vs
Match Group（MTCH）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Match Group的1.7倍（$1.5B vs $878.0M），Paychex净利率更高（26.3% vs 23.9%，领先2.4%），Paychex同比增速更快（17.4% vs 2.1%），Paychex自由现金流更多（$382.8M vs $308.1M），过去两年Paychex的营收复合增速更高（3.8% vs 1.1%）
美国互联网科技企业Match Group总部位于得克萨斯州达拉斯，旗下拥有全球规模最大的在线约会服务品牌矩阵，运营Tinder、Hinge、Plenty of Fish等多款全球知名约会产品。2020年7月公司从IAC分拆为独立上市公司，截至2019年全球付费订阅用户达930万，其中近半数来自北美地区。
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。
MTCH vs PAYX — 直观对比
营收规模更大
PAYX
是对方的1.7倍
$878.0M
营收增速更快
PAYX
高出15.3%
2.1%
净利率更高
PAYX
高出2.4%
23.9%
自由现金流更多
PAYX
多$74.7M
$308.1M
两年增速更快
PAYX
近两年复合增速
1.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $878.0M | $1.5B |
| 净利润 | $209.7M | $395.4M |
| 毛利率 | 74.7% | 72.6% |
| 营业利润率 | 32.4% | 38.0% |
| 净利率 | 23.9% | 26.3% |
| 营收同比 | 2.1% | 17.4% |
| 净利润同比 | 32.5% | -4.4% |
| 每股收益（稀释后） | $0.83 | $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MTCHPAYX
| Q4 25 | $878.0M | $1.5B | ||
| Q3 25 | $914.3M | $1.5B | ||
| Q2 25 | $863.7M | $1.4B | ||
| Q1 25 | $831.2M | $1.5B | ||
| Q4 24 | $860.2M | $1.3B | ||
| Q3 24 | $895.5M | $1.3B | ||
| Q2 24 | $864.1M | $1.3B | ||
| Q1 24 | $859.6M | $1.4B |
净利润MTCHPAYX
| Q4 25 | $209.7M | $395.4M | ||
| Q3 25 | $160.8M | $383.8M | ||
| Q2 25 | $125.5M | $297.2M | ||
| Q1 25 | $117.6M | $519.3M | ||
| Q4 24 | $158.3M | $413.4M | ||
| Q3 24 | $136.5M | $427.4M | ||
| Q2 24 | $133.3M | $379.9M | ||
| Q1 24 | $123.2M | $498.6M |
毛利率MTCHPAYX
| Q4 25 | 74.7% | 72.6% | ||
| Q3 25 | 73.0% | 72.3% | ||
| Q2 25 | 72.0% | 71.5% | ||
| Q1 25 | 71.5% | 73.6% | ||
| Q4 24 | 72.5% | 70.4% | ||
| Q3 24 | 71.7% | 70.3% | ||
| Q2 24 | 71.6% | 70.1% | ||
| Q1 24 | 70.1% | 72.8% |
营业利润率MTCHPAYX
| Q4 25 | 32.4% | 38.0% | ||
| Q3 25 | 24.2% | 36.3% | ||
| Q2 25 | 22.5% | 31.2% | ||
| Q1 25 | 20.8% | 47.2% | ||
| Q4 24 | 26.0% | 42.0% | ||
| Q3 24 | 23.5% | 42.7% | ||
| Q2 24 | 23.7% | 38.3% | ||
| Q1 24 | 21.5% | 46.6% |
净利率MTCHPAYX
| Q4 25 | 23.9% | 26.3% | ||
| Q3 25 | 17.6% | 25.7% | ||
| Q2 25 | 14.5% | 21.5% | ||
| Q1 25 | 14.1% | 35.4% | ||
| Q4 24 | 18.4% | 32.3% | ||
| Q3 24 | 15.2% | 33.4% | ||
| Q2 24 | 15.4% | 30.2% | ||
| Q1 24 | 14.3% | 35.7% |
每股收益（稀释后）MTCHPAYX
| Q4 25 | $0.83 | $1.10 | ||
| Q3 25 | $0.62 | $1.06 | ||
| Q2 25 | $0.49 | $0.83 | ||
| Q1 25 | $0.44 | $1.43 | ||
| Q4 24 | $0.59 | $1.14 | ||
| Q3 24 | $0.51 | $1.18 | ||
| Q2 24 | $0.48 | $1.05 | ||
| Q1 24 | $0.44 | $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 | $1.0B | $1.5B |
| 总债务越低越好 | $3.5B | $5.0B |
| 股东权益账面价值 | $-253.5M | $3.9B |
| 总资产 | $4.5B | $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MTCHPAYX
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $340.4M | $1.7B | ||
