vs
爱玛客（ARMK）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
爱玛客的季度营收约是派拓网络的1.9倍（$4.8B vs $2.6B），派拓网络净利率更高（16.7% vs 2.0%，领先14.7%），派拓网络同比增速更快（14.9% vs 6.1%），派拓网络自由现金流更多（$384.0M vs $-904.4M），过去两年派拓网络的营收复合增速更高（14.3% vs 7.3%）
爱玛客是美国知名的餐饮服务与设施管理服务商，服务覆盖教育、司法监管、医疗、企业、休闲文旅等多个领域，业务遍布北美地区及英国、德国、智利、爱尔兰、西班牙在内的14个国家，为各场景客户提供专业后勤支持解决方案。
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。
ARMK vs PANW — 直观对比
营收规模更大
ARMK
是对方的1.9倍
$2.6B
营收增速更快
PANW
高出8.8%
6.1%
净利率更高
PANW
高出14.7%
2.0%
自由现金流更多
PANW
多$1.3B
$-904.4M
两年增速更快
PANW
近两年复合增速
7.3%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.8B | $2.6B |
| 净利润 | $96.2M | $432.0M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 4.5% | 15.3% |
| 净利率 | 2.0% | 16.7% |
| 营收同比 | 6.1% | 14.9% |
| 净利润同比 | -9.0% | 61.6% |
| 每股收益（稀释后） | $0.36 | $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ARMKPANW
| Q1 26 | $4.8B | $2.6B | ||
| Q4 25 | $5.0B | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | $4.6B | $2.3B | ||
| Q1 25 | $4.3B | $2.3B | ||
| Q4 24 | $4.6B | $2.1B | ||
| Q3 24 | $4.4B | $2.2B | ||
| Q2 24 | $4.4B | $2.0B |
净利润ARMKPANW
| Q1 26 | $96.2M | $432.0M | ||
| Q4 25 | $87.1M | $334.0M | ||
| Q3 25 | — | $253.8M | ||
| Q2 25 | $71.8M | $262.1M | ||
| Q1 25 | $61.9M | $267.3M | ||
| Q4 24 | $105.6M | $350.7M | ||
| Q3 24 | $122.4M | $357.7M | ||
| Q2 24 | $58.1M | $278.8M |
毛利率ARMKPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 73.2% | ||
| Q2 25 | — | 72.9% | ||
| Q1 25 | — | 73.5% | ||
| Q4 24 | — | 74.1% | ||
| Q3 24 | — | 73.8% | ||
| Q2 24 | — | 74.1% |
营业利润率ARMKPANW
| Q1 26 | 4.5% | 15.3% | ||
| Q4 25 | 4.3% | 12.5% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | 3.9% | 9.6% | ||
| Q1 25 | 4.1% | 10.6% | ||
| Q4 24 | 4.8% | 13.4% | ||
| Q3 24 | 5.0% | 10.9% | ||
| Q2 24 | 3.7% | 8.9% |
净利率ARMKPANW
| Q1 26 | 2.0% | 16.7% | ||
| Q4 25 | 1.7% | 13.5% | ||
| Q3 25 | — | 10.0% | ||
| Q2 25 | 1.6% | 11.5% | ||
| Q1 25 | 1.4% | 11.8% | ||
| Q4 24 | 2.3% | 16.4% | ||
| Q3 24 | 2.8% | 16.3% | ||
| Q2 24 | 1.3% | 14.0% |
每股收益（稀释后）ARMKPANW
| Q1 26 | $0.36 | $0.61 | ||
| Q4 25 | $0.33 | $0.47 | ||
| Q3 25 | — | $-0.14 | ||
| Q2 25 | $0.27 | $0.37 | ||
| Q1 25 | $0.23 | $0.38 | ||
| Q4 24 | $0.39 | $0.99 | ||
| Q3 24 | $0.46 | $1.04 | ||
| Q2 24 | $0.22 | $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 | $439.6M | $4.5B |
| 总债务越低越好 | $6.2B | — |
| 股东权益账面价值 | $3.2B | $9.4B |
| 总资产 | $13.5B | $25.0B |
| 负债/权益比越低杠杆越低 | 1.94× | — |
8季度趋势，按日历期对齐
现金及短期投资ARMKPANW
| Q1 26 | $439.6M | $4.5B | ||
| Q4 25 | $639.1M | $4.2B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | $501.5M | $3.3B | ||
| Q1 25 | $920.5M | $3.2B | ||
| Q4 24 | $484.1M | $3.4B | ||
| Q3 24 | $672.5M | $2.6B | ||
| Q2 24 | $436.1M | $2.9B |
总债务ARMKPANW
| Q1 26 | $6.2B | — | ||
