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Paychex（PAYX）与Sinclair, Inc.（SBGI）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Sinclair, Inc.的1.8倍（$1.5B vs $836.0M），Paychex净利率更高（26.3% vs 13.0%，领先13.3%），Paychex同比增速更快（17.4% vs -16.7%），Paychex自由现金流更多（$382.8M vs $79.0M），过去两年Paychex的营收复合增速更高（3.8% vs 2.4%）
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。
辛克莱公司（以辛克莱广播集团开展业务）是一家上市的美国电信综合企业，由创始人朱利安·辛克莱·史密斯的后代控股。公司总部位于马里兰州巴尔的摩郊县科基斯维尔，按电视台数量计算是美国第二大电视台运营商，仅次于奈克斯达媒体集团，在全国100多个市场拥有或运营193家电视台，覆盖美国40%的区域。
PAYX vs SBGI — 直观对比
营收规模更大
PAYX
是对方的1.8倍
$836.0M
营收增速更快
PAYX
高出34.1%
-16.7%
净利率更高
PAYX
高出13.3%
13.0%
自由现金流更多
PAYX
多$303.8M
$79.0M
两年增速更快
PAYX
近两年复合增速
2.4%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $836.0M |
| 净利润 | $395.4M | $109.0M |
| 毛利率 | 72.6% | — |
| 营业利润率 | 38.0% | 9.6% |
| 净利率 | 26.3% | 13.0% |
| 营收同比 | 17.4% | -16.7% |
| 净利润同比 | -4.4% | -38.1% |
| 每股收益（稀释后） | $1.10 | $1.62 |
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PAYXSBGI
| Q4 25 | $1.5B | $836.0M | ||
| Q3 25 | $1.5B | $773.0M | ||
| Q2 25 | $1.4B | $784.0M | ||
| Q1 25 | $1.5B | $776.0M | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $917.0M | ||
| Q2 24 | $1.3B | $829.0M | ||
| Q1 24 | $1.4B | $798.0M |
净利润PAYXSBGI
| Q4 25 | $395.4M | $109.0M | ||
| Q3 25 | $383.8M | $-1.0M | ||
| Q2 25 | $297.2M | $-64.0M | ||
| Q1 25 | $519.3M | $-156.0M | ||
| Q4 24 | $413.4M | $176.0M | ||
| Q3 24 | $427.4M | $94.0M | ||
| Q2 24 | $379.9M | $17.0M | ||
| Q1 24 | $498.6M | $23.0M |
毛利率PAYXSBGI
| 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PAYXSBGI
| Q4 25 | 38.0% | 9.6% | ||
| Q3 25 | 36.3% | 7.5% | ||
| Q2 25 | 31.2% | 2.7% | ||
| Q1 25 | 47.2% | 1.8% | ||
| Q4 24 | 42.0% | 26.5% | ||
| Q3 24 | 42.7% | 19.5% | ||
| Q2 24 | 38.3% | 7.7% | ||
| Q1 24 | 46.6% | 5.3% |
净利率PAYXSBGI
| Q4 25 | 26.3% | 13.0% | ||
| Q3 25 | 25.7% | -0.1% | ||
| Q2 25 | 21.5% | -8.2% | ||
| Q1 25 | 35.4% | -20.1% | ||
| Q4 24 | 32.3% | 17.5% | ||
| Q3 24 | 33.4% | 10.3% | ||
| Q2 24 | 30.2% | 2.1% | ||
| Q1 24 | 35.7% | 2.9% |
每股收益（稀释后）PAYXSBGI
| Q4 25 | $1.10 | $1.62 | ||
| Q3 25 | $1.06 | $-0.02 | ||
| Q2 25 | $0.83 | $-0.91 | ||
| Q1 25 | $1.43 | $-2.30 | ||
| Q4 24 | $1.14 | $2.64 | ||
| Q3 24 | $1.18 | $1.43 | ||
| Q2 24 | $1.05 | $0.27 | ||
| Q1 24 | $1.38 | $0.35 |
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 | $866.0M |
| 总债务越低越好 | $5.0B | $4.4B |
| 股东权益账面价值 | $3.9B | $443.0M |
| 总资产 | $16.5B | $5.9B |
| 负债/权益比越低杠杆越低 | 1.28× | 9.84× |
8季度趋势，按日历期对齐
现金及短期投资PAYXSBGI
| Q4 25 | $1.5B | $866.0M | ||
| Q3 25 | $1.7B | $526.0M | ||
| Q2 25 | $1.7B | $616.0M | ||
| Q1 25 | $1.6B | $631.0M | ||
| Q4 24 | $1.2B | $697.0M | ||
| Q3 24 | $1.5B | $536.0M | ||
| Q2 24 | $1.5B | $378.0M | ||
| Q1 24 | $1.7B | $655.0M |
总债务PAYXSBGI
| Q4 25 | $5.0B | $4.4B | ||
