25 | $1.3B | $5.0B | ||
| Q2 25 | $1.4B | $4.9B | ||
| Q1 25 | $735.6M | — | ||
| Q4 24 | $740.3M | — | ||
| Q3 24 | $745.0M | — | ||
| Q2 24 | $749.7M | $798.6M | ||
| Q1 24 | $779.2M | — |
股东权益KTBPAYX
| Q4 25 | — | $3.9B | ||
| Q3 25 | $529.6M | $4.0B | ||
| Q2 25 | $498.3M | $4.1B | ||
| Q1 25 | $426.7M | $4.1B | ||
| Q4 24 | $400.1M | $3.9B | ||
| Q3 24 | $356.9M | $3.9B | ||
| Q2 24 | $367.2M | $3.8B | ||
| Q1 24 | $387.2M | $3.7B |
总资产KTBPAYX
| Q4 25 | — | $16.5B | ||
| Q3 25 | $2.9B | $16.7B | ||
| Q2 25 | $2.7B | $16.6B | ||
| Q1 25 | $1.7B | $11.2B | ||
| Q4 24 | $1.7B | $10.6B | ||
| Q3 24 | $1.7B | $10.5B | ||
| Q2 24 | $1.6B | $10.4B | ||
| Q1 24 | $1.7B | $13.0B |
负债/权益比KTBPAYX
| Q4 25 | — | 1.28× | ||
| Q3 25 | 2.53× | 1.25× | ||
| Q2 25 | 2.74× | 1.20× | ||
| Q1 25 | 1.72× | — | ||
| Q4 24 | 1.85× | — | ||
| Q3 24 | 2.09× | — | ||
| Q2 24 | 2.04× | 0.21× | ||
| Q1 24 | 2.01× | — |
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 | $64.1M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $382.8M |
| 自由现金流率自由现金流/营收 | 6.5% | 25.5% |
| 资本支出强度资本支出/营收 | 1.0% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.74× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $228.0M | $2.0B |
8季度趋势，按日历期对齐
经营现金流KTBPAYX
| Q4 25 | — | $444.9M | ||
| Q3 25 | $64.1M | $718.4M | ||
| Q2 25 | $25.7M | $343.8M | ||
| Q1 25 | $77.6M | $716.0M | ||
| Q4 24 | $82.0M | $295.0M | ||
| Q3 24 | $133.6M | $546.1M | ||
| Q2 24 | $96.2M | $221.7M | ||
| Q1 24 | $56.5M | $671.7M |
自由现金流KTBPAYX
| Q4 25 | — | $382.8M | ||
| Q3 25 | $55.8M | $662.5M | ||
| Q2 25 | $22.4M | $283.3M | ||
| Q1 25 | $74.9M | $667.3M | ||
| Q4 24 | $75.0M | $248.0M | ||
| Q3 24 | $129.9M | $510.5M | ||
| Q2 24 | $92.6M | $180.4M | ||
| Q1 24 | $52.0M | $631.0M |
自由现金流率KTBPAYX
| Q4 25 | — | 25.5% | ||
| Q3 25 | 6.5% | 44.4% | ||
| Q2 25 | 3.4% | 20.5% | ||
| Q1 25 | 12.0% | 45.5% | ||
| Q4 24 | 10.7% | 19.4% | ||
| Q3 24 | 19.4% | 39.9% | ||
| Q2 24 | 15.3% | 14.4% | ||
| Q1 24 | 8.2% | 45.2% |
资本支出强度KTBPAYX
| Q4 25 | — | 4.1% | ||
| Q3 25 | 1.0% | 3.7% | ||
| Q2 25 | 0.5% | 4.4% | ||
| Q1 25 | 0.4% | 3.3% | ||
| Q4 24 | 1.0% | 3.7% | ||
| Q3 24 | 0.6% | 2.8% | ||
| Q2 24 | 0.6% | 3.3% | ||
| Q1 24 | 0.7% | 2.9% |
现金转化率KTBPAYX
| Q4 25 | — | 1.13× | ||
| Q3 25 | 1.74× | 1.87× | ||
| Q2 25 | 0.35× | 1.16× | ||
| Q1 25 | 1.81× | 1.38× | ||
| Q4 24 | 1.28× | 0.71× | ||
| Q3 24 | 1.89× | 1.28× | ||
| Q2 24 | 1.86× | 0.58× | ||
| Q1 24 | 0.95× | 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
KTB
| International Member | $292.0M | 34% |
| CTC Triangle B.V | $192.7M | 23% |
| Lee Segment | $186.7M | 22% |
| Helly Hansen Segment | $185.9M | 22% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
