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飞塔（FTNT）与瑞思迈（RMD）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瑞思迈的1.3倍（$1.9B vs $1.4B），瑞思迈净利率更高（27.6% vs 26.6%，领先1.0%），飞塔同比增速更快（14.8% vs 11.0%），飞塔自由现金流更多（$577.4M vs $311.2M），过去两年飞塔的营收复合增速更高（18.6% vs 9.0%）
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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
FTNT vs RMD — 直观对比
营收规模更大
FTNT
是对方的1.3倍
$1.4B
营收增速更快
FTNT
高出3.8%
11.0%
净利率更高
RMD
高出1.0%
26.6%
自由现金流更多
FTNT
多$266.2M
$311.2M
两年增速更快
FTNT
近两年复合增速
9.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.4B |
| 净利润 | $506.0M | $392.6M |
| 毛利率 | 79.6% | 61.8% |
| 营业利润率 | 32.8% | 34.6% |
| 净利率 | 26.6% | 27.6% |
| 营收同比 | 14.8% | 11.0% |
| 净利润同比 | -3.8% | 13.9% |
| 每股收益（稀释后） | $0.67 | $2.68 |
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FTNTRMD
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.4B | $1.2B | ||
| Q1 24 | $1.4B | $1.2B |
净利润FTNTRMD
| Q4 25 | $506.0M | $392.6M | ||
| Q3 25 | $473.9M | $348.5M | ||
| Q2 25 | $440.1M | $379.7M | ||
| Q1 25 | $433.4M | $365.0M | ||
| Q4 24 | $526.2M | $344.6M | ||
| Q3 24 | $539.9M | $311.4M | ||
| Q2 24 | $379.8M | $292.2M | ||
| Q1 24 | $299.3M | $300.5M |
毛利率FTNTRMD
| Q4 25 | 79.6% | 61.8% | ||
| Q3 25 | 80.8% | 61.5% | ||
| Q2 25 | 80.7% | 60.8% | ||
| Q1 25 | 81.0% | 59.3% | ||
| Q4 24 | 81.1% | 58.6% | ||
| Q3 24 | 82.5% | 58.6% | ||
| Q2 24 | 80.8% | 58.5% | ||
| Q1 24 | 77.5% | 57.9% |
营业利润率FTNTRMD
| Q4 25 | 32.8% | 34.6% | ||
| Q3 25 | 31.7% | 33.4% | ||
| Q2 25 | 28.1% | 33.7% | ||
| Q1 25 | 29.5% | 33.0% | ||
| Q4 24 | 34.6% | 32.5% | ||
| Q3 24 | 31.2% | 31.6% | ||
| Q2 24 | 30.5% | 31.2% | ||
| Q1 24 | 23.7% | 31.3% |
净利率FTNTRMD
| Q4 25 | 26.6% | 27.6% | ||
| Q3 25 | 27.5% | 26.1% | ||
| Q2 25 | 27.0% | 28.2% | ||
| Q1 25 | 28.1% | 28.3% | ||
| Q4 24 | 31.7% | 26.9% | ||
| Q3 24 | 35.8% | 25.4% | ||
| Q2 24 | 26.5% | 23.9% | ||
| Q1 24 | 22.1% | 25.1% |
每股收益（稀释后）FTNTRMD
| Q4 25 | $0.67 | $2.68 | ||
| Q3 25 | $0.62 | $2.37 | ||
| Q2 25 | $0.57 | $2.58 | ||
| Q1 25 | $0.56 | $2.48 | ||
| Q4 24 | $0.68 | $2.34 | ||
| Q3 24 | $0.70 | $2.11 | ||
| Q2 24 | $0.49 | $1.97 | ||
| Q1 24 | $0.39 | $2.04 |
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 | $1.4B |
| 总债务越低越好 | — | $403.9M |
| 股东权益账面价值 | $1.2B | $6.3B |
| 总资产 | $10.4B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资FTNTRMD
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $3.4B | $1.2B | ||
| Q1 25 | $3.6B | $932.7M | ||
