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Paychex（PAYX）与Rocket Companies, Inc.（RKT）财务数据对比。点击上方公司名可切换其他公司
Rocket Companies, Inc.的季度营收约是Paychex的1.8倍（$2.7B vs $1.5B），Paychex净利率更高（26.3% vs 2.5%，领先23.8%），Rocket Companies, Inc.同比增速更快（52.2% vs 17.4%），Paychex自由现金流更多（$382.8M vs $-1.3B），过去两年Rocket Companies, Inc.的营收复合增速更高（39.5% 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。
Rocket Companies, Inc.是美国金融科技及住房服务企业，由丹·吉尔伯特创立，总部位于密歇根州底特律市中心。公司依托旗舰子公司Rocket Mortgage跻身美国最大抵押贷款提供商行列，旗下还拥有Redfin、Forsalebyowner.com、Rocket Money等子品牌。
PAYX vs RKT — 直观对比
营收规模更大
RKT
是对方的1.8倍
$1.5B
营收增速更快
RKT
高出34.8%
17.4%
净利率更高
PAYX
高出23.8%
2.5%
自由现金流更多
PAYX
多$1.7B
$-1.3B
两年增速更快
RKT
近两年复合增速
3.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.7B |
| 净利润 | $395.4M | $68.0M |
| 毛利率 | 72.6% | — |
| 营业利润率 | 38.0% | 6.3% |
| 净利率 | 26.3% | 2.5% |
| 营收同比 | 17.4% | 52.2% |
| 净利润同比 | -4.4% | 100.8% |
| 每股收益（稀释后） | $1.10 | $0.10 |
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PAYXRKT
| Q4 25 | $1.5B | $2.7B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.3B | $646.9M | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $1.4B | $1.4B |
净利润PAYXRKT
| Q4 25 | $395.4M | $68.0M | ||
| Q3 25 | $383.8M | $-123.9M | ||
| Q2 25 | $297.2M | $-1.8M | ||
| Q1 25 | $519.3M | $-10.4M | ||
| Q4 24 | $413.4M | $33.9M | ||
| Q3 24 | $427.4M | $-22.0M | ||
| Q2 24 | $379.9M | $1.3M | ||
| Q1 24 | $498.6M | $16.2M |
毛利率PAYXRKT
| Q4 25 | 72.6% | — | ||
| Q3 25 | 72.3% | — | ||
| Q2 25 | 71.5% | — | ||
| Q1 25 | 73.6% | — | ||
| Q4 24 | 70.4% | 58.9% | ||
| Q3 24 | 70.3% | -8.4% | ||
| Q2 24 | 70.1% | 47.4% | ||
| Q1 24 | 72.8% | 51.2% |
营业利润率PAYXRKT
| Q4 25 | 38.0% | 6.3% | ||
| Q3 25 | 36.3% | -11.5% | ||
| Q2 25 | 31.2% | 1.8% | ||
| Q1 25 | 47.2% | -21.5% | ||
| Q4 24 | 42.0% | 38.1% | ||
| Q3 24 | 42.7% | -76.9% | ||
| Q2 24 | 38.3% | 14.8% | ||
| Q1 24 | 46.6% | 21.6% |
净利率PAYXRKT
| Q4 25 | 26.3% | 2.5% | ||
| Q3 25 | 25.7% | -7.7% | ||
| Q2 25 | 21.5% | -0.1% | ||
| Q1 25 | 35.4% | -1.0% | ||
| Q4 24 | 32.3% | 1.9% | ||
| Q3 24 | 33.4% | -3.4% | ||
| Q2 24 | 30.2% | 0.1% | ||
| Q1 24 | 35.7% | 1.2% |
每股收益（稀释后）PAYXRKT
| Q4 25 | $1.10 | $0.10 | ||
| Q3 25 | $1.06 | $-0.06 | ||
| Q2 25 | $0.83 | $-0.01 | ||
| Q1 25 | $1.43 | $-0.08 | ||
| Q4 24 | $1.14 | $0.28 | ||
| Q3 24 | $1.18 | $-0.19 | ||
| Q2 24 | $1.05 | $0.01 | ||
| Q1 24 | $1.38 | $0.11 |
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 | $2.7B |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $3.9B | $22.9B |
| 总资产 | $16.5B | $60.7B |
| 负债/权益比越低杠杆越低 | 1.28× | — |
8季度趋势，按日历期对齐
现金及短期投资PAYXRKT
