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Paychex（PAYX）与J.M. Smucker Company (The)（SJM）财务数据对比。点击上方公司名可切换其他公司
J.M. Smucker Company (The)的季度营收约是Paychex的1.5倍（$2.3B vs $1.5B），Paychex净利率更高（26.3% vs 10.4%，领先15.9%），Paychex同比增速更快（17.4% vs 2.6%），Paychex自由现金流更多（$382.8M vs $280.2M），过去两年Paychex的营收复合增速更高（3.8% vs 2.2%）
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。
J.M.斯马克公司是美国食品饮料生产企业，总部位于俄亥俄州奥维尔，1897年成立之初主营苹果酱生产，目前旗下设消费食品、宠物食品、咖啡三大业务板块，核心品牌Smucker's主打果酱、花生酱、糖浆、无皮冷冻三明治、冰淇淋顶料等产品。
PAYX vs SJM — 直观对比
营收规模更大
SJM
是对方的1.5倍
$1.5B
营收增速更快
PAYX
高出14.8%
2.6%
净利率更高
PAYX
高出15.9%
10.4%
自由现金流更多
PAYX
多$102.6M
$280.2M
两年增速更快
PAYX
近两年复合增速
2.2%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.3B |
| 净利润 | $395.4M | $241.3M |
| 毛利率 | 72.6% | 37.3% |
| 营业利润率 | 38.0% | 18.0% |
| 净利率 | 26.3% | 10.4% |
| 营收同比 | 17.4% | 2.6% |
| 净利润同比 | -4.4% | 1084.9% |
| 每股收益（稀释后） | $1.10 | $2.26 |
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PAYXSJM
| Q4 25 | $1.5B | $2.3B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.3B | $2.1B | ||
| Q2 24 | $1.3B | $2.2B | ||
| Q1 24 | $1.4B | $2.2B |
净利润PAYXSJM
| Q4 25 | $395.4M | $241.3M | ||
| Q3 25 | $383.8M | $-43.9M | ||
| Q2 25 | $297.2M | $-729.0M | ||
| Q1 25 | $519.3M | $-662.3M | ||
| Q4 24 | $413.4M | $-24.5M | ||
| Q3 24 | $427.4M | $185.0M | ||
| Q2 24 | $379.9M | $245.1M | ||
| Q1 24 | $498.6M | $120.4M |
毛利率PAYXSJM
| Q4 25 | 72.6% | 37.3% | ||
| Q3 25 | 72.3% | 22.5% | ||
| Q2 25 | 71.5% | 38.4% | ||
| Q1 25 | 73.6% | 40.2% | ||
| Q4 24 | 70.4% | 39.0% | ||
| Q3 24 | 70.3% | 37.5% | ||
| Q2 24 | 70.1% | 41.4% | ||
| Q1 24 | 72.8% | 36.9% |
营业利润率PAYXSJM
| Q4 25 | 38.0% | 18.0% | ||
| Q3 25 | 36.3% | 2.2% | ||
| Q2 25 | 31.2% | -27.9% | ||
| Q1 25 | 47.2% | -27.2% | ||
| Q4 24 | 42.0% | 7.5% | ||
| Q3 24 | 42.7% | 16.4% | ||
| Q2 24 | 38.3% | 18.4% | ||
| Q1 24 | 46.6% | 13.3% |
净利率PAYXSJM
| Q4 25 | 26.3% | 10.4% | ||
| Q3 25 | 25.7% | -2.1% | ||
| Q2 25 | 21.5% | -34.0% | ||
| Q1 25 | 35.4% | -30.3% | ||
| Q4 24 | 32.3% | -1.1% | ||
| Q3 24 | 33.4% | 8.7% | ||
| Q2 24 | 30.2% | 11.1% | ||
| Q1 24 | 35.7% | 5.4% |
每股收益（稀释后）PAYXSJM
| Q4 25 | $1.10 | $2.26 | ||
| Q3 25 | $1.06 | $-0.41 | ||
| Q2 25 | $0.83 | $-6.86 | ||
| Q1 25 | $1.43 | $-6.22 | ||
| Q4 24 | $1.14 | $-0.23 | ||
| Q3 24 | $1.18 | $1.74 | ||
| Q2 24 | $1.05 | $2.31 | ||
| Q1 24 | $1.38 | $1.13 |
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 | $7.0B |
| 股东权益账面价值 | $3.9B | $6.1B |
| 总资产 | $16.5B | $17.6B |
| 负债/权益比越低杠杆越低 | 1.28× | 1.16× |
8季度趋势，按日历期对齐
现金及短期投资PAYXSJM
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.7B | — |
总债务PAYXSJM
| Q4 25 | $5.0B | $7.0B | ||
| Q3 25 | $5.0B | $7.0B | ||
| Q2 25 | $4.9B | $7.0B | ||
| Q1 25 | — | $7.4B | ||
| Q4 24 | — | $7.8B | ||
| Q3 24 | — | $7.8B | ||
| Q2 24 | $798.6M | $7.8B | ||
| Q1 24 | — | $8.1B |
