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Paycom（PAYC）与世纪互联（VNET）财务数据对比。点击上方公司名可切换其他公司
Paycom的季度营收约是世纪互联的1.5倍（$544.3M vs $362.7M），Paycom净利率更高（20.9% vs -10.7%，领先31.6%），Paycom自由现金流更多（$122.6M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% 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。
VNET Group即世纪互联，是中国领先的第三方中立数据中心服务商，提供机柜托管、云基础设施、混合云部署及网络管理等解决方案，服务覆盖科技、金融、零售等多领域企业客户，为企业数字化运营提供稳定的算力与网络支撑。
PAYC vs VNET — 直观对比
营收规模更大
PAYC
是对方的1.5倍
$362.7M
净利率更高
PAYC
高出31.6%
-10.7%
自由现金流更多
PAYC
多$315.7M
$-193.1M
两年增速更快
VNET
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $544.3M | $362.7M |
| 净利润 | $113.8M | $-38.7M |
| 毛利率 | 83.9% | 20.9% |
| 营业利润率 | 28.9% | 0.5% |
| 净利率 | 20.9% | -10.7% |
| 营收同比 | 10.2% | — |
| 净利润同比 | 0.2% | — |
| 每股收益（稀释后） | $2.06 | — |
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PAYCVNET
| Q4 25 | $544.3M | — | ||
| Q3 25 | $493.3M | $362.7M | ||
| Q2 25 | $483.6M | — | ||
| Q1 25 | $530.5M | $309.5M | ||
| Q4 24 | $493.9M | — | ||
| Q3 24 | $451.9M | $302.2M | ||
| Q2 24 | $437.5M | $274.4M | ||
| Q1 24 | $499.9M | $262.9M |
净利润PAYCVNET
| Q4 25 | $113.8M | — | ||
| Q3 25 | $110.7M | $-38.7M | ||
| Q2 25 | $89.5M | — | ||
| Q1 25 | $139.4M | $-2.4M | ||
| Q4 24 | $113.6M | — | ||
| Q3 24 | $73.3M | $-2.1M | ||
| Q2 24 | $68.0M | $-1.1M | ||
| Q1 24 | $247.2M | $-22.0M |
毛利率PAYCVNET
| Q4 25 | 83.9% | — | ||
| Q3 25 | 82.7% | 20.9% | ||
| Q2 25 | 81.9% | — | ||
| Q1 25 | 84.1% | 25.2% | ||
| Q4 24 | 83.1% | — | ||
| Q3 24 | 80.5% | 23.2% | ||
| Q2 24 | 80.8% | 21.3% | ||
| Q1 24 | 84.3% | 21.6% |
营业利润率PAYCVNET
| Q4 25 | 28.9% | — | ||
| Q3 25 | 22.8% | 0.5% | ||
| Q2 25 | 23.2% | — | ||
| Q1 25 | 34.9% | 0.1% | ||
| Q4 24 | 30.1% | — | ||
| Q3 24 | 23.2% | 24.5% | ||
| Q2 24 | 21.7% | 0.2% | ||
| Q1 24 | 57.2% | 0.2% |
净利率PAYCVNET
| Q4 25 | 20.9% | — | ||
| Q3 25 | 22.4% | -10.7% | ||
| Q2 25 | 18.5% | — | ||
| Q1 25 | 26.3% | -0.8% | ||
| Q4 24 | 23.0% | — | ||
| Q3 24 | 16.2% | -0.7% | ||
| Q2 24 | 15.5% | -0.4% | ||
| Q1 24 | 49.4% | -8.4% |
每股收益（稀释后）PAYCVNET
| Q4 25 | $2.06 | — | ||
| Q3 25 | $1.96 | — | ||
| Q2 25 | $1.58 | — | ||
| Q1 25 | $2.48 | — | ||
| Q4 24 | $2.04 | — | ||
| Q3 24 | $1.31 | — | ||
| Q2 24 | $1.20 | — | ||
| Q1 24 | $4.37 | — |
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 | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.7B | $890.8M |
| 总资产 | $7.6B | $6.1B |
| 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PAYCVNET
| Q4 25 | $370.0M | — | ||
| Q3 25 | $375.0M | $492.1M | ||
| Q2 25 | $532.2M | — | ||
| Q1 25 | $520.8M | $544.3M | ||
| Q4 24 | $402.0M | — | ||
| Q3 24 | $325.8M | $219.5M | ||
| Q2 24 | $346.5M | $247.2M | ||
| Q1 24 | $371.3M | $246.9M |
总债务PAYCVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PAYCVNET
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $890.8M | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.7B | $927.8M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | $902.9M | ||
| Q2 24 | $1.4B | $900.6M | ||
| Q1 24 | $1.4B | $895.1M |
总资产PAYCVNET
| Q4 25 | $7.6B | — | ||
| Q3 25 | $4.2B | $6.1B | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.6B | $5.4B | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $3.5B | $4.3B | ||
| Q2 24 | $4.3B | $4.0B | ||
| Q1 24 | $4.7B | $3.9B |
负债/权益比PAYCVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — | ||
| 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 | $196.1M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $122.6M | $-193.1M |
| 自由现金流率自由现金流/营收 | 22.5% | -53.2% |
| 资本支出强度资本支出/营收 | 13.5% | 84.6% |
| 现金转化率经营现金流/净利润 | 1.72× | — |
| 过去12个月自由现金流最近4个季度 | $408.0M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流PAYCVNET
| Q4 25 | $196.1M | — | ||
| Q3 25 | $177.8M | $113.8M | ||
| Q2 25 | $122.5M | — | ||
| Q1 25 | $182.5M | $27.0M | ||
| Q4 24 | $160.4M | — | ||
| Q3 24 | $92.8M | $108.3M | ||
| Q2 24 | $132.1M | $55.8M | ||
| Q1 24 | $148.6M | $37.1M |
自由现金流PAYCVNET
| Q4 25 | $122.6M | — | ||
| Q3 25 | $79.8M | $-193.1M | ||
| Q2 25 | $60.8M | — | ||
| Q1 25 | $144.8M | $-220.0M | ||
| Q4 24 | $109.0M | — | ||
| Q3 24 | $44.6M | $-95.0M | ||
| Q2 24 | $86.5M | $-81.6M | ||
| Q1 24 | $100.9M | $-102.2M |
自由现金流率PAYCVNET
| Q4 25 | 22.5% | — | ||
| Q3 25 | 16.2% | -53.2% | ||
| Q2 25 | 12.6% | — | ||
| Q1 25 | 27.3% | -71.1% | ||
| Q4 24 | 22.1% | — | ||
| Q3 24 | 9.9% | -31.4% | ||
| Q2 24 | 19.8% | -29.8% | ||
| Q1 24 | 20.2% | -38.9% |
资本支出强度PAYCVNET
| Q4 25 | 13.5% | — | ||
| Q3 25 | 19.9% | 84.6% | ||
| Q2 25 | 12.8% | — | ||
| Q1 25 | 7.1% | 79.8% | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 10.7% | 67.3% | ||
| Q2 24 | 10.4% | 50.1% | ||
| Q1 24 | 9.5% | 53.0% |
现金转化率PAYCVNET
| Q4 25 | 1.72× | — | ||
| Q3 25 | 1.61× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.31× | — | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.94× | — | ||
| Q1 24 | 0.60× | — |
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% |
VNET
暂无分部数据