| Q4 24 | $2.9B | $521.9M | ||
| Q3 24 | $2.5B | $426.4M | ||
| Q2 24 | $2.2B | $238.4M | ||
| Q1 24 | $1.9B | $237.9M |
总债务FTNTRMD
| Q4 25 | — | $403.9M | ||
| Q3 25 | — | $408.7M | ||
| Q2 25 | — | $658.4M | ||
| Q1 25 | — | $663.1M | ||
| Q4 24 | — | $662.9M | ||
| Q3 24 | — | $667.6M | ||
| Q2 24 | — | $697.3M | ||
| Q1 24 | — | $997.0M |
股东权益FTNTRMD
| Q4 25 | $1.2B | $6.3B | ||
| Q3 25 | $735.1M | $6.1B | ||
| Q2 25 | $2.1B | $6.0B | ||
| Q1 25 | $2.0B | $5.5B | ||
| Q4 24 | $1.5B | $5.3B | ||
| Q3 24 | $908.1M | $5.2B | ||
| Q2 24 | $288.2M | $4.9B | ||
| Q1 24 | $-137.5M | $4.6B |
总资产FTNTRMD
| Q4 25 | $10.4B | $8.5B | ||
| Q3 25 | $9.4B | $8.3B | ||
| Q2 25 | $10.6B | $8.2B | ||
| Q1 25 | $10.4B | $7.6B | ||
| Q4 24 | $9.8B | $7.1B | ||
| Q3 24 | $8.9B | $7.2B | ||
| Q2 24 | $8.1B | $6.9B | ||
| Q1 24 | $7.7B | $6.8B |
负债/权益比FTNTRMD
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.22× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $311.2M |
| 自由现金流率自由现金流/营收 | 30.3% | 21.9% |
| 资本支出强度资本支出/营收 | 2.2% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.23× | 0.87× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $1.8B |
8季度趋势，按日历期对齐
经营现金流FTNTRMD
| Q4 25 | $620.2M | $339.7M | ||
| Q3 25 | $655.2M | $457.3M | ||
| Q2 25 | $451.9M | $538.8M | ||
| Q1 25 | $863.3M | $578.7M | ||
| Q4 24 | $477.6M | $308.6M | ||
| Q3 24 | $608.1M | $325.5M | ||
| Q2 24 | $342.0M | $440.1M | ||
| Q1 24 | $830.4M | $402.0M |
自由现金流FTNTRMD
| Q4 25 | $577.4M | $311.2M | ||
| Q3 25 | $567.5M | $414.4M | ||
| Q2 25 | $284.1M | $508.2M | ||
| Q1 25 | $796.8M | $557.9M | ||
| Q4 24 | $380.0M | $288.0M | ||
| Q3 24 | $571.8M | $307.7M | ||
| Q2 24 | $318.9M | $415.2M | ||
| Q1 24 | $608.5M | $380.8M |
自由现金流率FTNTRMD
| Q4 25 | 30.3% | 21.9% | ||
| Q3 25 | 32.9% | 31.0% | ||
| Q2 25 | 17.4% | 37.7% | ||
| Q1 25 | 51.8% | 43.2% | ||
| Q4 24 | 22.9% | 22.5% | ||
| Q3 24 | 37.9% | 25.1% | ||
| Q2 24 | 22.2% | 33.9% | ||
| Q1 24 | 45.0% | 31.8% |
资本支出强度FTNTRMD
| Q4 25 | 2.2% | 2.0% | ||
| Q3 25 | 5.1% | 3.2% | ||
| Q2 25 | 10.3% | 2.3% | ||
| Q1 25 | 4.3% | 1.6% | ||
| Q4 24 | 5.9% | 1.6% | ||
| Q3 24 | 2.4% | 1.5% | ||
| Q2 24 | 1.6% | 2.0% | ||
| Q1 24 | 16.4% | 1.8% |
现金转化率FTNTRMD
| Q4 25 | 1.23× | 0.87× | ||
| Q3 25 | 1.38× | 1.31× | ||
| Q2 25 | 1.03× | 1.42× | ||
| Q1 25 | 1.99× | 1.59× | ||
| Q4 24 | 0.91× | 0.90× | ||
| Q3 24 | 1.13× | 1.05× | ||
| Q2 24 | 0.90× | 1.51× | ||
| Q1 24 | 2.77× | 1.34× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
