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Paychex（PAYX）与Ulta Beauty（ULTA）财务数据对比。点击上方公司名可切换其他公司
Ulta Beauty的季度营收约是Paychex的1.9倍（$2.9B vs $1.5B），Paychex净利率更高（26.3% vs 8.1%，领先18.2%），Paychex同比增速更快（17.4% vs 12.9%），Paychex自由现金流更多（$382.8M vs $-81.6M），过去两年Ulta Beauty的营收复合增速更高（7.2% 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。
Ulta Beauty是美国头部美妆连锁品牌，总部位于伊利诺伊州博林布鲁克，旗下门店在售商品覆盖高低端彩妆、香水、美甲、身体护理、美发产品及美妆工具等全品类美妆个护产品，每家门店均配备对外开放的美容沙龙，为消费者提供一站式美妆消费及服务体验。
PAYX vs ULTA — 直观对比
营收规模更大
ULTA
是对方的1.9倍
$1.5B
营收增速更快
PAYX
高出4.4%
12.9%
净利率更高
PAYX
高出18.2%
8.1%
自由现金流更多
PAYX
多$464.4M
$-81.6M
两年增速更快
ULTA
近两年复合增速
3.8%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.9B |
| 净利润 | $395.4M | $230.9M |
| 毛利率 | 72.6% | 40.4% |
| 营业利润率 | 38.0% | 10.8% |
| 净利率 | 26.3% | 8.1% |
| 营收同比 | 17.4% | 12.9% |
| 净利润同比 | -4.4% | -4.7% |
| 每股收益（稀释后） | $1.10 | $5.14 |
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PAYXULTA
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.5B | $2.8B | ||
| Q2 25 | $1.4B | $2.8B | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.3B | $2.5B | ||
| Q3 24 | $1.3B | $2.6B | ||
| Q2 24 | $1.3B | $2.7B | ||
| Q1 24 | $1.4B | $3.6B |
净利润PAYXULTA
| Q4 25 | $395.4M | $230.9M | ||
| Q3 25 | $383.8M | $260.9M | ||
| Q2 25 | $297.2M | $305.1M | ||
| Q1 25 | $519.3M | — | ||
| Q4 24 | $413.4M | $242.2M | ||
| Q3 24 | $427.4M | $252.6M | ||
| Q2 24 | $379.9M | $313.1M | ||
| Q1 24 | $498.6M | $394.4M |
毛利率PAYXULTA
| Q4 25 | 72.6% | 40.4% | ||
| Q3 25 | 72.3% | 39.2% | ||
| Q2 25 | 71.5% | 39.1% | ||
| Q1 25 | 73.6% | — | ||
| Q4 24 | 70.4% | 39.7% | ||
| Q3 24 | 70.3% | 38.3% | ||
| Q2 24 | 70.1% | 39.2% | ||
| Q1 24 | 72.8% | 37.7% |
营业利润率PAYXULTA
| Q4 25 | 38.0% | 10.8% | ||
| Q3 25 | 36.3% | 12.4% | ||
| Q2 25 | 31.2% | 14.1% | ||
| Q1 25 | 47.2% | — | ||
| Q4 24 | 42.0% | 12.6% | ||
| Q3 24 | 42.7% | 12.9% | ||
| Q2 24 | 38.3% | 14.7% | ||
| Q1 24 | 46.6% | 14.5% |
净利率PAYXULTA
| Q4 25 | 26.3% | 8.1% | ||
| Q3 25 | 25.7% | 9.4% | ||
| Q2 25 | 21.5% | 10.7% | ||
| Q1 25 | 35.4% | — | ||
| Q4 24 | 32.3% | 9.6% | ||
| Q3 24 | 33.4% | 9.9% | ||
| Q2 24 | 30.2% | 11.5% | ||
| Q1 24 | 35.7% | 11.1% |
每股收益（稀释后）PAYXULTA
| Q4 25 | $1.10 | $5.14 | ||
| Q3 25 | $1.06 | $5.78 | ||
| Q2 25 | $0.83 | $6.70 | ||
| Q1 25 | $1.43 | — | ||
| Q4 24 | $1.14 | $5.14 | ||
| Q3 24 | $1.18 | $5.30 | ||
| Q2 24 | $1.05 | $6.47 | ||
| Q1 24 | $1.38 | $8.06 |
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 | $204.9M |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $3.9B | $2.6B |
