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Paychex（PAYX）与Public Service Enterprise Group（PEG）财务数据对比。点击上方公司名可切换其他公司
Public Service Enterprise Group的季度营收约是Paychex的1.9倍（$2.9B vs $1.5B），Paychex净利率更高（26.3% vs 10.8%，领先15.5%），Public Service Enterprise Group同比增速更快（18.3% vs 17.4%），Paychex自由现金流更多（$382.8M vs $-408.0M），过去两年Paychex的营收复合增速更高（3.8% vs 2.8%）
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。
PSEG（Public Service Enterprise Group）是一家公开上市的能源企业，1985年正式成立，发展渊源可追溯至1903年，自创立以来总部始终位于美国新泽西州纽瓦克市，深耕能源领域多年，在北美能源市场拥有稳定的行业地位与市场份额。
PAYX vs PEG — 直观对比
营收规模更大
PEG
是对方的1.9倍
$1.5B
营收增速更快
PEG
高出0.9%
17.4%
净利率更高
PAYX
高出15.5%
10.8%
自由现金流更多
PAYX
多$790.8M
$-408.0M
两年增速更快
PAYX
近两年复合增速
2.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.9B |
| 净利润 | $395.4M | $315.0M |
| 毛利率 | 72.6% | — |
| 营业利润率 | 38.0% | 17.5% |
| 净利率 | 26.3% | 10.8% |
| 营收同比 | 17.4% | 18.3% |
| 净利润同比 | -4.4% | 10.1% |
| 每股收益（稀释后） | $1.10 | $0.63 |
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PAYXPEG
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.5B | $3.2B | ||
| Q2 25 | $1.4B | $2.8B | ||
| Q1 25 | $1.5B | $3.2B | ||
| Q4 24 | $1.3B | $2.5B | ||
| Q3 24 | $1.3B | $2.6B | ||
| Q2 24 | $1.3B | $2.4B | ||
| Q1 24 | $1.4B | $2.8B |
净利润PAYXPEG
| Q4 25 | $395.4M | $315.0M | ||
| Q3 25 | $383.8M | $622.0M | ||
| Q2 25 | $297.2M | $585.0M | ||
| Q1 25 | $519.3M | $589.0M | ||
| Q4 24 | $413.4M | $286.0M | ||
| Q3 24 | $427.4M | $520.0M | ||
| Q2 24 | $379.9M | $434.0M | ||
| Q1 24 | $498.6M | $532.0M |
毛利率PAYXPEG
| Q4 25 | 72.6% | — | ||
| Q3 25 | 72.3% | — | ||
| Q2 25 | 71.5% | — | ||
| Q1 25 | 73.6% | — | ||
| Q4 24 | 70.4% | — | ||
| Q3 24 | 70.3% | — | ||
| Q2 24 | 70.1% | — | ||
| Q1 24 | 72.8% | — |
营业利润率PAYXPEG
| Q4 25 | 38.0% | 17.5% | ||
| Q3 25 | 36.3% | 26.5% | ||
| Q2 25 | 31.2% | 29.1% | ||
| Q1 25 | 47.2% | 24.7% | ||
| Q4 24 | 42.0% | 18.1% | ||
| Q3 24 | 42.7% | 24.3% | ||
| Q2 24 | 38.3% | 24.0% | ||
| Q1 24 | 46.6% | 24.8% |
净利率PAYXPEG
| Q4 25 | 26.3% | 10.8% | ||
| Q3 25 | 25.7% | 19.3% | ||
| Q2 25 | 21.5% | 20.9% | ||
| Q1 25 | 35.4% | 18.3% | ||
| Q4 24 | 32.3% | 11.6% | ||
| Q3 24 | 33.4% | 19.7% | ||
| Q2 24 | 30.2% | 17.9% | ||
| Q1 24 | 35.7% | 19.3% |
每股收益（稀释后）PAYXPEG
| Q4 25 | $1.10 | $0.63 | ||
| Q3 25 | $1.06 | $1.24 | ||
| Q2 25 | $0.83 | $1.17 | ||
| Q1 25 | $1.43 | $1.18 | ||
| Q4 24 | $1.14 | $0.57 | ||
| Q3 24 | $1.18 | $1.04 | ||
| Q2 24 | $1.05 | $0.87 | ||
| Q1 24 | $1.38 | $1.06 |
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 | $1.5B | $132.0M |
| 总债务越低越好 | $5.0B | $22.5B |
| 股东权益账面价值 | $3.9B | $17.0B |
| 总资产 | $16.5B | $57.6B |
| 负债/权益比越低杠杆越低 | 1.28× | 1.33× |
8季度趋势，按日历期对齐
现金及短期投资PAYXPEG
| Q4 25 | $1.5B | $132.0M | ||
| Q3 25 | $1.7B | $334.0M | ||
| Q2 25 | $1.7B | $186.0M | ||
| Q1 25 | $1.6B | $894.0M | ||
| Q4 24 | $1.2B | $125.0M | ||
| Q3 24 | $1.5B | $203.0M | ||
| Q2 24 | $1.5B | $113.0M | ||
