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飞塔（FTNT）与Rivian Automotive, Inc.（RIVN）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Rivian Automotive, Inc.的1.5倍（$1.9B vs $1.3B），飞塔净利率更高（26.6% vs -63.1%，领先89.6%），飞塔同比增速更快（14.8% vs -25.8%），飞塔自由现金流更多（$577.4M vs $-1.1B），过去两年飞塔的营收复合增速更高（18.6% vs 3.3%）
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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
FTNT vs RIVN — 直观对比
营收规模更大
FTNT
是对方的1.5倍
$1.3B
营收增速更快
FTNT
高出40.6%
-25.8%
净利率更高
FTNT
高出89.6%
-63.1%
自由现金流更多
FTNT
多$1.7B
$-1.1B
两年增速更快
FTNT
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.3B |
| 净利润 | $506.0M | $-811.0M |
| 毛利率 | 79.6% | 9.3% |
| 营业利润率 | 32.8% | -64.8% |
| 净利率 | 26.6% | -63.1% |
| 营收同比 | 14.8% | -25.8% |
| 净利润同比 | -3.8% | -9.0% |
| 每股收益（稀释后） | $0.67 | $-0.66 |
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FTNTRIVN
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $1.5B | $1.2B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.5B | $874.0M | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
净利润FTNTRIVN
| Q4 25 | $506.0M | $-811.0M | ||
| Q3 25 | $473.9M | $-1.2B | ||
| Q2 25 | $440.1M | $-1.1B | ||
| Q1 25 | $433.4M | $-545.0M | ||
| Q4 24 | $526.2M | $-744.0M | ||
| Q3 24 | $539.9M | $-1.1B | ||
| Q2 24 | $379.8M | $-1.5B | ||
| Q1 24 | $299.3M | $-1.4B |
毛利率FTNTRIVN
| Q4 25 | 79.6% | 9.3% | ||
| Q3 25 | 80.8% | 1.5% | ||
| Q2 25 | 80.7% | -15.8% | ||
| Q1 25 | 81.0% | 16.6% | ||
| Q4 24 | 81.1% | 9.8% | ||
| Q3 24 | 82.5% | -44.9% | ||
| Q2 24 | 80.8% | -38.9% | ||
| Q1 24 | 77.5% | -43.8% |
营业利润率FTNTRIVN
| Q4 25 | 32.8% | -64.8% | ||
| Q3 25 | 31.7% | -63.1% | ||
| Q2 25 | 28.1% | -85.5% | ||
| Q1 25 | 29.5% | -52.8% | ||
| Q4 24 | 34.6% | -38.1% | ||
| Q3 24 | 31.2% | -133.8% | ||
| Q2 24 | 30.5% | -118.7% | ||
| Q1 24 | 23.7% | -123.3% |
净利率FTNTRIVN
| Q4 25 | 26.6% | -63.1% | ||
| Q3 25 | 27.5% | -75.3% | ||
| Q2 25 | 27.0% | -85.7% | ||
| Q1 25 | 28.1% | -44.0% | ||
| Q4 24 | 31.7% | -42.9% | ||
| Q3 24 | 35.8% | -125.9% | ||
| Q2 24 | 26.5% | -125.8% | ||
| Q1 24 | 22.1% | -120.1% |
每股收益（稀释后）FTNTRIVN
| Q4 25 | $0.67 | $-0.66 | ||
| Q3 25 | $0.62 | $-0.96 | ||
| Q2 25 | $0.57 | $-0.97 | ||
| Q1 25 | $0.56 | $-0.48 | ||
| Q4 24 | $0.68 | $-0.67 | ||
| Q3 24 | $0.70 | $-1.08 | ||
| Q2 24 | $0.49 | $-1.46 | ||
