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Paychex（PAYX）与Snowflake Inc.（SNOW）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Snowflake Inc.的1.2倍（$1.5B vs $1.2B），Paychex净利率更高（26.3% vs -24.2%，领先50.5%），Snowflake Inc.同比增速更快（28.7% vs 17.4%），Paychex自由现金流更多（$382.8M vs $113.6M），过去两年Snowflake Inc.的营收复合增速更高（25.1% 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。
Snowflake Inc.是美国云数据平台服务商，创立于加利福尼亚州圣马特奥，总部位于蒙大拿州博兹曼。旗下平台支持数据分析功能，可实现数据集的低延迟并发访问，服务运行在亚马逊云科技、微软Azure、谷歌云三大公有云平台上。
PAYX vs SNOW — 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
SNOW
高出11.4%
17.4%
净利率更高
PAYX
高出50.5%
-24.2%
自由现金流更多
PAYX
多$269.2M
$113.6M
两年增速更快
SNOW
近两年复合增速
3.8%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $395.4M | $-294.0M |
| 毛利率 | 72.6% | 67.8% |
| 营业利润率 | 38.0% | -27.2% |
| 净利率 | 26.3% | -24.2% |
| 营收同比 | 17.4% | 28.7% |
| 净利润同比 | -4.4% | 9.4% |
| 每股收益（稀释后） | $1.10 | $-0.87 |
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PAYXSNOW
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.4B | $1.0B | ||
| Q1 25 | $1.5B | $986.8M | ||
| Q4 24 | $1.3B | $942.1M | ||
| Q3 24 | $1.3B | $868.8M | ||
| Q2 24 | $1.3B | $828.7M | ||
| Q1 24 | $1.4B | $774.7M |
净利润PAYXSNOW
| Q4 25 | $395.4M | $-294.0M | ||
| Q3 25 | $383.8M | $-298.0M | ||
| Q2 25 | $297.2M | $-430.1M | ||
| Q1 25 | $519.3M | $-327.5M | ||
| Q4 24 | $413.4M | $-324.3M | ||
| Q3 24 | $427.4M | $-316.9M | ||
| Q2 24 | $379.9M | $-317.0M | ||
| Q1 24 | $498.6M | $-169.4M |
毛利率PAYXSNOW
| Q4 25 | 72.6% | 67.8% | ||
| Q3 25 | 72.3% | 67.5% | ||
| Q2 25 | 71.5% | 66.5% | ||
| Q1 25 | 73.6% | 66.2% | ||
| Q4 24 | 70.4% | 65.9% | ||
| Q3 24 | 70.3% | 66.8% | ||
| Q2 24 | 70.1% | 67.1% | ||
| Q1 24 | 72.8% | 68.8% |
营业利润率PAYXSNOW
| Q4 25 | 38.0% | -27.2% | ||
| Q3 25 | 36.3% | -29.7% | ||
| Q2 25 | 31.2% | -42.9% | ||
| Q1 25 | 47.2% | -39.2% | ||
| Q4 24 | 42.0% | -38.8% | ||
| Q3 24 | 42.7% | -40.9% | ||
| Q2 24 | 38.3% | -42.1% | ||
| Q1 24 | 46.6% | -35.6% |
净利率PAYXSNOW
| Q4 25 | 26.3% | -24.2% | ||
| Q3 25 | 25.7% | -26.0% | ||
| Q2 25 | 21.5% | -41.3% | ||
| Q1 25 | 35.4% | -33.2% | ||
| Q4 24 | 32.3% | -34.4% | ||
| Q3 24 | 33.4% | -36.5% | ||
| Q2 24 | 30.2% | -38.3% | ||
| Q1 24 | 35.7% | -21.9% |
每股收益（稀释后）PAYXSNOW
| Q4 25 | $1.10 | $-0.87 | ||
| Q3 25 | $1.06 | $-0.89 | ||
| Q2 25 | $0.83 | $-1.29 | ||
| Q1 25 | $1.43 | $-0.98 | ||
| Q4 24 | $1.14 | $-0.98 | ||
| Q3 24 | $1.18 | $-0.95 | ||
| Q2 24 | $1.05 | $-0.95 | ||
| Q1 24 | $1.38 | $-0.51 |
