vs
飞塔（FTNT）与ICAHN ENTERPRISES L.P.（IEP）财务数据对比。点击上方公司名可切换其他公司
ICAHN ENTERPRISES L.P.的季度营收约是飞塔的1.4倍（$2.7B vs $1.9B），飞塔净利率更高（26.6% vs 0.0%，领先26.5%），飞塔同比增速更快（14.8% vs 5.4%），飞塔自由现金流更多（$577.4M vs $-496.0M），过去两年飞塔的营收复合增速更高（18.6% vs 4.5%）
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。
伊坎企业有限合伙企业是美国上市的 Master 有限合伙企业与多元化集团，总部位于佛罗里达州阳光岛海滩的弥尔顿大厦。公司投资布局覆盖能源、汽车、食品包装、金属、房地产、家居时尚等多个领域，由知名投资人卡尔·伊坎控股，其持股比例达86%。
FTNT vs IEP — 直观对比
营收规模更大
IEP
是对方的1.4倍
$1.9B
营收增速更快
FTNT
高出9.4%
5.4%
净利率更高
FTNT
高出26.5%
0.0%
自由现金流更多
FTNT
多$1.1B
$-496.0M
两年增速更快
FTNT
近两年复合增速
4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.7B |
| 净利润 | $506.0M | $1.0M |
| 毛利率 | 79.6% | — |
| 营业利润率 | 32.8% | 0.6% |
| 净利率 | 26.6% | 0.0% |
| 营收同比 | 14.8% | 5.4% |
| 净利润同比 | -3.8% | 101.0% |
| 每股收益（稀释后） | $0.67 | — |
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FTNTIEP
| Q4 25 | $1.9B | $2.7B | ||
| Q3 25 | $1.7B | $2.7B | ||
| Q2 25 | $1.6B | $2.4B | ||
| Q1 25 | $1.5B | $1.9B | ||
| Q4 24 | $1.7B | $2.6B | ||
| Q3 24 | $1.5B | $2.8B | ||
| Q2 24 | $1.4B | $2.2B | ||
| Q1 24 | $1.4B | $2.5B |
净利润FTNTIEP
| Q4 25 | $506.0M | $1.0M | ||
| Q3 25 | $473.9M | $287.0M | ||
| Q2 25 | $440.1M | $-165.0M | ||
| Q1 25 | $433.4M | $-422.0M | ||
| Q4 24 | $526.2M | $-98.0M | ||
| Q3 24 | $539.9M | $22.0M | ||
| Q2 24 | $379.8M | $-331.0M | ||
| Q1 24 | $299.3M | $-38.0M |
毛利率FTNTIEP
| 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FTNTIEP
| Q4 25 | 32.8% | 0.6% | ||
| Q3 25 | 31.7% | 19.7% | ||
| Q2 25 | 28.1% | -10.4% | ||
| Q1 25 | 29.5% | -35.0% | ||
| Q4 24 | 34.6% | -5.2% | ||
| Q3 24 | 31.2% | 2.4% | ||
| Q2 24 | 30.5% | -21.9% | ||
| Q1 24 | 23.7% | -0.8% |
净利率FTNTIEP
| Q4 25 | 26.6% | 0.0% | ||
| Q3 25 | 27.5% | 10.5% | ||
| Q2 25 | 27.0% | -7.0% | ||
| Q1 25 | 28.1% | -22.6% | ||
| Q4 24 | 31.7% | -3.8% | ||
| Q3 24 | 35.8% | 0.8% | ||
| Q2 24 | 26.5% | -15.0% | ||
| Q1 24 | 22.1% | -1.5% |
每股收益（稀释后）FTNTIEP
| Q4 25 | $0.67 | — | ||
| Q3 25 | $0.62 | — | ||
| Q2 25 | $0.57 | — | ||
| Q1 25 | $0.56 | — | ||
| Q4 24 | $0.68 | — | ||
| Q3 24 | $0.70 | — | ||
| Q2 24 | $0.49 | — | ||
| Q1 24 | $0.39 | — |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | — |
| 总资产 | $10.4B | $14.2B |
| 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FTNTIEP
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $2.0B | $1.8B | ||
| Q2 25 | $3.4B | $1.8B | ||
| Q1 25 | $3.6B | $2.2B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $2.5B | $2.3B | ||
