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Paychex（PAYX）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
Paychex的季度营收约是斑马技术的1.0倍（$1.5B vs $1.5B），Paychex净利率更高（26.3% vs 4.7%，领先21.6%），Paychex同比增速更快（17.4% vs 10.6%），Paychex自由现金流更多（$382.8M vs $327.0M），过去两年斑马技术的营收复合增速更高（12.0% 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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
PAYX vs ZBRA — 直观对比
营收规模更大
PAYX
是对方的1.0倍
$1.5B
营收增速更快
PAYX
高出6.8%
10.6%
净利率更高
PAYX
高出21.6%
4.7%
自由现金流更多
PAYX
多$55.8M
$327.0M
两年增速更快
ZBRA
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 | $70.0M |
| 毛利率 | 72.6% | 47.3% |
| 营业利润率 | 38.0% | 9.4% |
| 净利率 | 26.3% | 4.7% |
| 营收同比 | 17.4% | 10.6% |
| 净利润同比 | -4.4% | -57.1% |
| 每股收益（稀释后） | $1.10 | $1.40 |
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PAYXZBRA
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
净利润PAYXZBRA
| Q4 25 | $395.4M | $70.0M | ||
| Q3 25 | $383.8M | $101.0M | ||
| Q2 25 | $297.2M | $112.0M | ||
| Q1 25 | $519.3M | $136.0M | ||
| Q4 24 | $413.4M | $163.0M | ||
| Q3 24 | $427.4M | $137.0M | ||
| Q2 24 | $379.9M | $113.0M | ||
| Q1 24 | $498.6M | $115.0M |
毛利率PAYXZBRA
| Q4 25 | 72.6% | 47.3% | ||
| Q3 25 | 72.3% | 48.0% | ||
| Q2 25 | 71.5% | 47.6% | ||
| Q1 25 | 73.6% | 49.3% | ||
| Q4 24 | 70.4% | 48.6% | ||
| Q3 24 | 70.3% | 48.8% | ||
| Q2 24 | 70.1% | 48.4% | ||
| Q1 24 | 72.8% | 47.9% |
营业利润率PAYXZBRA
| Q4 25 | 38.0% | 9.4% | ||
| Q3 25 | 36.3% | 13.9% | ||
| Q2 25 | 31.2% | 14.2% | ||
| Q1 25 | 47.2% | 14.9% | ||
| Q4 24 | 42.0% | 16.9% | ||
| Q3 24 | 42.7% | 15.2% | ||
| Q2 24 | 38.3% | 13.7% | ||
| Q1 24 | 46.6% | 13.5% |
净利率PAYXZBRA
| Q4 25 | 26.3% | 4.7% | ||
| Q3 25 | 25.7% | 7.7% | ||
| Q2 25 | 21.5% | 8.7% | ||
| Q1 25 | 35.4% | 10.4% | ||
| Q4 24 | 32.3% | 12.2% | ||
| Q3 24 | 33.4% | 10.9% | ||
| Q2 24 | 30.2% | 9.3% | ||
| Q1 24 | 35.7% | 9.8% |
每股收益（稀释后）PAYXZBRA
| Q4 25 | $1.10 | $1.40 | ||
| Q3 25 | $1.06 | $1.97 | ||
| Q2 25 | $0.83 | $2.19 | ||
| Q1 25 | $1.43 | $2.62 | ||
| Q4 24 | $1.14 | $3.14 | ||
| Q3 24 | $1.18 | $2.64 | ||
| Q2 24 | $1.05 | $2.17 | ||
| Q1 24 | $1.38 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $3.9B | $3.6B |
| 总资产 | $16.5B | $8.5B |
| 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PAYXZBRA
| Q4 25 | $1.5B | $125.0M | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.7B | $872.0M | ||
| Q1 25 | $1.6B | $879.0M | ||
| Q4 24 | $1.2B | $901.0M | ||
| Q3 24 | $1.5B | $676.0M | ||
| Q2 24 | $1.5B | $411.0M | ||
