vs
Arista Networks（ANET）与派拓网络（PANW）财务数据对比。点击上方公司名可切换其他公司
派拓网络的季度营收约是Arista Networks的1.0倍（$2.6B vs $2.5B），Arista Networks净利率更高（38.4% vs 16.7%，领先21.8%），Arista Networks同比增速更快（28.9% vs 14.9%），过去两年Arista Networks的营收复合增速更高（25.8% vs 14.3%）
Arista Networks是总部位于美国加利福尼亚州圣克拉拉的计算机网络企业，专注于设计销售多层网络交换机，为大型数据中心、云计算、高性能计算、高频交易等场景提供软件定义网络（SDN）解决方案，旗下拥有10G至800G系列低延迟直通以太网交换机，搭载自研基于Linux的可扩展操作系统EOS。
派拓网络（Palo Alto Networks）是总部位于美国加利福尼亚州圣克拉拉的跨国网络安全企业，核心产品包括高级防火墙及拓展其防护能力的云原生安全服务，为全球150多个国家的超7万家机构、含85家财富100强企业提供服务，旗下拥有知名威胁研究团队Unit 42，还举办Ignite网络安全行业峰会。
ANET vs PANW — 直观对比
营收规模更大
PANW
是对方的1.0倍
$2.5B
营收增速更快
ANET
高出14.0%
14.9%
净利率更高
ANET
高出21.8%
16.7%
两年增速更快
ANET
近两年复合增速
14.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.6B |
| 净利润 | $955.8M | $432.0M |
| 毛利率 | 62.9% | 73.6% |
| 营业利润率 | 41.5% | 15.3% |
| 净利率 | 38.4% | 16.7% |
| 营收同比 | 28.9% | 14.9% |
| 净利润同比 | 19.3% | 61.6% |
| 每股收益（稀释后） | $0.74 | $0.61 |
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ANETPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.5B | $2.5B | ||
| Q3 25 | $2.3B | $2.5B | ||
| Q2 25 | $2.2B | $2.3B | ||
| Q1 25 | $2.0B | $2.3B | ||
| Q4 24 | $1.9B | $2.1B | ||
| Q3 24 | $1.8B | $2.2B | ||
| Q2 24 | $1.7B | $2.0B |
净利润ANETPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $955.8M | $334.0M | ||
| Q3 25 | $853.0M | $253.8M | ||
| Q2 25 | $888.8M | $262.1M | ||
| Q1 25 | $813.8M | $267.3M | ||
| Q4 24 | $801.0M | $350.7M | ||
| Q3 24 | $747.9M | $357.7M | ||
| Q2 24 | $665.4M | $278.8M |
毛利率ANETPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 62.9% | 74.2% | ||
| Q3 25 | 64.6% | 73.2% | ||
| Q2 25 | 65.2% | 72.9% | ||
| Q1 25 | 63.7% | 73.5% | ||
| Q4 24 | 63.8% | 74.1% | ||
| Q3 24 | 64.2% | 73.8% | ||
| Q2 24 | 64.9% | 74.1% |
营业利润率ANETPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 41.5% | 12.5% | ||
| Q3 25 | 42.4% | 19.6% | ||
| Q2 25 | 44.7% | 9.6% | ||
| Q1 25 | 42.8% | 10.6% | ||
| Q4 24 | 41.4% | 13.4% | ||
| Q3 24 | 43.4% | 10.9% | ||
| Q2 24 | 41.4% | 8.9% |
净利率ANETPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 38.4% | 13.5% | ||
| Q3 25 | 37.0% | 10.0% | ||
| Q2 25 | 40.3% | 11.5% | ||
| Q1 25 | 40.6% | 11.8% | ||
| Q4 24 | 41.5% | 16.4% | ||
| Q3 24 | 41.3% | 16.3% | ||
| Q2 24 | 39.4% | 14.0% |
每股收益（稀释后）ANETPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.74 | $0.47 | ||
| Q3 25 | $0.67 | $-0.14 | ||
| Q2 25 | $0.70 | $0.37 | ||
| Q1 25 | $0.64 | $0.38 | ||
| Q4 24 | $-4.17 | $0.99 | ||
| Q3 24 | $2.33 | $1.04 | ||
| Q2 24 | $2.08 | $0.79 |
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 | $2.0B | $4.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $12.4B | $9.4B |
| 总资产 | $19.4B | $25.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ANETPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $2.0B | $4.2B | ||
| Q3 25 | $2.3B | $2.9B | ||
| Q2 25 | $2.2B | $3.3B | ||
| Q1 25 | $1.8B | $3.2B | ||
| Q4 24 | $2.8B | $3.4B | ||
| Q3 24 | $3.2B | $2.6B | ||
| Q2 24 | $2.4B | $2.9B |
股东权益ANETPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $12.4B | $8.7B | ||
| Q3 25 | $11.9B | $7.8B | ||
| Q2 25 | $10.9B | $7.2B | ||
| Q1 25 | $10.1B | $6.4B | ||
| Q4 24 | $10.0B | $5.9B | ||
| Q3 24 | $9.2B | $5.2B | ||
| Q2 24 | $8.4B | $4.5B |
总资产ANETPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $19.4B | $23.5B | ||
| Q3 25 | $18.0B | $23.6B | ||
| Q2 25 | $16.5B | $22.0B | ||
| Q1 25 | $14.5B | $21.0B | ||
| Q4 24 | $14.0B | $20.4B | ||
| Q3 24 | $12.8B | $20.0B | ||
| Q2 24 | $11.6B | $17.9B |
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 | $1.3B | $554.0M |
| 自由现金流经营现金流 - 资本支出 | — | $384.0M |
| 自由现金流率自由现金流/营收 | — | 14.8% |
| 资本支出强度资本支出/营收 | — | 6.6% |
| 现金转化率经营现金流/净利润 | 1.32× | 1.28× |
| 过去12个月自由现金流最近4个季度 | — | $3.6B |
8季度趋势，按日历期对齐
经营现金流ANETPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $1.3B | $1.8B | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.2B | $628.7M | ||
| Q1 25 | $641.7M | $556.9M | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $1.2B | $512.7M | ||
| Q2 24 | $989.0M | $528.9M |
自由现金流ANETPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | $1.2B | $934.5M | ||
| Q2 25 | $1.2B | $560.4M | ||
| Q1 25 | $613.3M | $509.4M | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $1.2B | $465.3M | ||
| Q2 24 | $985.9M | $491.5M |
自由现金流率ANETPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | — | 68.2% | ||
| Q3 25 | 53.6% | 36.8% | ||
| Q2 25 | 53.3% | 24.5% | ||
| Q1 25 | 30.6% | 22.6% | ||
| Q4 24 | — | 68.5% | ||
| Q3 24 | 64.5% | 21.3% | ||
| Q2 24 | 58.3% | 24.8% |
资本支出强度ANETPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | 1.3% | 3.4% | ||
| Q2 25 | 1.1% | 3.0% | ||
| Q1 25 | 1.4% | 2.1% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | 0.4% | 2.2% | ||
| Q2 24 | 0.2% | 1.9% |
现金转化率ANETPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 1.32× | 5.30× | ||
| Q3 25 | 1.49× | 4.02× | ||
| Q2 25 | 1.35× | 2.40× | ||
| Q1 25 | 0.79× | 2.08× | ||
| Q4 24 | 1.29× | 4.30× | ||
| Q3 24 | 1.57× | 1.43× | ||
| Q2 24 | 1.49× | 1.90× |
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
ANET
| Products | $2.1B | 84% |
| Services | $392.1M | 16% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
