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Paychex（PAYX）与RUSH ENTERPRISES INC \TX\（RUSHA）财务数据对比。点击上方公司名可切换其他公司
RUSH ENTERPRISES INC \TX\的季度营收约是Paychex的1.1倍（$1.7B vs $1.5B），Paychex净利率更高（26.3% vs 3.7%，领先22.6%），Paychex同比增速更快（17.4% vs -9.0%），RUSH ENTERPRISES INC \TX\自由现金流更多（$411.6M vs $382.8M），过去两年Paychex的营收复合增速更高（3.8% vs -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
PAYX vs RUSHA — 直观对比
营收规模更大
RUSHA
是对方的1.1倍
$1.5B
营收增速更快
PAYX
高出26.4%
-9.0%
净利率更高
PAYX
高出22.6%
3.7%
自由现金流更多
RUSHA
多$28.8M
$382.8M
两年增速更快
PAYX
近两年复合增速
-6.8%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.7B |
| 净利润 | $395.4M | $61.7M |
| 毛利率 | 72.6% | 20.4% |
| 营业利润率 | 38.0% | 4.9% |
| 净利率 | 26.3% | 3.7% |
| 营收同比 | 17.4% | -9.0% |
| 净利润同比 | -4.4% | 1.8% |
| 每股收益（稀释后） | $1.10 | $0.77 |
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PAYXRUSHA
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $1.5B | $1.8B | ||
| Q4 24 | $1.3B | $1.9B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | $1.3B | $1.9B |
净利润PAYXRUSHA
| Q1 26 | — | $61.7M | ||
| Q4 25 | $395.4M | $64.3M | ||
| Q3 25 | $383.8M | $66.7M | ||
| Q2 25 | $297.2M | $72.4M | ||
| Q1 25 | $519.3M | $60.3M | ||
| Q4 24 | $413.4M | $74.8M | ||
| Q3 24 | $427.4M | $79.1M | ||
| Q2 24 | $379.9M | $78.7M |
毛利率PAYXRUSHA
| Q1 26 | — | 20.4% | ||
| Q4 25 | 72.6% | 20.8% | ||
| Q3 25 | 72.3% | 21.0% | ||
| Q2 25 | 71.5% | 20.7% | ||
| Q1 25 | 73.6% | 20.3% | ||
| Q4 24 | 70.4% | 19.3% | ||
| Q3 24 | 70.3% | 21.0% | ||
| Q2 24 | 70.1% | 20.2% |
营业利润率PAYXRUSHA
| Q1 26 | — | 4.9% | ||
| Q4 25 | 38.0% | 5.5% | ||
| Q3 25 | 36.3% | 5.6% | ||
| Q2 25 | 31.2% | 6.0% | ||
| Q1 25 | 47.2% | 5.2% | ||
| Q4 24 | 42.0% | 5.8% | ||
| Q3 24 | 42.7% | 6.7% | ||
| Q2 24 | 38.3% | 6.4% |
净利率PAYXRUSHA
| Q1 26 | — | 3.7% | ||
| Q4 25 | 26.3% | 3.8% | ||
| Q3 25 | 25.7% | 3.7% | ||
| Q2 25 | 21.5% | 3.9% | ||
| Q1 25 | 35.4% | 3.4% | ||
| Q4 24 | 32.3% | 3.9% | ||
| Q3 24 | 33.4% | 4.4% | ||
| Q2 24 | 30.2% | 4.1% |
每股收益（稀释后）PAYXRUSHA
| Q1 26 | — | $0.77 | ||
| Q4 25 | $1.10 | $0.81 | ||
| Q3 25 | $1.06 | $0.83 | ||
| Q2 25 | $0.83 | $0.90 | ||
| Q1 25 | $1.43 | $0.73 | ||
| Q4 24 | $1.14 | $-95.13 | ||
| Q3 24 | $1.18 | $0.97 | ||
| Q2 24 | $1.05 | $97.00 |
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 | — |
| 总债务越低越好 | $5.0B | $277.8M |
| 股东权益账面价值 | $3.9B | $2.3B |
| 总资产 | $16.5B | $4.5B |
| 负债/权益比越低杠杆越低 | 1.28× | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资PAYXRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $212.6M | ||
| Q3 25 | $1.7B | $242.0M | ||
| Q2 25 | $1.7B | $211.1M | ||
