vs
Paychex（PAYX）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是Paychex的1.2倍（$1.8B vs $1.5B），Paychex净利率更高（26.3% vs 9.6%，领先16.7%），Paychex同比增速更快（17.4% vs 10.4%），华纳音乐集团自由现金流更多（$420.0M vs $382.8M），过去两年华纳音乐集团的营收复合增速更高（11.0% 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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
PAYX vs WMG — 直观对比
营收规模更大
WMG
是对方的1.2倍
$1.5B
营收增速更快
PAYX
高出6.9%
10.4%
净利率更高
PAYX
高出16.7%
9.6%
自由现金流更多
WMG
多$37.2M
$382.8M
两年增速更快
WMG
近两年复合增速
3.8%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.8B |
| 净利润 | $395.4M | $176.0M |
| 毛利率 | 72.6% | 46.4% |
| 营业利润率 | 38.0% | 15.7% |
| 净利率 | 26.3% | 9.6% |
| 营收同比 | 17.4% | 10.4% |
| 净利润同比 | -4.4% | -25.4% |
| 每股收益（稀释后） | $1.10 | — |
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PAYXWMG
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.4B | $1.5B |
净利润PAYXWMG
| Q4 25 | $395.4M | $176.0M | ||
| Q3 25 | $383.8M | $109.0M | ||
| Q2 25 | $297.2M | $-16.0M | ||
| Q1 25 | $519.3M | $36.0M | ||
| Q4 24 | $413.4M | $236.0M | ||
| Q3 24 | $427.4M | $41.0M | ||
| Q2 24 | $379.9M | $139.0M | ||
| Q1 24 | $498.6M | $96.0M |
毛利率PAYXWMG
| Q4 25 | 72.6% | 46.4% | ||
| Q3 25 | 72.3% | 44.6% | ||
| Q2 25 | 71.5% | 45.9% | ||
| Q1 25 | 73.6% | 46.7% | ||
| Q4 24 | 70.4% | 46.3% | ||
| Q3 24 | 70.3% | 47.6% | ||
| Q2 24 | 70.1% | 46.6% | ||
| Q1 24 | 72.8% | 47.1% |
营业利润率PAYXWMG
| Q4 25 | 38.0% | 15.7% | ||
| Q3 25 | 36.3% | 7.7% | ||
| Q2 25 | 31.2% | 10.0% | ||
| Q1 25 | 47.2% | 11.3% | ||
| Q4 24 | 42.0% | 12.8% | ||
| Q3 24 | 42.7% | 8.8% | ||
| Q2 24 | 38.3% | 13.3% | ||
| Q1 24 | 46.6% | 8.0% |
净利率PAYXWMG
| Q4 25 | 26.3% | 9.6% | ||
| Q3 25 | 25.7% | 5.8% | ||
| Q2 25 | 21.5% | -0.9% | ||
| Q1 25 | 35.4% | 2.4% | ||
| Q4 24 | 32.3% | 14.2% | ||
| Q3 24 | 33.4% | 2.5% | ||
| Q2 24 | 30.2% | 8.9% | ||
| Q1 24 | 35.7% | 6.4% |
每股收益（稀释后）PAYXWMG
| Q4 25 | $1.10 | — | ||
| Q3 25 | $1.06 | — | ||
| Q2 25 | $0.83 | — | ||
| Q1 25 | $1.43 | — | ||
| Q4 24 | $1.14 | — | ||
| Q3 24 | $1.18 | — | ||
| Q2 24 | $1.05 | — | ||
| Q1 24 | $1.38 | — |
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 | $751.0M |
| 总债务越低越好 | $5.0B | $4.4B |
| 股东权益账面价值 | $3.9B | $720.0M |
| 总资产 | $16.5B | $10.0B |
| 负债/权益比越低杠杆越低 | 1.28× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资PAYXWMG
| Q4 25 | $1.5B | $751.0M | ||
| Q3 25 | $1.7B | $532.0M | ||
| Q2 25 | $1.7B | $527.0M | ||
| Q1 25 | $1.6B | $637.0M | ||
| Q4 24 | $1.2B | $802.0M | ||
| Q3 24 | $1.5B | $694.0M | ||
| Q2 24 | $1.5B | $607.0M | ||
| Q1 24 | $1.7B | $587.0M |
总债务PAYXWMG
| Q4 25 | $5.0B | $4.4B | ||
