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Elastic N.V.（ESTC）与Zscaler, Inc.（ZS）财务数据对比。点击上方公司名可切换其他公司
Zscaler, Inc.的季度营收约是Elastic N.V.的1.9倍（$788.1M vs $423.5M），Zscaler, Inc.净利率更高（-1.5% vs -12.1%，领先10.6%），Zscaler, Inc.同比增速更快（25.5% vs 15.9%），Zscaler, Inc.自由现金流更多（$431.0M vs $26.0M），过去两年Zscaler, Inc.的营收复合增速更高（22.5% vs 13.6%）
Elastic是荷美合资软件企业，2012年成立于荷兰阿姆斯特丹，运营总部分设于荷兰及美国加利福尼亚州旧金山市，于纽交所上市。公司提供企业级搜索、可观测性、网络安全平台，可支持用户实现大规模数据搜索分析、系统性能监测及异常检测。
Zscaler是总部位于美国加利福尼亚州圣何塞的云安全企业，专注提供云原生安全服务，为全球各行业企业的网络系统与数据资产提供全方位防护，助力企业在数字化运营过程中抵御各类安全风险，保障业务稳定开展。
ESTC vs ZS — 直观对比
营收规模更大
ZS
是对方的1.9倍
$423.5M
营收增速更快
ZS
高出9.6%
15.9%
净利率更高
ZS
高出10.6%
-12.1%
自由现金流更多
ZS
多$405.0M
$26.0M
两年增速更快
ZS
近两年复合增速
13.6%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $423.5M | $788.1M |
| 净利润 | $-51.3M | $-11.6M |
| 毛利率 | 75.9% | 76.6% |
| 营业利润率 | -1.9% | -4.6% |
| 净利率 | -12.1% | -1.5% |
| 营收同比 | 15.9% | 25.5% |
| 净利润同比 | -101.5% | 3.6% |
| 每股收益（稀释后） | $-0.48 | $-0.07 |
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ESTCZS
| Q4 25 | $423.5M | $788.1M | ||
| Q3 25 | $415.3M | $719.2M | ||
| Q2 25 | $388.4M | $678.0M | ||
| Q1 25 | $382.1M | $647.9M | ||
| Q4 24 | $365.4M | $628.0M | ||
| Q3 24 | $347.4M | $592.9M | ||
| Q2 24 | $335.0M | $553.2M | ||
| Q1 24 | $328.0M | $525.0M |
净利润ESTCZS
| Q4 25 | $-51.3M | $-11.6M | ||
| Q3 25 | $-24.6M | $-17.6M | ||
| Q2 25 | $-16.4M | $-4.1M | ||
| Q1 25 | $-17.1M | $-7.7M | ||
| Q4 24 | $-25.4M | $-12.1M | ||
| Q3 24 | $-49.2M | $-14.9M | ||
| Q2 24 | $-41.1M | $19.1M | ||
| Q1 24 | $176.1M | $-28.5M |
毛利率ESTCZS
| Q4 25 | 75.9% | 76.6% | ||
| Q3 25 | 76.7% | 76.1% | ||
| Q2 25 | 74.8% | 77.0% | ||
| Q1 25 | 74.6% | 77.1% | ||
| Q4 24 | 74.5% | 77.5% | ||
| Q3 24 | 73.6% | 78.0% | ||
| Q2 24 | 73.8% | 78.6% | ||
| Q1 24 | 74.2% | 77.7% |
营业利润率ESTCZS
| Q4 25 | -1.9% | -4.6% | ||
| Q3 25 | -2.3% | -4.5% | ||
| Q2 25 | -3.1% | -3.7% | ||
| Q1 25 | -1.2% | -6.2% | ||
| Q4 24 | -1.2% | -4.9% | ||
| Q3 24 | -9.7% | -4.5% | ||
| Q2 24 | -13.6% | -0.5% | ||
| Q1 24 | -8.1% | -8.7% |
净利率ESTCZS
| Q4 25 | -12.1% | -1.5% | ||
| Q3 25 | -5.9% | -2.4% | ||
| Q2 25 | -4.2% | -0.6% | ||
| Q1 25 | -4.5% | -1.2% | ||
| Q4 24 | -7.0% | -1.9% | ||
| Q3 24 | -14.2% | -2.5% | ||
| Q2 24 | -12.3% | 3.5% | ||
| Q1 24 | 53.7% | -5.4% |
每股收益（稀释后）ESTCZS
| Q4 25 | $-0.48 | $-0.07 | ||
| Q3 25 | $-0.23 | $-0.11 | ||
| Q2 25 | $-0.15 | $-0.03 | ||
| Q1 25 | $-0.16 | $-0.05 | ||
| Q4 24 | $-0.25 | $-0.08 | ||
| Q3 24 | $-0.48 | $-0.09 | ||
| Q2 24 | $-0.35 | $0.12 | ||
| Q1 24 | $1.69 | $-0.19 |
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 | $1.4B | $1.3B |
| 总债务越低越好 | $570.3M | — |
| 股东权益账面价值 | $891.1M | $2.0B |
| 总资产 | $2.5B | $6.5B |
| 负债/权益比越低杠杆越低 | 0.64× | — |
8季度趋势，按日历期对齐
现金及短期投资ESTCZS
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.4B | $2.0B | ||
