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American Water Works（AWK）与飞塔（FTNT）财务数据对比。点击上方公司名可切换其他公司
飞塔的季度营收约是American Water Works的1.5倍（$1.9B vs $1.3B），飞塔净利率更高（26.6% vs 18.7%，领先7.8%），飞塔同比增速更快（14.8% vs 5.8%），飞塔自由现金流更多（$577.4M vs $-385.0M），过去两年飞塔的营收复合增速更高（18.6% vs 12.6%）
American Water Works通过旗下子公司在美国境内提供专业供水与污水处理服务，业务覆盖14个州的约1700个社区，服务约340万活跃用户，客户群体涵盖住宅用户、食品饮料供应商、商业地产开发商与运营商、能源供应商等商业客户、消防服务及工业类客户等。
飞塔（Fortinet）是总部位于美国加利福尼亚州森尼韦尔的网络安全企业，专注于研发与销售防火墙、终端安全、入侵检测系统等各类网络安全产品，目前在美国、加拿大、英国等多个国家设有办事机构。
AWK vs FTNT — 直观对比
营收规模更大
FTNT
是对方的1.5倍
$1.3B
营收增速更快
FTNT
高出8.9%
5.8%
净利率更高
FTNT
高出7.8%
18.7%
自由现金流更多
FTNT
多$962.4M
$-385.0M
两年增速更快
FTNT
近两年复合增速
12.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.9B |
| 净利润 | $238.0M | $506.0M |
| 毛利率 | — | 79.6% |
| 营业利润率 | 31.9% | 32.8% |
| 净利率 | 18.7% | 26.6% |
| 营收同比 | 5.8% | 14.8% |
| 净利润同比 | -0.4% | -3.8% |
| 每股收益（稀释后） | $1.22 | $0.67 |
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AWKFTNT
| Q4 25 | $1.3B | $1.9B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $1.1B | $1.5B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.1B | $1.4B | ||
| Q1 24 | $1.0B | $1.4B |
净利润AWKFTNT
| Q4 25 | $238.0M | $506.0M | ||
| Q3 25 | $379.0M | $473.9M | ||
| Q2 25 | $289.0M | $440.1M | ||
| Q1 25 | $205.0M | $433.4M | ||
| Q4 24 | $239.0M | $526.2M | ||
| Q3 24 | $350.0M | $539.9M | ||
| Q2 24 | $277.0M | $379.8M | ||
| Q1 24 | $185.0M | $299.3M |
毛利率AWKFTNT
| Q4 25 | — | 79.6% | ||
| Q3 25 | — | 80.8% | ||
| Q2 25 | — | 80.7% | ||
| Q1 25 | — | 81.0% | ||
| Q4 24 | — | 81.1% | ||
| Q3 24 | — | 82.5% | ||
| Q2 24 | — | 80.8% | ||
| Q1 24 | — | 77.5% |
营业利润率AWKFTNT
| Q4 25 | 31.9% | 32.8% | ||
| Q3 25 | 42.2% | 31.7% | ||
| Q2 25 | 38.4% | 28.1% | ||
| Q1 25 | 32.7% | 29.5% | ||
| Q4 24 | 33.3% | 34.6% | ||
| Q3 24 | 40.9% | 31.2% | ||
| Q2 24 | 39.4% | 30.5% | ||
| Q1 24 | 32.5% | 23.7% |
净利率AWKFTNT
| Q4 25 | 18.7% | 26.6% | ||
| Q3 25 | 26.1% | 27.5% | ||
| Q2 25 | 22.7% | 27.0% | ||
| Q1 25 | 18.1% | 28.1% | ||
| Q4 24 | 19.9% | 31.7% | ||
| Q3 24 | 26.4% | 35.8% | ||
| Q2 24 | 24.3% | 26.5% | ||
| Q1 24 | 18.4% | 22.1% |
每股收益（稀释后）AWKFTNT
| Q4 25 | $1.22 | $0.67 | ||
| Q3 25 | $1.94 | $0.62 | ||
| Q2 25 | $1.48 | $0.57 | ||
| Q1 25 | $1.05 | $0.56 | ||
| Q4 24 | $1.22 | $0.68 | ||
| Q3 24 | $1.80 | $0.70 | ||
| Q2 24 | $1.42 | $0.49 | ||
| Q1 24 | $0.95 | $0.39 |
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 | $98.0M | $2.5B |
| 总债务越低越好 | $12.8B | — |
| 股东权益账面价值 | $10.8B | $1.2B |
| 总资产 | $35.4B | $10.4B |
| 负债/权益比越低杠杆越低 | 1.18× | — |
8季度趋势，按日历期对齐
现金及短期投资AWKFTNT
| Q4 25 | $98.0M | $2.5B | ||
| Q3 25 | $166.0M | $2.0B | ||
| Q2 25 | $94.0M | $3.4B | ||
| Q1 25 | $114.0M | $3.6B | ||
| Q4 24 | $96.0M | $2.9B | ||
| Q3 24 | $127.0M | $2.5B | ||
| Q2 24 | $48.0M | $2.2B | ||