| Q3 25 | $5.0B | $4.1B | ||
| Q2 25 | $4.9B | $4.1B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | $798.6M | $4.1B | ||
| Q1 24 | — | $4.1B |
股东权益PAYXSBGI
| Q4 25 | $3.9B | $443.0M | ||
| Q3 25 | $4.0B | $347.0M | ||
| Q2 25 | $4.1B | $361.0M | ||
| Q1 25 | $4.1B | $436.0M | ||
| Q4 24 | $3.9B | $583.0M | ||
| Q3 24 | $3.9B | $415.0M | ||
| Q2 24 | $3.8B | $340.0M | ||
| Q1 24 | $3.7B | $333.0M |
总资产PAYXSBGI
| Q4 25 | $16.5B | $5.9B | ||
| Q3 25 | $16.7B | $5.6B | ||
| Q2 25 | $16.6B | $5.7B | ||
| Q1 25 | $11.2B | $5.8B | ||
| Q4 24 | $10.6B | $5.9B | ||
| Q3 24 | $10.5B | $5.8B | ||
| Q2 24 | $10.4B | $5.7B | ||
| Q1 24 | $13.0B | $6.0B |
负债/权益比PAYXSBGI
| Q4 25 | 1.28× | 9.84× | ||
| Q3 25 | 1.25× | 11.75× | ||
| Q2 25 | 1.20× | 11.30× | ||
| Q1 25 | — | 9.56× | ||
| Q4 24 | — | 7.02× | ||
| Q3 24 | — | 9.86× | ||
| Q2 24 | 0.21× | 12.08× | ||
| Q1 24 | — | 12.35× |
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 | $98.0M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $79.0M |
| 自由现金流率自由现金流/营收 | 25.5% | 9.4% |
| 资本支出强度资本支出/营收 | 4.1% | 2.3% |
| 现金转化率经营现金流/净利润 | 1.13× | 0.90× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $115.0M |
8季度趋势，按日历期对齐
经营现金流PAYXSBGI
| Q4 25 | $444.9M | $98.0M | ||
| Q3 25 | $718.4M | $-36.0M | ||
| Q2 25 | $343.8M | $122.0M | ||
| Q1 25 | $716.0M | $5.0M | ||
| Q4 24 | $295.0M | $198.0M | ||
| Q3 24 | $546.1M | $210.0M | ||
| Q2 24 | $221.7M | $-306.0M | ||
| Q1 24 | $671.7M | $-4.0M |
自由现金流PAYXSBGI
| Q4 25 | $382.8M | $79.0M | ||
| Q3 25 | $662.5M | $-58.0M | ||
| Q2 25 | $283.3M | $105.0M | ||
| Q1 25 | $667.3M | $-11.0M | ||
| Q4 24 | $248.0M | $175.0M | ||
| Q3 24 | $510.5M | $193.0M | ||
| Q2 24 | $180.4M | $-329.0M | ||
| Q1 24 | $631.0M | $-25.0M |
自由现金流率PAYXSBGI
| Q4 25 | 25.5% | 9.4% | ||
| Q3 25 | 44.4% | -7.5% | ||
| Q2 25 | 20.5% | 13.4% | ||
| Q1 25 | 45.5% | -1.4% | ||
| Q4 24 | 19.4% | 17.4% | ||
| Q3 24 | 39.9% | 21.0% | ||
| Q2 24 | 14.4% | -39.7% | ||
| Q1 24 | 45.2% | -3.1% |
资本支出强度PAYXSBGI
| Q4 25 | 4.1% | 2.3% | ||
| Q3 25 | 3.7% | 2.8% | ||
| Q2 25 | 4.4% | 2.2% | ||
| Q1 25 | 3.3% | 2.1% | ||
| Q4 24 | 3.7% | 2.3% | ||
| Q3 24 | 2.8% | 1.9% | ||
| Q2 24 | 3.3% | 2.8% | ||
| Q1 24 | 2.9% | 2.6% |
现金转化率PAYXSBGI
| Q4 25 | 1.13× | 0.90× | ||
| Q3 25 | 1.87× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.38× | — | ||
| Q4 24 | 0.71× | 1.13× | ||
| Q3 24 | 1.28× | 2.23× | ||
| Q2 24 | 0.58× | -18.00× | ||
| Q1 24 | 1.35× | -0.17× |
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% |
SBGI
| Distribution Revenue | $384.0M | 46% |
| Core Advertising Revenue | $312.0M | 37% |
| Tennis Segment | $62.0M | 7% |
| Other | $40.0M | 5% |
| Other Media Non Media Revenuesand Intercompany Revenues | $24.0M | 3% |
| Political Advertising Revenue | $14.0M | 2% |
