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Paychex（PAYX）与SCANSOURCE, INC.（SCSC）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SCANSOURCE, INC.的2.0倍（$1.5B vs $766.5M），Paychex净利率更高（26.3% vs 2.2%，领先24.2%），Paychex同比增速更快（17.4% vs 2.5%），Paychex自由现金流更多（$382.8M vs $28.9M），过去两年Paychex的营收复合增速更高（3.8% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
PAYX vs SCSC — 直观对比
营收规模更大
PAYX
是对方的2.0倍
$766.5M
营收增速更快
PAYX
高出14.8%
2.5%
净利率更高
PAYX
高出24.2%
2.2%
自由现金流更多
PAYX
多$353.9M
$28.9M
两年增速更快
PAYX
近两年复合增速
0.9%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $766.5M |
| 净利润 | $395.4M | $16.5M |
| 毛利率 | 72.6% | 13.4% |
| 营业利润率 | 38.0% | 2.3% |
| 净利率 | 26.3% | 2.2% |
| 营收同比 | 17.4% | 2.5% |
| 净利润同比 | -4.4% | -3.3% |
| 每股收益（稀释后） | $1.10 | $0.75 |
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PAYXSCSC
| Q4 25 | $1.5B | $766.5M | ||
| Q3 25 | $1.5B | $739.6M | ||
| Q2 25 | $1.4B | $812.9M | ||
| Q1 25 | $1.5B | $704.8M | ||
| Q4 24 | $1.3B | $747.5M | ||
| Q3 24 | $1.3B | $775.6M | ||
| Q2 24 | $1.3B | $746.1M | ||
| Q1 24 | $1.4B | $752.6M |
净利润PAYXSCSC
| Q4 25 | $395.4M | $16.5M | ||
| Q3 25 | $383.8M | $19.9M | ||
| Q2 25 | $297.2M | $20.1M | ||
| Q1 25 | $519.3M | $17.4M | ||
| Q4 24 | $413.4M | $17.1M | ||
| Q3 24 | $427.4M | $17.0M | ||
| Q2 24 | $379.9M | $16.1M | ||
| Q1 24 | $498.6M | $12.8M |
毛利率PAYXSCSC
| Q4 25 | 72.6% | 13.4% | ||
| Q3 25 | 72.3% | 14.5% | ||
| Q2 25 | 71.5% | 12.9% | ||
| Q1 25 | 73.6% | 14.2% | ||
| Q4 24 | 70.4% | 13.6% | ||
| Q3 24 | 70.3% | 13.1% | ||
| Q2 24 | 70.1% | 13.0% | ||
| Q1 24 | 72.8% | 12.6% |
营业利润率PAYXSCSC
| Q4 25 | 38.0% | 2.3% | ||
| Q3 25 | 36.3% | 3.5% | ||
| Q2 25 | 31.2% | 3.3% | ||
| Q1 25 | 47.2% | 3.2% | ||
| Q4 24 | 42.0% | 2.5% | ||
| Q3 24 | 42.7% | 2.3% | ||
| Q2 24 | 38.3% | 2.9% | ||
| Q1 24 | 46.6% | 2.3% |
净利率PAYXSCSC
| Q4 25 | 26.3% | 2.2% | ||
| Q3 25 | 25.7% | 2.7% | ||
| Q2 25 | 21.5% | 2.5% | ||
| Q1 25 | 35.4% | 2.5% | ||
| Q4 24 | 32.3% | 2.3% | ||
| Q3 24 | 33.4% | 2.2% | ||
| Q2 24 | 30.2% | 2.2% | ||
| Q1 24 | 35.7% | 1.7% |
每股收益（稀释后）PAYXSCSC
| Q4 25 | $1.10 | $0.75 | ||
| Q3 25 | $1.06 | $0.89 | ||
| Q2 25 | $0.83 | $0.87 | ||
| Q1 25 | $1.43 | $0.74 | ||
| Q4 24 | $1.14 | $0.70 | ||
| Q3 24 | $1.18 | $0.69 | ||
| Q2 24 | $1.05 | $0.66 | ||
| Q1 24 | $1.38 | $0.50 |
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 | $83.5M |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $3.9B | $910.9M |
| 总资产 | $16.5B | $1.7B |
| 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PAYXSCSC
