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博思艾伦汉密尔顿（BAH）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
博思艾伦汉密尔顿的季度营收约是派拓网络的1.0倍（$2.6B vs $2.6B），派拓网络净利率更高（16.7% vs 7.6%，领先9.0%），派拓网络同比增速更快（14.9% vs -10.2%），派拓网络自由现金流更多（$384.0M vs $248.0M），过去两年派拓网络的营收复合增速更高（14.3% vs -2.8%）
博思艾伦汉密尔顿控股集团是美国知名专业服务企业，深耕数字化转型与人工智能领域，为公共部门、私营机构及非营利组织提供咨询、分析与工程服务，总部位于弗吉尼亚州麦克莱恩，属华盛顿大都会区，在全球另设有80个办事处。
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。
BAH vs PANW — 直观对比
营收规模更大
BAH
是对方的1.0倍
$2.6B
营收增速更快
PANW
高出25.1%
-10.2%
净利率更高
PANW
高出9.0%
7.6%
自由现金流更多
PANW
多$136.0M
$248.0M
两年增速更快
PANW
近两年复合增速
-2.8%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $2.6B |
| 净利润 | $200.0M | $432.0M |
| 毛利率 | 51.9% | 73.6% |
| 营业利润率 | 8.8% | 15.3% |
| 净利率 | 7.6% | 16.7% |
| 营收同比 | -10.2% | 14.9% |
| 净利润同比 | 7.0% | 61.6% |
| 每股收益（稀释后） | $1.63 | $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BAHPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.6B | $2.5B | ||
| Q3 25 | $2.9B | $2.5B | ||
| Q2 25 | $2.9B | $2.3B | ||
| Q1 25 | $3.0B | $2.3B | ||
| Q4 24 | $2.9B | $2.1B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $2.9B | $2.0B |
净利润BAHPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $200.0M | $334.0M | ||
| Q3 25 | $175.0M | $253.8M | ||
| Q2 25 | $271.0M | $262.1M | ||
| Q1 25 | $192.7M | $267.3M | ||
| Q4 24 | $186.9M | $350.7M | ||
| Q3 24 | $390.1M | $357.7M | ||
| Q2 24 | $165.2M | $278.8M |
毛利率BAHPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 51.9% | 74.2% | ||
| Q3 25 | 53.6% | 73.2% | ||
| Q2 25 | 51.3% | 72.9% | ||
| Q1 25 | 53.6% | 73.5% | ||
| Q4 24 | 55.2% | 74.1% | ||
| Q3 24 | 56.7% | 73.8% | ||
| Q2 24 | 53.4% | 74.1% |
营业利润率BAHPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 8.8% | 12.5% | ||
| Q3 25 | 9.8% | 19.6% | ||
| Q2 25 | 8.8% | 9.6% | ||
| Q1 25 | 9.2% | 10.6% | ||
| Q4 24 | 10.0% | 13.4% | ||
| Q3 24 | 17.4% | 10.9% | ||
| Q2 24 | 8.7% | 8.9% |
净利率BAHPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 7.6% | 13.5% | ||
| Q3 25 | 6.1% | 10.0% | ||
| Q2 25 | 9.3% | 11.5% | ||
| Q1 25 | 6.5% | 11.8% | ||
| Q4 24 | 6.4% | 16.4% | ||
| Q3 24 | 12.4% | 16.3% | ||
| Q2 24 | 5.6% | 14.0% |
每股收益（稀释后）BAHPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $1.63 | $0.47 | ||
| Q3 25 | $1.42 | $-0.14 | ||
| Q2 25 | $2.16 | $0.37 | ||
| Q1 25 | $1.52 | $0.38 | ||
| Q4 24 | $1.45 | $0.99 | ||
| Q3 24 | $3.01 | $1.04 | ||
| Q2 24 | $1.27 | $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 | $882.0M | $4.5B |
| 总债务越低越好 | $3.9B | — |
| 股东权益账面价值 | $1.0B | $9.4B |
| 总资产 | $7.1B | $25.0B |
| 负债/权益比越低杠杆越低 | 3.84× | — |
8季度趋势，按日历期对齐
现金及短期投资BAHPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $882.0M | $4.2B | ||
| Q3 25 | $816.0M | $2.9B | ||
| Q2 25 | $711.0M | $3.3B | ||
| Q1 25 | $885.0M | $3.2B | ||
| Q4 24 | $453.5M | $3.4B | ||
