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Concentrix Corp（CNXC）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Concentrix Corp的1.0倍（$2.6B vs $2.6B），派拓网络净利率更高（16.7% vs -57.9%，领先74.6%），派拓网络同比增速更快（14.9% vs 4.3%），派拓网络自由现金流更多（$384.0M vs $281.2M），过去两年派拓网络的营收复合增速更高（14.3% vs 3.1%）
Concentrix是总部位于美国加利福尼亚州纽瓦克的业务流程外包服务商，2006年起成为SYNNEX集团旗下子公司，2020年12月1日独立上市，2025年位列《财富》美国500强第426位，为全球客户提供专业的外包解决方案支持。
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。
CNXC vs PANW — 直观对比
营收规模更大
PANW
是对方的1.0倍
$2.6B
营收增速更快
PANW
高出10.6%
4.3%
净利率更高
PANW
高出74.6%
-57.9%
自由现金流更多
PANW
多$102.8M
$281.2M
两年增速更快
PANW
近两年复合增速
3.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $2.6B |
| 净利润 | $-1.5B | $432.0M |
| 毛利率 | 34.3% | 73.6% |
| 营业利润率 | -54.1% | 15.3% |
| 净利率 | -57.9% | 16.7% |
| 营收同比 | 4.3% | 14.9% |
| 净利润同比 | -1379.2% | 61.6% |
| 每股收益（稀释后） | $-23.37 | $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CNXCPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.6B | $2.5B | ||
| Q3 25 | $2.5B | $2.5B | ||
| Q2 25 | $2.4B | $2.3B | ||
| Q1 25 | $2.4B | $2.3B | ||
| Q4 24 | $2.4B | $2.1B | ||
| Q3 24 | $2.4B | $2.2B | ||
| Q2 24 | $2.4B | $2.0B |
净利润CNXCPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $-1.5B | $334.0M | ||
| Q3 25 | $88.1M | $253.8M | ||
| Q2 25 | $42.1M | $262.1M | ||
| Q1 25 | $70.3M | $267.3M | ||
| Q4 24 | $115.7M | $350.7M | ||
| Q3 24 | $16.6M | $357.7M | ||
| Q2 24 | $66.8M | $278.8M |
毛利率CNXCPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 34.3% | 74.2% | ||
| Q3 25 | 34.4% | 73.2% | ||
| Q2 25 | 35.1% | 72.9% | ||
| Q1 25 | 36.1% | 73.5% | ||
| Q4 24 | 35.6% | 74.1% | ||
| Q3 24 | 36.2% | 73.8% | ||
| Q2 24 | 36.0% | 74.1% |
营业利润率CNXCPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | -54.1% | 12.5% | ||
| Q3 25 | 5.9% | 19.6% | ||
| Q2 25 | 6.1% | 9.6% | ||
| Q1 25 | 7.1% | 10.6% | ||
| Q4 24 | 5.9% | 13.4% | ||
| Q3 24 | 6.4% | 10.9% | ||
| Q2 24 | 6.3% | 8.9% |
净利率CNXCPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | -57.9% | 13.5% | ||
| Q3 25 | 3.5% | 10.0% | ||
| Q2 25 | 1.7% | 11.5% | ||
| Q1 25 | 3.0% | 11.8% | ||
| Q4 24 | 4.7% | 16.4% | ||
| Q3 24 | 0.7% | 16.3% | ||
| Q2 24 | 2.8% | 14.0% |
每股收益（稀释后）CNXCPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $-23.37 | $0.47 | ||
| Q3 25 | $1.34 | $-0.14 | ||
| Q2 25 | $0.63 | $0.37 | ||
| Q1 25 | $1.04 | $0.38 | ||
| Q4 24 | $1.72 | $0.99 | ||
| Q3 24 | $0.25 | $1.04 | ||
| Q2 24 | $0.98 | $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 | $327.3M | $4.5B |
| 总债务越低越好 | $4.6B | — |
| 股东权益账面价值 | $2.7B | $9.4B |
| 总资产 | $10.8B | $25.0B |
| 负债/权益比越低杠杆越低 | 1.67× | — |
8季度趋势，按日历期对齐
现金及短期投资CNXCPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $327.3M | $4.2B | ||
| Q3 25 | $350.3M | $2.9B | ||
| Q2 25 | $342.8M | $3.3B | ||
| Q1 25 | $308.0M | $3.2B | ||
| Q4 24 | $240.6M | $3.4B | ||
| Q3 24 | $246.2M | $2.6B | ||
| Q2 24 | $207.3M | $2.9B |