| Q1 25 | $414.2M | $1.6B | ||
| Q4 24 | $970.7M | $1.2B | ||
| Q3 24 | $860.9M | $1.5B | ||
| Q2 24 | $843.6M | $1.5B | ||
| Q1 24 | $920.9M | $1.7B |
总债务MTCHPAYX
| Q4 25 | $3.5B | $5.0B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.8B | — | ||
| Q2 24 | $3.8B | $798.6M | ||
| Q1 24 | $3.8B | — |
股东权益MTCHPAYX
| Q4 25 | $-253.5M | $3.9B | ||
| Q3 25 | $-223.9M | $4.0B | ||
| Q2 25 | $-230.9M | $4.1B | ||
| Q1 25 | $-182.7M | $4.1B | ||
| Q4 24 | $-63.7M | $3.9B | ||
| Q3 24 | $-88.5M | $3.9B | ||
| Q2 24 | $-130.2M | $3.8B | ||
| Q1 24 | $-107.8M | $3.7B |
总资产MTCHPAYX
| Q4 25 | $4.5B | $16.5B | ||
| Q3 25 | $4.5B | $16.7B | ||
| Q2 25 | $3.9B | $16.6B | ||
| Q1 25 | $3.9B | $11.2B | ||
| Q4 24 | $4.5B | $10.6B | ||
| Q3 24 | $4.4B | $10.5B | ||
| Q2 24 | $4.4B | $10.4B | ||
| Q1 24 | $4.4B | $13.0B |
负债/权益比MTCHPAYX
| 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 | $322.8M | $444.9M |
| 自由现金流经营现金流 - 资本支出 | $308.1M | $382.8M |
| 自由现金流率自由现金流/营收 | 35.1% | 25.5% |
| 资本支出强度资本支出/营收 | 1.7% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.54× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $2.0B |
8季度趋势，按日历期对齐
经营现金流MTCHPAYX
| Q4 25 | $322.8M | $444.9M | ||
| Q3 25 | $320.6M | $718.4M | ||
| Q2 25 | $243.8M | $343.8M | ||
| Q1 25 | $193.1M | $716.0M | ||
| Q4 24 | $254.7M | $295.0M | ||
| Q3 24 | $264.9M | $546.1M | ||
| Q2 24 | $129.0M | $221.7M | ||
| Q1 24 | $284.1M | $671.7M |
自由现金流MTCHPAYX
| Q4 25 | $308.1M | $382.8M | ||
| Q3 25 | $306.8M | $662.5M | ||
| Q2 25 | $231.0M | $283.3M | ||
| Q1 25 | $177.7M | $667.3M | ||
| Q4 24 | $247.1M | $248.0M | ||
| Q3 24 | $251.8M | $510.5M | ||
| Q2 24 | $116.3M | $180.4M | ||
| Q1 24 | $266.9M | $631.0M |
自由现金流率MTCHPAYX
| Q4 25 | 35.1% | 25.5% | ||
| Q3 25 | 33.6% | 44.4% | ||
| Q2 25 | 26.7% | 20.5% | ||
| Q1 25 | 21.4% | 45.5% | ||
| Q4 24 | 28.7% | 19.4% | ||
| Q3 24 | 28.1% | 39.9% | ||
| Q2 24 | 13.5% | 14.4% | ||
| Q1 24 | 31.0% | 45.2% |
资本支出强度MTCHPAYX
| Q4 25 | 1.7% | 4.1% | ||
| Q3 25 | 1.5% | 3.7% | ||
| Q2 25 | 1.5% | 4.4% | ||
| Q1 25 | 1.9% | 3.3% | ||
| Q4 24 | 0.9% | 3.7% | ||
| Q3 24 | 1.5% | 2.8% | ||
| Q2 24 | 1.5% | 3.3% | ||
| Q1 24 | 2.0% | 2.9% |
现金转化率MTCHPAYX
| Q4 25 | 1.54× | 1.13× | ||
| Q3 25 | 1.99× | 1.87× | ||
| Q2 25 | 1.94× | 1.16× | ||
| Q1 25 | 1.64× | 1.38× | ||
| Q4 24 | 1.61× | 0.71× | ||
| Q3 24 | 1.94× | 1.28× | ||
| Q2 24 | 0.97× | 0.58× | ||
| Q1 24 | 2.31× | 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
MTCH
| Tinder Segment | $479.3M | 55% |
| Hinge Segment | $186.5M | 21% |
| Evergreen And Emerging Segment | $148.1M | 17% |
| MG Asia Segment | $65.8M | 7% |
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
