vs
渤健（BIIB）与飞塔（FTNT）财务数据对比。点击上方公司名可切换其他公司
渤健的季度营收约是飞塔的1.2倍（$2.3B vs $1.9B），飞塔净利率更高（26.6% vs -2.1%，领先28.7%），飞塔同比增速更快（14.8% vs -7.1%），飞塔自由现金流更多（$577.4M vs $468.0M），过去两年飞塔的营收复合增速更高（18.6% vs -0.2%）
渤健是总部位于美国马萨诸塞州剑桥市的跨国生物技术企业，专注于神经系统疾病治疗领域。公司核心产品包括用于多发性硬化症的特菲达、万立能等多款药物，以及治疗脊髓性肌萎缩症的诺西那生钠、治疗弗里德赖希共济失调的Skyclarys，致力于为神经疾病和罕见病患者提供创新疗法。
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。
BIIB vs FTNT — 直观对比
营收规模更大
BIIB
是对方的1.2倍
$1.9B
营收增速更快
FTNT
高出21.9%
-7.1%
净利率更高
FTNT
高出28.7%
-2.1%
自由现金流更多
FTNT
多$109.4M
$468.0M
两年增速更快
FTNT
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.9B |
| 净利润 | $-48.9M | $506.0M |
| 毛利率 | 78.3% | 79.6% |
| 营业利润率 | -2.5% | 32.8% |
| 净利率 | -2.1% | 26.6% |
| 营收同比 | -7.1% | 14.8% |
| 净利润同比 | -118.3% | -3.8% |
| 每股收益（稀释后） | $-0.35 | $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BIIBFTNT
| Q4 25 | $2.3B | $1.9B | ||
| Q3 25 | $2.5B | $1.7B | ||
| Q2 25 | $2.6B | $1.6B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $2.5B | $1.7B | ||
| Q3 24 | $2.5B | $1.5B | ||
| Q2 24 | $2.5B | $1.4B | ||
| Q1 24 | $2.3B | $1.4B |
净利润BIIBFTNT
| Q4 25 | $-48.9M | $506.0M | ||
| Q3 25 | $466.5M | $473.9M | ||
| Q2 25 | $634.8M | $440.1M | ||
| Q1 25 | $240.5M | $433.4M | ||
| Q4 24 | $266.7M | $526.2M | ||
| Q3 24 | $388.5M | $539.9M | ||
| Q2 24 | $583.6M | $379.8M | ||
| Q1 24 | $393.4M | $299.3M |
毛利率BIIBFTNT
| Q4 25 | 78.3% | 79.6% | ||
| Q3 25 | 73.4% | 80.8% | ||
| Q2 25 | 77.1% | 80.7% | ||
| Q1 25 | 74.1% | 81.0% | ||
| Q4 24 | 76.2% | 81.1% | ||
| Q3 24 | 74.1% | 82.5% | ||
| Q2 24 | 77.8% | 80.8% | ||
| Q1 24 | 76.3% | 77.5% |
营业利润率BIIBFTNT
| Q4 25 | -2.5% | 32.8% | ||
| Q3 25 | 22.0% | 31.7% | ||
| Q2 25 | 28.1% | 28.1% | ||
| Q1 25 | 12.8% | 29.5% | ||
| Q4 24 | 11.9% | 34.6% | ||
| Q3 24 | 18.3% | 31.2% | ||
| Q2 24 | 28.3% | 30.5% | ||
| Q1 24 | 20.3% | 23.7% |
净利率BIIBFTNT
| Q4 25 | -2.1% | 26.6% | ||
| Q3 25 | 18.4% | 27.5% | ||
| Q2 25 | 24.0% | 27.0% | ||
| Q1 25 | 9.9% | 28.1% | ||
| Q4 24 | 10.9% | 31.7% | ||
| Q3 24 | 15.8% | 35.8% | ||
| Q2 24 | 23.7% | 26.5% | ||
| Q1 24 | 17.2% | 22.1% |
每股收益（稀释后）BIIBFTNT
| Q4 25 | $-0.35 | $0.67 | ||
| Q3 25 | $3.17 | $0.62 | ||
| Q2 25 | $4.33 | $0.57 | ||
| Q1 25 | $1.64 | $0.56 | ||
| Q4 24 | $1.82 | $0.68 | ||
| Q3 24 | $2.66 | $0.70 | ||
| Q2 24 | $4.00 | $0.49 | ||
| Q1 24 | $2.70 | $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 | — | $2.5B |
| 总债务越低越好 | $6.3B | — |
| 股东权益账面价值 | $18.3B | $1.2B |
| 总资产 | $29.4B | $10.4B |
| 负债/权益比越低杠杆越低 | 0.34× | — |
8季度趋势，按日历期对齐
现金及短期投资BIIBFTNT
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $3.4B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $1.9B |
总债务BIIBFTNT
| Q4 25 | $6.3B | — | ||
| Q3 25 | $6.3B | — | ||
| Q2 25 | $6.3B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $6.3B | — | ||
