vs
Paychex（PAYX）与罗布乐思（RBLX）财务数据对比。点击上方公司名可切换其他公司
Paychex的季度营收约是罗布乐思的1.1倍（$1.5B vs $1.4B），Paychex净利率更高（26.3% vs -22.3%，领先48.6%），罗布乐思同比增速更快（43.2% vs 17.4%），Paychex自由现金流更多（$382.8M vs $308.6M），过去两年罗布乐思的营收复合增速更高（32.9% vs 3.8%）
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。
罗布乐思（Roblox Corporation）是总部位于美国加利福尼亚州圣马特奥的游戏企业，由大卫·巴斯祖奇与埃里克·卡塞尔于2004年共同创立。公司核心产品为同名线上游戏创作平台Roblox，于2006年正式上线，截至2024年12月底全球员工规模已超2400人。
PAYX vs RBLX — 直观对比
营收规模更大
PAYX
是对方的1.1倍
$1.4B
营收增速更快
RBLX
高出25.8%
17.4%
净利率更高
PAYX
高出48.6%
-22.3%
自由现金流更多
PAYX
多$74.2M
$308.6M
两年增速更快
RBLX
近两年复合增速
3.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.4B |
| 净利润 | $395.4M | $-316.0M |
| 毛利率 | 72.6% | 77.7% |
| 营业利润率 | 38.0% | -25.3% |
| 净利率 | 26.3% | -22.3% |
| 营收同比 | 17.4% | 43.2% |
| 净利润同比 | -4.4% | -43.9% |
| 每股收益（稀释后） | $1.10 | $-0.44 |
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PAYXRBLX
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.3B | $988.2M | ||
| Q3 24 | $1.3B | $919.0M | ||
| Q2 24 | $1.3B | $893.5M | ||
| Q1 24 | $1.4B | $801.3M |
净利润PAYXRBLX
| Q4 25 | $395.4M | $-316.0M | ||
| Q3 25 | $383.8M | $-255.6M | ||
| Q2 25 | $297.2M | $-278.4M | ||
| Q1 25 | $519.3M | $-215.1M | ||
| Q4 24 | $413.4M | $-219.6M | ||
| Q3 24 | $427.4M | $-239.3M | ||
| Q2 24 | $379.9M | $-205.9M | ||
| Q1 24 | $498.6M | $-270.6M |
毛利率PAYXRBLX
| Q4 25 | 72.6% | 77.7% | ||
| Q3 25 | 72.3% | 78.2% | ||
| Q2 25 | 71.5% | 78.2% | ||
| Q1 25 | 73.6% | 78.3% | ||
| Q4 24 | 70.4% | 77.9% | ||
| Q3 24 | 70.3% | 77.7% | ||
| Q2 24 | 70.1% | 77.8% | ||
| Q1 24 | 72.8% | 77.7% |
营业利润率PAYXRBLX
| Q4 25 | 38.0% | -25.3% | ||
| Q3 25 | 36.3% | -21.8% | ||
| Q2 25 | 31.2% | -29.8% | ||
| Q1 25 | 47.2% | -24.6% | ||
| Q4 24 | 42.0% | -24.7% | ||
| Q3 24 | 42.7% | -30.4% | ||
| Q2 24 | 38.3% | -26.6% | ||
| Q1 24 | 46.6% | -37.7% |
净利率PAYXRBLX
| Q4 25 | 26.3% | -22.3% | ||
| Q3 25 | 25.7% | -18.8% | ||
| Q2 25 | 21.5% | -25.8% | ||
| Q1 25 | 35.4% | -20.8% | ||
| Q4 24 | 32.3% | -22.2% | ||
| Q3 24 | 33.4% | -26.0% | ||
| Q2 24 | 30.2% | -23.0% | ||
| Q1 24 | 35.7% | -33.8% |
每股收益（稀释后）PAYXRBLX
| Q4 25 | $1.10 | $-0.44 | ||
| Q3 25 | $1.06 | $-0.37 | ||
| Q2 25 | $0.83 | $-0.41 | ||
| Q1 25 | $1.43 | $-0.32 | ||
| Q4 24 | $1.14 | $-0.32 | ||
| Q3 24 | $1.18 | $-0.37 | ||
| Q2 24 | $1.05 | $-0.32 | ||
| Q1 24 | $1.38 | $-0.43 |
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 | $3.1B |
| 总债务越低越好 | $5.0B | $1.2B |
| 股东权益账面价值 | $3.9B | $394.5M |
| 总资产 | $16.5B | $9.6B |
| 负债/权益比越低杠杆越低 | 1.28× | 2.98× |
8季度趋势，按日历期对齐
现金及短期投资PAYXRBLX
