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飞塔（FTNT）与FuboTV Inc.（FUBO）财务数据对比。点击上方公司名可切换其他公司
飞塔的季度营收约是FuboTV Inc.的1.2倍（$1.9B vs $1.5B），飞塔净利率更高（26.6% vs -0.4%，领先26.9%），FuboTV Inc.同比增速更快（249.4% vs 14.8%），飞塔自由现金流更多（$577.4M vs $-200.8M），过去两年FuboTV Inc.的营收复合增速更高（94.3% vs 18.6%）
飞塔（Fortinet）是总部位于美国加利福尼亚州森尼韦尔的网络安全企业，专注于研发与销售防火墙、终端安全、入侵检测系统等各类网络安全产品，目前在美国、加拿大、英国等多个国家设有办事机构。
FuboTV Inc.（简称Fubo）是源自美国的互联网体育流媒体服务商，业务覆盖美国、加拿大与西班牙地区。该平台主打各类直播体育内容，可提供英超、NFL、MLB、NBA、NHL、MLS等各大主流顶级体育赛事转播，同时也涵盖新闻、剧集等综合影视娱乐内容。
FTNT vs FUBO — 直观对比
营收规模更大
FTNT
是对方的1.2倍
$1.5B
营收增速更快
FUBO
高出234.6%
14.8%
净利率更高
FTNT
高出26.9%
-0.4%
自由现金流更多
FTNT
多$778.2M
$-200.8M
两年增速更快
FUBO
近两年复合增速
18.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $506.0M | $-6.0M |
| 毛利率 | 79.6% | — |
| 营业利润率 | 32.8% | -1.3% |
| 净利率 | 26.6% | -0.4% |
| 营收同比 | 14.8% | 249.4% |
| 净利润同比 | -3.8% | 84.5% |
| 每股收益（稀释后） | $0.67 | $-0.02 |
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FTNTFUBO
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.7B | $377.2M | ||
| Q2 25 | $1.6B | $380.0M | ||
| Q1 25 | $1.5B | $416.3M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.5B | $386.2M | ||
| Q2 24 | $1.4B | $391.0M | ||
| Q1 24 | $1.4B | $402.3M |
净利润FTNTFUBO
| Q4 25 | $506.0M | $-6.0M | ||
| Q3 25 | $473.9M | $-18.9M | ||
| Q2 25 | $440.1M | $-8.0M | ||
| Q1 25 | $433.4M | $188.5M | ||
| Q4 24 | $526.2M | — | ||
| Q3 24 | $539.9M | $-52.4M | ||
| Q2 24 | $379.8M | $-25.3M | ||
| Q1 24 | $299.3M | $-56.0M |
毛利率FTNTFUBO
| Q4 25 | 79.6% | — | ||
| Q3 25 | 80.8% | — | ||
| Q2 25 | 80.7% | — | ||
| Q1 25 | 81.0% | — | ||
| Q4 24 | 81.1% | — | ||
| Q3 24 | 82.5% | — | ||
| Q2 24 | 80.8% | — | ||
| Q1 24 | 77.5% | — |
营业利润率FTNTFUBO
| Q4 25 | 32.8% | -1.3% | ||
| Q3 25 | 31.7% | -5.3% | ||
| Q2 25 | 28.1% | -1.6% | ||
| Q1 25 | 29.5% | -6.1% | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 31.2% | -15.2% | ||
| Q2 24 | 30.5% | -9.1% | ||
| Q1 24 | 23.7% | -15.7% |
净利率FTNTFUBO
| Q4 25 | 26.6% | -0.4% | ||
| Q3 25 | 27.5% | -5.0% | ||
| Q2 25 | 27.0% | -2.1% | ||
| Q1 25 | 28.1% | 45.3% | ||
| Q4 24 | 31.7% | — | ||
| Q3 24 | 35.8% | -13.6% | ||
| Q2 24 | 26.5% | -6.5% | ||
| Q1 24 | 22.1% | -13.9% |
每股收益（稀释后）FTNTFUBO
| Q4 25 | $0.67 | $-0.02 | ||
| Q3 25 | $0.62 | $-0.06 | ||
| Q2 25 | $0.57 | $-0.02 | ||
| Q1 25 | $0.56 | $0.55 | ||
| Q4 24 | $0.68 | — | ||
| Q3 24 | $0.70 | $-0.16 | ||
| Q2 24 | $0.49 | $-0.08 | ||
| Q1 24 | $0.39 | $-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 | $2.5B | $452.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $275.5M |
