vs
Paychex（PAYX）与泰瑞达（TER）财务数据对比。点击上方公司名可切换其他公司
Paychex的季度营收约是泰瑞达的1.4倍（$1.5B vs $1.1B），Paychex净利率更高（26.3% vs 23.7%，领先2.6%），泰瑞达同比增速更快（43.9% vs 17.4%），Paychex自由现金流更多（$382.8M vs $218.8M），过去两年泰瑞达的营收复合增速更高（34.4% 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。
泰瑞达是总部位于美国马萨诸塞州北雷丁的自动测试设备（ATE）设计及制造企业，在全球半导体测试领域拥有深厚技术积累，服务的知名客户涵盖三星、高通、英特尔、亚德诺、德州仪器、IBM等行业头部企业。
PAYX vs TER — 直观对比
营收规模更大
PAYX
是对方的1.4倍
$1.1B
营收增速更快
TER
高出26.5%
17.4%
净利率更高
PAYX
高出2.6%
23.7%
自由现金流更多
PAYX
多$164.0M
$218.8M
两年增速更快
TER
近两年复合增速
3.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.1B |
| 净利润 | $395.4M | $257.2M |
| 毛利率 | 72.6% | 57.2% |
| 营业利润率 | 38.0% | 27.1% |
| 净利率 | 26.3% | 23.7% |
| 营收同比 | 17.4% | 43.9% |
| 净利润同比 | -4.4% | 75.9% |
| 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PAYXTER
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.5B | $769.2M | ||
| Q2 25 | $1.4B | $651.8M | ||
| Q1 25 | $1.5B | $685.7M | ||
| Q4 24 | $1.3B | $752.9M | ||
| Q3 24 | $1.3B | $737.3M | ||
| Q2 24 | $1.3B | $729.9M | ||
| Q1 24 | $1.4B | $599.8M |
净利润PAYXTER
| Q4 25 | $395.4M | $257.2M | ||
| Q3 25 | $383.8M | $119.6M | ||
| Q2 25 | $297.2M | $78.4M | ||
| Q1 25 | $519.3M | $98.9M | ||
| Q4 24 | $413.4M | $146.3M | ||
| Q3 24 | $427.4M | $145.6M | ||
| Q2 24 | $379.9M | $186.3M | ||
| Q1 24 | $498.6M | $64.2M |
毛利率PAYXTER
| Q4 25 | 72.6% | 57.2% | ||
| Q3 25 | 72.3% | 58.4% | ||
| Q2 25 | 71.5% | 57.2% | ||
| Q1 25 | 73.6% | 60.6% | ||
| Q4 24 | 70.4% | 59.4% | ||
| Q3 24 | 70.3% | 59.2% | ||
| Q2 24 | 70.1% | 58.3% | ||
| Q1 24 | 72.8% | 56.6% |
营业利润率PAYXTER
| Q4 25 | 38.0% | 27.1% | ||
| Q3 25 | 36.3% | 18.9% | ||
| Q2 25 | 31.2% | 13.9% | ||
| Q1 25 | 47.2% | 17.6% | ||
| Q4 24 | 42.0% | 20.4% | ||
| Q3 24 | 42.7% | 20.6% | ||
| Q2 24 | 38.3% | 28.8% | ||
| Q1 24 | 46.6% | 13.0% |
净利率PAYXTER
| Q4 25 | 26.3% | 23.7% | ||
| Q3 25 | 25.7% | 15.5% | ||
| Q2 25 | 21.5% | 12.0% | ||
| Q1 25 | 35.4% | 14.4% | ||
| Q4 24 | 32.3% | 19.4% | ||
| Q3 24 | 33.4% | 19.8% | ||
| Q2 24 | 30.2% | 25.5% | ||
| Q1 24 | 35.7% | 10.7% |
每股收益（稀释后）PAYXTER
| Q4 25 | $1.10 | $1.62 | ||
| Q3 25 | $1.06 | $0.75 | ||
| Q2 25 | $0.83 | $0.49 | ||
| Q1 25 | $1.43 | $0.61 | ||
| Q4 24 | $1.14 | $0.89 | ||
| Q3 24 | $1.18 | $0.89 | ||
| Q2 24 | $1.05 | $1.14 | ||
| Q1 24 | $1.38 | $0.40 |
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 | $293.8M |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $3.9B | $2.8B |
| 总资产 | $16.5B | $4.2B |
| 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PAYXTER
| Q4 25 | $1.5B | $293.8M | ||
| Q3 25 | $1.7B | $272.7M | ||
