vs
Datadog（DDOG）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Datadog的2.7倍（$2.6B vs $953.2M），派拓网络净利率更高（16.7% vs 4.9%，领先11.8%），Datadog同比增速更快（29.2% vs 14.9%），派拓网络自由现金流更多（$384.0M vs $318.2M），过去两年Datadog的营收复合增速更高（24.9% vs 14.3%）
Datadog是一家美国企业，为云级应用提供可观测性服务，旗下SaaS数据分析平台可实现对服务器、数据库、各类工具及服务的统一监控。公司成立并总部位于纽约，目前在纳斯达克证券交易所公开上市。
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。
DDOG vs PANW — 直观对比
营收规模更大
PANW
是对方的2.7倍
$953.2M
营收增速更快
DDOG
高出14.3%
14.9%
净利率更高
PANW
高出11.8%
4.9%
自由现金流更多
PANW
多$65.8M
$318.2M
两年增速更快
DDOG
近两年复合增速
14.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $953.2M | $2.6B |
| 净利润 | $46.6M | $432.0M |
| 毛利率 | 80.4% | 73.6% |
| 营业利润率 | 1.0% | 15.3% |
| 净利率 | 4.9% | 16.7% |
| 营收同比 | 29.2% | 14.9% |
| 净利润同比 | 2.1% | 61.6% |
| 每股收益（稀释后） | $0.13 | $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DDOGPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $953.2M | $2.5B | ||
| Q3 25 | $885.7M | $2.5B | ||
| Q2 25 | $826.8M | $2.3B | ||
| Q1 25 | $761.6M | $2.3B | ||
| Q4 24 | $737.7M | $2.1B | ||
| Q3 24 | $690.0M | $2.2B | ||
| Q2 24 | $645.3M | $2.0B |
净利润DDOGPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $46.6M | $334.0M | ||
| Q3 25 | $33.9M | $253.8M | ||
| Q2 25 | $2.6M | $262.1M | ||
| Q1 25 | $24.6M | $267.3M | ||
| Q4 24 | $45.6M | $350.7M | ||
| Q3 24 | $51.7M | $357.7M | ||
| Q2 24 | $43.8M | $278.8M |
毛利率DDOGPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 80.4% | 74.2% | ||
| Q3 25 | 80.1% | 73.2% | ||
| Q2 25 | 79.9% | 72.9% | ||
| Q1 25 | 79.3% | 73.5% | ||
| Q4 24 | 80.5% | 74.1% | ||
| Q3 24 | 80.0% | 73.8% | ||
| Q2 24 | 80.9% | 74.1% |
营业利润率DDOGPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 1.0% | 12.5% | ||
| Q3 25 | -0.7% | 19.6% | ||
| Q2 25 | -4.3% | 9.6% | ||
| Q1 25 | -1.6% | 10.6% | ||
| Q4 24 | 1.3% | 13.4% | ||
| Q3 24 | 2.9% | 10.9% | ||
| Q2 24 | 2.0% | 8.9% |
净利率DDOGPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 4.9% | 13.5% | ||
| Q3 25 | 3.8% | 10.0% | ||
| Q2 25 | 0.3% | 11.5% | ||
| Q1 25 | 3.2% | 11.8% | ||
| Q4 24 | 6.2% | 16.4% | ||
| Q3 24 | 7.5% | 16.3% | ||
| Q2 24 | 6.8% | 14.0% |
每股收益（稀释后）DDOGPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.13 | $0.47 | ||
| Q3 25 | $0.10 | $-0.14 | ||
| Q2 25 | $0.01 | $0.37 | ||
| Q1 25 | $0.07 | $0.38 | ||
| Q4 24 | $0.14 | $0.99 | ||
| Q3 24 | $0.14 | $1.04 | ||
| Q2 24 | $0.12 | $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 | $401.3M | $4.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | $9.4B |
| 总资产 | $6.6B | $25.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资DDOGPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $401.3M | $4.2B | ||
| Q3 25 | $540.6M | $2.9B | ||
| Q2 25 | $489.0M | $3.3B | ||
| Q1 25 | $1.1B | $3.2B | ||
| Q4 24 | $1.2B | $3.4B | ||
| Q3 24 | $337.4M | $2.6B | ||
| Q2 24 | $411.0M | $2.9B |
股东权益DDOGPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $3.7B | $8.7B | ||
| Q3 25 | $3.4B | $7.8B | ||
| Q2 25 | $3.2B | $7.2B | ||
| Q1 25 | $2.9B | $6.4B | ||
| Q4 24 | $2.7B | $5.9B | ||
| Q3 24 | $2.6B | $5.2B | ||
| Q2 24 | $2.4B | $4.5B |
总资产DDOGPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $6.6B | $23.5B | ||
| Q3 25 | $6.1B | $23.6B | ||
| Q2 25 | $5.8B | $22.0B | ||
| Q1 25 | $6.0B | $21.0B | ||
| Q4 24 | $5.8B | $20.4B | ||
| Q3 24 | $4.6B | $20.0B | ||
| Q2 24 | $4.4B | $17.9B |
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 | $327.1M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $318.2M | $384.0M |
| 自由现金流率自由现金流/营收 | 33.4% | 14.8% |
| 资本支出强度资本支出/营收 | 0.9% | 6.6% |
| 现金转化率经营现金流/净利润 | 7.02× | 1.28× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $3.6B |
8季度趋势，按日历期对齐
经营现金流DDOGPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $327.1M | $1.8B | ||
| Q3 25 | $251.5M | $1.0B | ||
| Q2 25 | $200.1M | $628.7M | ||
| Q1 25 | $271.5M | $556.9M | ||
| Q4 24 | $265.2M | $1.5B | ||
| Q3 24 | $228.7M | $512.7M | ||
| Q2 24 | $164.4M | $528.9M |
自由现金流DDOGPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $318.2M | $1.7B | ||
| Q3 25 | $234.7M | $934.5M | ||
| Q2 25 | $184.9M | $560.4M | ||
| Q1 25 | $262.8M | $509.4M | ||
| Q4 24 | $257.5M | $1.5B | ||
| Q3 24 | $220.3M | $465.3M | ||
| Q2 24 | $160.0M | $491.5M |
自由现金流率DDOGPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 33.4% | 68.2% | ||
| Q3 25 | 26.5% | 36.8% | ||
| Q2 25 | 22.4% | 24.5% | ||
| Q1 25 | 34.5% | 22.6% | ||
| Q4 24 | 34.9% | 68.5% | ||
| Q3 24 | 31.9% | 21.3% | ||
| Q2 24 | 24.8% | 24.8% |
资本支出强度DDOGPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 0.9% | 3.4% | ||
| Q3 25 | 1.9% | 3.4% | ||
| Q2 25 | 1.8% | 3.0% | ||
| Q1 25 | 1.1% | 2.1% | ||
| Q4 24 | 1.1% | 2.1% | ||
| Q3 24 | 1.2% | 2.2% | ||
| Q2 24 | 0.7% | 1.9% |
现金转化率DDOGPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 7.02× | 5.30× | ||
| Q3 25 | 7.42× | 4.02× | ||
| Q2 25 | 75.58× | 2.40× | ||
| Q1 25 | 11.02× | 2.08× | ||
| Q4 24 | 5.82× | 4.30× | ||
| Q3 24 | 4.42× | 1.43× | ||
| Q2 24 | 3.75× | 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
DDOG
| North America | $678.7M | 71% |
| International | $274.5M | 29% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
