vs
Paychex（PAYX）与TUTOR PERINI CORP（TPC）财务数据对比。点击上方公司名可切换其他公司
TUTOR PERINI CORP的季度营收约是Paychex的1.0倍（$1.5B vs $1.5B），Paychex净利率更高（26.3% vs 1.9%，领先24.4%），TUTOR PERINI CORP同比增速更快（41.2% vs 17.4%），Paychex自由现金流更多（$382.8M vs $98.7M），过去两年TUTOR PERINI CORP的营收复合增速更高（19.9% 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。
Tutor Perini集团是美国顶尖的大型总承包商之一，2008年由Perini公司与Tutor-Saliba公司合并成立，总部位于加利福尼亚州西尔马。公司业务覆盖北美全境，2024年营收约43.3亿美元，核心业务涵盖桥梁、公路、隧道、机场、公共交通系统等民用基建项目，同时也涉足建筑工程领域。
PAYX vs TPC — 直观对比
营收规模更大
TPC
是对方的1.0倍
$1.5B
营收增速更快
TPC
高出23.8%
17.4%
净利率更高
PAYX
高出24.4%
1.9%
自由现金流更多
PAYX
多$284.1M
$98.7M
两年增速更快
TPC
近两年复合增速
3.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.5B |
| 净利润 | $395.4M | $28.8M |
| 毛利率 | 72.6% | 9.8% |
| 营业利润率 | 38.0% | 3.3% |
| 净利率 | 26.3% | 1.9% |
| 营收同比 | 17.4% | 41.2% |
| 净利润同比 | -4.4% | 136.3% |
| 每股收益（稀释后） | $1.10 | $0.53 |
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PAYXTPC
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $1.5B | $1.2B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.4B | $1.0B |
净利润PAYXTPC
| Q4 25 | $395.4M | $28.8M | ||
| Q3 25 | $383.8M | $3.6M | ||
| Q2 25 | $297.2M | $20.0M | ||
| Q1 25 | $519.3M | $28.0M | ||
| Q4 24 | $413.4M | $-79.4M | ||
| Q3 24 | $427.4M | $-100.9M | ||
| Q2 24 | $379.9M | $812.0K | ||
| Q1 24 | $498.6M | $15.8M |
毛利率PAYXTPC
| Q4 25 | 72.6% | 9.8% | ||
| Q3 25 | 72.3% | 12.0% | ||
| Q2 25 | 71.5% | 14.3% | ||
| Q1 25 | 73.6% | 10.8% | ||
| Q4 24 | 70.4% | -0.9% | ||
| Q3 24 | 70.3% | -2.4% | ||
| Q2 24 | 70.1% | 10.4% | ||
| Q1 24 | 72.8% | 11.0% |
营业利润率PAYXTPC
| Q4 25 | 38.0% | 3.3% | ||
| Q3 25 | 36.3% | 2.8% | ||
| Q2 25 | 31.2% | 5.6% | ||
| Q1 25 | 47.2% | 5.2% | ||
| Q4 24 | 42.0% | -8.1% | ||
| Q3 24 | 42.7% | -9.9% | ||
| Q2 24 | 38.3% | 3.6% | ||
| Q1 24 | 46.6% | 4.7% |
净利率PAYXTPC
| Q4 25 | 26.3% | 1.9% | ||
| Q3 25 | 25.7% | 0.3% | ||
| Q2 25 | 21.5% | 1.5% | ||
| Q1 25 | 35.4% | 2.2% | ||
| Q4 24 | 32.3% | -7.4% | ||
| Q3 24 | 33.4% | -9.3% | ||
| Q2 24 | 30.2% | 0.1% | ||
| Q1 24 | 35.7% | 1.5% |
每股收益（稀释后）PAYXTPC
| Q4 25 | $1.10 | $0.53 | ||
| Q3 25 | $1.06 | $0.07 | ||
| Q2 25 | $0.83 | $0.38 | ||
| Q1 25 | $1.43 | $0.53 | ||
| Q4 24 | $1.14 | $-1.53 | ||
| Q3 24 | $1.18 | $-1.92 | ||
| Q2 24 | $1.05 | $0.02 | ||
| Q1 24 | $1.38 | $0.30 |
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 | $734.6M |
| 总债务越低越好 | $5.0B | $407.4M |
| 股东权益账面价值 | $3.9B | $1.2B |
| 总资产 | $16.5B | $5.2B |
| 负债/权益比越低杠杆越低 | 1.28× | 0.33× |
8季度趋势，按日历期对齐
现金及短期投资PAYXTPC
| Q4 25 | $1.5B | $734.6M | ||
| Q3 25 | $1.7B | $695.7M | ||
| Q2 25 | $1.7B | $526.1M | ||
| Q1 25 | $1.6B | $276.5M | ||
| Q4 24 | $1.2B | $455.1M | ||
| Q3 24 | $1.5B | $287.4M | ||
| Q2 24 | $1.5B | $267.1M | ||
| Q1 24 | $1.7B | $358.3M |
总债务PAYXTPC
| Q4 25 | $5.0B | $407.4M | ||
| Q3 25 | $5.0B | $413.1M | ||
| Q2 25 | $4.9B | $419.4M | ||
