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Paychex（PAYX）与Atlassian Corp（TEAM）财务数据对比。点击上方公司名可切换其他公司
Atlassian Corp的季度营收约是Paychex的1.1倍（$1.6B vs $1.5B），Paychex净利率更高（26.3% vs -2.7%，领先29.0%），Atlassian Corp同比增速更快（23.3% vs 17.4%），Paychex自由现金流更多（$382.8M vs $168.5M）
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。
Dragoneer投资集团是总部位于美国加利福尼亚州旧金山的专业投资机构，专注于全球科技领域的投资布局，业务覆盖公开股票市场与私募股权市场，在全球科技投资赛道拥有丰富的运作经验和行业资源。
PAYX vs TEAM — 直观对比
营收规模更大
TEAM
是对方的1.1倍
$1.5B
营收增速更快
TEAM
高出5.9%
17.4%
净利率更高
PAYX
高出29.0%
-2.7%
自由现金流更多
PAYX
多$214.3M
$168.5M
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.6B |
| 净利润 | $395.4M | $-42.6M |
| 毛利率 | 72.6% | 85.0% |
| 营业利润率 | 38.0% | -3.0% |
| 净利率 | 26.3% | -2.7% |
| 营收同比 | 17.4% | 23.3% |
| 净利润同比 | -4.4% | -11.6% |
| 每股收益（稀释后） | $1.10 | $-0.16 |
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PAYXTEAM
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.4B | $1.2B |
净利润PAYXTEAM
| Q4 25 | $395.4M | $-42.6M | ||
| Q3 25 | $383.8M | $-51.9M | ||
| Q2 25 | $297.2M | $-23.9M | ||
| Q1 25 | $519.3M | $-70.8M | ||
| Q4 24 | $413.4M | $-38.2M | ||
| Q3 24 | $427.4M | $-123.8M | ||
| Q2 24 | $379.9M | — | ||
| Q1 24 | $498.6M | $12.8M |
毛利率PAYXTEAM
| Q4 25 | 72.6% | 85.0% | ||
| Q3 25 | 72.3% | 82.0% | ||
| Q2 25 | 71.5% | 83.1% | ||
| Q1 25 | 73.6% | 83.8% | ||
| Q4 24 | 70.4% | 82.7% | ||
| Q3 24 | 70.3% | 81.7% | ||
| Q2 24 | 70.1% | — | ||
| Q1 24 | 72.8% | 82.1% |
营业利润率PAYXTEAM
| Q4 25 | 38.0% | -3.0% | ||
| Q3 25 | 36.3% | -6.7% | ||
| Q2 25 | 31.2% | -2.1% | ||
| Q1 25 | 47.2% | -0.9% | ||
| Q4 24 | 42.0% | -4.5% | ||
| Q3 24 | 42.7% | -2.7% | ||
| Q2 24 | 38.3% | — | ||
| Q1 24 | 46.6% | 1.5% |
净利率PAYXTEAM
| Q4 25 | 26.3% | -2.7% | ||
| Q3 25 | 25.7% | -3.6% | ||
| Q2 25 | 21.5% | -1.7% | ||
| Q1 25 | 35.4% | -5.2% | ||
| Q4 24 | 32.3% | -3.0% | ||
| Q3 24 | 33.4% | -10.4% | ||
| Q2 24 | 30.2% | — | ||
| Q1 24 | 35.7% | 1.1% |
每股收益（稀释后）PAYXTEAM
| Q4 25 | $1.10 | $-0.16 | ||
| Q3 25 | $1.06 | $-0.20 | ||
| Q2 25 | $0.83 | $-0.08 | ||
| Q1 25 | $1.43 | $-0.27 | ||
| Q4 24 | $1.14 | $-0.15 | ||
| Q3 24 | $1.18 | $-0.48 | ||
| Q2 24 | $1.05 | — | ||
| Q1 24 | $1.38 | $0.05 |
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 | $1.6B |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $3.9B | $1.6B |
| 总资产 | $16.5B | $6.2B |
| 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PAYXTEAM
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.7B | $2.9B | ||
| Q1 25 | $1.6B | $3.0B | ||
| Q4 24 | $1.2B | $2.5B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.7B | $2.1B |
总债务PAYXTEAM
| 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PAYXTEAM
| Q4 25 | $3.9B | $1.6B | ||
| Q3 25 | $4.0B | $1.4B | ||
| Q2 25 | $4.1B | $1.3B | ||
| Q1 25 | $4.1B | $1.4B | ||
| Q4 24 | $3.9B | $1.2B | ||
| Q3 24 | $3.9B | $1.0B | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.7B | $1.1B |
总资产PAYXTEAM
| Q4 25 | $16.5B | $6.2B | ||
| Q3 25 | $16.7B | $5.7B | ||
| Q2 25 | $16.6B | $6.0B | ||
| Q1 25 | $11.2B | $5.9B | ||
| Q4 24 | $10.6B | $5.4B | ||
| Q3 24 | $10.5B | $5.0B | ||
| Q2 24 | $10.4B | — | ||
| Q1 24 | $13.0B | $5.1B |
负债/权益比PAYXTEAM
| 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 | $177.8M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $168.5M |
| 自由现金流率自由现金流/营收 | 25.5% | 10.6% |
| 资本支出强度资本支出/营收 | 4.1% | 0.6% |
| 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 | $1.3B |
8季度趋势，按日历期对齐
经营现金流PAYXTEAM
| Q4 25 | $444.9M | $177.8M | ||
| Q3 25 | $718.4M | $128.7M | ||
| Q2 25 | $343.8M | $375.3M | ||
| Q1 25 | $716.0M | $652.7M | ||
| Q4 24 | $295.0M | $351.9M | ||
| Q3 24 | $546.1M | $80.5M | ||
| Q2 24 | $221.7M | — | ||
| Q1 24 | $671.7M | $565.4M |
自由现金流PAYXTEAM
| Q4 25 | $382.8M | $168.5M | ||
| Q3 25 | $662.5M | $114.6M | ||
| Q2 25 | $283.3M | $360.3M | ||
| Q1 25 | $667.3M | $638.3M | ||
| Q4 24 | $248.0M | $342.6M | ||
| Q3 24 | $510.5M | $74.3M | ||
| Q2 24 | $180.4M | — | ||
| Q1 24 | $631.0M | $554.9M |
自由现金流率PAYXTEAM
| Q4 25 | 25.5% | 10.6% | ||
| Q3 25 | 44.4% | 8.0% | ||
| Q2 25 | 20.5% | 26.0% | ||
| Q1 25 | 45.5% | 47.0% | ||
| Q4 24 | 19.4% | 26.6% | ||
| Q3 24 | 39.9% | 6.3% | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | 45.2% | 46.7% |
资本支出强度PAYXTEAM
| Q4 25 | 4.1% | 0.6% | ||
| Q3 25 | 3.7% | 1.0% | ||
| Q2 25 | 4.4% | 1.1% | ||
| Q1 25 | 3.3% | 1.1% | ||
| Q4 24 | 3.7% | 0.7% | ||
| Q3 24 | 2.8% | 0.5% | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | 2.9% | 0.9% |
现金转化率PAYXTEAM
| 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× | 44.34× |
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% |
TEAM
| Cloud Deployment Services | $1.1B | 67% |
| Data Center Deployment | $435.6M | 27% |
| Marketplace And Services Deployment | $83.7M | 5% |
