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露露乐蒙（LULU）与Paychex（PAYX）财务数据对比。点击上方公司名可切换其他公司
露露乐蒙的季度营收约是Paychex的1.7倍（$2.6B vs $1.5B），Paychex净利率更高（26.3% vs 12.0%，领先14.3%），Paychex同比增速更快（17.4% vs 7.1%），Paychex自由现金流更多（$382.8M vs $82.4M），过去两年Paychex的营收复合增速更高（3.8% vs -10.5%）
露露乐蒙是源自美国和加拿大的跨国运动服饰零售商，1998年成立初期主打瑜伽裤及其他瑜伽服饰，目前已拓展业务至运动装备、休闲服饰、配件及个护产品，总部位于加拿大不列颠哥伦比亚省温哥华，共拥有767家线下门店，同时开设官方网站提供线上销售服务。
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。
LULU vs PAYX — 直观对比
营收规模更大
LULU
是对方的1.7倍
$1.5B
营收增速更快
PAYX
高出10.3%
7.1%
净利率更高
PAYX
高出14.3%
12.0%
自由现金流更多
PAYX
多$300.4M
$82.4M
两年增速更快
PAYX
近两年复合增速
-10.5%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $1.5B |
| 净利润 | $306.8M | $395.4M |
| 毛利率 | 55.6% | 72.6% |
| 营业利润率 | 17.0% | 38.0% |
| 净利率 | 12.0% | 26.3% |
| 营收同比 | 7.1% | 17.4% |
| 净利润同比 | -12.8% | -4.4% |
| 每股收益（稀释后） | $2.59 | $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LULUPAYX
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $2.5B | $1.5B | ||
| Q2 25 | $2.4B | $1.4B | ||
| Q1 25 | $3.6B | $1.5B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $2.2B | $1.3B | ||
| Q1 24 | $3.2B | $1.4B |
净利润LULUPAYX
| Q4 25 | $306.8M | $395.4M | ||
| Q3 25 | $370.9M | $383.8M | ||
| Q2 25 | $314.6M | $297.2M | ||
| Q1 25 | $748.4M | $519.3M | ||
| Q4 24 | $351.9M | $413.4M | ||
| Q3 24 | $392.9M | $427.4M | ||
| Q2 24 | $321.4M | $379.9M | ||
| Q1 24 | $669.5M | $498.6M |
毛利率LULUPAYX
| Q4 25 | 55.6% | 72.6% | ||
| Q3 25 | 58.5% | 72.3% | ||
| Q2 25 | 58.3% | 71.5% | ||
| Q1 25 | 60.4% | 73.6% | ||
| Q4 24 | 58.5% | 70.4% | ||
| Q3 24 | 59.6% | 70.3% | ||
| Q2 24 | 57.7% | 70.1% | ||
| Q1 24 | 59.4% | 72.8% |
营业利润率LULUPAYX
| Q4 25 | 17.0% | 38.0% | ||
| Q3 25 | 20.7% | 36.3% | ||
| Q2 25 | 18.5% | 31.2% | ||
| Q1 25 | 28.9% | 47.2% | ||
| Q4 24 | 20.5% | 42.0% | ||
| Q3 24 | 22.8% | 42.7% | ||
| Q2 24 | 19.6% | 38.3% | ||
| Q1 24 | 28.5% | 46.6% |
净利率LULUPAYX
| Q4 25 | 12.0% | 26.3% | ||
| Q3 25 | 14.7% | 25.7% | ||
| Q2 25 | 13.3% | 21.5% | ||
| Q1 25 | 20.7% | 35.4% | ||
| Q4 24 | 14.7% | 32.3% | ||
| Q3 24 | 16.6% | 33.4% | ||
| Q2 24 | 14.6% | 30.2% | ||
| Q1 24 | 20.9% | 35.7% |
每股收益（稀释后）LULUPAYX
| Q4 25 | $2.59 | $1.10 | ||
| Q3 25 | $3.10 | $1.06 | ||
| Q2 25 | $2.60 | $0.83 | ||
| Q1 25 | $6.08 | $1.43 | ||
| Q4 24 | $2.87 | $1.14 | ||
| Q3 24 | $3.15 | $1.18 | ||
| Q2 24 | $2.54 | $1.05 | ||
| Q1 24 | $5.28 | $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 | — | $1.5B |
| 总债务越低越好 | — | $5.0B |
| 股东权益账面价值 | $4.5B | $3.9B |
