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飞塔（FTNT）与高德纳（IT）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高德纳的1.1倍（$1.9B vs $1.8B），飞塔净利率更高（26.6% vs 13.8%，领先12.7%），飞塔同比增速更快（14.8% vs 2.2%），飞塔自由现金流更多（$577.4M vs $270.7M），过去两年飞塔的营收复合增速更高（18.6% vs 9.1%）
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。
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
FTNT vs IT — 直观对比
营收规模更大
FTNT
是对方的1.1倍
$1.8B
营收增速更快
FTNT
高出12.6%
2.2%
净利率更高
FTNT
高出12.7%
13.8%
自由现金流更多
FTNT
多$306.7M
$270.7M
两年增速更快
FTNT
近两年复合增速
9.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.8B |
| 净利润 | $506.0M | $242.2M |
| 毛利率 | 79.6% | 67.8% |
| 营业利润率 | 32.8% | 19.1% |
| 净利率 | 26.6% | 13.8% |
| 营收同比 | 14.8% | 2.2% |
| 净利润同比 | -3.8% | -39.2% |
| 每股收益（稀释后） | $0.67 | $3.36 |
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FTNTIT
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.6B | $1.7B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.4B | $1.5B |
净利润FTNTIT
| Q4 25 | $506.0M | $242.2M | ||
| Q3 25 | $473.9M | $35.4M | ||
| Q2 25 | $440.1M | $240.8M | ||
| Q1 25 | $433.4M | $210.9M | ||
| Q4 24 | $526.2M | $398.6M | ||
| Q3 24 | $539.9M | $415.0M | ||
| Q2 24 | $379.8M | $229.5M | ||
| Q1 24 | $299.3M | $210.5M |
毛利率FTNTIT
| Q4 25 | 79.6% | 67.8% | ||
| Q3 25 | 80.8% | 69.3% | ||
| Q2 25 | 80.7% | 68.6% | ||
| Q1 25 | 81.0% | 69.4% | ||
| Q4 24 | 81.1% | 66.8% | ||
| Q3 24 | 82.5% | 68.4% | ||
| Q2 24 | 80.8% | 68.6% | ||
| Q1 24 | 77.5% | 69.4% |
营业利润率FTNTIT
| Q4 25 | 32.8% | 19.1% | ||
| Q3 25 | 31.7% | 5.7% | ||
| Q2 25 | 28.1% | 19.4% | ||
| Q1 25 | 29.5% | 18.1% | ||
| Q4 24 | 34.6% | 18.5% | ||
| Q3 24 | 31.2% | 16.6% | ||
| Q2 24 | 30.5% | 20.0% | ||
| Q1 24 | 23.7% | 18.6% |
净利率FTNTIT
| Q4 25 | 26.6% | 13.8% | ||
| Q3 25 | 27.5% | 2.3% | ||
| Q2 25 | 27.0% | 14.3% | ||
| Q1 25 | 28.1% | 13.7% | ||
| Q4 24 | 31.7% | 23.2% | ||
| Q3 24 | 35.8% | 28.0% | ||
| Q2 24 | 26.5% | 14.4% | ||
| Q1 24 | 22.1% | 14.3% |
每股收益（稀释后）FTNTIT
| Q4 25 | $0.67 | $3.36 | ||
| Q3 25 | $0.62 | $0.47 | ||
| Q2 25 | $0.57 | $3.11 | ||
| Q1 25 | $0.56 | $2.71 | ||
| Q4 24 | $0.68 | $5.08 | ||
| Q3 24 | $0.70 | $5.32 | ||
| Q2 24 | $0.49 | $2.93 | ||
| Q1 24 | $0.39 | $2.67 |
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 | $1.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $319.9M |
| 总资产 | $10.4B | $8.1B |
| 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FTNTIT