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 | $1.9B |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $3.9B | $2.1B |
| 总资产 | $16.5B | $8.2B |
| 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PAYXSNOW
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.7B | $1.9B | ||
| Q2 25 | $1.7B | $2.2B | ||
| Q1 25 | $1.6B | $2.6B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.7B | $1.8B |
总债务PAYXSNOW
| 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PAYXSNOW
| Q4 25 | $3.9B | $2.1B | ||
| Q3 25 | $4.0B | $2.4B | ||
| Q2 25 | $4.1B | $2.4B | ||
| Q1 25 | $4.1B | $3.0B | ||
| Q4 24 | $3.9B | $2.9B | ||
| Q3 24 | $3.9B | $4.1B | ||
| Q2 24 | $3.8B | $4.6B | ||
| Q1 24 | $3.7B | $5.2B |
总资产PAYXSNOW
| Q4 25 | $16.5B | $8.2B | ||
| Q3 25 | $16.7B | $8.2B | ||
| Q2 25 | $16.6B | $8.2B | ||
| Q1 25 | $11.2B | $9.0B | ||
| Q4 24 | $10.6B | $8.2B | ||
| Q3 24 | $10.5B | $6.9B | ||
| Q2 24 | $10.4B | $7.3B | ||
| Q1 24 | $13.0B | $8.2B |
负债/权益比PAYXSNOW
| 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 | $137.5M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $113.6M |
| 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% | 2.0% |
| 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 | $776.7M |
8季度趋势，按日历期对齐
经营现金流PAYXSNOW
| Q4 25 | $444.9M | $137.5M | ||
| Q3 25 | $718.4M | $74.9M | ||
| Q2 25 | $343.8M | $228.4M | ||
| Q1 25 | $716.0M | $432.7M | ||
| Q4 24 | $295.0M | $101.7M | ||
| Q3 24 | $546.1M | $69.9M | ||
| Q2 24 | $221.7M | $355.5M | ||
| Q1 24 | $671.7M | $344.6M |
自由现金流PAYXSNOW
| Q4 25 | $382.8M | $113.6M | ||
| Q3 25 | $662.5M | $58.2M | ||
| Q2 25 | $283.3M | $183.4M | ||
| Q1 25 | $667.3M | $421.4M | ||
| Q4 24 | $248.0M | $88.3M | ||
| Q3 24 | $510.5M | $64.8M | ||
| Q2 24 | $180.4M | $338.9M | ||
| Q1 24 | $631.0M | $331.5M |
自由现金流率PAYXSNOW
| Q4 25 | 25.5% | 9.4% | ||
| Q3 25 | 44.4% | 5.1% | ||
| Q2 25 | 20.5% | 17.6% | ||
| Q1 25 | 45.5% | 42.7% | ||
| Q4 24 | 19.4% | 9.4% | ||
| Q3 24 | 39.9% | 7.5% | ||
| Q2 24 | 14.4% | 40.9% | ||
| Q1 24 | 45.2% | 42.8% |
资本支出强度PAYXSNOW
| Q4 25 | 4.1% | 2.0% | ||
| Q3 25 | 3.7% | 1.5% | ||
| Q2 25 | 4.4% | 4.3% | ||
| Q1 25 | 3.3% | 1.1% | ||
| Q4 24 | 3.7% | 1.4% | ||
| Q3 24 | 2.8% | 0.6% | ||
| Q2 24 | 3.3% | 2.0% | ||
| Q1 24 | 2.9% | 1.7% |
现金转化率PAYXSNOW
| Q4 25 | 1.13× | — | ||
| Q3 25 | 1.87× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.38× | — | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 1.35× | — |
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% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