| Q1 24 | $584.0M | $1.9B |
总债务AWKFTNT
| Q4 25 | $12.8B | — | ||
| Q3 25 | $13.0B | — | ||
| Q2 25 | $12.3B | — | ||
| Q1 25 | $13.3B | — | ||
| Q4 24 | $12.5B | — | ||
| Q3 24 | $12.6B | — | ||
| Q2 24 | $12.6B | — | ||
| Q1 24 | $12.6B | — |
股东权益AWKFTNT
| Q4 25 | $10.8B | $1.2B | ||
| Q3 25 | $10.9B | $735.1M | ||
| Q2 25 | $10.7B | $2.1B | ||
| Q1 25 | $10.5B | $2.0B | ||
| Q4 24 | $10.3B | $1.5B | ||
| Q3 24 | $10.4B | $908.1M | ||
| Q2 24 | $10.2B | $288.2M | ||
| Q1 24 | $10.0B | $-137.5M |
总资产AWKFTNT
| Q4 25 | $35.4B | $10.4B | ||
| Q3 25 | $34.7B | $9.4B | ||
| Q2 25 | $33.9B | $10.6B | ||
| Q1 25 | $33.2B | $10.4B | ||
| Q4 24 | $32.8B | $9.8B | ||
| Q3 24 | $31.8B | $8.9B | ||
| Q2 24 | $31.2B | $8.1B | ||
| Q1 24 | $31.1B | $7.7B |
负债/权益比AWKFTNT
| Q4 25 | 1.18× | — | ||
| Q3 25 | 1.19× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 1.21× | — | ||
| Q2 24 | 1.24× | — | ||
| Q1 24 | 1.26× | — |
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 | $663.0M | $620.2M |
| 自由现金流经营现金流 - 资本支出 | $-385.0M | $577.4M |
| 自由现金流率自由现金流/营收 | -30.3% | 30.3% |
| 资本支出强度资本支出/营收 | 82.5% | 2.2% |
| 现金转化率经营现金流/净利润 | 2.79× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $2.2B |
8季度趋势，按日历期对齐
经营现金流AWKFTNT
| Q4 25 | $663.0M | $620.2M | ||
| Q3 25 | $764.0M | $655.2M | ||
| Q2 25 | $301.0M | $451.9M | ||
| Q1 25 | $331.0M | $863.3M | ||
| Q4 24 | $639.0M | $477.6M | ||
| Q3 24 | $679.0M | $608.1M | ||
| Q2 24 | $345.0M | $342.0M | ||
| Q1 24 | $382.0M | $830.4M |
自由现金流AWKFTNT
| Q4 25 | $-385.0M | $577.4M | ||
| Q3 25 | $-33.0M | $567.5M | ||
| Q2 25 | $-432.0M | $284.1M | ||
| Q1 25 | $-217.0M | $796.8M | ||
| Q4 24 | $-255.0M | $380.0M | ||
| Q3 24 | $-4.0M | $571.8M | ||
| Q2 24 | $-325.0M | $318.9M | ||
| Q1 24 | $-227.0M | $608.5M |
自由现金流率AWKFTNT
| Q4 25 | -30.3% | 30.3% | ||
| Q3 25 | -2.3% | 32.9% | ||
| Q2 25 | -34.0% | 17.4% | ||
| Q1 25 | -19.1% | 51.8% | ||
| Q4 24 | -21.2% | 22.9% | ||
| Q3 24 | -0.3% | 37.9% | ||
| Q2 24 | -28.5% | 22.2% | ||
| Q1 24 | -22.6% | 45.0% |
资本支出强度AWKFTNT
| Q4 25 | 82.5% | 2.2% | ||
| Q3 25 | 54.8% | 5.1% | ||
| Q2 25 | 57.6% | 10.3% | ||
| Q1 25 | 48.3% | 4.3% | ||
| Q4 24 | 74.4% | 5.9% | ||
| Q3 24 | 51.4% | 2.4% | ||
| Q2 24 | 58.8% | 1.6% | ||
| Q1 24 | 60.7% | 16.4% |
现金转化率AWKFTNT
| Q4 25 | 2.79× | 1.23× | ||
| Q3 25 | 2.02× | 1.38× | ||
| Q2 25 | 1.04× | 1.03× | ||
| Q1 25 | 1.61× | 1.99× | ||
| Q4 24 | 2.67× | 0.91× | ||
| Q3 24 | 1.94× | 1.13× | ||
| Q2 24 | 1.25× | 0.90× | ||
| Q1 24 | 2.06× | 2.77× |
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
AWK
| Water Services | $1.0B | 81% |
| Other | $127.0M | 10% |
| Wastewater Services | $101.0M | 8% |
| Miscellaneous Utility Charge | $11.0M | 1% |
FTNT
| Services | $1.2B | 64% |
| Security Subscription | $693.7M | 36% |
