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INSPERITY, INC.（NSP）与瑞思迈（RMD）财务数据对比。点击上方公司名可切换其他公司
INSPERITY, INC.的季度营收约是瑞思迈的1.2倍（$1.7B vs $1.4B），瑞思迈同比增速更快（11.0% vs 3.4%），瑞思迈自由现金流更多（$311.2M vs $246.0M），过去两年瑞思迈的营收复合增速更高（9.0% vs -3.8%）
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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
NSP vs RMD — 直观对比
营收规模更大
NSP
是对方的1.2倍
$1.4B
营收增速更快
RMD
高出7.6%
3.4%
自由现金流更多
RMD
多$65.2M
$246.0M
两年增速更快
RMD
近两年复合增速
-3.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.4B |
| 净利润 | — | $392.6M |
| 毛利率 | 10.3% | 61.8% |
| 营业利润率 | -2.8% | 34.6% |
| 净利率 | — | 27.6% |
| 营收同比 | 3.4% | 11.0% |
| 净利润同比 | — | 13.9% |
| 每股收益（稀释后） | $-0.87 | $2.68 |
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NSPRMD
| Q4 25 | $1.7B | $1.4B | ||
| Q3 25 | $1.6B | $1.3B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.8B | $1.2B |
净利润NSPRMD
| Q4 25 | — | $392.6M | ||
| Q3 25 | $-20.0M | $348.5M | ||
| Q2 25 | $-5.0M | $379.7M | ||
| Q1 25 | $51.0M | $365.0M | ||
| Q4 24 | — | $344.6M | ||
| Q3 24 | $3.0M | $311.4M | ||
| Q2 24 | $18.0M | $292.2M | ||
| Q1 24 | $79.0M | $300.5M |
毛利率NSPRMD
| Q4 25 | 10.3% | 61.8% | ||
| Q3 25 | 12.0% | 61.5% | ||
| Q2 25 | 13.4% | 60.8% | ||
| Q1 25 | 16.6% | 59.3% | ||
| Q4 24 | 13.5% | 58.6% | ||
| Q3 24 | 14.7% | 58.6% | ||
| Q2 24 | 16.2% | 58.5% | ||
| Q1 24 | 19.1% | 57.9% |
营业利润率NSPRMD
| Q4 25 | -2.8% | 34.6% | ||
| Q3 25 | -1.5% | 33.4% | ||
| Q2 25 | -0.4% | 33.7% | ||
| Q1 25 | 3.7% | 33.0% | ||
| Q4 24 | -0.9% | 32.5% | ||
| Q3 24 | 0.1% | 31.6% | ||
| Q2 24 | 1.4% | 31.2% | ||
| Q1 24 | 6.0% | 31.3% |
净利率NSPRMD
| Q4 25 | — | 27.6% | ||
| Q3 25 | -1.2% | 26.1% | ||
| Q2 25 | -0.3% | 28.2% | ||
| Q1 25 | 2.7% | 28.3% | ||
| Q4 24 | — | 26.9% | ||
| Q3 24 | 0.2% | 25.4% | ||
| Q2 24 | 1.1% | 23.9% | ||
| Q1 24 | 4.4% | 25.1% |
每股收益（稀释后）NSPRMD
| Q4 25 | $-0.87 | $2.68 | ||
| Q3 25 | $-0.53 | $2.37 | ||
| Q2 25 | $-0.14 | $2.58 | ||
| Q1 25 | $1.35 | $2.48 | ||
| Q4 24 | $-0.21 | $2.34 | ||
| Q3 24 | $0.07 | $2.11 | ||
| Q2 24 | $0.48 | $1.97 | ||
| Q1 24 | $2.08 | $2.04 |
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 | $682.0M | $1.4B |
| 总债务越低越好 | — | $403.9M |
| 股东权益账面价值 | $46.0M | $6.3B |
| 总资产 | $2.2B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资NSPRMD
| Q4 25 | $682.0M | $1.4B | ||
| Q3 25 | $521.0M | $1.4B | ||
| Q2 25 | $511.0M | $1.2B | ||
| Q1 25 | $684.0M | $932.7M | ||
| Q4 24 | $1.2B | $521.9M | ||
| Q3 24 | $596.0M | $426.4M | ||