| Q4 25 | $1.5B | $2.7B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.7B | $5.1B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.7B | $861.4M |
总债务PAYXRKT
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $4.9B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $798.6M | — | ||
| Q1 24 | — | — |
股东权益PAYXRKT
| Q4 25 | $3.9B | $22.9B | ||
| Q3 25 | $4.0B | $8.9B | ||
| Q2 25 | $4.1B | $7.4B | ||
| Q1 25 | $4.1B | $8.6B | ||
| Q4 24 | $3.9B | $9.0B | ||
| Q3 24 | $3.9B | $8.4B | ||
| Q2 24 | $3.8B | $8.8B | ||
| Q1 24 | $3.7B | $8.6B |
总资产PAYXRKT
| Q4 25 | $16.5B | $60.7B | ||
| Q3 25 | $16.7B | $33.6B | ||
| Q2 25 | $16.6B | $30.4B | ||
| Q1 25 | $11.2B | $25.3B | ||
| Q4 24 | $10.6B | $24.5B | ||
| Q3 24 | $10.5B | $25.1B | ||
| Q2 24 | $10.4B | $23.6B | ||
| Q1 24 | $13.0B | $22.2B |
负债/权益比PAYXRKT
| Q4 25 | 1.28× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $-1.3B |
| 自由现金流率自由现金流/营收 | 25.5% | -47.2% |
| 资本支出强度资本支出/营收 | 4.1% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.13× | -18.08× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $-4.0B |
8季度趋势，按日历期对齐
经营现金流PAYXRKT
| Q4 25 | $444.9M | $-1.2B | ||
| Q3 25 | $718.4M | $-50.3M | ||
| Q2 25 | $343.8M | $-1.9B | ||
| Q1 25 | $716.0M | $-797.0M | ||
| Q4 24 | $295.0M | $1.8B | ||
| Q3 24 | $546.1M | $-1.3B | ||
| Q2 24 | $221.7M | $-122.3M | ||
| Q1 24 | $671.7M | $-3.0B |
自由现金流PAYXRKT
| Q4 25 | $382.8M | $-1.3B | ||
| Q3 25 | $662.5M | $-71.8M | ||
| Q2 25 | $283.3M | $-1.9B | ||
| Q1 25 | $667.3M | $-811.0M | ||
| Q4 24 | $248.0M | $1.8B | ||
| Q3 24 | $510.5M | $-1.4B | ||
| Q2 24 | $180.4M | $-138.3M | ||
| Q1 24 | $631.0M | $-3.0B |
自由现金流率PAYXRKT
| Q4 25 | 25.5% | -47.2% | ||
| Q3 25 | 44.4% | -4.5% | ||
| Q2 25 | 20.5% | -137.2% | ||
| Q1 25 | 45.5% | -78.2% | ||
| Q4 24 | 19.4% | 103.1% | ||
| Q3 24 | 39.9% | -209.6% | ||
| Q2 24 | 14.4% | -10.6% | ||
| Q1 24 | 45.2% | -218.7% |
资本支出强度PAYXRKT
| Q4 25 | 4.1% | 1.5% | ||
| Q3 25 | 3.7% | 1.3% | ||
| Q2 25 | 4.4% | 1.1% | ||
| Q1 25 | 3.3% | 1.4% | ||
| Q4 24 | 3.7% | 1.1% | ||
| Q3 24 | 2.8% | 2.9% | ||
| Q2 24 | 3.3% | 1.2% | ||
| Q1 24 | 2.9% | 1.0% |
现金转化率PAYXRKT
| Q4 25 | 1.13× | -18.08× | ||
| Q3 25 | 1.87× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.38× | — | ||
| Q4 24 | 0.71× | 54.42× | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 0.58× | -94.46× | ||
| Q1 24 | 1.35× | -185.80× |
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% |
RKT
| Other | $1.4B | 51% |
| Direct To Customer Segment | $945.8M | 35% |
| Partner Network Segment | $216.7M | 8% |
| Subscription Revenue | $91.3M | 3% |
| Closing Fees | $47.1M | 2% |
| Appraisal Revenue | $10.7M | 0% |
