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Equitable Holdings, Inc.（EQH）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
Equitable Holdings, Inc.的季度营收约是派拓网络的1.3倍（$3.3B vs $2.6B），派拓网络净利率更高（16.7% vs 6.6%，领先10.1%），派拓网络同比增速更快（14.9% vs -9.5%），过去两年Equitable Holdings, Inc.的营收复合增速更高（21.2% vs 14.3%）
Equitable Holdings, Inc.是美国领先的金融服务与保险企业，1859年由亨利·鲍德温·海德创立，业务覆盖保险、财富管理等多元金融领域，拥有逾百年发展历史，在全球金融服务市场具备深厚的行业积淀与广泛的客户基础。
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。
EQH vs PANW — 直观对比
营收规模更大
EQH
是对方的1.3倍
$2.6B
营收增速更快
PANW
高出24.4%
-9.5%
净利率更高
PANW
高出10.1%
6.6%
两年增速更快
EQH
近两年复合增速
14.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.6B |
| 净利润 | $215.0M | $432.0M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 10.5% | 15.3% |
| 净利率 | 6.6% | 16.7% |
| 营收同比 | -9.5% | 14.9% |
| 净利润同比 | -76.1% | 61.6% |
| 每股收益（稀释后） | $0.69 | $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EQHPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $3.3B | $2.5B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $2.4B | $2.3B | ||
| Q1 25 | $4.6B | $2.3B | ||
| Q4 24 | $3.6B | $2.1B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $3.5B | $2.0B |
净利润EQHPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $215.0M | $334.0M | ||
| Q3 25 | $-1.3B | $253.8M | ||
| Q2 25 | $-349.0M | $262.1M | ||
| Q1 25 | $63.0M | $267.3M | ||
| Q4 24 | $899.0M | $350.7M | ||
| Q3 24 | $-134.0M | $357.7M | ||
| Q2 24 | $428.0M | $278.8M |
毛利率EQHPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 73.2% | ||
| Q2 25 | — | 72.9% | ||
| Q1 25 | — | 73.5% | ||
| Q4 24 | — | 74.1% | ||
| Q3 24 | — | 73.8% | ||
| Q2 24 | — | 74.1% |
营业利润率EQHPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 10.5% | 12.5% | ||
| Q3 25 | -93.0% | 19.6% | ||
| Q2 25 | -15.4% | 9.6% | ||
| Q1 25 | 3.8% | 10.6% | ||
| Q4 24 | 33.1% | 13.4% | ||
| Q3 24 | -0.5% | 10.9% | ||
| Q2 24 | 19.4% | 8.9% |
净利率EQHPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 6.6% | 13.5% | ||
| Q3 25 | -90.3% | 10.0% | ||
| Q2 25 | -14.8% | 11.5% | ||
| Q1 25 | 1.4% | 11.8% | ||
| Q4 24 | 24.8% | 16.4% | ||
| Q3 24 | -4.4% | 16.3% | ||
| Q2 24 | 12.2% | 14.0% |
每股收益（稀释后）EQHPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.69 | $0.47 | ||
| Q3 25 | $-4.47 | $-0.14 | ||
| Q2 25 | $-1.21 | $0.37 | ||
| Q1 25 | $0.16 | $0.38 | ||
| Q4 24 | $2.72 | $0.99 | ||
| Q3 24 | $-0.47 | $1.04 | ||
| Q2 24 | $1.23 | $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 | $12.5B | $4.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-74.0M | $9.4B |
| 总资产 | $318.0B | $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EQHPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $12.5B | $4.2B | ||
| Q3 25 | $13.6B | $2.9B | ||
| Q2 25 | $15.0B | $3.3B | ||
| Q1 25 | $8.2B | $3.2B | ||
| Q4 24 | $7.0B | $3.4B | ||
| Q3 24 | $9.6B | $2.6B | ||
| Q2 24 | $9.7B | $2.9B |
股东权益EQHPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $-74.0M | $8.7B | ||
| Q3 25 | $148.0M | $7.8B | ||
| Q2 25 | $1.1B | $7.2B | ||
| Q1 25 | $2.4B | $6.4B | ||
| Q4 24 | $1.6B | $5.9B | ||
| Q3 24 | $3.2B | $5.2B | ||
| Q2 24 | $1.6B | $4.5B |
总资产EQHPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $318.0B | $23.5B | ||
| Q3 25 | $314.4B | $23.6B | ||
| Q2 25 | $303.1B | $22.0B | ||
| Q1 25 | $287.4B | $21.0B | ||
| Q4 24 | $295.9B | $20.4B | ||
| Q3 24 | $299.0B | $20.0B | ||
| Q2 24 | $287.8B | $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 | $-154.0M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | — | $384.0M |
| 自由现金流率自由现金流/营收 | — | 14.8% |
| 资本支出强度资本支出/营收 | — | 6.6% |
| 现金转化率经营现金流/净利润 | -0.72× | 1.28× |
| 过去12个月自由现金流最近4个季度 | — | $3.6B |
8季度趋势，按日历期对齐
经营现金流EQHPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $-154.0M | $1.8B | ||
| Q3 25 | $369.0M | $1.0B | ||
| Q2 25 | $341.0M | $628.7M | ||
| Q1 25 | $158.0M | $556.9M | ||
| Q4 24 | $400.0M | $1.5B | ||
| Q3 24 | $683.0M | $512.7M | ||
| Q2 24 | $892.0M | $528.9M |
自由现金流EQHPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $934.5M | ||
| Q2 25 | — | $560.4M | ||
| Q1 25 | — | $509.4M | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $465.3M | ||
| Q2 24 | — | $491.5M |
自由现金流率EQHPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | — | 68.2% | ||
| Q3 25 | — | 36.8% | ||
| Q2 25 | — | 24.5% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 68.5% | ||
| Q3 24 | — | 21.3% | ||
| Q2 24 | — | 24.8% |
资本支出强度EQHPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 1.9% |
现金转化率EQHPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | -0.72× | 5.30× | ||
| Q3 25 | — | 4.02× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | 2.51× | 2.08× | ||
| Q4 24 | 0.44× | 4.30× | ||
| Q3 24 | — | 1.43× | ||
| Q2 24 | 2.08× | 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
EQH
| Other | $1.5B | 46% |
| Asset Management | $1.2B | 37% |
| Wealth Management | $545.0M | 17% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
