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Delek US Holdings, Inc.（DK）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Delek US Holdings, Inc.的1.1倍（$2.6B vs $2.4B），派拓网络净利率更高（16.7% vs 3.2%，领先13.4%），派拓网络同比增速更快（14.9% vs 2.3%），派拓网络自由现金流更多（$384.0M vs $382.8M），过去两年派拓网络的营收复合增速更高（14.3% vs -11.9%）
Delek US Holdings, Inc.成立于2001年，总部位于美国田纳西州布伦特伍德，是一家深耕炼油、物流及生物燃料领域的能源企业，业务覆盖能源产业链上下游相关环节，为市场提供稳定的能源相关产品与配套服务。
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。
DK vs PANW — 直观对比
营收规模更大
PANW
是对方的1.1倍
$2.4B
营收增速更快
PANW
高出12.6%
2.3%
净利率更高
PANW
高出13.4%
3.2%
自由现金流更多
PANW
多$1.2M
$382.8M
两年增速更快
PANW
近两年复合增速
-11.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $2.6B |
| 净利润 | $78.3M | $432.0M |
| 毛利率 | 9.3% | 73.6% |
| 营业利润率 | 6.8% | 15.3% |
| 净利率 | 3.2% | 16.7% |
| 营收同比 | 2.3% | 14.9% |
| 净利润同比 | 118.9% | 61.6% |
| 每股收益（稀释后） | $1.23 | $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DKPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.4B | $2.5B | ||
| Q3 25 | $2.9B | $2.5B | ||
| Q2 25 | $2.8B | $2.3B | ||
| Q1 25 | $2.6B | $2.3B | ||
| Q4 24 | $2.4B | $2.1B | ||
| Q3 24 | $3.0B | $2.2B | ||
| Q2 24 | $3.3B | $2.0B |
净利润DKPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $78.3M | $334.0M | ||
| Q3 25 | $178.0M | $253.8M | ||
| Q2 25 | $-106.4M | $262.1M | ||
| Q1 25 | $-172.7M | $267.3M | ||
| Q4 24 | $-413.8M | $350.7M | ||
| Q3 24 | $-76.8M | $357.7M | ||
| Q2 24 | $-37.2M | $278.8M |
毛利率DKPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 9.3% | 74.2% | ||
| Q3 25 | 13.8% | 73.2% | ||
| Q2 25 | 1.9% | 72.9% | ||
| Q1 25 | -2.4% | 73.5% | ||
| Q4 24 | -5.7% | 74.1% | ||
| Q3 24 | -0.7% | 73.8% | ||
| Q2 24 | 0.5% | 74.1% |
营业利润率DKPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 6.8% | 12.5% | ||
| Q3 25 | 10.2% | 19.6% | ||
| Q2 25 | -1.2% | 9.6% | ||
| Q1 25 | -4.8% | 10.6% | ||
| Q4 24 | -17.0% | 13.4% | ||
| Q3 24 | -4.0% | 10.9% | ||
| Q2 24 | 0.1% | 8.9% |
净利率DKPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 3.2% | 13.5% | ||
| Q3 25 | 6.2% | 10.0% | ||
| Q2 25 | -3.8% | 11.5% | ||
| Q1 25 | -6.5% | 11.8% | ||
| Q4 24 | -17.4% | 16.4% | ||
| Q3 24 | -2.5% | 16.3% | ||
| Q2 24 | -1.1% | 14.0% |
每股收益（稀释后）DKPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $1.23 | $0.47 | ||
| Q3 25 | $2.93 | $-0.14 | ||
| Q2 25 | $-1.76 | $0.37 | ||
| Q1 25 | $-2.78 | $0.38 | ||
| Q4 24 | $-6.48 | $0.99 | ||
| Q3 24 | $-1.20 | $1.04 | ||
| Q2 24 | $-0.58 | $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 | $625.8M | $4.5B |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $547.3M | $9.4B |
| 总资产 | $6.8B | $25.0B |
| 负债/权益比越低杠杆越低 | 5.91× | — |
8季度趋势，按日历期对齐
现金及短期投资DKPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $625.8M | $4.2B | ||