| Q4 25 | $1.5B | $83.5M | ||
| Q3 25 | $1.7B | $124.9M | ||
| Q2 25 | $1.7B | $126.2M | ||
| Q1 25 | $1.6B | $146.3M | ||
| Q4 24 | $1.2B | $110.5M | ||
| Q3 24 | $1.5B | $145.0M | ||
| Q2 24 | $1.5B | $185.5M | ||
| Q1 24 | $1.7B | $159.1M |
总债务PAYXSCSC
| 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PAYXSCSC
| Q4 25 | $3.9B | $910.9M | ||
| Q3 25 | $4.0B | $914.0M | ||
| Q2 25 | $4.1B | $906.4M | ||
| Q1 25 | $4.1B | $901.7M | ||
| Q4 24 | $3.9B | $900.7M | ||
| Q3 24 | $3.9B | $920.9M | ||
| Q2 24 | $3.8B | $924.3M | ||
| Q1 24 | $3.7B | $944.1M |
总资产PAYXSCSC
| Q4 25 | $16.5B | $1.7B | ||
| Q3 25 | $16.7B | $1.7B | ||
| Q2 25 | $16.6B | $1.8B | ||
| Q1 25 | $11.2B | $1.7B | ||
| Q4 24 | $10.6B | $1.7B | ||
| Q3 24 | $10.5B | $1.8B | ||
| Q2 24 | $10.4B | $1.8B | ||
| Q1 24 | $13.0B | $1.8B |
负债/权益比PAYXSCSC
| 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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $28.9M |
| 自由现金流率自由现金流/营收 | 25.5% | 3.8% |
| 资本支出强度资本支出/营收 | 4.1% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.13× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $2.0B | — |
8季度趋势，按日历期对齐
经营现金流PAYXSCSC
| Q4 25 | $444.9M | $30.8M | ||
| Q3 25 | $718.4M | $23.2M | ||
| Q2 25 | $343.8M | — | ||
| Q1 25 | $716.0M | $66.1M | ||
| Q4 24 | $295.0M | $-6.2M | ||
| Q3 24 | $546.1M | $44.8M | ||
| Q2 24 | $221.7M | — | ||
| Q1 24 | $671.7M | $160.2M |
自由现金流PAYXSCSC
| Q4 25 | $382.8M | $28.9M | ||
| Q3 25 | $662.5M | $20.8M | ||
| Q2 25 | $283.3M | — | ||
| Q1 25 | $667.3M | $64.6M | ||
| Q4 24 | $248.0M | $-8.2M | ||
| Q3 24 | $510.5M | $42.5M | ||
| Q2 24 | $180.4M | — | ||
| Q1 24 | $631.0M | $157.7M |
自由现金流率PAYXSCSC
| Q4 25 | 25.5% | 3.8% | ||
| Q3 25 | 44.4% | 2.8% | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 45.5% | 9.2% | ||
| Q4 24 | 19.4% | -1.1% | ||
| Q3 24 | 39.9% | 5.5% | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | 45.2% | 21.0% |
资本支出强度PAYXSCSC
| Q4 25 | 4.1% | 0.3% | ||
| Q3 25 | 3.7% | 0.3% | ||
| Q2 25 | 4.4% | 0.3% | ||
| Q1 25 | 3.3% | 0.2% | ||
| Q4 24 | 3.7% | 0.3% | ||
| Q3 24 | 2.8% | 0.3% | ||
| Q2 24 | 3.3% | 0.2% | ||
| Q1 24 | 2.9% | 0.3% |
现金转化率PAYXSCSC
| Q4 25 | 1.13× | 1.87× | ||
| Q3 25 | 1.87× | 1.17× | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.38× | 3.79× | ||
| Q4 24 | 0.71× | -0.36× | ||
| Q3 24 | 1.28× | 2.64× | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 1.35× | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
