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美商海盗船（CRSR）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美商海盗船的4.4倍（$1.9B vs $436.9M）。飞塔净利率更高（26.6% vs 5.9%，领先20.7%）。飞塔同比增速更快（14.8% vs 5.6%）。飞塔自由现金流更多（$577.4M vs $32.9M）。过去两年飞塔的营收复合增速更高（18.6% vs 13.8%）
美商海盗船是源自美国的电脑外设与电竞硬件品牌，总部位于加利福尼亚州米尔皮塔斯。公司创立于1994年，原名海盗船微系统，后更名为海盗船组件、海盗船内存，2007年重新在特拉华州注册。主打产品涵盖高速内存模块、电源、闪存、CPU显卡与机箱散热、电竞外设、电脑机箱等各类电脑相关产品。
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。
CRSR vs FTNT — 直观对比
营收规模更大
FTNT
是对方的4.4倍
$436.9M
营收增速更快
FTNT
高出9.1%
5.6%
净利率更高
FTNT
高出20.7%
5.9%
自由现金流更多
FTNT
多$544.5M
$32.9M
两年增速更快
FTNT
近两年复合增速
13.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $436.9M | $1.9B |
| 净利润 | $25.8M | $506.0M |
| 毛利率 | 33.1% | 79.6% |
| 营业利润率 | 6.2% | 32.8% |
| 净利率 | 5.9% | 26.6% |
| 营收同比 | 5.6% | 14.8% |
| 净利润同比 | 1028.2% | -3.8% |
| 每股收益（稀释后） | $0.23 | $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CRSRFTNT
| Q4 25 | $436.9M | $1.9B | ||
| Q3 25 | $345.8M | $1.7B | ||
| Q2 25 | $320.1M | $1.6B | ||
| Q1 25 | $369.8M | $1.5B | ||
| Q4 24 | $413.6M | $1.7B | ||
| Q3 24 | $304.2M | $1.5B | ||
| Q2 24 | $261.3M | $1.4B | ||
| Q1 24 | $337.3M | $1.4B |
净利润CRSRFTNT
| Q4 25 | $25.8M | $506.0M | ||
| Q3 25 | $-10.6M | $473.9M | ||
| Q2 25 | $-20.9M | $440.1M | ||
| Q1 25 | $-10.5M | $433.4M | ||
| Q4 24 | $2.3M | $526.2M | ||
| Q3 24 | $-51.7M | $539.9M | ||
| Q2 24 | $-24.2M | $379.8M | ||
| Q1 24 | $-11.6M | $299.3M |
毛利率CRSRFTNT
| Q4 25 | 33.1% | 79.6% | ||
| Q3 25 | 26.9% | 80.8% | ||
| Q2 25 | 26.8% | 80.7% | ||
| Q1 25 | 27.7% | 81.0% | ||
| Q4 24 | 26.2% | 81.1% | ||
| Q3 24 | 22.9% | 82.5% | ||
| Q2 24 | 24.1% | 80.8% | ||
| Q1 24 | 25.7% | 77.5% |
营业利润率CRSRFTNT
| Q4 25 | 6.2% | 32.8% | ||
| Q3 25 | -1.6% | 31.7% | ||
| Q2 25 | -5.3% | 28.1% | ||
| Q1 25 | -0.6% | 29.5% | ||
| Q4 24 | 1.4% | 34.6% | ||
| Q3 24 | -6.9% | 31.2% | ||
| Q2 24 | -9.5% | 30.5% | ||
| Q1 24 | -3.0% | 23.7% |
净利率CRSRFTNT
| Q4 25 | 5.9% | 26.6% | ||
| Q3 25 | -3.1% | 27.5% | ||
| Q2 25 | -6.5% | 27.0% | ||
| Q1 25 | -2.8% | 28.1% | ||
| Q4 24 | 0.6% | 31.7% | ||
| Q3 24 | -17.0% | 35.8% | ||
| Q2 24 | -9.3% | 26.5% | ||
| Q1 24 | -3.4% | 22.1% |
每股收益（稀释后）CRSRFTNT
| Q4 25 | $0.23 | $0.67 | ||
| Q3 25 | $-0.09 | $0.62 | ||
| Q2 25 | $-0.16 | $0.57 | ||
| Q1 25 | $-0.10 | $0.56 | ||
| Q4 24 | $0.01 | $0.68 | ||
| Q3 24 | $-0.56 | $0.70 | ||
| Q2 24 | $-0.28 | $0.49 | ||
| Q1 24 | $-0.12 | $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 | $121.3M | — |
| 股东权益账面价值 | $633.6M | $1.2B |
| 总资产 | $1.3B | $10.4B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资CRSRFTNT
| 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CRSRFTNT
