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飞塔（FTNT）与派拓网络（PANW）财务数据对比。点击上方公司名可切换其他公司
派拓网络的季度营收约是飞塔的1.4倍（$2.6B vs $1.9B），飞塔净利率更高（26.6% vs 16.7%，领先9.9%），派拓网络同比增速更快（14.9% vs 14.8%），飞塔自由现金流更多（$577.4M vs $384.0M），过去两年飞塔的营收复合增速更高（18.6% vs 14.3%）
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。
派拓网络（Palo Alto Networks）是总部位于美国加利福尼亚州圣克拉拉的跨国网络安全企业，核心产品包括高级防火墙及拓展其防护能力的云原生安全服务，为全球150多个国家的超7万家机构、含85家财富100强企业提供服务，旗下拥有知名威胁研究团队Unit 42，还举办Ignite网络安全行业峰会。
FTNT vs PANW — 直观对比
营收规模更大
PANW
是对方的1.4倍
$1.9B
营收增速更快
PANW
高出0.2%
14.8%
净利率更高
FTNT
高出9.9%
16.7%
自由现金流更多
FTNT
多$193.4M
$384.0M
两年增速更快
FTNT
近两年复合增速
14.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.6B |
| 净利润 | $506.0M | $432.0M |
| 毛利率 | 79.6% | 73.6% |
| 营业利润率 | 32.8% | 15.3% |
| 净利率 | 26.6% | 16.7% |
| 营收同比 | 14.8% | 14.9% |
| 净利润同比 | -3.8% | 61.6% |
| 每股收益（稀释后） | $0.67 | $0.61 |
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FTNTPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $1.9B | $2.5B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.6B | $2.3B | ||
| Q1 25 | $1.5B | $2.3B | ||
| Q4 24 | $1.7B | $2.1B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.4B | $2.0B |
净利润FTNTPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $506.0M | $334.0M | ||
| Q3 25 | $473.9M | $253.8M | ||
| Q2 25 | $440.1M | $262.1M | ||
| Q1 25 | $433.4M | $267.3M | ||
| Q4 24 | $526.2M | $350.7M | ||
| Q3 24 | $539.9M | $357.7M | ||
| Q2 24 | $379.8M | $278.8M |
毛利率FTNTPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 79.6% | 74.2% | ||
| Q3 25 | 80.8% | 73.2% | ||
| Q2 25 | 80.7% | 72.9% | ||
| Q1 25 | 81.0% | 73.5% | ||
| Q4 24 | 81.1% | 74.1% | ||
| Q3 24 | 82.5% | 73.8% | ||
| Q2 24 | 80.8% | 74.1% |
营业利润率FTNTPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 32.8% | 12.5% | ||
| Q3 25 | 31.7% | 19.6% | ||
| Q2 25 | 28.1% | 9.6% | ||
| Q1 25 | 29.5% | 10.6% | ||
| Q4 24 | 34.6% | 13.4% | ||
| Q3 24 | 31.2% | 10.9% | ||
| Q2 24 | 30.5% | 8.9% |
净利率FTNTPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 26.6% | 13.5% | ||
| Q3 25 | 27.5% | 10.0% | ||
| Q2 25 | 27.0% | 11.5% | ||
| Q1 25 | 28.1% | 11.8% | ||
| Q4 24 | 31.7% | 16.4% | ||
| Q3 24 | 35.8% | 16.3% | ||
| Q2 24 | 26.5% | 14.0% |
每股收益（稀释后）FTNTPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.67 | $0.47 | ||
| Q3 25 | $0.62 | $-0.14 | ||
| Q2 25 | $0.57 | $0.37 | ||
| Q1 25 | $0.56 | $0.38 | ||
| Q4 24 | $0.68 | $0.99 | ||
| Q3 24 | $0.70 | $1.04 | ||
| Q2 24 | $0.49 | $0.79 |
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 | $4.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $9.4B |
| 总资产 | $10.4B | $25.0B |
| 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FTNTPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $2.5B | $4.2B | ||
| Q3 25 | $2.0B | $2.9B | ||
| Q2 25 | $3.4B | $3.3B | ||
| Q1 25 | $3.6B | $3.2B | ||
| Q4 24 | $2.9B | $3.4B | ||
| Q3 24 | $2.5B | $2.6B | ||
| Q2 24 | $2.2B | $2.9B |
股东权益FTNTPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $1.2B | $8.7B | ||
| Q3 25 | $735.1M | $7.8B | ||
| Q2 25 | $2.1B | $7.2B | ||
| Q1 25 | $2.0B | $6.4B | ||
| Q4 24 | $1.5B | $5.9B | ||
| Q3 24 | $908.1M | $5.2B | ||
| Q2 24 | $288.2M | $4.5B |
总资产FTNTPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $10.4B | $23.5B | ||
| Q3 25 | $9.4B | $23.6B | ||
| Q2 25 | $10.6B | $22.0B | ||
| Q1 25 | $10.4B | $21.0B | ||
| Q4 24 | $9.8B | $20.4B | ||
| Q3 24 | $8.9B | $20.0B | ||
| Q2 24 | $8.1B | $17.9B |
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 | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $384.0M |
| 自由现金流率自由现金流/营收 | 30.3% | 14.8% |
| 资本支出强度资本支出/营收 | 2.2% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.28× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $3.6B |
8季度趋势，按日历期对齐
经营现金流FTNTPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $620.2M | $1.8B | ||
| Q3 25 | $655.2M | $1.0B | ||
| Q2 25 | $451.9M | $628.7M | ||
| Q1 25 | $863.3M | $556.9M | ||
| Q4 24 | $477.6M | $1.5B | ||
| Q3 24 | $608.1M | $512.7M | ||
| Q2 24 | $342.0M | $528.9M |
自由现金流FTNTPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $577.4M | $1.7B | ||
| Q3 25 | $567.5M | $934.5M | ||
| Q2 25 | $284.1M | $560.4M | ||
| Q1 25 | $796.8M | $509.4M | ||
| Q4 24 | $380.0M | $1.5B | ||
| Q3 24 | $571.8M | $465.3M | ||
| Q2 24 | $318.9M | $491.5M |
自由现金流率FTNTPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 30.3% | 68.2% | ||
| Q3 25 | 32.9% | 36.8% | ||
| Q2 25 | 17.4% | 24.5% | ||
| Q1 25 | 51.8% | 22.6% | ||
| Q4 24 | 22.9% | 68.5% | ||
| Q3 24 | 37.9% | 21.3% | ||
| Q2 24 | 22.2% | 24.8% |
资本支出强度FTNTPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 2.2% | 3.4% | ||
| Q3 25 | 5.1% | 3.4% | ||
| Q2 25 | 10.3% | 3.0% | ||
| Q1 25 | 4.3% | 2.1% | ||
| Q4 24 | 5.9% | 2.1% | ||
| Q3 24 | 2.4% | 2.2% | ||
| Q2 24 | 1.6% | 1.9% |
现金转化率FTNTPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 1.23× | 5.30× | ||
| Q3 25 | 1.38× | 4.02× | ||
| Q2 25 | 1.03× | 2.40× | ||
| Q1 25 | 1.99× | 2.08× | ||
| Q4 24 | 0.91× | 4.30× | ||
| Q3 24 | 1.13× | 1.43× | ||
| Q2 24 | 0.90× | 1.90× |
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% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