| Q3 25 | $630.9M | $2.9B | ||
| Q2 25 | $615.5M | $3.3B | ||
| Q1 25 | $623.8M | $3.2B | ||
| Q4 24 | $735.6M | $3.4B | ||
| Q3 24 | $1.0B | $2.6B | ||
| Q2 24 | $657.9M | $2.9B |
总债务DKPANW
| Q1 26 | — | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.8B | — | ||
| Q2 24 | $2.5B | — |
股东权益DKPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $547.3M | $8.7B | ||
| Q3 25 | $444.8M | $7.8B | ||
| Q2 25 | $294.9M | $7.2B | ||
| Q1 25 | $429.4M | $6.4B | ||
| Q4 24 | $575.2M | $5.9B | ||
| Q3 24 | $875.4M | $5.2B | ||
| Q2 24 | $982.8M | $4.5B |
总资产DKPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $6.8B | $23.5B | ||
| Q3 25 | $7.1B | $23.6B | ||
| Q2 25 | $7.1B | $22.0B | ||
| Q1 25 | $6.9B | $21.0B | ||
| Q4 24 | $6.7B | $20.4B | ||
| Q3 24 | $7.0B | $20.0B | ||
| Q2 24 | $6.9B | $17.9B |
负债/权益比DKPANW
| Q1 26 | — | — | ||
| Q4 25 | 5.91× | — | ||
| Q3 25 | 7.14× | — | ||
| Q2 25 | 10.51× | — | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 4.81× | — | ||
| Q3 24 | 3.19× | — | ||
| Q2 24 | 2.50× | — |
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 | $502.8M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $382.8M | $384.0M |
| 自由现金流率自由现金流/营收 | 15.8% | 14.8% |
| 资本支出强度资本支出/营收 | 4.9% | 6.6% |
| 现金转化率经营现金流/净利润 | 6.42× | 1.28× |
| 过去12个月自由现金流最近4个季度 | $6.3M | $3.6B |
8季度趋势，按日历期对齐
经营现金流DKPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $502.8M | $1.8B | ||
| Q3 25 | $44.0M | $1.0B | ||
| Q2 25 | $51.4M | $628.7M | ||
| Q1 25 | $-62.4M | $556.9M | ||
| Q4 24 | $-163.5M | $1.5B | ||
| Q3 24 | $-21.6M | $512.7M | ||
| Q2 24 | $-48.4M | $528.9M |
自由现金流DKPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $382.8M | $1.7B | ||
| Q3 25 | $-64.0M | $934.5M | ||
| Q2 25 | $-114.4M | $560.4M | ||
| Q1 25 | $-198.1M | $509.4M | ||
| Q4 24 | $-354.0M | $1.5B | ||
| Q3 24 | $-140.6M | $465.3M | ||
| Q2 24 | $-128.3M | $491.5M |
自由现金流率DKPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 15.8% | 68.2% | ||
| Q3 25 | -2.2% | 36.8% | ||
| Q2 25 | -4.1% | 24.5% | ||
| Q1 25 | -7.5% | 22.6% | ||
| Q4 24 | -14.9% | 68.5% | ||
| Q3 24 | -4.6% | 21.3% | ||
| Q2 24 | -3.9% | 24.8% |
资本支出强度DKPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 4.9% | 3.4% | ||
| Q3 25 | 3.7% | 3.4% | ||
| Q2 25 | 6.0% | 3.0% | ||
| Q1 25 | 5.1% | 2.1% | ||
| Q4 24 | 8.0% | 2.1% | ||
| Q3 24 | 3.9% | 2.2% | ||
| Q2 24 | 2.4% | 1.9% |
现金转化率DKPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 6.42× | 5.30× | ||
| Q3 25 | 0.25× | 4.02× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | — | 2.08× | ||
| Q4 24 | — | 4.30× | ||
| Q3 24 | — | 1.43× | ||
| Q2 24 | — | 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
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