| Q2 24 | $2.2B | $2.2B | ||
| Q1 24 | $1.9B | $2.5B |
股东权益FTNTIEP
| Q4 25 | $1.2B | — | ||
| Q3 25 | $735.1M | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $908.1M | — | ||
| Q2 24 | $288.2M | — | ||
| Q1 24 | $-137.5M | — |
总资产FTNTIEP
| Q4 25 | $10.4B | $14.2B | ||
| Q3 25 | $9.4B | $14.8B | ||
| Q2 25 | $10.6B | $14.8B | ||
| Q1 25 | $10.4B | $15.5B | ||
| Q4 24 | $9.8B | $16.3B | ||
| Q3 24 | $8.9B | $17.4B | ||
| Q2 24 | $8.1B | $18.0B | ||
| Q1 24 | $7.7B | $20.1B |
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 | $-421.0M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $-496.0M |
| 自由现金流率自由现金流/营收 | 30.3% | -18.4% |
| 资本支出强度资本支出/营收 | 2.2% | 2.8% |
| 现金转化率经营现金流/净利润 | 1.23× | -421.00× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $-654.0M |
8季度趋势，按日历期对齐
经营现金流FTNTIEP
| Q4 25 | $620.2M | $-421.0M | ||
| Q3 25 | $655.2M | $15.0M | ||
| Q2 25 | $451.9M | $275.0M | ||
| Q1 25 | $863.3M | $-182.0M | ||
| Q4 24 | $477.6M | $244.0M | ||
| Q3 24 | $608.1M | $-54.0M | ||
| Q2 24 | $342.0M | $893.0M | ||
| Q1 24 | $830.4M | $-251.0M |
自由现金流FTNTIEP
| Q4 25 | $577.4M | $-496.0M | ||
| Q3 25 | $567.5M | $-67.0M | ||
| Q2 25 | $284.1M | $179.0M | ||
| Q1 25 | $796.8M | $-270.0M | ||
| Q4 24 | $380.0M | $156.0M | ||
| Q3 24 | $571.8M | $-112.0M | ||
| Q2 24 | $318.9M | $827.0M | ||
| Q1 24 | $608.5M | $-319.0M |
自由现金流率FTNTIEP
| Q4 25 | 30.3% | -18.4% | ||
| Q3 25 | 32.9% | -2.5% | ||
| Q2 25 | 17.4% | 7.6% | ||
| Q1 25 | 51.8% | -14.5% | ||
| Q4 24 | 22.9% | 6.1% | ||
| Q3 24 | 37.9% | -4.0% | ||
| Q2 24 | 22.2% | 37.6% | ||
| Q1 24 | 45.0% | -12.9% |
资本支出强度FTNTIEP
| Q4 25 | 2.2% | 2.8% | ||
| Q3 25 | 5.1% | 3.0% | ||
| Q2 25 | 10.3% | 4.1% | ||
| Q1 25 | 4.3% | 4.7% | ||
| Q4 24 | 5.9% | 3.4% | ||
| Q3 24 | 2.4% | 2.1% | ||
| Q2 24 | 1.6% | 3.0% | ||
| Q1 24 | 16.4% | 2.8% |
现金转化率FTNTIEP
| Q4 25 | 1.23× | -421.00× | ||
| Q3 25 | 1.38× | 0.05× | ||
| Q2 25 | 1.03× | — | ||
| Q1 25 | 1.99× | — | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | 1.13× | -2.45× | ||
| 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% |
IEP
| Public Utilities Inventory Petroleum Products | $1.6B | 61% |
| Other | $381.0M | 14% |
| Automotive Services | $345.0M | 13% |
| Nitrogen Fertilizer Products | $131.0M | 5% |
| Food Packaging Segment | $82.0M | 3% |
| Home Fashion Segment | $45.0M | 2% |
| Renewable Products | $32.0M | 1% |
| Pharma Segment | $23.0M | 1% |
| Holding Company | $11.0M | 0% |
