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Paycom（PAYC）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
Ryman Hospitality Properties, Inc.的季度营收约是Paycom的1.4倍（$737.8M vs $544.3M），Paycom净利率更高（20.9% vs 10.1%，领先10.8%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs 10.2%），Paycom自由现金流更多（$122.6M vs $58.5M），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% vs 4.3%）
Paycom Software Inc.（简称Paycom）是1998年成立的线上薪资与人力资源软件服务商，总部位于美国俄克拉荷马城，在全美多地设有办事处，是全球最早推出全线上薪资管理服务的供应商之一，2025年营收达20.52亿美元，较2024年的18.83亿美元稳步增长。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
PAYC vs RHP — 直观对比
营收规模更大
RHP
是对方的1.4倍
$544.3M
营收增速更快
RHP
高出3.7%
10.2%
净利率更高
PAYC
高出10.8%
10.1%
自由现金流更多
PAYC
多$64.1M
$58.5M
两年增速更快
RHP
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $544.3M | $737.8M |
| 净利润 | $113.8M | $74.5M |
| 毛利率 | 83.9% | 41.4% |
| 营业利润率 | 28.9% | 19.4% |
| 净利率 | 20.9% | 10.1% |
| 营收同比 | 10.2% | 13.9% |
| 净利润同比 | 0.2% | 3.0% |
| 每股收益（稀释后） | $2.06 | $1.12 |
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PAYCRHP
| Q4 25 | $544.3M | $737.8M | ||
| Q3 25 | $493.3M | $592.5M | ||
| Q2 25 | $483.6M | $659.5M | ||
| Q1 25 | $530.5M | $587.3M | ||
| Q4 24 | $493.9M | $647.6M | ||
| Q3 24 | $451.9M | $550.0M | ||
| Q2 24 | $437.5M | $613.3M | ||
| Q1 24 | $499.9M | $528.3M |
净利润PAYCRHP
| Q4 25 | $113.8M | $74.5M | ||
| Q3 25 | $110.7M | $34.9M | ||
| Q2 25 | $89.5M | $71.8M | ||
| Q1 25 | $139.4M | $63.0M | ||
| Q4 24 | $113.6M | $72.3M | ||
| Q3 24 | $73.3M | $59.0M | ||
| Q2 24 | $68.0M | $100.8M | ||
| Q1 24 | $247.2M | $42.8M |
毛利率PAYCRHP
| Q4 25 | 83.9% | 41.4% | ||
| Q3 25 | 82.7% | 40.9% | ||
| Q2 25 | 81.9% | 49.7% | ||
| Q1 25 | 84.1% | 44.4% | ||
| Q4 24 | 83.1% | 40.4% | ||
| Q3 24 | 80.5% | 43.1% | ||
| Q2 24 | 80.8% | 48.4% | ||
| Q1 24 | 84.3% | 41.5% |
营业利润率PAYCRHP
| Q4 25 | 28.9% | 19.4% | ||
| Q3 25 | 22.8% | 15.0% | ||
| Q2 25 | 23.2% | 21.1% | ||
| Q1 25 | 34.9% | 19.8% | ||
| Q4 24 | 30.1% | 18.6% | ||
| Q3 24 | 23.2% | 19.3% | ||
| Q2 24 | 21.7% | 27.4% | ||
| Q1 24 | 57.2% | 18.2% |
净利率PAYCRHP
| Q4 25 | 20.9% | 10.1% | ||
| Q3 25 | 22.4% | 5.9% | ||
| Q2 25 | 18.5% | 10.9% | ||
| Q1 25 | 26.3% | 10.7% | ||
| Q4 24 | 23.0% | 11.2% | ||
| Q3 24 | 16.2% | 10.7% | ||
| Q2 24 | 15.5% | 16.4% | ||
| Q1 24 | 49.4% | 8.1% |
每股收益（稀释后）PAYCRHP
| Q4 25 | $2.06 | $1.12 | ||
| Q3 25 | $1.96 | $0.53 | ||
| Q2 25 | $1.58 | $1.12 | ||
| Q1 25 | $2.48 | $1.00 | ||
| Q4 24 | $2.04 | $1.12 | ||
| Q3 24 | $1.31 | $0.94 | ||
| Q2 24 | $1.20 | $1.65 | ||
| Q1 24 | $4.37 | $0.67 |
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 | $370.0M | $471.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.7B | $750.2M |