| Q1 25 | $1.6B | $228.7M | ||
| Q4 24 | $1.2B | $228.1M | ||
| Q3 24 | $1.5B | $185.1M | ||
| Q2 24 | $1.5B | $167.3M |
总债务PAYXRUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | $5.0B | $274.8M | ||
| Q3 25 | $5.0B | — | ||
| Q2 25 | $4.9B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $408.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | $798.6M | — |
股东权益PAYXRUSHA
| Q1 26 | — | $2.3B | ||
| Q4 25 | $3.9B | $2.2B | ||
| Q3 25 | $4.0B | $2.2B | ||
| Q2 25 | $4.1B | $2.2B | ||
| Q1 25 | $4.1B | $2.2B | ||
| Q4 24 | $3.9B | $2.1B | ||
| Q3 24 | $3.9B | $2.1B | ||
| Q2 24 | $3.8B | $2.0B |
总资产PAYXRUSHA
| Q1 26 | — | $4.5B | ||
| Q4 25 | $16.5B | $4.4B | ||
| Q3 25 | $16.7B | $4.6B | ||
| Q2 25 | $16.6B | $4.7B | ||
| Q1 25 | $11.2B | $4.7B | ||
| Q4 24 | $10.6B | $4.6B | ||
| Q3 24 | $10.5B | $4.6B | ||
| Q2 24 | $10.4B | $4.5B |
负债/权益比PAYXRUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | 1.28× | 0.12× | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.19× | ||
| 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 | — |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $411.6M |
| 自由现金流率自由现金流/营收 | 25.5% | 24.4% |
| 资本支出强度资本支出/营收 | 4.1% | 2.0% |
| 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 | $828.4M |
8季度趋势，按日历期对齐
经营现金流PAYXRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $444.9M | $112.9M | ||
| Q3 25 | $718.4M | $367.8M | ||
| Q2 25 | $343.8M | $227.6M | ||
| Q1 25 | $716.0M | $153.5M | ||
| Q4 24 | $295.0M | $392.3M | ||
| Q3 24 | $546.1M | $111.7M | ||
| Q2 24 | $221.7M | $270.6M |
自由现金流PAYXRUSHA
| Q1 26 | — | $411.6M | ||
| Q4 25 | $382.8M | $31.9M | ||
| Q3 25 | $662.5M | $271.2M | ||
| Q2 25 | $283.3M | $113.8M | ||
| Q1 25 | $667.3M | $45.1M | ||
| Q4 24 | $248.0M | $263.5M | ||
| Q3 24 | $510.5M | $-20.0M | ||
| Q2 24 | $180.4M | $177.2M |
自由现金流率PAYXRUSHA
| Q1 26 | — | 24.4% | ||
| Q4 25 | 25.5% | 1.9% | ||
| Q3 25 | 44.4% | 15.2% | ||
| Q2 25 | 20.5% | 6.2% | ||
| Q1 25 | 45.5% | 2.6% | ||
| Q4 24 | 19.4% | 13.7% | ||
| Q3 24 | 39.9% | -1.1% | ||
| Q2 24 | 14.4% | 9.1% |
资本支出强度PAYXRUSHA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 4.1% | 4.8% | ||
| Q3 25 | 3.7% | 5.4% | ||
| Q2 25 | 4.4% | 6.2% | ||
| Q1 25 | 3.3% | 6.2% | ||
| Q4 24 | 3.7% | 6.7% | ||
| Q3 24 | 2.8% | 7.3% | ||
| Q2 24 | 3.3% | 4.8% |
现金转化率PAYXRUSHA
| Q1 26 | — | — | ||
| Q4 25 | 1.13× | 1.75× | ||
| Q3 25 | 1.87× | 5.51× | ||
| Q2 25 | 1.16× | 3.14× | ||
| Q1 25 | 1.38× | 2.55× | ||
| Q4 24 | 0.71× | 5.25× | ||
| Q3 24 | 1.28× | 1.41× | ||
| Q2 24 | 0.58× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