| 总资产 | $8.0B | $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LULUPAYX
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.7B |
总债务LULUPAYX
| 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LULUPAYX
| Q4 25 | $4.5B | $3.9B | ||
| Q3 25 | $4.4B | $4.0B | ||
| Q2 25 | $4.3B | $4.1B | ||
| Q1 25 | $4.3B | $4.1B | ||
| Q4 24 | $4.0B | $3.9B | ||
| Q3 24 | $4.0B | $3.9B | ||
| Q2 24 | $4.2B | $3.8B | ||
| Q1 24 | $4.2B | $3.7B |
总资产LULUPAYX
| Q4 25 | $8.0B | $16.5B | ||
| Q3 25 | $7.5B | $16.7B | ||
| Q2 25 | $7.4B | $16.6B | ||
| Q1 25 | $7.6B | $11.2B | ||
| Q4 24 | $7.1B | $10.6B | ||
| Q3 24 | $6.7B | $10.5B | ||
| Q2 24 | $6.8B | $10.4B | ||
| Q1 24 | $7.1B | $13.0B |
负债/权益比LULUPAYX
| 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 | $249.9M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $82.4M | $382.8M |
| 自由现金流率自由现金流/营收 | 3.2% | 25.5% |
| 资本支出强度资本支出/营收 | 6.5% | 4.1% |
| 现金转化率经营现金流/净利润 | 0.81× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $2.0B |
8季度趋势，按日历期对齐
经营现金流LULUPAYX
| Q4 25 | $249.9M | $444.9M | ||
| Q3 25 | $328.7M | $718.4M | ||
| Q2 25 | $-119.0M | $343.8M | ||
| Q1 25 | $1.4B | $716.0M | ||
| Q4 24 | $300.7M | $295.0M | ||
| Q3 24 | $443.1M | $546.1M | ||
| Q2 24 | $127.5M | $221.7M | ||
| Q1 24 | $1.4B | $671.7M |
自由现金流LULUPAYX
| Q4 25 | $82.4M | $382.8M | ||
| Q3 25 | $150.8M | $662.5M | ||
| Q2 25 | $-271.2M | $283.3M | ||
| Q1 25 | $1.2B | $667.3M | ||
| Q4 24 | $122.2M | $248.0M | ||
| Q3 24 | $298.1M | $510.5M | ||
| Q2 24 | $-3.2M | $180.4M | ||
| Q1 24 | $1.2B | $631.0M |
自由现金流率LULUPAYX
| Q4 25 | 3.2% | 25.5% | ||
| Q3 25 | 6.0% | 44.4% | ||
| Q2 25 | -11.4% | 20.5% | ||
| Q1 25 | 32.3% | 45.5% | ||
| Q4 24 | 5.1% | 19.4% | ||
| Q3 24 | 12.6% | 39.9% | ||
| Q2 24 | -0.1% | 14.4% | ||
| Q1 24 | 36.7% | 45.2% |
资本支出强度LULUPAYX
| Q4 25 | 6.5% | 4.1% | ||
| Q3 25 | 7.0% | 3.7% | ||
| Q2 25 | 6.4% | 4.4% | ||
| Q1 25 | 6.5% | 3.3% | ||
| Q4 24 | 7.4% | 3.7% | ||
| Q3 24 | 6.1% | 2.8% | ||
| Q2 24 | 5.9% | 3.3% | ||
| Q1 24 | 6.4% | 2.9% |
现金转化率LULUPAYX
| Q4 25 | 0.81× | 1.13× | ||
| Q3 25 | 0.89× | 1.87× | ||
| Q2 25 | -0.38× | 1.16× | ||
| Q1 25 | 1.87× | 1.38× | ||
| Q4 24 | 0.85× | 0.71× | ||
| Q3 24 | 1.13× | 1.28× | ||
| Q2 24 | 0.40× | 0.58× | ||
| Q1 24 | 2.07× | 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
LULU
| Womens Apparel | $1.6B | 64% |
| Mens Apparel | $596.2M | 23% |
| Accessories And Other Categories | $324.7M | 13% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