| Q4 25 | $5.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $6.3B | — | ||
| Q1 25 | $6.1B | — | ||
| Q4 24 | $5.0B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $5.0B | — |
股东权益ARMKPANW
| Q1 26 | $3.2B | $9.4B | ||
| Q4 25 | $3.1B | $8.7B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | $3.1B | $7.2B | ||
| Q1 25 | $3.0B | $6.4B | ||
| Q4 24 | $3.1B | $5.9B | ||
| Q3 24 | $3.0B | $5.2B | ||
| Q2 24 | $2.9B | $4.5B |
总资产ARMKPANW
| Q1 26 | $13.5B | $25.0B | ||
| Q4 25 | $13.3B | $23.5B | ||
| Q3 25 | — | $23.6B | ||
| Q2 25 | $13.3B | $22.0B | ||
| Q1 25 | $13.5B | $21.0B | ||
| Q4 24 | $12.7B | $20.4B | ||
| Q3 24 | $12.7B | $20.0B | ||
| Q2 24 | $12.5B | $17.9B |
负债/权益比ARMKPANW
| Q1 26 | 1.94× | — | ||
| Q4 25 | 1.71× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.03× | — | ||
| Q1 25 | 2.02× | — | ||
| Q4 24 | 1.61× | — | ||
| Q3 24 | 1.42× | — | ||
| Q2 24 | 1.71× | — |
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 | $-782.2M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $-904.4M | $384.0M |
| 自由现金流率自由现金流/营收 | -18.7% | 14.8% |
| 资本支出强度资本支出/营收 | 2.5% | 6.6% |
| 现金转化率经营现金流/净利润 | -8.13× | 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ARMKPANW
| Q1 26 | $-782.2M | $554.0M | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | $76.7M | $628.7M | ||
| Q1 25 | $255.9M | $556.9M | ||
| Q4 24 | $-587.2M | $1.5B | ||
| Q3 24 | $1.0B | $512.7M | ||
| Q2 24 | $140.7M | $528.9M |
自由现金流ARMKPANW
| Q1 26 | $-904.4M | $384.0M | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $934.5M | ||
| Q2 25 | $-34.7M | $560.4M | ||
| Q1 25 | $140.1M | $509.4M | ||
| Q4 24 | $-707.0M | $1.5B | ||
| Q3 24 | $882.3M | $465.3M | ||
| Q2 24 | $55.6M | $491.5M |
自由现金流率ARMKPANW
| Q1 26 | -18.7% | 14.8% | ||
| Q4 25 | — | 68.2% | ||
| Q3 25 | — | 36.8% | ||
| Q2 25 | -0.8% | 24.5% | ||
| Q1 25 | 3.3% | 22.6% | ||
| Q4 24 | -15.5% | 68.5% | ||
| Q3 24 | 20.0% | 21.3% | ||
| Q2 24 | 1.3% | 24.8% |
资本支出强度ARMKPANW
| Q1 26 | 2.5% | 6.6% | ||
| Q4 25 | 2.8% | 3.4% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | 2.4% | 3.0% | ||
| Q1 25 | 2.7% | 2.1% | ||
| Q4 24 | 2.6% | 2.1% | ||
| Q3 24 | 3.2% | 2.2% | ||
| Q2 24 | 1.9% | 1.9% |
现金转化率ARMKPANW
| Q1 26 | -8.13× | 1.28× | ||
| Q4 25 | — | 5.30× | ||
| Q3 25 | — | 4.02× | ||
| Q2 25 | 1.07× | 2.40× | ||
| Q1 25 | 4.14× | 2.08× | ||
| Q4 24 | -5.56× | 4.30× | ||
| Q3 24 | 8.35× | 1.43× | ||
| Q2 24 | 2.42× | 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
ARMK
| Education | $1.1B | 22% |
| Sports Leisure Corrections | $961.2M | 20% |
| Food And Support Services International | $847.8M | 18% |
| Other | $621.6M | 13% |
| Businessand Industry | $510.6M | 11% |
| Health Care | $421.3M | 9% |
| Facility Services | $382.9M | 8% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
