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飞塔（FTNT）与NVR, Inc.（NVR）财务数据对比。点击上方公司名可切换其他公司
NVR, Inc.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 13.4%，领先13.1%），飞塔同比增速更快（14.8% vs -4.7%），飞塔自由现金流更多（$577.4M vs $436.0M），过去两年飞塔的营收复合增速更高（18.6% vs 7.8%）
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。
NVR, Inc.是总部位于美国弗吉尼亚州雷斯顿的知名住宅建造企业，同时运营抵押贷款银行及产权服务相关业务。公司业务主要布局美国东海岸，覆盖14个州及华盛顿特区，2021年有22%的营收来自华盛顿大都会区。
FTNT vs NVR — 直观对比
营收规模更大
NVR
是对方的1.4倍
$1.9B
营收增速更快
FTNT
高出19.4%
-4.7%
净利率更高
FTNT
高出13.1%
13.4%
自由现金流更多
FTNT
多$141.4M
$436.0M
两年增速更快
FTNT
近两年复合增速
7.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.7B |
| 净利润 | $506.0M | $363.8M |
| 毛利率 | 79.6% | — |
| 营业利润率 | 32.8% | — |
| 净利率 | 26.6% | 13.4% |
| 营收同比 | 14.8% | -4.7% |
| 净利润同比 | -3.8% | -20.5% |
| 每股收益（稀释后） | $0.67 | $120.85 |
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FTNTNVR
| Q4 25 | $1.9B | $2.7B | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | $1.6B | $2.6B | ||
| Q1 25 | $1.5B | $2.4B | ||
| Q4 24 | $1.7B | $2.8B | ||
| Q3 24 | $1.5B | $2.7B | ||
| Q2 24 | $1.4B | $2.6B | ||
| Q1 24 | $1.4B | $2.3B |
净利润FTNTNVR
| Q4 25 | $506.0M | $363.8M | ||
| Q3 25 | $473.9M | $342.7M | ||
| Q2 25 | $440.1M | $333.7M | ||
| Q1 25 | $433.4M | $299.6M | ||
| Q4 24 | $526.2M | $457.4M | ||
| Q3 24 | $539.9M | $429.3M | ||
| Q2 24 | $379.8M | $400.9M | ||
| Q1 24 | $299.3M | $394.3M |
毛利率FTNTNVR
| 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FTNTNVR
| 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FTNTNVR
| Q4 25 | 26.6% | 13.4% | ||
| Q3 25 | 27.5% | 13.1% | ||
| Q2 25 | 27.0% | 12.8% | ||
| Q1 25 | 28.1% | 12.5% | ||
| Q4 24 | 31.7% | 16.1% | ||
| Q3 24 | 35.8% | 15.7% | ||
| Q2 24 | 26.5% | 15.3% | ||
| Q1 24 | 22.1% | 16.9% |
每股收益（稀释后）FTNTNVR
| Q4 25 | $0.67 | $120.85 | ||
| Q3 25 | $0.62 | $112.33 | ||
| Q2 25 | $0.57 | $108.54 | ||
| Q1 25 | $0.56 | $94.83 | ||
| Q4 24 | $0.68 | $139.09 | ||
| Q3 24 | $0.70 | $130.50 | ||
| Q2 24 | $0.49 | $120.69 | ||
| Q1 24 | $0.39 | $116.41 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $3.9B |
| 总资产 | $10.4B | $5.9B |
| 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FTNTNVR
| 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FTNTNVR
| Q4 25 | $1.2B | $3.9B | ||
| Q3 25 | $735.1M | $4.0B | ||
| Q2 25 | $2.1B | $3.8B | ||
| Q1 25 | $2.0B | $4.0B | ||
| Q4 24 | $1.5B | $4.2B | ||
| Q3 24 | $908.1M | $4.3B | ||
| Q2 24 | $288.2M | $4.1B | ||
| Q1 24 | $-137.5M | $4.3B |
总资产FTNTNVR
| Q4 25 | $10.4B | $5.9B | ||
| Q3 25 | $9.4B | $6.0B | ||
| Q2 25 | $10.6B | $5.9B | ||
| Q1 25 | $10.4B | $6.2B | ||
| Q4 24 | $9.8B | $6.4B | ||
| Q3 24 | $8.9B | $6.5B | ||
| Q2 24 | $8.1B | $6.4B | ||
| Q1 24 | $7.7B | $6.5B |
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 | $439.7M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $436.0M |
| 自由现金流率自由现金流/营收 | 30.3% | 16.1% |
| 资本支出强度资本支出/营收 | 2.2% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.21× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $1.1B |
8季度趋势，按日历期对齐
经营现金流FTNTNVR
| Q4 25 | $620.2M | $439.7M | ||
| Q3 25 | $655.2M | $438.7M | ||
| Q2 25 | $451.9M | $35.1M | ||
| Q1 25 | $863.3M | $207.8M | ||
| Q4 24 | $477.6M | $637.0M | ||
| Q3 24 | $608.1M | $358.3M | ||
| Q2 24 | $342.0M | $232.7M | ||
| Q1 24 | $830.4M | $146.5M |
自由现金流FTNTNVR
| Q4 25 | $577.4M | $436.0M | ||
| Q3 25 | $567.5M | $433.3M | ||
| Q2 25 | $284.1M | $26.8M | ||
| Q1 25 | $796.8M | $200.7M | ||
| Q4 24 | $380.0M | $631.5M | ||
| Q3 24 | $571.8M | $350.1M | ||
| Q2 24 | $318.9M | $226.3M | ||
| Q1 24 | $608.5M | $137.5M |
自由现金流率FTNTNVR
| Q4 25 | 30.3% | 16.1% | ||
| Q3 25 | 32.9% | 16.6% | ||
| Q2 25 | 17.4% | 1.0% | ||
| Q1 25 | 51.8% | 8.4% | ||
| Q4 24 | 22.9% | 22.2% | ||
| Q3 24 | 37.9% | 12.8% | ||
| Q2 24 | 22.2% | 8.7% | ||
| Q1 24 | 45.0% | 5.9% |
资本支出强度FTNTNVR
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 5.1% | 0.2% | ||
| Q2 25 | 10.3% | 0.3% | ||
| Q1 25 | 4.3% | 0.3% | ||
| Q4 24 | 5.9% | 0.2% | ||
| Q3 24 | 2.4% | 0.3% | ||
| Q2 24 | 1.6% | 0.2% | ||
| Q1 24 | 16.4% | 0.4% |
现金转化率FTNTNVR
| Q4 25 | 1.23× | 1.21× | ||
| Q3 25 | 1.38× | 1.28× | ||
| Q2 25 | 1.03× | 0.11× | ||
| Q1 25 | 1.99× | 0.69× | ||
| Q4 24 | 0.91× | 1.39× | ||
| Q3 24 | 1.13× | 0.83× | ||
| Q2 24 | 0.90× | 0.58× | ||
| Q1 24 | 2.77× | 0.37× |
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% |
NVR
| Home Building Segment | $2.6B | 97% |
| Mortgage Banking Segment | $77.4M | 3% |
