vs
Paychex（PAYX）与ROKU, INC（ROKU）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ROKU, INC的1.2倍（$1.5B vs $1.2B），Paychex净利率更高（26.3% vs -2.2%，领先28.5%），Paychex同比增速更快（17.4% vs -18.3%），Paychex自由现金流更多（$382.8M vs $298.4M），过去两年ROKU, INC的营收复合增速更高（13.6% 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。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
PAYX vs ROKU — 直观对比
营收规模更大
PAYX
是对方的1.2倍
$1.2B
营收增速更快
PAYX
高出35.6%
-18.3%
净利率更高
PAYX
高出28.5%
-2.2%
自由现金流更多
PAYX
多$84.4M
$298.4M
两年增速更快
ROKU
近两年复合增速
3.8%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $395.4M | $-27.4M |
| 毛利率 | 72.6% | 35.6% |
| 营业利润率 | 38.0% | 59.7% |
| 净利率 | 26.3% | -2.2% |
| 营收同比 | 17.4% | -18.3% |
| 净利润同比 | -4.4% | -361.0% |
| 每股收益（稀释后） | $1.10 | $0.57 |
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PAYXROKU
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.3B | $1.2B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.3B | $968.2M |
净利润PAYXROKU
| Q1 26 | — | $-27.4M | ||
| Q4 25 | $395.4M | $80.5M | ||
| Q3 25 | $383.8M | $24.8M | ||
| Q2 25 | $297.2M | $10.5M | ||
| Q1 25 | $519.3M | $-27.4M | ||
| Q4 24 | $413.4M | $-35.5M | ||
| Q3 24 | $427.4M | $-9.0M | ||
| Q2 24 | $379.9M | $-34.0M |
毛利率PAYXROKU
| Q1 26 | — | 35.6% | ||
| Q4 25 | 72.6% | 43.5% | ||
| Q3 25 | 72.3% | 43.4% | ||
| Q2 25 | 71.5% | 44.8% | ||
| Q1 25 | 73.6% | 43.6% | ||
| Q4 24 | 70.4% | 42.7% | ||
| Q3 24 | 70.3% | 45.2% | ||
| Q2 24 | 70.1% | 43.9% |
营业利润率PAYXROKU
| Q1 26 | — | 59.7% | ||
| Q4 25 | 38.0% | 4.7% | ||
| Q3 25 | 36.3% | 0.8% | ||
| Q2 25 | 31.2% | -2.1% | ||
| Q1 25 | 47.2% | -5.7% | ||
| Q4 24 | 42.0% | -3.3% | ||
| Q3 24 | 42.7% | -3.4% | ||
| Q2 24 | 38.3% | -7.4% |
净利率PAYXROKU
| Q1 26 | — | -2.2% | ||
| Q4 25 | 26.3% | 5.8% | ||
| Q3 25 | 25.7% | 2.0% | ||
| Q2 25 | 21.5% | 0.9% | ||
| Q1 25 | 35.4% | -2.7% | ||
| Q4 24 | 32.3% | -3.0% | ||
| Q3 24 | 33.4% | -0.9% | ||
| Q2 24 | 30.2% | -3.5% |
每股收益（稀释后）PAYXROKU
| Q1 26 | — | $0.57 | ||
| Q4 25 | $1.10 | $0.55 | ||
| Q3 25 | $1.06 | $0.16 | ||
| Q2 25 | $0.83 | $0.07 | ||
| Q1 25 | $1.43 | $-0.19 | ||
| Q4 24 | $1.14 | $-0.24 | ||
| Q3 24 | $1.18 | $-0.06 | ||
| Q2 24 | $1.05 | $-0.24 |
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 | $2.4B |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $3.9B | $2.7B |
| 总资产 | $16.5B | $4.4B |
| 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PAYXROKU
| Q1 26 | — | $2.4B | ||
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.7B | $2.3B | ||
| Q2 25 | $1.7B | $2.3B | ||
