vs
飞塔（FTNT）与PVH CORP.（PVH）财务数据对比。点击上方公司名可切换其他公司
PVH CORP.的季度营收约是飞塔的1.2倍（$2.3B vs $1.9B），飞塔净利率更高（26.6% vs 0.2%，领先26.4%），飞塔同比增速更快（14.8% vs 1.7%），飞塔自由现金流更多（$577.4M vs $-85.1M）
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。
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
FTNT vs PVH — 直观对比
营收规模更大
PVH
是对方的1.2倍
$1.9B
营收增速更快
FTNT
高出13.0%
1.7%
净利率更高
FTNT
高出26.4%
0.2%
自由现金流更多
FTNT
多$662.5M
$-85.1M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.3B |
| 净利润 | $506.0M | $4.2M |
| 毛利率 | 79.6% | 56.3% |
| 营业利润率 | 32.8% | 7.9% |
| 净利率 | 26.6% | 0.2% |
| 营收同比 | 14.8% | 1.7% |
| 净利润同比 | -3.8% | -96.8% |
| 每股收益（稀释后） | $0.67 | $0.09 |
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FTNTPVH
| Q4 25 | $1.9B | $2.3B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.6B | $2.0B | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
净利润FTNTPVH
| Q4 25 | $506.0M | $4.2M | ||
| Q3 25 | $473.9M | $224.2M | ||
| Q2 25 | $440.1M | $-44.8M | ||
| Q1 25 | $433.4M | — | ||
| Q4 24 | $526.2M | — | ||
| Q3 24 | $539.9M | — | ||
| Q2 24 | $379.8M | — | ||
| Q1 24 | $299.3M | — |
毛利率FTNTPVH
| Q4 25 | 79.6% | 56.3% | ||
| Q3 25 | 80.8% | 57.7% | ||
| Q2 25 | 80.7% | 58.6% | ||
| 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FTNTPVH
| Q4 25 | 32.8% | 7.9% | ||
| Q3 25 | 31.7% | 6.1% | ||
| Q2 25 | 28.1% | -16.7% | ||
| Q1 25 | 29.5% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 31.2% | — | ||
| Q2 24 | 30.5% | — | ||
| Q1 24 | 23.7% | — |
净利率FTNTPVH
| Q4 25 | 26.6% | 0.2% | ||
| Q3 25 | 27.5% | 10.3% | ||
| Q2 25 | 27.0% | -2.3% | ||
| 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）FTNTPVH
| Q4 25 | $0.67 | $0.09 | ||
| Q3 25 | $0.62 | $4.63 | ||
| Q2 25 | $0.57 | $-0.88 | ||
| 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 | $158.2M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $1.2B | $4.9B |
| 总资产 | $10.4B | $11.4B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资FTNTPVH
| Q4 25 | $2.5B | $158.2M | ||
| Q3 25 | $2.0B | $248.8M | ||
| Q2 25 | $3.4B | $191.0M | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.2B | — | ||
| Q1 24 | $1.9B | — |
总债务FTNTPVH
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FTNTPVH
| Q4 25 | $1.2B | $4.9B | ||
| Q3 25 | $735.1M | $4.9B | ||
| Q2 25 | $2.1B | $4.6B | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $908.1M | — | ||
| Q2 24 | $288.2M | — | ||
| Q1 24 | $-137.5M | — |
总资产FTNTPVH
| Q4 25 | $10.4B | $11.4B | ||
| Q3 25 | $9.4B | $11.6B | ||
| Q2 25 | $10.6B | $10.7B | ||
| Q1 25 | $10.4B | — | ||
| Q4 24 | $9.8B | — | ||
| Q3 24 | $8.9B | — | ||
| Q2 24 | $8.1B | — | ||
| Q1 24 | $7.7B | — |
负债/权益比FTNTPVH
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-44.5M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $-85.1M |
| 自由现金流率自由现金流/营收 | 30.3% | -3.7% |
| 资本支出强度资本支出/营收 | 2.2% | 1.8% |
| 现金转化率经营现金流/净利润 | 1.23× | -10.60× |
| 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FTNTPVH
| Q4 25 | $620.2M | $-44.5M | ||
| Q3 25 | $655.2M | $213.1M | ||
| Q2 25 | $451.9M | $-71.4M | ||
| 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FTNTPVH
| Q4 25 | $577.4M | $-85.1M | ||
| Q3 25 | $567.5M | $181.9M | ||
| Q2 25 | $284.1M | $-98.1M | ||
| 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FTNTPVH
| Q4 25 | 30.3% | -3.7% | ||
| Q3 25 | 32.9% | 8.4% | ||
| Q2 25 | 17.4% | -4.9% | ||
| 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FTNTPVH
| Q4 25 | 2.2% | 1.8% | ||
| Q3 25 | 5.1% | 1.4% | ||
| Q2 25 | 10.3% | 1.3% | ||
| 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FTNTPVH
| Q4 25 | 1.23× | -10.60× | ||
| Q3 25 | 1.38× | 0.95× | ||
| 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% |
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