| Q1 24 | $0.39 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $4.6B |
| 总资产 | $10.4B | $14.9B |
| 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FTNTRIVN
| Q4 25 | $2.5B | $6.1B | ||
| Q3 25 | $2.0B | $7.1B | ||
| Q2 25 | $3.4B | $7.5B | ||
| Q1 25 | $3.6B | $7.2B | ||
| Q4 24 | $2.9B | $7.7B | ||
| Q3 24 | $2.5B | $6.7B | ||
| Q2 24 | $2.2B | $7.9B | ||
| Q1 24 | $1.9B | $7.9B |
总债务FTNTRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $4.4B |
股东权益FTNTRIVN
| Q4 25 | $1.2B | $4.6B | ||
| Q3 25 | $735.1M | $5.1B | ||
| Q2 25 | $2.1B | $6.1B | ||
| Q1 25 | $2.0B | $6.2B | ||
| Q4 24 | $1.5B | $6.6B | ||
| Q3 24 | $908.1M | $5.9B | ||
| Q2 24 | $288.2M | $6.8B | ||
| Q1 24 | $-137.5M | $8.1B |
总资产FTNTRIVN
| Q4 25 | $10.4B | $14.9B | ||
| Q3 25 | $9.4B | $15.2B | ||
| Q2 25 | $10.6B | $15.6B | ||
| Q1 25 | $10.4B | $15.5B | ||
| Q4 24 | $9.8B | $15.4B | ||
| Q3 24 | $8.9B | $14.3B | ||
| Q2 24 | $8.1B | $15.4B | ||
| Q1 24 | $7.7B | $15.7B |
负债/权益比FTNTRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $-1.1B |
| 自由现金流率自由现金流/营收 | 30.3% | -89.0% |
| 资本支出强度资本支出/营收 | 2.2% | 36.0% |
| 现金转化率经营现金流/净利润 | 1.23× | — |
| 过去12个月自由现金流最近4个季度 | $2.2B | $-2.5B |
8季度趋势，按日历期对齐
经营现金流FTNTRIVN
| Q4 25 | $620.2M | $-681.0M | ||
| Q3 25 | $655.2M | $26.0M | ||
| Q2 25 | $451.9M | $64.0M | ||
| Q1 25 | $863.3M | $-188.0M | ||
| Q4 24 | $477.6M | $1.2B | ||
| Q3 24 | $608.1M | $-876.0M | ||
| Q2 24 | $342.0M | $-754.0M | ||
| Q1 24 | $830.4M | $-1.3B |
自由现金流FTNTRIVN
| Q4 25 | $577.4M | $-1.1B | ||
| Q3 25 | $567.5M | $-421.0M | ||
| Q2 25 | $284.1M | $-398.0M | ||
| Q1 25 | $796.8M | $-526.0M | ||
| Q4 24 | $380.0M | $856.0M | ||
| Q3 24 | $571.8M | $-1.2B | ||
| Q2 24 | $318.9M | $-1.0B | ||
| Q1 24 | $608.5M | $-1.5B |
自由现金流率FTNTRIVN
| Q4 25 | 30.3% | -89.0% | ||
| Q3 25 | 32.9% | -27.0% | ||
| Q2 25 | 17.4% | -30.5% | ||
| Q1 25 | 51.8% | -42.4% | ||
| Q4 24 | 22.9% | 49.4% | ||
| Q3 24 | 37.9% | -131.9% | ||
| Q2 24 | 22.2% | -89.6% | ||
| Q1 24 | 45.0% | -126.5% |
资本支出强度FTNTRIVN
| Q4 25 | 2.2% | 36.0% | ||
| Q3 25 | 5.1% | 28.7% | ||
| Q2 25 | 10.3% | 35.5% | ||
| Q1 25 | 4.3% | 27.3% | ||
| Q4 24 | 5.9% | 18.9% | ||
| Q3 24 | 2.4% | 31.7% | ||
| Q2 24 | 1.6% | 24.4% | ||
| Q1 24 | 16.4% | 21.1% |
现金转化率FTNTRIVN
| 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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
