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飞塔（FTNT）与ROKU, INC（ROKU）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ROKU, INC的1.5倍（$1.9B vs $1.2B），飞塔净利率更高（26.6% vs -2.2%，领先28.8%），飞塔同比增速更快（14.8% vs -18.3%），飞塔自由现金流更多（$577.4M vs $298.4M），过去两年飞塔的营收复合增速更高（18.6% vs 13.6%）
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。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
FTNT vs ROKU — 直观对比
营收规模更大
FTNT
是对方的1.5倍
$1.2B
营收增速更快
FTNT
高出33.0%
-18.3%
净利率更高
FTNT
高出28.8%
-2.2%
自由现金流更多
FTNT
多$279.0M
$298.4M
两年增速更快
FTNT
近两年复合增速
13.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $506.0M | $-27.4M |
| 毛利率 | 79.6% | 35.6% |
| 营业利润率 | 32.8% | 59.7% |
| 净利率 | 26.6% | -2.2% |
| 营收同比 | 14.8% | -18.3% |
| 净利润同比 | -3.8% | -361.0% |
| 每股收益（稀释后） | $0.67 | $0.57 |
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FTNTROKU
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.6B | $1.1B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | $1.5B | $1.1B | ||
| Q2 24 | $1.4B | $968.2M |
净利润FTNTROKU
| Q1 26 | — | $-27.4M | ||
| Q4 25 | $506.0M | $80.5M | ||
| Q3 25 | $473.9M | $24.8M | ||
| Q2 25 | $440.1M | $10.5M | ||
| Q1 25 | $433.4M | $-27.4M | ||
| Q4 24 | $526.2M | $-35.5M | ||
| Q3 24 | $539.9M | $-9.0M | ||
| Q2 24 | $379.8M | $-34.0M |
毛利率FTNTROKU
| Q1 26 | — | 35.6% | ||
| Q4 25 | 79.6% | 43.5% | ||
| Q3 25 | 80.8% | 43.4% | ||
| Q2 25 | 80.7% | 44.8% | ||
| Q1 25 | 81.0% | 43.6% | ||
| Q4 24 | 81.1% | 42.7% | ||
| Q3 24 | 82.5% | 45.2% | ||
| Q2 24 | 80.8% | 43.9% |
营业利润率FTNTROKU
| Q1 26 | — | 59.7% | ||
| Q4 25 | 32.8% | 4.7% | ||
| Q3 25 | 31.7% | 0.8% | ||
| Q2 25 | 28.1% | -2.1% | ||
| Q1 25 | 29.5% | -5.7% | ||
| Q4 24 | 34.6% | -3.3% | ||
| Q3 24 | 31.2% | -3.4% | ||
| Q2 24 | 30.5% | -7.4% |
净利率FTNTROKU
| Q1 26 | — | -2.2% | ||
| Q4 25 | 26.6% | 5.8% | ||
| Q3 25 | 27.5% | 2.0% | ||
| Q2 25 | 27.0% | 0.9% | ||
| Q1 25 | 28.1% | -2.7% | ||
| Q4 24 | 31.7% | -3.0% | ||
| Q3 24 | 35.8% | -0.9% | ||
| Q2 24 | 26.5% | -3.5% |
每股收益（稀释后）FTNTROKU
| Q1 26 | — | $0.57 | ||
| Q4 25 | $0.67 | $0.55 | ||
| Q3 25 | $0.62 | $0.16 | ||
| Q2 25 | $0.57 | $0.07 | ||
| Q1 25 | $0.56 | $-0.19 | ||
| Q4 24 | $0.68 | $-0.24 | ||
| Q3 24 | $0.70 | $-0.06 | ||
| Q2 24 | $0.49 | $-0.24 |
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 | $2.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $2.7B |
| 总资产 | $10.4B | $4.4B |
| 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FTNTROKU
| Q1 26 | — | $2.4B | ||
| Q4 25 | $2.5B | $2.3B | ||
| Q3 25 | $2.0B | $2.3B | ||
| Q2 25 | $3.4B | $2.3B | ||
| Q1 25 | $3.6B | $2.3B | ||
| Q4 24 | $2.9B | $2.2B | ||
| Q3 24 | $2.5B | $2.1B | ||
| Q2 24 | $2.2B | $2.1B |
股东权益FTNTROKU
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.2B | $2.7B | ||
| Q3 25 | $735.1M | $2.6B | ||
| Q2 25 | $2.1B | $2.6B | ||
| Q1 25 | $2.0B | $2.5B | ||
| Q4 24 | $1.5B | $2.5B | ||
| Q3 24 | $908.1M | $2.5B | ||
| Q2 24 | $288.2M | $2.4B |
总资产FTNTROKU
| Q1 26 | — | $4.4B | ||
| Q4 25 | $10.4B | $4.4B | ||
| Q3 25 | $9.4B | $4.4B | ||
| Q2 25 | $10.6B | $4.3B | ||
| Q1 25 | $10.4B | $4.2B | ||
| Q4 24 | $9.8B | $4.3B | ||
| Q3 24 | $8.9B | $4.3B | ||
| Q2 24 | $8.1B | $4.1B |
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 | $199.1M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $298.4M |
| 自由现金流率自由现金流/营收 | 30.3% | 23.9% |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 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 | $640.0M |
8季度趋势，按日历期对齐
经营现金流FTNTROKU
| Q1 26 | — | $199.1M | ||
| Q4 25 | $620.2M | $107.7M | ||
| Q3 25 | $655.2M | $127.6M | ||
| Q2 25 | $451.9M | $109.7M | ||
| Q1 25 | $863.3M | $138.7M | ||
| Q4 24 | $477.6M | $79.3M | ||
| Q3 24 | $608.1M | $68.7M | ||
| Q2 24 | $342.0M | $23.4M |
自由现金流FTNTROKU
| Q1 26 | — | $298.4M | ||
| Q4 25 | $577.4M | $106.6M | ||
| Q3 25 | $567.5M | $126.5M | ||
| Q2 25 | $284.1M | $108.6M | ||
| Q1 25 | $796.8M | $136.8M | ||
| Q4 24 | $380.0M | $76.8M | ||
| Q3 24 | $571.8M | $67.6M | ||
| Q2 24 | $318.9M | $22.5M |
自由现金流率FTNTROKU
| Q1 26 | — | 23.9% | ||
| Q4 25 | 30.3% | 7.6% | ||
| Q3 25 | 32.9% | 10.4% | ||
| Q2 25 | 17.4% | 9.8% | ||
| Q1 25 | 51.8% | 13.4% | ||
| Q4 24 | 22.9% | 6.4% | ||
| Q3 24 | 37.9% | 6.4% | ||
| Q2 24 | 22.2% | 2.3% |
资本支出强度FTNTROKU
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 5.1% | 0.1% | ||
| Q2 25 | 10.3% | 0.1% | ||
| Q1 25 | 4.3% | 0.2% | ||
| Q4 24 | 5.9% | 0.2% | ||
| Q3 24 | 2.4% | 0.1% | ||
| Q2 24 | 1.6% | 0.1% |
现金转化率FTNTROKU
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.34× | ||
| Q3 25 | 1.38× | 5.14× | ||
| Q2 25 | 1.03× | 10.45× | ||
| Q1 25 | 1.99× | — | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 0.90× | — |
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% |
ROKU
| Advertising | $612.7M | 49% |
| Subscriptions | $518.5M | 42% |
| Devices | $117.6M | 9% |
