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飞塔（FTNT）与Meritage Homes CORP（MTH）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Meritage Homes CORP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 10.5%），飞塔自由现金流更多（$577.4M vs $-225.4M）
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。
Meritage Homes Corporation是美国上市房地产开发企业，主营全美范围内各类独栋住宅建造业务，按2023年房屋销量计算为美国第五大住宅建筑商，同时在亚利桑那州开发活跃长者社区及高端地产项目。
FTNT vs MTH — 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4.2%
10.5%
净利率更高
FTNT
高出8.9%
17.7%
自由现金流更多
FTNT
多$802.8M
$-225.4M
损益表 — Q4 FY2025 vs Q2 FY2022
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.4B |
| 净利润 | $506.0M | $250.1M |
| 毛利率 | 79.6% | 31.5% |
| 营业利润率 | 32.8% | 23.5% |
| 净利率 | 26.6% | 17.7% |
| 营收同比 | 14.8% | 10.5% |
| 净利润同比 | -3.8% | 49.4% |
| 每股收益（稀释后） | $0.67 | $6.77 |
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FTNTMTH
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
净利润FTNTMTH
| Q4 25 | $506.0M | — | ||
| Q3 25 | $473.9M | — | ||
| Q2 25 | $440.1M | — | ||
| Q1 25 | $433.4M | — | ||
| Q4 24 | $526.2M | — | ||
| Q3 24 | $539.9M | — | ||
| Q2 24 | $379.8M | — | ||
| Q1 24 | $299.3M | — |
毛利率FTNTMTH
| 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FTNTMTH
| Q4 25 | 32.8% | — | ||
| Q3 25 | 31.7% | — | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 29.5% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 31.2% | — | ||
| Q2 24 | 30.5% | — | ||
| Q1 24 | 23.7% | — |
净利率FTNTMTH
| Q4 25 | 26.6% | — | ||
| Q3 25 | 27.5% | — | ||
| Q2 25 | 27.0% | — | ||
| Q1 25 | 28.1% | — | ||
| Q4 24 | 31.7% | — | ||
| Q3 24 | 35.8% | — | ||
| Q2 24 | 26.5% | — | ||
| Q1 24 | 22.1% | — |
每股收益（稀释后）FTNTMTH
| 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 | $272.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $3.4B |
| 总资产 | $10.4B | $5.3B |
| 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FTNTMTH
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $3.4B | — | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.2B | — | ||
| Q1 24 | $1.9B | — |
股东权益FTNTMTH
| 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FTNTMTH
| Q4 25 | $10.4B | — | ||
| Q3 25 | $9.4B | — | ||
| Q2 25 | $10.6B | — | ||
| Q1 25 | $10.4B | — | ||
| Q4 24 | $9.8B | — | ||
| Q3 24 | $8.9B | — | ||
| Q2 24 | $8.1B | — | ||
| Q1 24 | $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 | $-219.0M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $-225.4M |
| 自由现金流率自由现金流/营收 | 30.3% | -16.0% |
| 资本支出强度资本支出/营收 | 2.2% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.23× | -0.88× |
| 过去12个月自由现金流最近4个季度 | $2.2B | — |
8季度趋势，按日历期对齐
经营现金流FTNTMTH
| Q4 25 | $620.2M | — | ||
| Q3 25 | $655.2M | — | ||
| Q2 25 | $451.9M | — | ||
| Q1 25 | $863.3M | — | ||
| Q4 24 | $477.6M | — | ||
| Q3 24 | $608.1M | — | ||
| Q2 24 | $342.0M | — | ||
| Q1 24 | $830.4M | — |
自由现金流FTNTMTH
| Q4 25 | $577.4M | — | ||
| Q3 25 | $567.5M | — | ||
| Q2 25 | $284.1M | — | ||
| Q1 25 | $796.8M | — | ||
| Q4 24 | $380.0M | — | ||
| Q3 24 | $571.8M | — | ||
| Q2 24 | $318.9M | — | ||
| Q1 24 | $608.5M | — |
自由现金流率FTNTMTH
| Q4 25 | 30.3% | — | ||
| Q3 25 | 32.9% | — | ||
| Q2 25 | 17.4% | — | ||
| Q1 25 | 51.8% | — | ||
| Q4 24 | 22.9% | — | ||
| Q3 24 | 37.9% | — | ||
| Q2 24 | 22.2% | — | ||
| Q1 24 | 45.0% | — |
资本支出强度FTNTMTH
| Q4 25 | 2.2% | — | ||
| Q3 25 | 5.1% | — | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 5.9% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 16.4% | — |
现金转化率FTNTMTH
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.03× | — | ||
| Q1 25 | 1.99× | — | ||
| 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% |
MTH
| Home Building | $1.4B | 100% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $9.8M | 1% |
| Financial Service | $5.1M | 0% |
| Land Closing | $3.4M | 0% |