| Q1 25 | $584.0M | $1.8B | ||
| Q4 24 | $658.5M | $1.6B | ||
| Q3 24 | $594.9M | $1.4B | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $526.9M | $1.4B |
总债务ESTCZS
| Q4 25 | $570.3M | — | ||
| Q3 25 | $570.0M | — | ||
| Q2 25 | $569.7M | $1.1B | ||
| Q1 25 | $569.4M | $1.1B | ||
| Q4 24 | $569.2M | $1.1B | ||
| Q3 24 | $568.9M | $1.1B | ||
| Q2 24 | $568.6M | $1.1B | ||
| Q1 24 | $568.3M | $1.1B |
股东权益ESTCZS
| Q4 25 | $891.1M | $2.0B | ||
| Q3 25 | $971.4M | $1.8B | ||
| Q2 25 | $927.2M | $1.8B | ||
| Q1 25 | $859.1M | $1.6B | ||
| Q4 24 | $811.5M | $1.4B | ||
| Q3 24 | $759.4M | $1.3B | ||
| Q2 24 | $738.2M | $1.1B | ||
| Q1 24 | $707.8M | $958.9M |
总资产ESTCZS
| Q4 25 | $2.5B | $6.5B | ||
| Q3 25 | $2.5B | $6.4B | ||
| Q2 25 | $2.6B | $5.3B | ||
| Q1 25 | $2.3B | $5.0B | ||
| Q4 24 | $2.2B | $4.7B | ||
| Q3 24 | $2.2B | $4.7B | ||
| Q2 24 | $2.2B | $4.2B | ||
| Q1 24 | $2.1B | $3.9B |
负债/权益比ESTCZS
| Q4 25 | 0.64× | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.61× | 0.64× | ||
| Q1 25 | 0.66× | 0.71× | ||
| Q4 24 | 0.70× | 0.80× | ||
| Q3 24 | 0.75× | 0.90× | ||
| Q2 24 | 0.77× | 1.04× | ||
| Q1 24 | 0.80× | 1.19× |
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 | $26.6M | $448.3M |
| 自由现金流经营现金流 - 资本支出 | $26.0M | $431.0M |
| 自由现金流率自由现金流/营收 | 6.1% | 54.7% |
| 资本支出强度资本支出/营收 | 0.1% | 2.2% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $302.3M | $924.9M |
8季度趋势，按日历期对齐
经营现金流ESTCZS
| Q4 25 | $26.6M | $448.3M | ||
| Q3 25 | $104.8M | $250.6M | ||
| Q2 25 | $87.0M | $211.1M | ||
| Q1 25 | $88.1M | $179.4M | ||
| Q4 24 | $38.4M | $331.3M | ||
| Q3 24 | $52.8M | $203.6M | ||
| Q2 24 | $60.9M | $173.4M | ||
| Q1 24 | $52.4M | $142.1M |
自由现金流ESTCZS
| Q4 25 | $26.0M | $431.0M | ||
| Q3 25 | $104.2M | $190.6M | ||
| Q2 25 | $84.9M | $138.9M | ||
| Q1 25 | $87.3M | $164.4M | ||
| Q4 24 | $37.7M | $314.3M | ||
| Q3 24 | $52.0M | $154.2M | ||
| Q2 24 | $60.1M | $137.8M | ||
| Q1 24 | $51.3M | $111.2M |
自由现金流率ESTCZS
| Q4 25 | 6.1% | 54.7% | ||
| Q3 25 | 25.1% | 26.5% | ||
| Q2 25 | 21.8% | 20.5% | ||
| Q1 25 | 22.8% | 25.4% | ||
| Q4 24 | 10.3% | 50.1% | ||
| Q3 24 | 15.0% | 26.0% | ||
| Q2 24 | 17.9% | 24.9% | ||
| Q1 24 | 15.6% | 21.2% |
资本支出强度ESTCZS
| Q4 25 | 0.1% | 2.2% | ||
| Q3 25 | 0.2% | 8.3% | ||
| Q2 25 | 0.5% | 10.6% | ||
| Q1 25 | 0.2% | 2.3% | ||
| Q4 24 | 0.2% | 2.7% | ||
| Q3 24 | 0.2% | 8.3% | ||
| Q2 24 | 0.3% | 6.4% | ||
| Q1 24 | 0.3% | 5.9% |
现金转化率ESTCZS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× | ||
| Q1 24 | 0.30× | — |
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
ESTC
| Self Managed Subscription | $192.0M | 45% |
| Saa S Self Managed Annual | $156.9M | 37% |
| Saa S Self Managed Monthly | $48.8M | 12% |
| Professional Services | $25.8M | 6% |
ZS
暂无分部数据