| Q3 24 | $558.7M | $2.6B | ||
| Q2 24 | $297.7M | $2.9B |
总债务BAHPANW
| Q1 26 | — | — | ||
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.0B | — | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $3.4B | — | ||
| Q2 24 | $3.4B | — |
股东权益BAHPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $1.0B | $8.7B | ||
| Q3 25 | $996.0M | $7.8B | ||
| Q2 25 | $1.1B | $7.2B | ||
| Q1 25 | $1.0B | $6.4B | ||
| Q4 24 | $1.2B | $5.9B | ||
| Q3 24 | $1.2B | $5.2B | ||
| Q2 24 | $1.1B | $4.5B |
总资产BAHPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $7.1B | $23.5B | ||
| Q3 25 | $7.2B | $23.6B | ||
| Q2 25 | $7.2B | $22.0B | ||
| Q1 25 | $7.3B | $21.0B | ||
| Q4 24 | $6.8B | $20.4B | ||
| Q3 24 | $6.9B | $20.0B | ||
| Q2 24 | $6.6B | $17.9B |
负债/权益比BAHPANW
| Q1 26 | — | — | ||
| Q4 25 | 3.84× | — | ||
| Q3 25 | 3.98× | — | ||
| Q2 25 | 3.74× | — | ||
| Q1 25 | 3.99× | — | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 2.83× | — | ||
| Q2 24 | 3.14× | — |
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 | $261.0M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $248.0M | $384.0M |
| 自由现金流率自由现金流/营收 | 9.5% | 14.8% |
| 资本支出强度资本支出/营收 | 0.5% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.30× | 1.28× |
| 过去12个月自由现金流最近4个季度 | $933.4M | $3.6B |
8季度趋势，按日历期对齐
经营现金流BAHPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $261.0M | $1.8B | ||
| Q3 25 | $421.0M | $1.0B | ||
| Q2 25 | $119.0M | $628.7M | ||
| Q1 25 | $219.0M | $556.9M | ||
| Q4 24 | $150.8M | $1.5B | ||
| Q3 24 | $587.1M | $512.7M | ||
| Q2 24 | $52.1M | $528.9M |
自由现金流BAHPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $248.0M | $1.7B | ||
| Q3 25 | $395.0M | $934.5M | ||
| Q2 25 | $96.0M | $560.4M | ||
| Q1 25 | $194.4M | $509.4M | ||
| Q4 24 | $133.6M | $1.5B | ||
| Q3 24 | $563.3M | $465.3M | ||
| Q2 24 | $19.7M | $491.5M |
自由现金流率BAHPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 9.5% | 68.2% | ||
| Q3 25 | 13.7% | 36.8% | ||
| Q2 25 | 3.3% | 24.5% | ||
| Q1 25 | 6.5% | 22.6% | ||
| Q4 24 | 4.6% | 68.5% | ||
| Q3 24 | 17.9% | 21.3% | ||
| Q2 24 | 0.7% | 24.8% |
资本支出强度BAHPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 0.5% | 3.4% | ||
| Q3 25 | 0.9% | 3.4% | ||
| Q2 25 | 0.8% | 3.0% | ||
| Q1 25 | 0.8% | 2.1% | ||
| Q4 24 | 0.6% | 2.1% | ||
| Q3 24 | 0.8% | 2.2% | ||
| Q2 24 | 1.1% | 1.9% |
现金转化率BAHPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 1.30× | 5.30× | ||
| Q3 25 | 2.41× | 4.02× | ||
| Q2 25 | 0.44× | 2.40× | ||
| Q1 25 | 1.14× | 2.08× | ||
| Q4 24 | 0.81× | 4.30× | ||
| Q3 24 | 1.50× | 1.43× | ||
| Q2 24 | 0.32× | 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
BAH
| Defense Clients | $1.5B | 55% |
| Civil Clients | $732.0M | 28% |
| Intelligence Clients | $434.0M | 17% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