总债务CNXCPANW
| Q1 26 | — | — | ||
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $4.9B | — | ||
| Q1 25 | $4.9B | — | ||
| Q4 24 | $4.7B | — | ||
| Q3 24 | $4.9B | — | ||
| Q2 24 | $4.9B | — |
股东权益CNXCPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $2.7B | $8.7B | ||
| Q3 25 | $4.3B | $7.8B | ||
| Q2 25 | $4.3B | $7.2B | ||
| Q1 25 | $4.0B | $6.4B | ||
| Q4 24 | $4.0B | $5.9B | ||
| Q3 24 | $4.2B | $5.2B | ||
| Q2 24 | $4.1B | $4.5B |
总资产CNXCPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $10.8B | $23.5B | ||
| Q3 25 | $12.4B | $23.6B | ||
| Q2 25 | $12.4B | $22.0B | ||
| Q1 25 | $11.9B | $21.0B | ||
| Q4 24 | $12.0B | $20.4B | ||
| Q3 24 | $12.2B | $20.0B | ||
| Q2 24 | $12.1B | $17.9B |
负债/权益比CNXCPANW
| Q1 26 | — | — | ||
| Q4 25 | 1.67× | — | ||
| Q3 25 | 1.10× | — | ||
| Q2 25 | 1.14× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.17× | — | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.21× | — |
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 | $344.2M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $281.2M | $384.0M |
| 自由现金流率自由现金流/营收 | 11.0% | 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 | — | 1.28× |
| 过去12个月自由现金流最近4个季度 | $572.5M | $3.6B |
8季度趋势，按日历期对齐
经营现金流CNXCPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $344.2M | $1.8B | ||
| Q3 25 | $224.8M | $1.0B | ||
| Q2 25 | $236.5M | $628.7M | ||
| Q1 25 | $1.4M | $556.9M | ||
| Q4 24 | $284.4M | $1.5B | ||
| Q3 24 | $191.6M | $512.7M | ||
| Q2 24 | $238.3M | $528.9M |
自由现金流CNXCPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $281.2M | $1.7B | ||
| Q3 25 | $159.7M | $934.5M | ||
| Q2 25 | $180.7M | $560.4M | ||
| Q1 25 | $-49.2M | $509.4M | ||
| Q4 24 | $224.5M | $1.5B | ||
| Q3 24 | $128.9M | $465.3M | ||
| Q2 24 | $178.3M | $491.5M |
自由现金流率CNXCPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 11.0% | 68.2% | ||
| Q3 25 | 6.4% | 36.8% | ||
| Q2 25 | 7.5% | 24.5% | ||
| Q1 25 | -2.1% | 22.6% | ||
| Q4 24 | 9.2% | 68.5% | ||
| Q3 24 | 5.4% | 21.3% | ||
| Q2 24 | 7.5% | 24.8% |
资本支出强度CNXCPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 2.5% | 3.4% | ||
| Q3 25 | 2.6% | 3.4% | ||
| Q2 25 | 2.3% | 3.0% | ||
| Q1 25 | 2.1% | 2.1% | ||
| Q4 24 | 2.4% | 2.1% | ||
| Q3 24 | 2.6% | 2.2% | ||
| Q2 24 | 2.5% | 1.9% |
现金转化率CNXCPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | — | 5.30× | ||
| Q3 25 | 2.55× | 4.02× | ||
| Q2 25 | 5.62× | 2.40× | ||
| Q1 25 | 0.02× | 2.08× | ||
| Q4 24 | 2.46× | 4.30× | ||
| Q3 24 | 11.52× | 1.43× | ||
| Q2 24 | 3.57× | 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
CNXC
| Technology And Consumer Electronics | $675.1M | 26% |
| Retail Travel And Ecommerce | $643.4M | 25% |
| Communications And Media | $417.2M | 16% |
| Banking Financial Services And Insurance | $402.6M | 16% |
| Other Industries | $229.7M | 9% |
| Other | $185.0M | 7% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
