vs
Dollar Tree（DLTR）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
Dollar Tree的季度营收约是派拓网络的1.8倍（$4.7B vs $2.6B），派拓网络净利率更高（16.7% vs 5.2%，领先11.5%），派拓网络同比增速更快（14.9% vs -37.2%），派拓网络自由现金流更多（$384.0M vs $-57.1M），过去两年派拓网络的营收复合增速更高（14.3% vs -25.9%）
Dollar Tree是美国多价位折扣百货连锁企业，位列《财富》500强，总部位于弗吉尼亚州切萨皮克。公司在美国本土48个毗连州及加拿大共运营15115家门店，旗下24个配送中心组成的全国物流网络为所有门店提供运营支持。
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。
DLTR vs PANW — 直观对比
营收规模更大
DLTR
是对方的1.8倍
$2.6B
营收增速更快
PANW
高出52.1%
-37.2%
净利率更高
PANW
高出11.5%
5.2%
自由现金流更多
PANW
多$441.1M
$-57.1M
两年增速更快
PANW
近两年复合增速
-25.9%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.7B | $2.6B |
| 净利润 | $244.6M | $432.0M |
| 毛利率 | 35.8% | 73.6% |
| 营业利润率 | 7.2% | 15.3% |
| 净利率 | 5.2% | 16.7% |
| 营收同比 | -37.2% | 14.9% |
| 净利润同比 | 4.8% | 61.6% |
| 每股收益（稀释后） | $1.20 | $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DLTRPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $4.7B | $2.5B | ||
| Q3 25 | $4.6B | $2.5B | ||
| Q2 25 | $4.6B | $2.3B | ||
| Q1 25 | $5.0B | $2.3B | ||
| Q4 24 | $7.6B | $2.1B | ||
| Q3 24 | $7.4B | $2.2B | ||
| Q2 24 | $7.6B | $2.0B |
净利润DLTRPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $244.6M | $334.0M | ||
| Q3 25 | $188.4M | $253.8M | ||
| Q2 25 | $343.4M | $262.1M | ||
| Q1 25 | $-3.7B | $267.3M | ||
| Q4 24 | $233.3M | $350.7M | ||
| Q3 24 | $132.4M | $357.7M | ||
| Q2 24 | $300.1M | $278.8M |
毛利率DLTRPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 35.8% | 74.2% | ||
| Q3 25 | 34.4% | 73.2% | ||
| Q2 25 | 35.6% | 72.9% | ||
| Q1 25 | 37.6% | 73.5% | ||
| Q4 24 | 30.9% | 74.1% | ||
| Q3 24 | 30.0% | 73.8% | ||
| Q2 24 | 30.8% | 74.1% |
营业利润率DLTRPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 7.2% | 12.5% | ||
| Q3 25 | 5.1% | 19.6% | ||
| Q2 25 | 8.3% | 9.6% | ||
| Q1 25 | — | 10.6% | ||
| Q4 24 | 4.4% | 13.4% | ||
| Q3 24 | 2.8% | 10.9% | ||
| Q2 24 | 5.5% | 8.9% |
净利率DLTRPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 5.2% | 13.5% | ||
| Q3 25 | 4.1% | 10.0% | ||
| Q2 25 | 7.4% | 11.5% | ||
| Q1 25 | -74.0% | 11.8% | ||
| Q4 24 | 3.1% | 16.4% | ||
| Q3 24 | 1.8% | 16.3% | ||
| Q2 24 | 3.9% | 14.0% |
每股收益（稀释后）DLTRPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $1.20 | $0.47 | ||
| Q3 25 | $0.91 | $-0.14 | ||
| Q2 25 | $1.61 | $0.37 | ||
| Q1 25 | $-17.17 | $0.38 | ||
| Q4 24 | $1.08 | $0.99 | ||
| Q3 24 | $0.62 | $1.04 | ||
| Q2 24 | $1.38 | $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 | $594.8M | $4.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.5B | $9.4B |
| 总资产 | $13.7B | $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DLTRPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $594.8M | $4.2B | ||