| Q4 25 | $1.5B | $3.1B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $1.6B | $2.7B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $1.5B | $2.3B | ||
| Q2 24 | $1.5B | $2.4B | ||
| Q1 24 | $1.7B | $2.4B |
总债务PAYXRBLX
| Q4 25 | $5.0B | $1.2B | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $4.9B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | $798.6M | — | ||
| Q1 24 | — | — |
股东权益PAYXRBLX
| Q4 25 | $3.9B | $394.5M | ||
| Q3 25 | $4.0B | $407.6M | ||
| Q2 25 | $4.1B | $353.2M | ||
| Q1 25 | $4.1B | $310.7M | ||
| Q4 24 | $3.9B | $221.4M | ||
| Q3 24 | $3.9B | $189.9M | ||
| Q2 24 | $3.8B | $121.5M | ||
| Q1 24 | $3.7B | $71.6M |
总资产PAYXRBLX
| Q4 25 | $16.5B | $9.6B | ||
| Q3 25 | $16.7B | $8.6B | ||
| Q2 25 | $16.6B | $7.8B | ||
| Q1 25 | $11.2B | $7.5B | ||
| Q4 24 | $10.6B | $7.2B | ||
| Q3 24 | $10.5B | $6.7B | ||
| Q2 24 | $10.4B | $6.5B | ||
| Q1 24 | $13.0B | $6.3B |
负债/权益比PAYXRBLX
| Q4 25 | 1.28× | 2.98× | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.48× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.21× | — | ||
| 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 | $444.9M | $607.0M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $308.6M |
| 自由现金流率自由现金流/营收 | 25.5% | 21.8% |
| 资本支出强度资本支出/营收 | 4.1% | 21.1% |
| 现金转化率经营现金流/净利润 | 1.13× | — |
| 过去12个月自由现金流最近4个季度 | $2.0B | $1.4B |
8季度趋势，按日历期对齐
经营现金流PAYXRBLX
| Q4 25 | $444.9M | $607.0M | ||
| Q3 25 | $718.4M | $546.2M | ||
| Q2 25 | $343.8M | $199.3M | ||
| Q1 25 | $716.0M | $443.9M | ||
| Q4 24 | $295.0M | $184.5M | ||
| Q3 24 | $546.1M | $247.4M | ||
| Q2 24 | $221.7M | $151.4M | ||
| Q1 24 | $671.7M | $238.9M |
自由现金流PAYXRBLX
| Q4 25 | $382.8M | $308.6M | ||
| Q3 25 | $662.5M | $443.6M | ||
| Q2 25 | $283.3M | $176.7M | ||
| Q1 25 | $667.3M | $426.5M | ||
| Q4 24 | $248.0M | $120.6M | ||
| Q3 24 | $510.5M | $218.0M | ||
| Q2 24 | $180.4M | $111.7M | ||
| Q1 24 | $631.0M | $192.3M |
自由现金流率PAYXRBLX
| Q4 25 | 25.5% | 21.8% | ||
| Q3 25 | 44.4% | 32.6% | ||
| Q2 25 | 20.5% | 16.3% | ||
| Q1 25 | 45.5% | 41.2% | ||
| Q4 24 | 19.4% | 12.2% | ||
| Q3 24 | 39.9% | 23.7% | ||
| Q2 24 | 14.4% | 12.5% | ||
| Q1 24 | 45.2% | 24.0% |
资本支出强度PAYXRBLX
| Q4 25 | 4.1% | 21.1% | ||
| Q3 25 | 3.7% | 7.5% | ||
| Q2 25 | 4.4% | 2.1% | ||
| Q1 25 | 3.3% | 1.7% | ||
| Q4 24 | 3.7% | 6.5% | ||
| Q3 24 | 2.8% | 3.2% | ||
| Q2 24 | 3.3% | 4.4% | ||
| Q1 24 | 2.9% | 5.8% |
现金转化率PAYXRBLX
| Q4 25 | 1.13× | — | ||
| Q3 25 | 1.87× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.38× | — | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 1.35× | — |
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% |
RBLX
暂无分部数据