| Q1 25 | $1.6B | $2.3B | ||
| Q4 24 | $1.2B | $2.2B | ||
| Q3 24 | $1.5B | $2.1B | ||
| Q2 24 | $1.5B | $2.1B |
总债务PAYXROKU
| Q1 26 | — | — | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $4.9B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $798.6M | — |
股东权益PAYXROKU
| Q1 26 | — | $2.7B | ||
| Q4 25 | $3.9B | $2.7B | ||
| Q3 25 | $4.0B | $2.6B | ||
| Q2 25 | $4.1B | $2.6B | ||
| Q1 25 | $4.1B | $2.5B | ||
| Q4 24 | $3.9B | $2.5B | ||
| Q3 24 | $3.9B | $2.5B | ||
| Q2 24 | $3.8B | $2.4B |
总资产PAYXROKU
| Q1 26 | — | $4.4B | ||
| Q4 25 | $16.5B | $4.4B | ||
| Q3 25 | $16.7B | $4.4B | ||
| Q2 25 | $16.6B | $4.3B | ||
| Q1 25 | $11.2B | $4.2B | ||
| Q4 24 | $10.6B | $4.3B | ||
| Q3 24 | $10.5B | $4.3B | ||
| Q2 24 | $10.4B | $4.1B |
负债/权益比PAYXROKU
| Q1 26 | — | — | ||
| Q4 25 | 1.28× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.21× | — |
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 | $199.1M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $298.4M |
| 自由现金流率自由现金流/营收 | 25.5% | 23.9% |
| 资本支出强度资本支出/营收 | 4.1% | — |
| 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 | $640.0M |
8季度趋势，按日历期对齐
经营现金流PAYXROKU
| Q1 26 | — | $199.1M | ||
| Q4 25 | $444.9M | $107.7M | ||
| Q3 25 | $718.4M | $127.6M | ||
| Q2 25 | $343.8M | $109.7M | ||
| Q1 25 | $716.0M | $138.7M | ||
| Q4 24 | $295.0M | $79.3M | ||
| Q3 24 | $546.1M | $68.7M | ||
| Q2 24 | $221.7M | $23.4M |
自由现金流PAYXROKU
| Q1 26 | — | $298.4M | ||
| Q4 25 | $382.8M | $106.6M | ||
| Q3 25 | $662.5M | $126.5M | ||
| Q2 25 | $283.3M | $108.6M | ||
| Q1 25 | $667.3M | $136.8M | ||
| Q4 24 | $248.0M | $76.8M | ||
| Q3 24 | $510.5M | $67.6M | ||
| Q2 24 | $180.4M | $22.5M |
自由现金流率PAYXROKU
| Q1 26 | — | 23.9% | ||
| Q4 25 | 25.5% | 7.6% | ||
| Q3 25 | 44.4% | 10.4% | ||
| Q2 25 | 20.5% | 9.8% | ||
| Q1 25 | 45.5% | 13.4% | ||
| Q4 24 | 19.4% | 6.4% | ||
| Q3 24 | 39.9% | 6.4% | ||
| Q2 24 | 14.4% | 2.3% |
资本支出强度PAYXROKU
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | 0.1% | ||
| Q3 25 | 3.7% | 0.1% | ||
| Q2 25 | 4.4% | 0.1% | ||
| Q1 25 | 3.3% | 0.2% | ||
| Q4 24 | 3.7% | 0.2% | ||
| Q3 24 | 2.8% | 0.1% | ||
| Q2 24 | 3.3% | 0.1% |
现金转化率PAYXROKU
| Q1 26 | — | — | ||
| Q4 25 | 1.13× | 1.34× | ||
| Q3 25 | 1.87× | 5.14× | ||
| Q2 25 | 1.16× | 10.45× | ||
| Q1 25 | 1.38× | — | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 0.58× | — |
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% |
ROKU
| Advertising | $612.7M | 49% |
| Subscriptions | $518.5M | 42% |
| Devices | $117.6M | 9% |
