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飞塔（FTNT）与罗技（LOGI）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罗技的1.3倍（$1.9B vs $1.4B）。飞塔净利率更高（26.6% vs 17.7%，领先8.9%）。飞塔同比增速更快（14.8% vs 6.1%）。飞塔自由现金流更多（$577.4M vs $465.6M）。过去两年飞塔的营收复合增速更高（18.6% vs 18.5%）
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。
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
FTNT vs LOGI — 直观对比
营收规模更大
FTNT
是对方的1.3倍
$1.4B
营收增速更快
FTNT
高出8.7%
6.1%
净利率更高
FTNT
高出8.9%
17.7%
自由现金流更多
FTNT
多$111.8M
$465.6M
两年增速更快
FTNT
近两年复合增速
18.5%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.4B |
| 净利润 | $506.0M | $251.0M |
| 毛利率 | 79.6% | 43.2% |
| 营业利润率 | 32.8% | 20.1% |
| 净利率 | 26.6% | 17.7% |
| 营收同比 | 14.8% | 6.1% |
| 净利润同比 | -3.8% | 25.4% |
| 每股收益（稀释后） | $0.67 | $1.69 |
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FTNTLOGI
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.6B | $1.1B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B | ||
| Q1 24 | $1.4B | $1.0B |
净利润FTNTLOGI
| Q4 25 | $506.0M | $251.0M | ||
| Q3 25 | $473.9M | $170.7M | ||
| Q2 25 | $440.1M | $146.0M | ||
| Q1 25 | $433.4M | $144.1M | ||
| Q4 24 | $526.2M | $200.1M | ||
| Q3 24 | $539.9M | $145.5M | ||
| Q2 24 | $379.8M | $141.8M | ||
| Q1 24 | $299.3M | $167.6M |
毛利率FTNTLOGI
| Q4 25 | 79.6% | 43.2% | ||
| Q3 25 | 80.8% | 43.4% | ||
| Q2 25 | 80.7% | 41.7% | ||
| Q1 25 | 81.0% | 43.1% | ||
| Q4 24 | 81.1% | 42.9% | ||
| Q3 24 | 82.5% | 43.6% | ||
| Q2 24 | 80.8% | 42.8% | ||
| Q1 24 | 77.5% | 43.2% |
营业利润率FTNTLOGI
| Q4 25 | 32.8% | 20.1% | ||
| Q3 25 | 31.7% | 16.1% | ||
| Q2 25 | 28.1% | 14.1% | ||
| Q1 25 | 29.5% | 10.5% | ||
| Q4 24 | 34.6% | 17.5% | ||
| Q3 24 | 31.2% | 14.4% | ||
| Q2 24 | 30.5% | 14.1% | ||
| Q1 24 | 23.7% | 12.9% |
净利率FTNTLOGI
| Q4 25 | 26.6% | 17.7% | ||
| Q3 25 | 27.5% | 14.4% | ||
| Q2 25 | 27.0% | 12.7% | ||
| Q1 25 | 28.1% | 14.3% | ||
| Q4 24 | 31.7% | 14.9% | ||
| Q3 24 | 35.8% | 13.0% | ||
| Q2 24 | 26.5% | 13.0% | ||
| Q1 24 | 22.1% | 16.6% |
每股收益（稀释后）FTNTLOGI
| Q4 25 | $0.67 | $1.69 | ||
| Q3 25 | $0.62 | $1.15 | ||
| Q2 25 | $0.57 | $0.98 | ||
| Q1 25 | $0.56 | $0.94 | ||
| Q4 24 | $0.68 | $1.32 | ||
| Q3 24 | $0.70 | $0.95 | ||
| Q2 24 | $0.49 | $0.92 | ||
| Q1 24 | $0.39 | $1.07 |
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 | $1.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $2.3B |
| 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FTNTLOGI
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $3.4B | $1.5B | ||
| Q1 25 | $3.6B | $1.5B | ||
| Q4 24 | $2.9B | $1.5B | ||
| Q3 24 | $2.5B | $1.4B | ||
| Q2 24 | $2.2B | $1.5B | ||
| Q1 24 | $1.9B | $1.5B |
股东权益FTNTLOGI
| Q4 25 | $1.2B | $2.3B | ||
| Q3 25 | $735.1M | $2.1B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $2.0B | $2.1B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $908.1M | $2.1B | ||
| Q2 24 | $288.2M | $2.2B | ||
| Q1 24 | $-137.5M | $2.2B |
总资产FTNTLOGI
| Q4 25 | $10.4B | $4.1B | ||
| Q3 25 | $9.4B | $3.7B | ||
| Q2 25 | $10.6B | $3.7B | ||
| Q1 25 | $10.4B | $3.5B | ||
| Q4 24 | $9.8B | $3.7B | ||
| Q3 24 | $8.9B | $3.6B | ||
| Q2 24 | $8.1B | $3.7B | ||
| Q1 24 | $7.7B | $3.6B |
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 | $480.5M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $465.6M |
| 自由现金流率自由现金流/营收 | 30.3% | 32.8% |
| 资本支出强度资本支出/营收 | 2.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.91× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $903.6M |
8季度趋势，按日历期对齐
经营现金流FTNTLOGI
| Q4 25 | $620.2M | $480.5M | ||
| Q3 25 | $655.2M | $228.8M | ||
| Q2 25 | $451.9M | $125.0M | ||
| Q1 25 | $863.3M | $129.7M | ||
| Q4 24 | $477.6M | $370.9M | ||
| Q3 24 | $608.1M | $166.0M | ||
| Q2 24 | $342.0M | $176.0M | ||
| Q1 24 | $830.4M | $239.1M |
自由现金流FTNTLOGI
| Q4 25 | $577.4M | $465.6M | ||
| Q3 25 | $567.5M | $212.3M | ||
| Q2 25 | $284.1M | $108.8M | ||
| Q1 25 | $796.8M | $116.9M | ||
| Q4 24 | $380.0M | $356.6M | ||
| Q3 24 | $571.8M | $151.5M | ||
| Q2 24 | $318.9M | $161.4M | ||
| Q1 24 | $608.5M | $228.8M |
自由现金流率FTNTLOGI
| Q4 25 | 30.3% | 32.8% | ||
| Q3 25 | 32.9% | 17.9% | ||
| Q2 25 | 17.4% | 9.5% | ||
| Q1 25 | 51.8% | 11.6% | ||
| Q4 24 | 22.9% | 26.6% | ||
| Q3 24 | 37.9% | 13.6% | ||
| Q2 24 | 22.2% | 14.8% | ||
| Q1 24 | 45.0% | 22.6% |
资本支出强度FTNTLOGI
| Q4 25 | 2.2% | 1.0% | ||
| Q3 25 | 5.1% | 1.4% | ||
| Q2 25 | 10.3% | 1.4% | ||
| Q1 25 | 4.3% | 1.3% | ||
| Q4 24 | 5.9% | 1.1% | ||
| Q3 24 | 2.4% | 1.3% | ||
| Q2 24 | 1.6% | 1.3% | ||
| Q1 24 | 16.4% | 1.0% |
现金转化率FTNTLOGI
| Q4 25 | 1.23× | 1.91× | ||
| Q3 25 | 1.38× | 1.34× | ||
| Q2 25 | 1.03× | 0.86× | ||
| Q1 25 | 1.99× | 0.90× | ||
| Q4 24 | 0.91× | 1.85× | ||
| Q3 24 | 1.13× | 1.14× | ||
| Q2 24 | 0.90× | 1.24× | ||
| Q1 24 | 2.77× | 1.43× |
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% |
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