| Q3 25 | $5.0B | $4.4B | ||
| Q2 25 | $4.9B | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | $798.6M | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益PAYXWMG
| Q4 25 | $3.9B | $720.0M | ||
| Q3 25 | $4.0B | $647.0M | ||
| Q2 25 | $4.1B | $589.0M | ||
| Q1 25 | $4.1B | $567.0M | ||
| Q4 24 | $3.9B | $545.0M | ||
| Q3 24 | $3.9B | $518.0M | ||
| Q2 24 | $3.8B | $483.0M | ||
| Q1 24 | $3.7B | $433.0M |
总资产PAYXWMG
| Q4 25 | $16.5B | $10.0B | ||
| Q3 25 | $16.7B | $9.8B | ||
| Q2 25 | $16.6B | $9.8B | ||
| Q1 25 | $11.2B | $9.6B | ||
| Q4 24 | $10.6B | $9.1B | ||
| Q3 24 | $10.5B | $9.2B | ||
| Q2 24 | $10.4B | $8.8B | ||
| Q1 24 | $13.0B | $8.7B |
负债/权益比PAYXWMG
| Q4 25 | 1.28× | 6.07× | ||
| Q3 25 | 1.25× | 6.75× | ||
| Q2 25 | 1.20× | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | — | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | 0.21× | 8.24× | ||
| Q1 24 | — | 9.20× |
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 | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $420.0M |
| 自由现金流率自由现金流/营收 | 25.5% | 22.8% |
| 资本支出强度资本支出/营收 | 4.1% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.13× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $663.0M |
8季度趋势，按日历期对齐
经营现金流PAYXWMG
| Q4 25 | $444.9M | $440.0M | ||
| Q3 25 | $718.4M | $231.0M | ||
| Q2 25 | $343.8M | $46.0M | ||
| Q1 25 | $716.0M | $69.0M | ||
| Q4 24 | $295.0M | $332.0M | ||
| Q3 24 | $546.1M | $304.0M | ||
| Q2 24 | $221.7M | $188.0M | ||
| Q1 24 | $671.7M | $-31.0M |
自由现金流PAYXWMG
| Q4 25 | $382.8M | $420.0M | ||
| Q3 25 | $662.5M | $203.0M | ||
| Q2 25 | $283.3M | $7.0M | ||
| Q1 25 | $667.3M | $33.0M | ||
| Q4 24 | $248.0M | $296.0M | ||
| Q3 24 | $510.5M | $271.0M | ||
| Q2 24 | $180.4M | $160.0M | ||
| Q1 24 | $631.0M | $-57.0M |
自由现金流率PAYXWMG
| Q4 25 | 25.5% | 22.8% | ||
| Q3 25 | 44.4% | 10.9% | ||
| Q2 25 | 20.5% | 0.4% | ||
| Q1 25 | 45.5% | 2.2% | ||
| Q4 24 | 19.4% | 17.8% | ||
| Q3 24 | 39.9% | 16.6% | ||
| Q2 24 | 14.4% | 10.3% | ||
| Q1 24 | 45.2% | -3.8% |
资本支出强度PAYXWMG
| Q4 25 | 4.1% | 1.1% | ||
| Q3 25 | 3.7% | 1.5% | ||
| Q2 25 | 4.4% | 2.3% | ||
| Q1 25 | 3.3% | 2.4% | ||
| Q4 24 | 3.7% | 2.2% | ||
| Q3 24 | 2.8% | 2.0% | ||
| Q2 24 | 3.3% | 1.8% | ||
| Q1 24 | 2.9% | 1.7% |
现金转化率PAYXWMG
| Q4 25 | 1.13× | 2.50× | ||
| Q3 25 | 1.87× | 2.12× | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 1.38× | 1.92× | ||
| Q4 24 | 0.71× | 1.41× | ||
| Q3 24 | 1.28× | 7.41× | ||
| Q2 24 | 0.58× | 1.35× | ||
| Q1 24 | 1.35× | -0.32× |
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