| 总资产 | $10.4B | $4.1B |
| 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FTNTFUBO
| Q4 25 | $2.5B | $452.4M | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $3.4B | $283.6M | ||
| Q1 25 | $3.6B | $321.6M | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $2.5B | $146.2M | ||
| Q2 24 | $2.2B | $155.2M | ||
| Q1 24 | $1.9B | $168.9M |
股东权益FTNTFUBO
| Q4 25 | $1.2B | $275.5M | ||
| Q3 25 | $735.1M | $915.3M | ||
| Q2 25 | $2.1B | $400.4M | ||
| Q1 25 | $2.0B | $389.0M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $908.1M | $905.3M | ||
| Q2 24 | $288.2M | $254.2M | ||
| Q1 24 | $-137.5M | $236.1M |
总资产FTNTFUBO
| Q4 25 | $10.4B | $4.1B | ||
| Q3 25 | $9.4B | $1.3B | ||
| Q2 25 | $10.6B | $1.2B | ||
| Q1 25 | $10.4B | $1.2B | ||
| Q4 24 | $9.8B | — | ||
| Q3 24 | $8.9B | $1.1B | ||
| Q2 24 | $8.1B | $1.1B | ||
| Q1 24 | $7.7B | $1.1B |
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 | $620.2M | $-200.3M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $-200.8M |
| 自由现金流率自由现金流/营收 | 30.3% | -13.0% |
| 资本支出强度资本支出/营收 | 2.2% | 0.0% |
| 现金转化率经营现金流/净利润 | 1.23× | — |
| 过去12个月自由现金流最近4个季度 | $2.2B | $-81.3M |
8季度趋势，按日历期对齐
经营现金流FTNTFUBO
| Q4 25 | $620.2M | $-200.3M | ||
| Q3 25 | $655.2M | $-6.5M | ||
| Q2 25 | $451.9M | $-34.6M | ||
| Q1 25 | $863.3M | $161.4M | ||
| Q4 24 | $477.6M | — | ||
| Q3 24 | $608.1M | $235.0K | ||
| Q2 24 | $342.0M | $-32.3M | ||
| Q1 24 | $830.4M | $-67.3M |
自由现金流FTNTFUBO
| Q4 25 | $577.4M | $-200.8M | ||
| Q3 25 | $567.5M | $-6.5M | ||
| Q2 25 | $284.1M | $-35.0M | ||
| Q1 25 | $796.8M | $161.1M | ||
| Q4 24 | $380.0M | — | ||
| Q3 24 | $571.8M | $-1.3M | ||
| Q2 24 | $318.9M | $-32.5M | ||
| Q1 24 | $608.5M | $-67.4M |
自由现金流率FTNTFUBO
| Q4 25 | 30.3% | -13.0% | ||
| Q3 25 | 32.9% | -1.7% | ||
| Q2 25 | 17.4% | -9.2% | ||
| Q1 25 | 51.8% | 38.7% | ||
| Q4 24 | 22.9% | — | ||
| Q3 24 | 37.9% | -0.3% | ||
| Q2 24 | 22.2% | -8.3% | ||
| Q1 24 | 45.0% | -16.7% |
资本支出强度FTNTFUBO
| Q4 25 | 2.2% | 0.0% | ||
| Q3 25 | 5.1% | 0.0% | ||
| Q2 25 | 10.3% | 0.1% | ||
| Q1 25 | 4.3% | 0.1% | ||
| Q4 24 | 5.9% | — | ||
| Q3 24 | 2.4% | 0.4% | ||
| Q2 24 | 1.6% | 0.1% | ||
| Q1 24 | 16.4% | 0.0% |
现金转化率FTNTFUBO
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.03× | — | ||
| Q1 25 | 1.99× | 0.86× | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 0.90× | — | ||
| Q1 24 | 2.77× | — |
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
FTNT
| Services | $1.2B | 64% |
| Security Subscription | $693.7M | 36% |
FUBO
| Related Party | $1.2B | 75% |
| Subscription And Advertising | $377.9M | 24% |