| Q2 24 | $850.0M | $238.4M | ||
| Q1 24 | $801.0M | $237.9M |
总债务NSPRMD
| Q4 25 | — | $403.9M | ||
| Q3 25 | — | $408.7M | ||
| Q2 25 | — | $658.4M | ||
| Q1 25 | — | $663.1M | ||
| Q4 24 | — | $662.9M | ||
| Q3 24 | — | $667.6M | ||
| Q2 24 | — | $697.3M | ||
| Q1 24 | — | $997.0M |
股东权益NSPRMD
| Q4 25 | $46.0M | $6.3B | ||
| Q3 25 | $87.0M | $6.1B | ||
| Q2 25 | $112.0M | $6.0B | ||
| Q1 25 | $119.0M | $5.5B | ||
| Q4 24 | $97.0M | $5.3B | ||
| Q3 24 | $125.0M | $5.2B | ||
| Q2 24 | $142.0M | $4.9B | ||
| Q1 24 | $140.0M | $4.6B |
总资产NSPRMD
| Q4 25 | $2.2B | $8.5B | ||
| Q3 25 | $2.0B | $8.3B | ||
| Q2 25 | $2.0B | $8.2B | ||
| Q1 25 | $2.1B | $7.6B | ||
| Q4 24 | $2.6B | $7.1B | ||
| Q3 24 | $1.9B | $7.2B | ||
| Q2 24 | $2.1B | $6.9B | ||
| Q1 24 | $2.1B | $6.8B |
负债/权益比NSPRMD
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.22× |
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 | $255.0M | $339.7M |
| 自由现金流经营现金流 - 资本支出 | $246.0M | $311.2M |
| 自由现金流率自由现金流/营收 | 14.7% | 21.9% |
| 资本支出强度资本支出/营收 | 0.5% | 2.0% |
| 现金转化率经营现金流/净利润 | — | 0.87× |
| 过去12个月自由现金流最近4个季度 | $-309.0M | $1.8B |
8季度趋势，按日历期对齐
经营现金流NSPRMD
| Q4 25 | $255.0M | $339.7M | ||
| Q3 25 | $-11.0M | $457.3M | ||
| Q2 25 | $-79.0M | $538.8M | ||
| Q1 25 | $-443.0M | $578.7M | ||
| Q4 24 | $619.0M | $308.6M | ||
| Q3 24 | $-150.0M | $325.5M | ||
| Q2 24 | $20.0M | $440.1M | ||
| Q1 24 | $31.0M | $402.0M |
自由现金流NSPRMD
| Q4 25 | $246.0M | $311.2M | ||
| Q3 25 | $-20.0M | $414.4M | ||
| Q2 25 | $-86.0M | $508.2M | ||
| Q1 25 | $-449.0M | $557.9M | ||
| Q4 24 | $606.0M | $288.0M | ||
| Q3 24 | $-164.0M | $307.7M | ||
| Q2 24 | $14.0M | $415.2M | ||
| Q1 24 | $26.0M | $380.8M |
自由现金流率NSPRMD
| Q4 25 | 14.7% | 21.9% | ||
| Q3 25 | -1.2% | 31.0% | ||
| Q2 25 | -5.2% | 37.7% | ||
| Q1 25 | -24.1% | 43.2% | ||
| Q4 24 | 37.6% | 22.5% | ||
| Q3 24 | -10.5% | 25.1% | ||
| Q2 24 | 0.9% | 33.9% | ||
| Q1 24 | 1.4% | 31.8% |
资本支出强度NSPRMD
| Q4 25 | 0.5% | 2.0% | ||
| Q3 25 | 0.6% | 3.2% | ||
| Q2 25 | 0.4% | 2.3% | ||
| Q1 25 | 0.3% | 1.6% | ||
| Q4 24 | 0.8% | 1.6% | ||
| Q3 24 | 0.9% | 1.5% | ||
| Q2 24 | 0.4% | 2.0% | ||
| Q1 24 | 0.3% | 1.8% |
现金转化率NSPRMD
| Q4 25 | — | 0.87× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 1.42× | ||
| Q1 25 | -8.69× | 1.59× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | -50.00× | 1.05× | ||
| Q2 24 | 1.11× | 1.51× | ||
| Q1 24 | 0.39× | 1.34× |
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
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