| Q2 25 | $1.7B | $339.3M | ||
| Q1 25 | $1.6B | $475.6M | ||
| Q4 24 | $1.2B | $553.4M | ||
| Q3 24 | $1.5B | $510.0M | ||
| Q2 24 | $1.5B | $421.9M | ||
| Q1 24 | $1.7B | $707.4M |
总债务PAYXTER
| 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PAYXTER
| Q4 25 | $3.9B | $2.8B | ||
| Q3 25 | $4.0B | $2.7B | ||
| Q2 25 | $4.1B | $2.8B | ||
| Q1 25 | $4.1B | $2.8B | ||
| Q4 24 | $3.9B | $2.8B | ||
| Q3 24 | $3.9B | $2.9B | ||
| Q2 24 | $3.8B | $2.7B | ||
| Q1 24 | $3.7B | $2.6B |
总资产PAYXTER
| Q4 25 | $16.5B | $4.2B | ||
| Q3 25 | $16.7B | $4.0B | ||
| Q2 25 | $16.6B | $3.8B | ||
| Q1 25 | $11.2B | $3.7B | ||
| Q4 24 | $10.6B | $3.7B | ||
| Q3 24 | $10.5B | $3.8B | ||
| Q2 24 | $10.4B | $3.6B | ||
| Q1 24 | $13.0B | $3.4B |
负债/权益比PAYXTER
| 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 | $281.6M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $218.8M |
| 自由现金流率自由现金流/营收 | 25.5% | 20.2% |
| 资本支出强度资本支出/营收 | 4.1% | 5.8% |
| 现金转化率经营现金流/净利润 | 1.13× | 1.09× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $450.4M |
8季度趋势，按日历期对齐
经营现金流PAYXTER
| Q4 25 | $444.9M | $281.6M | ||
| Q3 25 | $718.4M | $49.0M | ||
| Q2 25 | $343.8M | $182.1M | ||
| Q1 25 | $716.0M | $161.6M | ||
| Q4 24 | $295.0M | $282.6M | ||
| Q3 24 | $546.1M | $166.3M | ||
| Q2 24 | $221.7M | $216.1M | ||
| Q1 24 | $671.7M | $7.3M |
自由现金流PAYXTER
| Q4 25 | $382.8M | $218.8M | ||
| Q3 25 | $662.5M | $2.4M | ||
| Q2 25 | $283.3M | $131.7M | ||
| Q1 25 | $667.3M | $97.6M | ||
| Q4 24 | $248.0M | $225.2M | ||
| Q3 24 | $510.5M | $114.4M | ||
| Q2 24 | $180.4M | $171.2M | ||
| Q1 24 | $631.0M | $-36.7M |
自由现金流率PAYXTER
| Q4 25 | 25.5% | 20.2% | ||
| Q3 25 | 44.4% | 0.3% | ||
| Q2 25 | 20.5% | 20.2% | ||
| Q1 25 | 45.5% | 14.2% | ||
| Q4 24 | 19.4% | 29.9% | ||
| Q3 24 | 39.9% | 15.5% | ||
| Q2 24 | 14.4% | 23.5% | ||
| Q1 24 | 45.2% | -6.1% |
资本支出强度PAYXTER
| Q4 25 | 4.1% | 5.8% | ||
| Q3 25 | 3.7% | 6.1% | ||
| Q2 25 | 4.4% | 7.7% | ||
| Q1 25 | 3.3% | 9.3% | ||
| Q4 24 | 3.7% | 7.6% | ||
| Q3 24 | 2.8% | 7.0% | ||
| Q2 24 | 3.3% | 6.1% | ||
| Q1 24 | 2.9% | 7.3% |
现金转化率PAYXTER
| Q4 25 | 1.13× | 1.09× | ||
| Q3 25 | 1.87× | 0.41× | ||
| Q2 25 | 1.16× | 2.32× | ||
| Q1 25 | 1.38× | 1.63× | ||
| Q4 24 | 0.71× | 1.93× | ||
| Q3 24 | 1.28× | 1.14× | ||
| Q2 24 | 0.58× | 1.16× | ||
| Q1 24 | 1.35× | 0.11× |
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% |
TER
| Soc | $646.5M | 60% |
| Memory | $206.5M | 19% |
| Transferred At Point In Time | $90.0M | 8% |
| Universal Robots | $89.4M | 8% |
| IST | $30.5M | 3% |
| Transferred Over Time | $20.5M | 2% |
