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飞塔（FTNT）与Realty Income（O）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Realty Income的1.3倍（$1.9B vs $1.5B），飞塔净利率更高（26.6% vs 19.9%，领先6.7%），飞塔同比增速更快（14.8% vs 11.0%），Realty Income自由现金流更多（$1.2B vs $577.4M），过去两年飞塔的营收复合增速更高（18.6% vs 8.6%）
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。
Realty Income是一家房地产投资信托企业，投资范围覆盖美国、英国及欧洲其他六个国家的独立单租户商业地产，旗下物业普遍采用三重净租约模式。公司注册地为美国马里兰州，总部位于加利福尼亚州圣迭戈市。
FTNT vs O — 直观对比
营收规模更大
FTNT
是对方的1.3倍
$1.5B
营收增速更快
FTNT
高出3.7%
11.0%
净利率更高
FTNT
高出6.7%
19.9%
自由现金流更多
O
多$576.6M
$577.4M
两年增速更快
FTNT
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $506.0M | $296.1M |
| 毛利率 | 79.6% | — |
| 营业利润率 | 32.8% | 21.7% |
| 净利率 | 26.6% | 19.9% |
| 营收同比 | 14.8% | 11.0% |
| 净利润同比 | -3.8% | 48.3% |
| 每股收益（稀释后） | $0.67 | $0.32 |
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FTNTO
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.4B | $1.3B |
净利润FTNTO
| Q4 25 | $506.0M | $296.1M | ||
| Q3 25 | $473.9M | $315.8M | ||
| Q2 25 | $440.1M | $196.9M | ||
| Q1 25 | $433.4M | $249.8M | ||
| Q4 24 | $526.2M | $199.6M | ||
| Q3 24 | $539.9M | $269.5M | ||
| Q2 24 | $379.8M | $259.4M | ||
| Q1 24 | $299.3M | $132.3M |
毛利率FTNTO
| 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FTNTO
| Q4 25 | 32.8% | 21.7% | ||
| Q3 25 | 31.7% | 23.2% | ||
| Q2 25 | 28.1% | 15.8% | ||
| Q1 25 | 29.5% | 19.3% | ||
| Q4 24 | 34.6% | 16.5% | ||
| Q3 24 | 31.2% | 21.5% | ||
| Q2 24 | 30.5% | 20.7% | ||
| Q1 24 | 23.7% | 11.9% |
净利率FTNTO
| Q4 25 | 26.6% | 19.9% | ||
| Q3 25 | 27.5% | 21.5% | ||
| Q2 25 | 27.0% | 14.0% | ||
| Q1 25 | 28.1% | 18.1% | ||
| Q4 24 | 31.7% | 14.9% | ||
| Q3 24 | 35.8% | 20.2% | ||
| Q2 24 | 26.5% | 19.4% | ||
| Q1 24 | 22.1% | 10.5% |
每股收益（稀释后）FTNTO
| Q4 25 | $0.67 | $0.32 | ||
| Q3 25 | $0.62 | $0.35 | ||
| Q2 25 | $0.57 | $0.22 | ||
| Q1 25 | $0.56 | $0.28 | ||
| Q4 24 | $0.68 | $0.23 | ||
| Q3 24 | $0.70 | $0.30 | ||
| Q2 24 | $0.49 | $0.29 | ||
| Q1 24 | $0.39 | $0.16 |
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 | $434.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $39.4B |
| 总资产 | $10.4B | $72.8B |
| 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FTNTO
| Q4 25 | $2.5B | $434.8M | ||
| Q3 25 | $2.0B | $417.2M | ||
| Q2 25 | $3.4B | $800.4M | ||
| Q1 25 | $3.6B | $319.0M | ||
| Q4 24 | $2.9B | $445.0M | ||
| Q3 24 | $2.5B | $397.0M | ||
| Q2 24 | $2.2B | $442.8M | ||
| Q1 24 | $1.9B | $680.2M |
股东权益FTNTO
| Q4 25 | $1.2B | $39.4B | ||
| Q3 25 | $735.1M | $39.1B | ||
| Q2 25 | $2.1B | $39.2B | ||
| Q1 25 | $2.0B | $39.0B | ||
| Q4 24 | $1.5B | $38.8B | ||
| Q3 24 | $908.1M | $38.5B | ||
| Q2 24 | $288.2M | $38.6B | ||
| Q1 24 | $-137.5M | $39.0B |
总资产FTNTO
| Q4 25 | $10.4B | $72.8B | ||
| Q3 25 | $9.4B | $71.3B | ||
| Q2 25 | $10.6B | $71.4B | ||
| Q1 25 | $10.4B | $69.8B | ||
| Q4 24 | $9.8B | $68.8B | ||
| Q3 24 | $8.9B | $68.5B | ||
| Q2 24 | $8.1B | $68.1B | ||
| Q1 24 | $7.7B | $68.3B |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $1.2B |
| 自由现金流率自由现金流/营收 | 30.3% | 77.6% |
| 资本支出强度资本支出/营收 | 2.2% | 3.3% |
| 现金转化率经营现金流/净利润 | 1.23× | 4.06× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $3.9B |
8季度趋势，按日历期对齐
经营现金流FTNTO
| Q4 25 | $620.2M | $1.2B | ||
| Q3 25 | $655.2M | $943.1M | ||
| Q2 25 | $451.9M | $1.1B | ||
| Q1 25 | $863.3M | $787.5M | ||
| Q4 24 | $477.6M | $972.0M | ||
| Q3 24 | $608.1M | $841.5M | ||
| Q2 24 | $342.0M | $981.2M | ||
| Q1 24 | $830.4M | $778.7M |
自由现金流FTNTO
| Q4 25 | $577.4M | $1.2B | ||
| Q3 25 | $567.5M | $909.9M | ||
| Q2 25 | $284.1M | $1.0B | ||
| Q1 25 | $796.8M | $764.6M | ||
| Q4 24 | $380.0M | $935.8M | ||
| Q3 24 | $571.8M | $807.9M | ||
| Q2 24 | $318.9M | $939.2M | ||
| Q1 24 | $608.5M | $769.0M |
自由现金流率FTNTO
| Q4 25 | 30.3% | 77.6% | ||
| Q3 25 | 32.9% | 61.9% | ||
| Q2 25 | 17.4% | 73.3% | ||
| Q1 25 | 51.8% | 55.4% | ||
| Q4 24 | 22.9% | 69.8% | ||
| Q3 24 | 37.9% | 60.7% | ||
| Q2 24 | 22.2% | 70.1% | ||
| Q1 24 | 45.0% | 61.0% |
资本支出强度FTNTO
| Q4 25 | 2.2% | 3.3% | ||
| Q3 25 | 5.1% | 2.3% | ||
| Q2 25 | 10.3% | 1.9% | ||
| Q1 25 | 4.3% | 1.7% | ||
| Q4 24 | 5.9% | 2.7% | ||
| Q3 24 | 2.4% | 2.5% | ||
| Q2 24 | 1.6% | 3.1% | ||
| Q1 24 | 16.4% | 0.8% |
现金转化率FTNTO
| Q4 25 | 1.23× | 4.06× | ||
| Q3 25 | 1.38× | 2.99× | ||
| Q2 25 | 1.03× | 5.39× | ||
| Q1 25 | 1.99× | 3.15× | ||
| Q4 24 | 0.91× | 4.87× | ||
| Q3 24 | 1.13× | 3.12× | ||
| Q2 24 | 0.90× | 3.78× | ||
| Q1 24 | 2.77× | 5.89× |
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% |
O
| Product And Service Retail | $900.8M | 61% |
| Other | $531.5M | 36% |
