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飞塔（FTNT）与佳明（GRMN）财务数据对比。点击上方公司名可切换其他公司
佳明的季度营收约是飞塔的1.1倍（$2.1B vs $1.9B），飞塔净利率更高（26.6% vs 24.9%，领先1.7%），佳明同比增速更快（16.6% vs 14.8%），飞塔自由现金流更多（$577.4M vs $429.6M），过去两年佳明的营收复合增速更高（24.0% 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。
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
FTNT vs GRMN — 直观对比
营收规模更大
GRMN
是对方的1.1倍
$1.9B
营收增速更快
GRMN
高出1.8%
14.8%
净利率更高
FTNT
高出1.7%
24.9%
自由现金流更多
FTNT
多$147.8M
$429.6M
两年增速更快
GRMN
近两年复合增速
18.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.1B |
| 净利润 | $506.0M | $528.7M |
| 毛利率 | 79.6% | 59.2% |
| 营业利润率 | 32.8% | 28.9% |
| 净利率 | 26.6% | 24.9% |
| 营收同比 | 14.8% | 16.6% |
| 净利润同比 | -3.8% | 21.3% |
| 每股收益（稀释后） | $0.67 | $2.72 |
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FTNTGRMN
| Q4 25 | $1.9B | $2.1B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.6B | $1.8B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.4B | $1.4B |
净利润FTNTGRMN
| Q4 25 | $506.0M | $528.7M | ||
| Q3 25 | $473.9M | $401.6M | ||
| Q2 25 | $440.1M | $400.8M | ||
| Q1 25 | $433.4M | $332.8M | ||
| Q4 24 | $526.2M | $435.7M | ||
| Q3 24 | $539.9M | $399.1M | ||
| Q2 24 | $379.8M | $300.6M | ||
| Q1 24 | $299.3M | $276.0M |
毛利率FTNTGRMN
| Q4 25 | 79.6% | 59.2% | ||
| Q3 25 | 80.8% | 59.1% | ||
| Q2 25 | 80.7% | 58.8% | ||
| Q1 25 | 81.0% | 57.6% | ||
| Q4 24 | 81.1% | 59.3% | ||
| Q3 24 | 82.5% | 60.0% | ||
| Q2 24 | 80.8% | 57.3% | ||
| Q1 24 | 77.5% | 58.1% |
营业利润率FTNTGRMN
| Q4 25 | 32.8% | 28.9% | ||
| Q3 25 | 31.7% | 25.8% | ||
| Q2 25 | 28.1% | 26.0% | ||
| Q1 25 | 29.5% | 21.7% | ||
| Q4 24 | 34.6% | 28.3% | ||
| Q3 24 | 31.2% | 27.6% | ||
| Q2 24 | 30.5% | 22.7% | ||
| Q1 24 | 23.7% | 21.6% |
净利率FTNTGRMN
| Q4 25 | 26.6% | 24.9% | ||
| Q3 25 | 27.5% | 22.7% | ||
| Q2 25 | 27.0% | 22.1% | ||
| Q1 25 | 28.1% | 21.7% | ||
| Q4 24 | 31.7% | 23.9% | ||
| Q3 24 | 35.8% | 25.2% | ||
| Q2 24 | 26.5% | 20.0% | ||
| Q1 24 | 22.1% | 20.0% |
每股收益（稀释后）FTNTGRMN
| Q4 25 | $0.67 | $2.72 | ||
| Q3 25 | $0.62 | $2.08 | ||
| Q2 25 | $0.57 | $2.07 | ||
| Q1 25 | $0.56 | $1.72 | ||
| Q4 24 | $0.68 | $2.24 | ||
| Q3 24 | $0.70 | $2.07 | ||
| Q2 24 | $0.49 | $1.56 | ||
| Q1 24 | $0.39 | $1.43 |
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 | $2.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $9.0B |
| 总资产 | $10.4B | $11.0B |
| 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FTNTGRMN