| 总资产 | $16.5B | $7.0B |
| 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PAYXULTA
| Q4 25 | $1.5B | $204.9M | ||
| Q3 25 | $1.7B | $242.7M | ||
| Q2 25 | $1.7B | $454.6M | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.2B | $177.8M | ||
| Q3 24 | $1.5B | $414.0M | ||
| Q2 24 | $1.5B | $524.6M | ||
| Q1 24 | $1.7B | $766.6M |
总债务PAYXULTA
| 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PAYXULTA
| Q4 25 | $3.9B | $2.6B | ||
| Q3 25 | $4.0B | $2.6B | ||
| Q2 25 | $4.1B | $2.4B | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $3.9B | $2.3B | ||
| Q3 24 | $3.9B | $2.3B | ||
| Q2 24 | $3.8B | $2.3B | ||
| Q1 24 | $3.7B | $2.3B |
总资产PAYXULTA
| Q4 25 | $16.5B | $7.0B | ||
| Q3 25 | $16.7B | $6.6B | ||
| Q2 25 | $16.6B | $6.0B | ||
| Q1 25 | $11.2B | — | ||
| Q4 24 | $10.6B | $6.0B | ||
| Q3 24 | $10.5B | $5.7B | ||
| Q2 24 | $10.4B | $5.6B | ||
| Q1 24 | $13.0B | $5.7B |
负债/权益比PAYXULTA
| 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 | $5.6M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $-81.6M |
| 自由现金流率自由现金流/营收 | 25.5% | -2.9% |
| 资本支出强度资本支出/营收 | 4.1% | 3.1% |
| 现金转化率经营现金流/净利润 | 1.13× | 0.02× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $-92.2M |
8季度趋势，按日历期对齐
经营现金流PAYXULTA
| Q4 25 | $444.9M | $5.6M | ||
| Q3 25 | $718.4M | $96.5M | ||
| Q2 25 | $343.8M | $220.0M | ||
| Q1 25 | $716.0M | — | ||
| Q4 24 | $295.0M | $-56.8M | ||
| Q3 24 | $546.1M | $199.5M | ||
| Q2 24 | $221.7M | $159.3M | ||
| Q1 24 | $671.7M | $1.1B |
自由现金流PAYXULTA
| Q4 25 | $382.8M | $-81.6M | ||
| Q3 25 | $662.5M | $19.6M | ||
| Q2 25 | $283.3M | $141.0M | ||
| Q1 25 | $667.3M | — | ||
| Q4 24 | $248.0M | $-171.1M | ||
| Q3 24 | $510.5M | $104.3M | ||
| Q2 24 | $180.4M | $68.3M | ||
| Q1 24 | $631.0M | $994.0M |
自由现金流率PAYXULTA
| Q4 25 | 25.5% | -2.9% | ||
| Q3 25 | 44.4% | 0.7% | ||
| Q2 25 | 20.5% | 4.9% | ||
| Q1 25 | 45.5% | — | ||
| Q4 24 | 19.4% | -6.8% | ||
| Q3 24 | 39.9% | 4.1% | ||
| Q2 24 | 14.4% | 2.5% | ||
| Q1 24 | 45.2% | 28.0% |
资本支出强度PAYXULTA
| Q4 25 | 4.1% | 3.1% | ||
| Q3 25 | 3.7% | 2.8% | ||
| Q2 25 | 4.4% | 2.8% | ||
| Q1 25 | 3.3% | — | ||
| Q4 24 | 3.7% | 4.5% | ||
| Q3 24 | 2.8% | 3.7% | ||
| Q2 24 | 3.3% | 3.3% | ||
| Q1 24 | 2.9% | 3.5% |
现金转化率PAYXULTA
| Q4 25 | 1.13× | 0.02× | ||
| Q3 25 | 1.87× | 0.37× | ||
| Q2 25 | 1.16× | 0.72× | ||
| Q1 25 | 1.38× | — | ||
| Q4 24 | 0.71× | -0.23× | ||
| Q3 24 | 1.28× | 0.79× | ||
| Q2 24 | 0.58× | 0.51× | ||
| Q1 24 | 1.35× | 2.84× |
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% |
ULTA
暂无分部数据