| Q1 24 | $1.7B | $1.2B |
总债务PAYXPEG
| Q4 25 | $5.0B | $22.5B | ||
| Q3 25 | $5.0B | $22.5B | ||
| Q2 25 | $4.9B | $22.6B | ||
| Q1 25 | — | $23.0B | ||
| Q4 24 | — | $21.1B | ||
| Q3 24 | — | $21.4B | ||
| Q2 24 | $798.6M | $20.5B | ||
| Q1 24 | — | $21.3B |
股东权益PAYXPEG
| Q4 25 | $3.9B | $17.0B | ||
| Q3 25 | $4.0B | $17.0B | ||
| Q2 25 | $4.1B | $16.7B | ||
| Q1 25 | $4.1B | $16.4B | ||
| Q4 24 | $3.9B | $16.1B | ||
| Q3 24 | $3.9B | $16.1B | ||
| Q2 24 | $3.8B | $15.8B | ||
| Q1 24 | $3.7B | $15.7B |
总资产PAYXPEG
| Q4 25 | $16.5B | $57.6B | ||
| Q3 25 | $16.7B | $56.9B | ||
| Q2 25 | $16.6B | $56.0B | ||
| Q1 25 | $11.2B | $55.6B | ||
| Q4 24 | $10.6B | $54.6B | ||
| Q3 24 | $10.5B | $54.1B | ||
| Q2 24 | $10.4B | $52.4B | ||
| Q1 24 | $13.0B | $52.4B |
负债/权益比PAYXPEG
| Q4 25 | 1.28× | 1.33× | ||
| Q3 25 | 1.25× | 1.33× | ||
| Q2 25 | 1.20× | 1.36× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | 0.21× | 1.30× | ||
| Q1 24 | — | 1.35× |
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 | $444.9M | $721.0M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $-408.0M |
| 自由现金流率自由现金流/营收 | 25.5% | -14.0% |
| 资本支出强度资本支出/营收 | 4.1% | 38.7% |
| 现金转化率经营现金流/净利润 | 1.13× | 2.29× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $26.0M |
8季度趋势，按日历期对齐
经营现金流PAYXPEG
| Q4 25 | $444.9M | $721.0M | ||
| Q3 25 | $718.4M | $1.1B | ||
| Q2 25 | $343.8M | $478.0M | ||
| Q1 25 | $716.0M | $1.0B | ||
| Q4 24 | $295.0M | $367.0M | ||
| Q3 24 | $546.1M | $623.0M | ||
| Q2 24 | $221.7M | $482.0M | ||
| Q1 24 | $671.7M | $661.0M |
自由现金流PAYXPEG
| Q4 25 | $382.8M | $-408.0M | ||
| Q3 25 | $662.5M | $322.0M | ||
| Q2 25 | $283.3M | $-309.0M | ||
| Q1 25 | $667.3M | $421.0M | ||
| Q4 24 | $248.0M | $-611.0M | ||
| Q3 24 | $510.5M | $-145.0M | ||
| Q2 24 | $180.4M | $-355.0M | ||
| Q1 24 | $631.0M | $-136.0M |
自由现金流率PAYXPEG
| Q4 25 | 25.5% | -14.0% | ||
| Q3 25 | 44.4% | 10.0% | ||
| Q2 25 | 20.5% | -11.0% | ||
| Q1 25 | 45.5% | 13.1% | ||
| Q4 24 | 19.4% | -24.8% | ||
| Q3 24 | 39.9% | -5.5% | ||
| Q2 24 | 14.4% | -14.7% | ||
| Q1 24 | 45.2% | -4.9% |
资本支出强度PAYXPEG
| Q4 25 | 4.1% | 38.7% | ||
| Q3 25 | 3.7% | 22.6% | ||
| Q2 25 | 4.4% | 28.1% | ||
| Q1 25 | 3.3% | 19.5% | ||
| Q4 24 | 3.7% | 39.7% | ||
| Q3 24 | 2.8% | 29.1% | ||
| Q2 24 | 3.3% | 34.5% | ||
| Q1 24 | 2.9% | 28.9% |
现金转化率PAYXPEG
| Q4 25 | 1.13× | 2.29× | ||
| Q3 25 | 1.87× | 1.69× | ||
| Q2 25 | 1.16× | 0.82× | ||
| Q1 25 | 1.38× | 1.78× | ||
| Q4 24 | 0.71× | 1.28× | ||
| Q3 24 | 1.28× | 1.20× | ||
| Q2 24 | 0.58× | 1.11× | ||
| Q1 24 | 1.35× | 1.24× |
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
PAYX
| Management Solutions | $1.2B | 78% |
| Peo And Insurance Solutions | $336.9M | 22% |
PEG
| PSEG Power Other | $1.1B | 37% |
| Electric Distribution Contracts | $929.0M | 32% |
| Gas Distribution Contracts | $840.0M | 29% |
| Other | $71.0M | 2% |