| Q4 25 | $2.5B | $1.7B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $3.4B | $2.2B | ||
| Q1 25 | $3.6B | $2.1B | ||
| Q4 24 | $2.9B | $1.9B | ||
| Q3 24 | $2.5B | $1.8B | ||
| Q2 24 | $2.2B | $1.2B | ||
| Q1 24 | $1.9B | $1.2B |
股东权益FTNTIT
| Q4 25 | $1.2B | $319.9M | ||
| Q3 25 | $735.1M | $556.6M | ||
| Q2 25 | $2.1B | $1.5B | ||
| Q1 25 | $2.0B | $1.5B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $908.1M | $1.1B | ||
| Q2 24 | $288.2M | $646.7M | ||
| Q1 24 | $-137.5M | $718.2M |
总资产FTNTIT
| Q4 25 | $10.4B | $8.1B | ||
| Q3 25 | $9.4B | $7.2B | ||
| Q2 25 | $10.6B | $8.3B | ||
| Q1 25 | $10.4B | $8.5B | ||
| Q4 24 | $9.8B | $8.5B | ||
| Q3 24 | $8.9B | $7.8B | ||
| Q2 24 | $8.1B | $7.4B | ||
| Q1 24 | $7.7B | $7.7B |
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 | $294.5M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $270.7M |
| 自由现金流率自由现金流/营收 | 30.3% | 15.4% |
| 资本支出强度资本支出/营收 | 2.2% | 1.4% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.22× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流FTNTIT
| Q4 25 | $620.2M | $294.5M | ||
| Q3 25 | $655.2M | $298.7M | ||
| Q2 25 | $451.9M | $383.6M | ||
| Q1 25 | $863.3M | $313.5M | ||
| Q4 24 | $477.6M | $335.4M | ||
| Q3 24 | $608.1M | $590.8M | ||
| Q2 24 | $342.0M | $370.0M | ||
| Q1 24 | $830.4M | $188.8M |
自由现金流FTNTIT
| Q4 25 | $577.4M | $270.7M | ||
| Q3 25 | $567.5M | $269.3M | ||
| Q2 25 | $284.1M | $347.3M | ||
| Q1 25 | $796.8M | $287.9M | ||
| Q4 24 | $380.0M | $311.4M | ||
| Q3 24 | $571.8M | $565.0M | ||
| Q2 24 | $318.9M | $340.6M | ||
| Q1 24 | $608.5M | $166.2M |
自由现金流率FTNTIT
| Q4 25 | 30.3% | 15.4% | ||
| Q3 25 | 32.9% | 17.7% | ||
| Q2 25 | 17.4% | 20.6% | ||
| Q1 25 | 51.8% | 18.8% | ||
| Q4 24 | 22.9% | 18.2% | ||
| Q3 24 | 37.9% | 38.1% | ||
| Q2 24 | 22.2% | 21.4% | ||
| Q1 24 | 45.0% | 11.3% |
资本支出强度FTNTIT
| Q4 25 | 2.2% | 1.4% | ||
| Q3 25 | 5.1% | 1.9% | ||
| Q2 25 | 10.3% | 2.1% | ||
| Q1 25 | 4.3% | 1.7% | ||
| Q4 24 | 5.9% | 1.4% | ||
| Q3 24 | 2.4% | 1.7% | ||
| Q2 24 | 1.6% | 1.8% | ||
| Q1 24 | 16.4% | 1.5% |
现金转化率FTNTIT
| Q4 25 | 1.23× | 1.22× | ||
| Q3 25 | 1.38× | 8.45× | ||
| Q2 25 | 1.03× | 1.59× | ||
| Q1 25 | 1.99× | 1.49× | ||
| Q4 24 | 0.91× | 0.84× | ||
| Q3 24 | 1.13× | 1.42× | ||
| Q2 24 | 0.90× | 1.61× | ||
| Q1 24 | 2.77× | 0.90× |
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
FTNT
| Services | $1.2B | 64% |
| Security Subscription | $693.7M | 36% |
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