| Q1 25 | — | $405.6M | ||
| Q4 24 | — | $534.1M | ||
| Q3 24 | — | $681.4M | ||
| Q2 24 | $798.6M | $676.4M | ||
| Q1 24 | — | $801.2M |
股东权益PAYXTPC
| Q4 25 | $3.9B | $1.2B | ||
| Q3 25 | $4.0B | $1.2B | ||
| Q2 25 | $4.1B | $1.2B | ||
| Q1 25 | $4.1B | $1.2B | ||
| Q4 24 | $3.9B | $1.1B | ||
| Q3 24 | $3.9B | $1.2B | ||
| Q2 24 | $3.8B | $1.3B | ||
| Q1 24 | $3.7B | $1.3B |
总资产PAYXTPC
| Q4 25 | $16.5B | $5.2B | ||
| Q3 25 | $16.7B | $5.2B | ||
| Q2 25 | $16.6B | $4.9B | ||
| Q1 25 | $11.2B | $4.5B | ||
| Q4 24 | $10.6B | $4.2B | ||
| Q3 24 | $10.5B | $4.4B | ||
| Q2 24 | $10.4B | $4.3B | ||
| Q1 24 | $13.0B | $4.4B |
负债/权益比PAYXTPC
| Q4 25 | 1.28× | 0.33× | ||
| Q3 25 | 1.25× | 0.35× | ||
| Q2 25 | 1.20× | 0.35× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | 0.21× | 0.52× | ||
| Q1 24 | — | 0.61× |
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 | $173.7M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $98.7M |
| 自由现金流率自由现金流/营收 | 25.5% | 6.5% |
| 资本支出强度资本支出/营收 | 4.1% | 5.0% |
| 现金转化率经营现金流/净利润 | 1.13× | 6.02× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $567.2M |
8季度趋势，按日历期对齐
经营现金流PAYXTPC
| Q4 25 | $444.9M | $173.7M | ||
| Q3 25 | $718.4M | $289.1M | ||
| Q2 25 | $343.8M | $262.4M | ||
| Q1 25 | $716.0M | $22.9M | ||
| Q4 24 | $295.0M | $329.6M | ||
| Q3 24 | $546.1M | $22.6M | ||
| Q2 24 | $221.7M | $53.1M | ||
| Q1 24 | $671.7M | $98.3M |
自由现金流PAYXTPC
| Q4 25 | $382.8M | $98.7M | ||
| Q3 25 | $662.5M | $240.2M | ||
| Q2 25 | $283.3M | $235.6M | ||
| Q1 25 | $667.3M | $-7.2M | ||
| Q4 24 | $248.0M | $320.4M | ||
| Q3 24 | $510.5M | $15.6M | ||
| Q2 24 | $180.4M | $42.2M | ||
| Q1 24 | $631.0M | $87.8M |
自由现金流率PAYXTPC
| Q4 25 | 25.5% | 6.5% | ||
| Q3 25 | 44.4% | 17.0% | ||
| Q2 25 | 20.5% | 17.1% | ||
| Q1 25 | 45.5% | -0.6% | ||
| Q4 24 | 19.4% | 30.0% | ||
| Q3 24 | 39.9% | 1.4% | ||
| Q2 24 | 14.4% | 3.7% | ||
| Q1 24 | 45.2% | 8.4% |
资本支出强度PAYXTPC
| Q4 25 | 4.1% | 5.0% | ||
| Q3 25 | 3.7% | 3.5% | ||
| Q2 25 | 4.4% | 2.0% | ||
| Q1 25 | 3.3% | 2.4% | ||
| Q4 24 | 3.7% | 0.9% | ||
| Q3 24 | 2.8% | 0.6% | ||
| Q2 24 | 3.3% | 1.0% | ||
| Q1 24 | 2.9% | 1.0% |
现金转化率PAYXTPC
| Q4 25 | 1.13× | 6.02× | ||
| Q3 25 | 1.87× | 79.63× | ||
| Q2 25 | 1.16× | 13.14× | ||
| Q1 25 | 1.38× | 0.82× | ||
| Q4 24 | 0.71× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 0.58× | 65.44× | ||
| Q1 24 | 1.35× | 6.24× |
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% |
TPC
| State And Local Agencies | $591.1M | 39% |
| Mass Transit | $449.9M | 30% |
| Federal Agencies | $115.0M | 8% |
| Bridges | $100.5M | 7% |
| Military Facilities | $93.1M | 6% |
| Commercial And Industrial Facilities | $46.7M | 3% |
| Detention Facilities | $43.8M | 3% |
| Power And Energy | $35.8M | 2% |
| Multi Unit Residential | $25.9M | 2% |
| Education Facilities | $12.0M | 1% |
| Water | $3.6M | 0% |
