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赫曼米勒（MLKN）与Paychex（PAYX）财务数据对比。点击上方公司名可切换其他公司
Paychex的季度营收约是赫曼米勒的1.6倍（$1.5B vs $955.2M），Paychex净利率更高（26.3% vs 2.5%，领先23.8%），Paychex同比增速更快（17.4% vs -1.6%），Paychex自由现金流更多（$382.8M vs $34.0M）
米勒诺尔公司以赫曼米勒之名开展业务，是美国知名办公家具、设备及家居产品制造商。其推出的埃隆椅、野口勇茶几、棉花糖沙发、米拉椅、伊姆斯休闲椅等产品享誉全球，此外该公司还在1968年研发出了现代办公隔间。
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。
MLKN vs PAYX — 直观对比
营收规模更大
PAYX
是对方的1.6倍
$955.2M
营收增速更快
PAYX
高出18.9%
-1.6%
净利率更高
PAYX
高出23.8%
2.5%
自由现金流更多
PAYX
多$348.8M
$34.0M
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $955.2M | $1.5B |
| 净利润 | $24.2M | $395.4M |
| 毛利率 | 39.0% | 72.6% |
| 营业利润率 | 5.1% | 38.0% |
| 净利率 | 2.5% | 26.3% |
| 营收同比 | -1.6% | 17.4% |
| 净利润同比 | -29.0% | -4.4% |
| 每股收益（稀释后） | $0.35 | $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MLKNPAYX
| Q4 25 | $955.2M | $1.5B | ||
| Q3 25 | $955.7M | $1.5B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.4B |
净利润MLKNPAYX
| Q4 25 | $24.2M | $395.4M | ||
| Q3 25 | $20.2M | $383.8M | ||
| Q2 25 | — | $297.2M | ||
| Q1 25 | — | $519.3M | ||
| Q4 24 | — | $413.4M | ||
| Q3 24 | — | $427.4M | ||
| Q2 24 | — | $379.9M | ||
| Q1 24 | — | $498.6M |
毛利率MLKNPAYX
| Q4 25 | 39.0% | 72.6% | ||
| Q3 25 | 38.5% | 72.3% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | — | 73.6% | ||
| Q4 24 | — | 70.4% | ||
| Q3 24 | — | 70.3% | ||
| Q2 24 | — | 70.1% | ||
| Q1 24 | — | 72.8% |
营业利润率MLKNPAYX
| Q4 25 | 5.1% | 38.0% | ||
| Q3 25 | 5.6% | 36.3% | ||
| Q2 25 | — | 31.2% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 42.0% | ||
| Q3 24 | — | 42.7% | ||
| Q2 24 | — | 38.3% | ||
| Q1 24 | — | 46.6% |
净利率MLKNPAYX
| Q4 25 | 2.5% | 26.3% | ||
| Q3 25 | 2.1% | 25.7% | ||
| Q2 25 | — | 21.5% | ||
| Q1 25 | — | 35.4% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | — | 33.4% | ||
| Q2 24 | — | 30.2% | ||
| Q1 24 | — | 35.7% |
每股收益（稀释后）MLKNPAYX
| Q4 25 | $0.35 | $1.10 | ||
| Q3 25 | $0.29 | $1.06 | ||
| Q2 25 | — | $0.83 | ||
| Q1 25 | — | $1.43 | ||
| Q4 24 | — | $1.14 | ||
| Q3 24 | — | $1.18 | ||
| Q2 24 | — | $1.05 | ||
| Q1 24 | — | $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 | $180.4M | $1.5B |
| 总债务越低越好 | $1.3B | $5.0B |
| 股东权益账面价值 | $1.3B | $3.9B |
| 总资产 | $3.9B | $16.5B |
| 负债/权益比越低杠杆越低 | 1.02× | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资MLKNPAYX
| Q4 25 | $180.4M | $1.5B | ||
| Q3 25 | $167.2M | $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MLKNPAYX
| Q4 25 | $1.3B | $5.0B | ||
| Q3 25 | $1.3B | $5.0B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $798.6M | ||
| Q1 24 | — | — |
股东权益MLKNPAYX
| Q4 25 | $1.3B | $3.9B | ||
| Q3 25 | $1.3B | $4.0B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.1B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.7B |
总资产MLKNPAYX
| Q4 25 | $3.9B | $16.5B | ||
| Q3 25 | $3.9B | $16.7B | ||
| Q2 25 | — | $16.6B | ||
| Q1 25 | — | $11.2B | ||
| Q4 24 | — | $10.6B | ||
| Q3 24 | — | $10.5B | ||
| Q2 24 | — | $10.4B | ||
| Q1 24 | — | $13.0B |
负债/权益比MLKNPAYX
| Q4 25 | 1.02× | 1.28× | ||
| Q3 25 | 1.02× | 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 | $64.6M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $34.0M | $382.8M |
| 自由现金流率自由现金流/营收 | 3.6% | 25.5% |
| 资本支出强度资本支出/营收 | 3.2% | 4.1% |
| 现金转化率经营现金流/净利润 | 2.67× | 1.13× |
| 过去12个月自由现金流最近4个季度 | — | $2.0B |
8季度趋势，按日历期对齐
经营现金流MLKNPAYX
| Q4 25 | $64.6M | $444.9M | ||
| Q3 25 | $9.4M | $718.4M | ||
| Q2 25 | — | $343.8M | ||
| Q1 25 | — | $716.0M | ||
| Q4 24 | — | $295.0M | ||
| Q3 24 | — | $546.1M | ||
| Q2 24 | — | $221.7M | ||
| Q1 24 | — | $671.7M |
自由现金流MLKNPAYX
| Q4 25 | $34.0M | $382.8M | ||
| Q3 25 | $-21.3M | $662.5M | ||
| Q2 25 | — | $283.3M | ||
| Q1 25 | — | $667.3M | ||
| Q4 24 | — | $248.0M | ||
| Q3 24 | — | $510.5M | ||
| Q2 24 | — | $180.4M | ||
| Q1 24 | — | $631.0M |
自由现金流率MLKNPAYX
| Q4 25 | 3.6% | 25.5% | ||
| Q3 25 | -2.2% | 44.4% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 45.5% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | 39.9% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 45.2% |
资本支出强度MLKNPAYX
| Q4 25 | 3.2% | 4.1% | ||
| Q3 25 | 3.2% | 3.7% | ||
| Q2 25 | — | 4.4% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.9% |
现金转化率MLKNPAYX
| Q4 25 | 2.67× | 1.13× | ||
| Q3 25 | 0.47× | 1.87× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 0.71× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | 0.58× | ||
| Q1 24 | — | 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
MLKN
| Workplace | $309.9M | 32% |
| Global Retail Segment | $275.8M | 29% |
| International Contract Segment | $170.9M | 18% |
| Performance Seating | $101.1M | 11% |
| Lifestyle | $52.9M | 6% |
| Other Products | $44.6M | 5% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