| Q4 25 | $2.5B | $2.3B | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $3.4B | $2.1B | ||
| Q1 25 | $3.6B | $2.2B | ||
| Q4 24 | $2.9B | $2.1B | ||
| Q3 24 | $2.5B | $2.0B | ||
| Q2 24 | $2.2B | $1.9B | ||
| Q1 24 | $1.9B | $1.9B |
股东权益FTNTGRMN
| Q4 25 | $1.2B | $9.0B | ||
| Q3 25 | $735.1M | $8.5B | ||
| Q2 25 | $2.1B | $8.1B | ||
| Q1 25 | $2.0B | $8.2B | ||
| Q4 24 | $1.5B | $7.8B | ||
| Q3 24 | $908.1M | $7.5B | ||
| Q2 24 | $288.2M | $7.0B | ||
| Q1 24 | $-137.5M | $7.2B |
总资产FTNTGRMN
| Q4 25 | $10.4B | $11.0B | ||
| Q3 25 | $9.4B | $10.5B | ||
| Q2 25 | $10.6B | $10.3B | ||
| Q1 25 | $10.4B | $9.8B | ||
| Q4 24 | $9.8B | $9.6B | ||
| Q3 24 | $8.9B | $9.3B | ||
| Q2 24 | $8.1B | $8.9B | ||
| Q1 24 | $7.7B | $8.6B |
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 | $553.8M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $429.6M |
| 自由现金流率自由现金流/营收 | 30.3% | 20.2% |
| 资本支出强度资本支出/营收 | 2.2% | 5.8% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.05× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $1.4B |
8季度趋势，按日历期对齐
经营现金流FTNTGRMN
| Q4 25 | $620.2M | $553.8M | ||
| Q3 25 | $655.2M | $485.6M | ||
| Q2 25 | $451.9M | $173.2M | ||
| Q1 25 | $863.3M | $420.8M | ||
| Q4 24 | $477.6M | $483.9M | ||
| Q3 24 | $608.1M | $258.0M | ||
| Q2 24 | $342.0M | $255.3M | ||
| Q1 24 | $830.4M | $435.3M |
自由现金流FTNTGRMN
| Q4 25 | $577.4M | $429.6M | ||
| Q3 25 | $567.5M | $425.1M | ||
| Q2 25 | $284.1M | $127.5M | ||
| Q1 25 | $796.8M | $380.7M | ||
| Q4 24 | $380.0M | $399.2M | ||
| Q3 24 | $571.8M | $219.4M | ||
| Q2 24 | $318.9M | $218.2M | ||
| Q1 24 | $608.5M | $402.1M |
自由现金流率FTNTGRMN
| Q4 25 | 30.3% | 20.2% | ||
| Q3 25 | 32.9% | 24.0% | ||
| Q2 25 | 17.4% | 7.0% | ||
| Q1 25 | 51.8% | 24.8% | ||
| Q4 24 | 22.9% | 21.9% | ||
| Q3 24 | 37.9% | 13.8% | ||
| Q2 24 | 22.2% | 14.5% | ||
| Q1 24 | 45.0% | 29.1% |
资本支出强度FTNTGRMN
| Q4 25 | 2.2% | 5.8% | ||
| Q3 25 | 5.1% | 3.4% | ||
| Q2 25 | 10.3% | 2.5% | ||
| Q1 25 | 4.3% | 2.6% | ||
| Q4 24 | 5.9% | 4.6% | ||
| Q3 24 | 2.4% | 2.4% | ||
| Q2 24 | 1.6% | 2.5% | ||
| Q1 24 | 16.4% | 2.4% |
现金转化率FTNTGRMN
| Q4 25 | 1.23× | 1.05× | ||
| Q3 25 | 1.38× | 1.21× | ||
| Q2 25 | 1.03× | 0.43× | ||
| Q1 25 | 1.99× | 1.26× | ||
| Q4 24 | 0.91× | 1.11× | ||
| Q3 24 | 1.13× | 0.65× | ||
| Q2 24 | 0.90× | 0.85× | ||
| Q1 24 | 2.77× | 1.58× |
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% |
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
