vs
Paycom（PAYC）与Royalty Pharma plc（RPRX）财务数据对比。点击上方公司名可切换其他公司
Royalty Pharma plc的季度营收约是Paycom的1.1倍（$622.0M vs $544.3M），Royalty Pharma plc净利率更高（34.4% vs 20.9%，领先13.5%），Paycom同比增速更快（10.2% vs 4.8%），过去两年Royalty Pharma plc的营收复合增速更高（4.6% 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。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
PAYC vs RPRX — 直观对比
营收规模更大
RPRX
是对方的1.1倍
$544.3M
营收增速更快
PAYC
高出5.4%
4.8%
净利率更高
RPRX
高出13.5%
20.9%
两年增速更快
RPRX
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $544.3M | $622.0M |
| 净利润 | $113.8M | $214.2M |
| 毛利率 | 83.9% | — |
| 营业利润率 | 28.9% | 62.4% |
| 净利率 | 20.9% | 34.4% |
| 营收同比 | 10.2% | 4.8% |
| 净利润同比 | 0.2% | 2.9% |
| 每股收益（稀释后） | $2.06 | $0.49 |
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PAYCRPRX
| Q4 25 | $544.3M | $622.0M | ||
| Q3 25 | $493.3M | $609.3M | ||
| Q2 25 | $483.6M | $578.7M | ||
| Q1 25 | $530.5M | $568.2M | ||
| Q4 24 | $493.9M | $593.6M | ||
| Q3 24 | $451.9M | $564.7M | ||
| Q2 24 | $437.5M | $537.3M | ||
| Q1 24 | $499.9M | $568.0M |
净利润PAYCRPRX
| Q4 25 | $113.8M | $214.2M | ||
| Q3 25 | $110.7M | $288.2M | ||
| Q2 25 | $89.5M | $30.2M | ||
| Q1 25 | $139.4M | $238.3M | ||
| Q4 24 | $113.6M | $208.2M | ||
| Q3 24 | $73.3M | $544.0M | ||
| Q2 24 | $68.0M | $102.0M | ||
| Q1 24 | $247.2M | $4.8M |
毛利率PAYCRPRX
| Q4 25 | 83.9% | — | ||
| Q3 25 | 82.7% | — | ||
| Q2 25 | 81.9% | — | ||
| Q1 25 | 84.1% | — | ||
| Q4 24 | 83.1% | — | ||
| Q3 24 | 80.5% | — | ||
| Q2 24 | 80.8% | — | ||
| Q1 24 | 84.3% | — |
营业利润率PAYCRPRX
| Q4 25 | 28.9% | 62.4% | ||
| Q3 25 | 22.8% | 70.1% | ||
| Q2 25 | 23.2% | 36.3% | ||
| Q1 25 | 34.9% | 94.0% | ||
| Q4 24 | 30.1% | 60.9% | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 21.7% | 50.2% | ||
| Q1 24 | 57.2% | -13.0% |
净利率PAYCRPRX
| Q4 25 | 20.9% | 34.4% | ||
| Q3 25 | 22.4% | 47.3% | ||
| Q2 25 | 18.5% | 5.2% | ||
| Q1 25 | 26.3% | 41.9% | ||
| Q4 24 | 23.0% | 35.1% | ||
| Q3 24 | 16.2% | 96.3% | ||
| Q2 24 | 15.5% | 19.0% | ||
| Q1 24 | 49.4% | 0.8% |
每股收益（稀释后）PAYCRPRX
| Q4 25 | $2.06 | $0.49 | ||
| Q3 25 | $1.96 | $0.67 | ||
| Q2 25 | $1.58 | $0.07 | ||
| Q1 25 | $2.48 | $0.55 | ||
| Q4 24 | $2.04 | $0.46 | ||
| Q3 24 | $1.31 | $1.21 | ||
| Q2 24 | $1.20 | $0.23 | ||
| Q1 24 | $4.37 | $0.01 |
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 | $618.7M |
| 总债务越低越好 | — | $9.0B |
| 股东权益账面价值 | $1.7B | $9.7B |
| 总资产 | $7.6B | $19.6B |
| 负债/权益比越低杠杆越低 | — | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资PAYCRPRX