股东权益PAYXSJM
| Q4 25 | $3.9B | $6.1B | ||
| Q3 25 | $4.0B | $5.9B | ||
| Q2 25 | $4.1B | $6.1B | ||
| Q1 25 | $4.1B | $6.9B | ||
| Q4 24 | $3.9B | $7.6B | ||
| Q3 24 | $3.9B | $7.8B | ||
| Q2 24 | $3.8B | $7.7B | ||
| Q1 24 | $3.7B | $7.6B |
总资产PAYXSJM
| Q4 25 | $16.5B | $17.6B | ||
| Q3 25 | $16.7B | $17.7B | ||
| Q2 25 | $16.6B | $17.6B | ||
| Q1 25 | $11.2B | $18.4B | ||
| Q4 24 | $10.6B | $20.0B | ||
| Q3 24 | $10.5B | $20.3B | ||
| Q2 24 | $10.4B | $20.3B | ||
| Q1 24 | $13.0B | $20.2B |
负债/权益比PAYXSJM
| Q4 25 | 1.28× | 1.16× | ||
| Q3 25 | 1.25× | 1.19× | ||
| Q2 25 | 1.20× | 1.16× | ||
| Q1 25 | — | 1.07× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.00× | ||
| Q2 24 | 0.21× | 1.01× | ||
| Q1 24 | — | 1.07× |
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 | $346.5M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $280.2M |
| 自由现金流率自由现金流/营收 | 25.5% | 12.0% |
| 资本支出强度资本支出/营收 | 4.1% | 2.8% |
| 现金转化率经营现金流/净利润 | 1.13× | 1.44× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $635.5M |
8季度趋势，按日历期对齐
经营现金流PAYXSJM
| Q4 25 | $444.9M | $346.5M | ||
| Q3 25 | $718.4M | $-10.6M | ||
| Q2 25 | $343.8M | $393.9M | ||
| Q1 25 | $716.0M | $239.4M | ||
| Q4 24 | $295.0M | $404.2M | ||
| Q3 24 | $546.1M | $172.9M | ||
| Q2 24 | $221.7M | $428.1M | ||
| Q1 24 | $671.7M | $406.5M |
自由现金流PAYXSJM
| Q4 25 | $382.8M | $280.2M | ||
| Q3 25 | $662.5M | $-94.9M | ||
| Q2 25 | $283.3M | $298.9M | ||
| Q1 25 | $667.3M | $151.3M | ||
| Q4 24 | $248.0M | $317.2M | ||
| Q3 24 | $510.5M | $49.2M | ||
| Q2 24 | $180.4M | $297.5M | ||
| Q1 24 | $631.0M | $249.6M |
自由现金流率PAYXSJM
| Q4 25 | 25.5% | 12.0% | ||
| Q3 25 | 44.4% | -4.5% | ||
| Q2 25 | 20.5% | 13.9% | ||
| Q1 25 | 45.5% | 6.9% | ||
| Q4 24 | 19.4% | 14.0% | ||
| Q3 24 | 39.9% | 2.3% | ||
| Q2 24 | 14.4% | 13.5% | ||
| Q1 24 | 45.2% | 11.2% |
资本支出强度PAYXSJM
| Q4 25 | 4.1% | 2.8% | ||
| Q3 25 | 3.7% | 4.0% | ||
| Q2 25 | 4.4% | 4.4% | ||
| Q1 25 | 3.3% | 4.0% | ||
| Q4 24 | 3.7% | 3.8% | ||
| Q3 24 | 2.8% | 5.8% | ||
| Q2 24 | 3.3% | 5.9% | ||
| Q1 24 | 2.9% | 7.0% |
现金转化率PAYXSJM
| Q4 25 | 1.13× | 1.44× | ||
| Q3 25 | 1.87× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.38× | — | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | 1.28× | 0.93× | ||
| Q2 24 | 0.58× | 1.75× | ||
| Q1 24 | 1.35× | 3.38× |
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% |
SJM
| U.S.Retail Frozen Handheld And Spreads | $461.1M | 20% |
| U.S.Retail Pet Foods | $413.2M | 18% |
| Handheld Frozen Sandwiches | $262.9M | 11% |
| Sweet Baked Snacks | $256.1M | 11% |
| Pet Snacks | $232.0M | 10% |
| Cat Food | $197.2M | 8% |
| Peanut Butter | $187.1M | 8% |
| CA | $94.5M | 4% |
| Fruit Spreads | $92.2M | 4% |
| Other | $50.5M | 2% |
| Portion Control | $50.1M | 2% |
| All Other International | $33.2M | 1% |