| Q1 24 | $6.3B | — |
股东权益BIIBFTNT
| Q4 25 | $18.3B | $1.2B | ||
| Q3 25 | $18.2B | $735.1M | ||
| Q2 25 | $17.6B | $2.1B | ||
| Q1 25 | $17.0B | $2.0B | ||
| Q4 24 | $16.7B | $1.5B | ||
| Q3 24 | $16.4B | $908.1M | ||
| Q2 24 | $15.9B | $288.2M | ||
| Q1 24 | $15.2B | $-137.5M |
总资产BIIBFTNT
| Q4 25 | $29.4B | $10.4B | ||
| Q3 25 | $29.2B | $9.4B | ||
| Q2 25 | $28.3B | $10.6B | ||
| Q1 25 | $28.0B | $10.4B | ||
| Q4 24 | $28.0B | $9.8B | ||
| Q3 24 | $28.3B | $8.9B | ||
| Q2 24 | $26.8B | $8.1B | ||
| Q1 24 | $26.6B | $7.7B |
负债/权益比BIIBFTNT
| Q4 25 | 0.34× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.36× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | 0.28× | — | ||
| Q2 24 | 0.40× | — | ||
| Q1 24 | 0.41× | — |
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 | $511.9M | $620.2M |
| 自由现金流经营现金流 - 资本支出 | $468.0M | $577.4M |
| 自由现金流率自由现金流/营收 | 20.5% | 30.3% |
| 资本支出强度资本支出/营收 | 1.9% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.23× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $2.2B |
8季度趋势，按日历期对齐
经营现金流BIIBFTNT
| Q4 25 | $511.9M | $620.2M | ||
| Q3 25 | $1.3B | $655.2M | ||
| Q2 25 | $160.9M | $451.9M | ||
| Q1 25 | $259.3M | $863.3M | ||
| Q4 24 | $760.9M | $477.6M | ||
| Q3 24 | $935.6M | $608.1M | ||
| Q2 24 | $625.8M | $342.0M | ||
| Q1 24 | $553.2M | $830.4M |
自由现金流BIIBFTNT
| Q4 25 | $468.0M | $577.4M | ||
| Q3 25 | $1.2B | $567.5M | ||
| Q2 25 | $134.3M | $284.1M | ||
| Q1 25 | $222.2M | $796.8M | ||
| Q4 24 | $721.6M | $380.0M | ||
| Q3 24 | $900.6M | $571.8M | ||
| Q2 24 | $592.3M | $318.9M | ||
| Q1 24 | $507.3M | $608.5M |
自由现金流率BIIBFTNT
| Q4 25 | 20.5% | 30.3% | ||
| Q3 25 | 48.4% | 32.9% | ||
| Q2 25 | 5.1% | 17.4% | ||
| Q1 25 | 9.1% | 51.8% | ||
| Q4 24 | 29.4% | 22.9% | ||
| Q3 24 | 36.5% | 37.9% | ||
| Q2 24 | 24.0% | 22.2% | ||
| Q1 24 | 22.1% | 45.0% |
资本支出强度BIIBFTNT
| Q4 25 | 1.9% | 2.2% | ||
| Q3 25 | 1.8% | 5.1% | ||
| Q2 25 | 1.0% | 10.3% | ||
| Q1 25 | 1.5% | 4.3% | ||
| Q4 24 | 1.6% | 5.9% | ||
| Q3 24 | 1.4% | 2.4% | ||
| Q2 24 | 1.4% | 1.6% | ||
| Q1 24 | 2.0% | 16.4% |
现金转化率BIIBFTNT
| Q4 25 | — | 1.23× | ||
| Q3 25 | 2.73× | 1.38× | ||
| Q2 25 | 0.25× | 1.03× | ||
| Q1 25 | 1.08× | 1.99× | ||
| Q4 24 | 2.85× | 0.91× | ||
| Q3 24 | 2.41× | 1.13× | ||
| Q2 24 | 1.07× | 0.90× | ||
| Q1 24 | 1.41× | 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
BIIB
| Products | $1.7B | 73% |
| Tysabri Product | $244.5M | 11% |
| AVONEX | $119.2M | 5% |
| SKYCLARYS | $88.9M | 4% |
| Alzheimers Collaboration | $47.1M | 2% |
| IMRALDI | $43.5M | 2% |
| TECFIDERA | $36.9M | 2% |
| PLEGRIDY | $24.7M | 1% |
| QALSODY | $7.8M | 0% |
| BYOOVIZ | $4.3M | 0% |
FTNT
| Services | $1.2B | 64% |
| Security Subscription | $693.7M | 36% |