| Q4 25 | $370.0M | $618.7M | ||
| Q3 25 | $375.0M | $938.9M | ||
| Q2 25 | $532.2M | $631.9M | ||
| Q1 25 | $520.8M | $1.1B | ||
| Q4 24 | $402.0M | $929.0M | ||
| Q3 24 | $325.8M | $950.1M | ||
| Q2 24 | $346.5M | $1.8B | ||
| Q1 24 | $371.3M | $843.0M |
总债务PAYCRPRX
| Q4 25 | — | $9.0B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | — | $7.6B | ||
| Q2 24 | — | $7.6B | ||
| Q1 24 | — | $6.1B |
股东权益PAYCRPRX
| Q4 25 | $1.7B | $9.7B | ||
| Q3 25 | $1.7B | $9.6B | ||
| Q2 25 | $1.8B | $9.5B | ||
| Q1 25 | $1.7B | $9.8B | ||
| Q4 24 | $1.6B | $10.3B | ||
| Q3 24 | $1.5B | $10.3B | ||
| Q2 24 | $1.4B | $9.8B | ||
| Q1 24 | $1.4B | $9.9B |
总资产PAYCRPRX
| Q4 25 | $7.6B | $19.6B | ||
| Q3 25 | $4.2B | $19.3B | ||
| Q2 25 | $4.0B | $18.3B | ||
| Q1 25 | $4.6B | $17.6B | ||
| Q4 24 | $5.9B | $18.2B | ||
| Q3 24 | $3.5B | $18.0B | ||
| Q2 24 | $4.3B | $17.7B | ||
| Q1 24 | $4.7B | $16.1B |
负债/权益比PAYCRPRX
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.62× |
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 | $827.1M |
| 自由现金流经营现金流 - 资本支出 | $122.6M | — |
| 自由现金流率自由现金流/营收 | 22.5% | — |
| 资本支出强度资本支出/营收 | 13.5% | — |
| 现金转化率经营现金流/净利润 | 1.72× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $408.0M | — |
8季度趋势，按日历期对齐
经营现金流PAYCRPRX
| Q4 25 | $196.1M | $827.1M | ||
| Q3 25 | $177.8M | $702.6M | ||
| Q2 25 | $122.5M | $364.0M | ||
| Q1 25 | $182.5M | $596.1M | ||
| Q4 24 | $160.4M | $742.5M | ||
| Q3 24 | $92.8M | $703.6M | ||
| Q2 24 | $132.1M | $658.2M | ||
| Q1 24 | $148.6M | $664.6M |
自由现金流PAYCRPRX
| Q4 25 | $122.6M | — | ||
| Q3 25 | $79.8M | — | ||
| Q2 25 | $60.8M | — | ||
| Q1 25 | $144.8M | — | ||
| Q4 24 | $109.0M | — | ||
| Q3 24 | $44.6M | — | ||
| Q2 24 | $86.5M | — | ||
| Q1 24 | $100.9M | — |
自由现金流率PAYCRPRX
| Q4 25 | 22.5% | — | ||
| Q3 25 | 16.2% | — | ||
| Q2 25 | 12.6% | — | ||
| Q1 25 | 27.3% | — | ||
| Q4 24 | 22.1% | — | ||
| Q3 24 | 9.9% | — | ||
| Q2 24 | 19.8% | — | ||
| Q1 24 | 20.2% | — |
资本支出强度PAYCRPRX
| Q4 25 | 13.5% | — | ||
| Q3 25 | 19.9% | — | ||
| Q2 25 | 12.8% | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 10.7% | — | ||
| Q2 24 | 10.4% | — | ||
| Q1 24 | 9.5% | — |
现金转化率PAYCRPRX
| Q4 25 | 1.72× | 3.86× | ||
| Q3 25 | 1.61× | 2.44× | ||
| Q2 25 | 1.37× | 12.06× | ||
| Q1 25 | 1.31× | 2.50× | ||
| Q4 24 | 1.41× | 3.57× | ||
| Q3 24 | 1.27× | 1.29× | ||
| Q2 24 | 1.94× | 6.45× | ||
| Q1 24 | 0.60× | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