| Q3 25 | $666.3M | $2.9B | ||
| Q2 25 | $1.0B | $3.3B | ||
| Q1 25 | $1.3B | $3.2B | ||
| Q4 24 | $697.6M | $3.4B | ||
| Q3 24 | $570.3M | $2.6B | ||
| Q2 24 | $618.5M | $2.9B |
总债务DLTRPANW
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益DLTRPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $3.5B | $8.7B | ||
| Q3 25 | $3.6B | $7.8B | ||
| Q2 25 | $3.9B | $7.2B | ||
| Q1 25 | $4.0B | $6.4B | ||
| Q4 24 | $7.6B | $5.9B | ||
| Q3 24 | $7.4B | $5.2B | ||
| Q2 24 | $7.3B | $4.5B |
总资产DLTRPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $13.7B | $23.5B | ||
| Q3 25 | $13.4B | $23.6B | ||
| Q2 25 | $18.3B | $22.0B | ||
| Q1 25 | $18.6B | $21.0B | ||
| Q4 24 | $23.3B | $20.4B | ||
| Q3 24 | $22.6B | $20.0B | ||
| Q2 24 | $22.1B | $17.9B |
负债/权益比DLTRPANW
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $319.3M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $-57.1M | $384.0M |
| 自由现金流率自由现金流/营收 | -1.2% | 14.8% |
| 资本支出强度资本支出/营收 | 7.9% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.31× | 1.28× |
| 过去12个月自由现金流最近4个季度 | $394.5M | $3.6B |
8季度趋势，按日历期对齐
经营现金流DLTRPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $319.3M | $1.8B | ||
| Q3 25 | $260.7M | $1.0B | ||
| Q2 25 | $378.5M | $628.7M | ||
| Q1 25 | $405.1M | $556.9M | ||
| Q4 24 | $785.6M | $1.5B | ||
| Q3 24 | $306.9M | $512.7M | ||
| Q2 24 | $695.7M | $528.9M |
自由现金流DLTRPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $-57.1M | $1.7B | ||
| Q3 25 | $15.6M | $934.5M | ||
| Q2 25 | $129.7M | $560.4M | ||
| Q1 25 | $306.3M | $509.4M | ||
| Q4 24 | $359.2M | $1.5B | ||
| Q3 24 | $-193.8M | $465.3M | ||
| Q2 24 | $223.5M | $491.5M |
自由现金流率DLTRPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | -1.2% | 68.2% | ||
| Q3 25 | 0.3% | 36.8% | ||
| Q2 25 | 2.8% | 24.5% | ||
| Q1 25 | 6.1% | 22.6% | ||
| Q4 24 | 4.8% | 68.5% | ||
| Q3 24 | -2.6% | 21.3% | ||
| Q2 24 | 2.9% | 24.8% |
资本支出强度DLTRPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 7.9% | 3.4% | ||
| Q3 25 | 5.4% | 3.4% | ||
| Q2 25 | 5.4% | 3.0% | ||
| Q1 25 | 2.0% | 2.1% | ||
| Q4 24 | 5.6% | 2.1% | ||
| Q3 24 | 6.8% | 2.2% | ||
| Q2 24 | 6.2% | 1.9% |
现金转化率DLTRPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 1.31× | 5.30× | ||
| Q3 25 | 1.38× | 4.02× | ||
| Q2 25 | 1.10× | 2.40× | ||
| Q1 25 | — | 2.08× | ||
| Q4 24 | 3.37× | 4.30× | ||
| Q3 24 | 2.32× | 1.43× | ||
| Q2 24 | 2.32× | 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
DLTR
| Consumable | $2.4B | 50% |
| Variety | $2.1B | 43% |
| Seasonal | $344.1M | 7% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