| Q4 25 | $121.3M | — | ||
| Q3 25 | $122.9M | — | ||
| Q2 25 | $124.4M | — | ||
| Q1 25 | $148.7M | — | ||
| Q4 24 | $173.5M | — | ||
| Q3 24 | $177.2M | — | ||
| Q2 24 | $180.3M | — | ||
| Q1 24 | $183.3M | — |
股东权益CRSRFTNT
| Q4 25 | $633.6M | $1.2B | ||
| Q3 25 | $600.2M | $735.1M | ||
| Q2 25 | $603.9M | $2.1B | ||
| Q1 25 | $608.8M | $2.0B | ||
| Q4 24 | $604.3M | $1.5B | ||
| Q3 24 | $598.5M | $908.1M | ||
| Q2 24 | $642.7M | $288.2M | ||
| Q1 24 | $663.5M | $-137.5M |
总资产CRSRFTNT
| Q4 25 | $1.3B | $10.4B | ||
| Q3 25 | $1.2B | $9.4B | ||
| Q2 25 | $1.2B | $10.6B | ||
| Q1 25 | $1.2B | $10.4B | ||
| Q4 24 | $1.2B | $9.8B | ||
| Q3 24 | $1.2B | $8.9B | ||
| Q2 24 | $1.2B | $8.1B | ||
| Q1 24 | $1.3B | $7.7B |
负债/权益比CRSRFTNT
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 0.28× | — |
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 | $38.2M | $620.2M |
| 自由现金流经营现金流 - 资本支出 | $32.9M | $577.4M |
| 自由现金流率自由现金流/营收 | 7.5% | 30.3% |
| 资本支出强度资本支出/营收 | 1.2% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.48× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $34.7M | $2.2B |
8季度趋势，按日历期对齐
经营现金流CRSRFTNT
| Q4 25 | $38.2M | $620.2M | ||
| Q3 25 | $-37.0M | $655.2M | ||
| Q2 25 | $30.2M | $451.9M | ||
| Q1 25 | $18.8M | $863.3M | ||
| Q4 24 | $55.6M | $477.6M | ||
| Q3 24 | $25.1M | $608.1M | ||
| Q2 24 | $-18.5M | $342.0M | ||
| Q1 24 | $-26.3M | $830.4M |
自由现金流CRSRFTNT
| Q4 25 | $32.9M | $577.4M | ||
| Q3 25 | $-41.3M | $567.5M | ||
| Q2 25 | $27.5M | $284.1M | ||
| Q1 25 | $15.7M | $796.8M | ||
| Q4 24 | $54.1M | $380.0M | ||
| Q3 24 | $21.8M | $571.8M | ||
| Q2 24 | $-21.0M | $318.9M | ||
| Q1 24 | $-28.8M | $608.5M |
自由现金流率CRSRFTNT
| Q4 25 | 7.5% | 30.3% | ||
| Q3 25 | -12.0% | 32.9% | ||
| Q2 25 | 8.6% | 17.4% | ||
| Q1 25 | 4.2% | 51.8% | ||
| Q4 24 | 13.1% | 22.9% | ||
| Q3 24 | 7.2% | 37.9% | ||
| Q2 24 | -8.0% | 22.2% | ||
| Q1 24 | -8.6% | 45.0% |
资本支出强度CRSRFTNT
| Q4 25 | 1.2% | 2.2% | ||
| Q3 25 | 1.3% | 5.1% | ||
| Q2 25 | 0.8% | 10.3% | ||
| Q1 25 | 0.8% | 4.3% | ||
| Q4 24 | 0.4% | 5.9% | ||
| Q3 24 | 1.1% | 2.4% | ||
| Q2 24 | 1.0% | 1.6% | ||
| Q1 24 | 0.7% | 16.4% |
现金转化率CRSRFTNT
| Q4 25 | 1.48× | 1.23× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.99× | ||
| Q4 24 | 24.30× | 0.91× | ||
| Q3 24 | — | 1.13× | ||
| Q2 24 | — | 0.90× | ||
| Q1 24 | — | 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
CRSR
| Gamer And Creator Peripherals | $164.9M | 38% |
| Memory Products | $156.1M | 36% |
| Inventory Costs | $85.6M | 20% |
| Other Segment Items | $16.9M | 4% |
| Other | $13.3M | 3% |
FTNT
| Services | $1.2B | 64% |
| Security Subscription | $693.7M | 36% |