| 总资产 | $7.6B | $6.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PAYCRHP
| Q4 25 | $370.0M | $471.4M | ||
| Q3 25 | $375.0M | $483.3M | ||
| Q2 25 | $532.2M | $420.6M | ||
| Q1 25 | $520.8M | $413.9M | ||
| Q4 24 | $402.0M | $477.7M | ||
| Q3 24 | $325.8M | $534.9M | ||
| Q2 24 | $346.5M | $498.4M | ||
| Q1 24 | $371.3M | $465.3M |
股东权益PAYCRHP
| Q4 25 | $1.7B | $750.2M | ||
| Q3 25 | $1.7B | $758.5M | ||
| Q2 25 | $1.8B | $800.4M | ||
| Q1 25 | $1.7B | $531.5M | ||
| Q4 24 | $1.6B | $549.0M | ||
| Q3 24 | $1.5B | $551.9M | ||
| Q2 24 | $1.4B | $562.6M | ||
| Q1 24 | $1.4B | $529.9M |
总资产PAYCRHP
| Q4 25 | $7.6B | $6.2B | ||
| Q3 25 | $4.2B | $6.2B | ||
| Q2 25 | $4.0B | $6.1B | ||
| Q1 25 | $4.6B | $5.2B | ||
| Q4 24 | $5.9B | $5.2B | ||
| Q3 24 | $3.5B | $5.2B | ||
| Q2 24 | $4.3B | $5.1B | ||
| Q1 24 | $4.7B | $5.1B |
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 | $196.1M | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $122.6M | $58.5M |
| 自由现金流率自由现金流/营收 | 22.5% | 7.9% |
| 资本支出强度资本支出/营收 | 13.5% | 14.4% |
| 现金转化率经营现金流/净利润 | 1.72× | 2.21× |
| 过去12个月自由现金流最近4个季度 | $408.0M | $232.4M |
8季度趋势，按日历期对齐
经营现金流PAYCRHP
| Q4 25 | $196.1M | $164.7M | ||
| Q3 25 | $177.8M | $205.2M | ||
| Q2 25 | $122.5M | $122.5M | ||
| Q1 25 | $182.5M | $98.2M | ||
| Q4 24 | $160.4M | $166.6M | ||
| Q3 24 | $92.8M | $218.1M | ||
| Q2 24 | $132.1M | $184.3M | ||
| Q1 24 | $148.6M | $7.5M |
自由现金流PAYCRHP
| Q4 25 | $122.6M | $58.5M | ||
| Q3 25 | $79.8M | $135.4M | ||
| Q2 25 | $60.8M | $53.0M | ||
| Q1 25 | $144.8M | $-14.5M | ||
| Q4 24 | $109.0M | $76.0M | ||
| Q3 24 | $44.6M | $85.7M | ||
| Q2 24 | $86.5M | $78.8M | ||
| Q1 24 | $100.9M | $-72.0M |
自由现金流率PAYCRHP
| Q4 25 | 22.5% | 7.9% | ||
| Q3 25 | 16.2% | 22.9% | ||
| Q2 25 | 12.6% | 8.0% | ||
| Q1 25 | 27.3% | -2.5% | ||
| Q4 24 | 22.1% | 11.7% | ||
| Q3 24 | 9.9% | 15.6% | ||
| Q2 24 | 19.8% | 12.9% | ||
| Q1 24 | 20.2% | -13.6% |
资本支出强度PAYCRHP
| Q4 25 | 13.5% | 14.4% | ||
| Q3 25 | 19.9% | 11.8% | ||
| Q2 25 | 12.8% | 10.5% | ||
| Q1 25 | 7.1% | 19.2% | ||
| Q4 24 | 10.4% | 14.0% | ||
| Q3 24 | 10.7% | 24.1% | ||
| Q2 24 | 10.4% | 17.2% | ||
| Q1 24 | 9.5% | 15.0% |
现金转化率PAYCRHP
| Q4 25 | 1.72× | 2.21× | ||
| Q3 25 | 1.61× | 5.88× | ||
| Q2 25 | 1.37× | 1.71× | ||
| Q1 25 | 1.31× | 1.56× | ||
| Q4 24 | 1.41× | 2.30× | ||
| Q3 24 | 1.27× | 3.70× | ||
| Q2 24 | 1.94× | 1.83× | ||
| Q1 24 | 0.60× | 0.17× |
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
PAYC
| Recurring | $510.3M | 94% |
| Interest On Funds Held For Clients | $27.2M | 5% |
| Implementation And Other | $6.8M | 1% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