| Q1 24 | $1.7B | $127.0M |
总债务PAYXZBRA
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.0B | $2.2B | ||
| Q2 25 | $4.9B | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | $798.6M | $2.2B | ||
| Q1 24 | — | $2.1B |
股东权益PAYXZBRA
| Q4 25 | $3.9B | $3.6B | ||
| Q3 25 | $4.0B | $3.7B | ||
| Q2 25 | $4.1B | $3.6B | ||
| Q1 25 | $4.1B | $3.6B | ||
| Q4 24 | $3.9B | $3.6B | ||
| Q3 24 | $3.9B | $3.4B | ||
| Q2 24 | $3.8B | $3.3B | ||
| Q1 24 | $3.7B | $3.2B |
总资产PAYXZBRA
| Q4 25 | $16.5B | $8.5B | ||
| Q3 25 | $16.7B | $8.1B | ||
| Q2 25 | $16.6B | $7.9B | ||
| Q1 25 | $11.2B | $7.9B | ||
| Q4 24 | $10.6B | $8.0B | ||
| Q3 24 | $10.5B | $7.7B | ||
| Q2 24 | $10.4B | $7.5B | ||
| Q1 24 | $13.0B | $7.3B |
负债/权益比PAYXZBRA
| Q4 25 | 1.28× | — | ||
| Q3 25 | 1.25× | 0.58× | ||
| Q2 25 | 1.20× | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | 0.21× | 0.66× | ||
| Q1 24 | — | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $327.0M |
| 自由现金流率自由现金流/营收 | 25.5% | 22.2% |
| 资本支出强度资本支出/营收 | 4.1% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.13× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $831.0M |
8季度趋势，按日历期对齐
经营现金流PAYXZBRA
| Q4 25 | $444.9M | $357.0M | ||
| Q3 25 | $718.4M | $235.0M | ||
| Q2 25 | $343.8M | $147.0M | ||
| Q1 25 | $716.0M | $178.0M | ||
| Q4 24 | $295.0M | $306.0M | ||
| Q3 24 | $546.1M | $294.0M | ||
| Q2 24 | $221.7M | $288.0M | ||
| Q1 24 | $671.7M | $125.0M |
自由现金流PAYXZBRA
| Q4 25 | $382.8M | $327.0M | ||
| Q3 25 | $662.5M | $216.0M | ||
| Q2 25 | $283.3M | $130.0M | ||
| Q1 25 | $667.3M | $158.0M | ||
| Q4 24 | $248.0M | $288.0M | ||
| Q3 24 | $510.5M | $277.0M | ||
| Q2 24 | $180.4M | $278.0M | ||
| Q1 24 | $631.0M | $111.0M |
自由现金流率PAYXZBRA
| Q4 25 | 25.5% | 22.2% | ||
| Q3 25 | 44.4% | 16.4% | ||
| Q2 25 | 20.5% | 10.1% | ||
| Q1 25 | 45.5% | 12.1% | ||
| Q4 24 | 19.4% | 21.6% | ||
| Q3 24 | 39.9% | 22.1% | ||
| Q2 24 | 14.4% | 22.8% | ||
| Q1 24 | 45.2% | 9.4% |
资本支出强度PAYXZBRA
| Q4 25 | 4.1% | 2.0% | ||
| Q3 25 | 3.7% | 1.4% | ||
| Q2 25 | 4.4% | 1.3% | ||
| Q1 25 | 3.3% | 1.5% | ||
| Q4 24 | 3.7% | 1.3% | ||
| Q3 24 | 2.8% | 1.4% | ||
| Q2 24 | 3.3% | 0.8% | ||
| Q1 24 | 2.9% | 1.2% |
现金转化率PAYXZBRA
| Q4 25 | 1.13× | 5.10× | ||
| Q3 25 | 1.87× | 2.33× | ||
| Q2 25 | 1.16× | 1.31× | ||
| Q1 25 | 1.38× | 1.31× | ||
| Q4 24 | 0.71× | 1.88× | ||
| Q3 24 | 1.28× | 2.15× | ||
| Q2 24 | 0.58× | 2.55× | ||
| Q1 24 | 1.35× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
