vs
飞塔（FTNT）与Sunrun Inc.（RUN）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Sunrun Inc.的1.6倍（$1.9B vs $1.2B），飞塔净利率更高（26.6% vs 8.9%，领先17.6%），Sunrun Inc.同比增速更快（123.5% vs 14.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 18.6%）
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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
FTNT vs RUN — 直观对比
营收规模更大
FTNT
是对方的1.6倍
$1.2B
营收增速更快
RUN
高出108.7%
14.8%
净利率更高
FTNT
高出17.6%
8.9%
两年增速更快
RUN
近两年复合增速
18.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $506.0M | $103.6M |
| 毛利率 | 79.6% | — |
| 营业利润率 | 32.8% | 8.4% |
| 净利率 | 26.6% | 8.9% |
| 营收同比 | 14.8% | 123.5% |
| 净利润同比 | -3.8% | 103.7% |
| 每股收益（稀释后） | $0.67 | $0.38 |
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FTNTRUN
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.7B | $724.6M | ||
| Q2 25 | $1.6B | $569.3M | ||
| Q1 25 | $1.5B | $504.3M | ||
| Q4 24 | $1.7B | $518.5M | ||
| Q3 24 | $1.5B | $537.2M | ||
| Q2 24 | $1.4B | $523.9M | ||
| Q1 24 | $1.4B | $458.2M |
净利润FTNTRUN
| Q4 25 | $506.0M | $103.6M | ||
| Q3 25 | $473.9M | $16.6M | ||
| Q2 25 | $440.1M | $279.8M | ||
| Q1 25 | $433.4M | $50.0M | ||
| Q4 24 | $526.2M | $-2.8B | ||
| Q3 24 | $539.9M | $-83.8M | ||
| Q2 24 | $379.8M | $139.1M | ||
| Q1 24 | $299.3M | $-87.8M |
毛利率FTNTRUN
| Q4 25 | 79.6% | — | ||
| Q3 25 | 80.8% | — | ||
| Q2 25 | 80.7% | — | ||
| 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FTNTRUN
| Q4 25 | 32.8% | 8.4% | ||
| Q3 25 | 31.7% | 0.5% | ||
| Q2 25 | 28.1% | -19.7% | ||
| Q1 25 | 29.5% | -22.8% | ||
| Q4 24 | 34.6% | -628.0% | ||
| Q3 24 | 31.2% | -23.8% | ||
| Q2 24 | 30.5% | -24.4% | ||
| Q1 24 | 23.7% | -40.0% |
净利率FTNTRUN
| Q4 25 | 26.6% | 8.9% | ||
| Q3 25 | 27.5% | 2.3% | ||
| Q2 25 | 27.0% | 49.1% | ||
| Q1 25 | 28.1% | 9.9% | ||
| Q4 24 | 31.7% | -542.7% | ||
| Q3 24 | 35.8% | -15.6% | ||
| Q2 24 | 26.5% | 26.5% | ||
| Q1 24 | 22.1% | -19.2% |
每股收益（稀释后）FTNTRUN
| Q4 25 | $0.67 | $0.38 | ||
| Q3 25 | $0.62 | $0.06 | ||
| Q2 25 | $0.57 | $1.07 | ||
| Q1 25 | $0.56 | $0.20 | ||
| Q4 24 | $0.68 | $-12.59 | ||
| Q3 24 | $0.70 | $-0.37 | ||
| Q2 24 | $0.49 | $0.55 | ||
| Q1 24 | $0.39 | $-0.40 |
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 | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $1.2B | $3.1B |
| 总资产 | $10.4B | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资FTNTRUN
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $3.4B | — | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.2B | — | ||
| Q1 24 | $1.9B | — |
总债务FTNTRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益FTNTRUN
| Q4 25 | $1.2B | $3.1B | ||
| Q3 25 | $735.1M | $3.0B | ||
| Q2 25 | $2.1B | $2.9B | ||
| Q1 25 | $2.0B | $2.6B | ||
| Q4 24 | $1.5B | $2.6B | ||
| Q3 24 | $908.1M | $5.3B | ||
| Q2 24 | $288.2M | $5.4B | ||
| Q1 24 | $-137.5M | $5.2B |
总资产FTNTRUN
| Q4 25 | $10.4B | $22.6B | ||
| Q3 25 | $9.4B | $22.2B | ||
| Q2 25 | $10.6B | $21.2B | ||
| Q1 25 | $10.4B | $20.4B | ||
| Q4 24 | $9.8B | $19.9B | ||
| Q3 24 | $8.9B | $22.1B | ||
| Q2 24 | $8.1B | $21.4B | ||
| Q1 24 | $7.7B | $20.8B |
负债/权益比FTNTRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | — |
| 自由现金流率自由现金流/营收 | 30.3% | — |
| 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× | 0.94× |
| 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FTNTRUN
| Q4 25 | $620.2M | $96.9M | ||
| Q3 25 | $655.2M | $-121.5M | ||
| Q2 25 | $451.9M | $-292.7M | ||
| Q1 25 | $863.3M | $-104.2M | ||
| Q4 24 | $477.6M | $-258.4M | ||
| Q3 24 | $608.1M | $-156.2M | ||
| Q2 24 | $342.0M | $-208.5M | ||
| Q1 24 | $830.4M | $-143.1M |
自由现金流FTNTRUN
| Q4 25 | $577.4M | — | ||
| Q3 25 | $567.5M | — | ||
| Q2 25 | $284.1M | — | ||
| Q1 25 | $796.8M | — | ||
| Q4 24 | $380.0M | — | ||
| Q3 24 | $571.8M | $-156.4M | ||
| Q2 24 | $318.9M | — | ||
| Q1 24 | $608.5M | — |
自由现金流率FTNTRUN
| Q4 25 | 30.3% | — | ||
| Q3 25 | 32.9% | — | ||
| Q2 25 | 17.4% | — | ||
| Q1 25 | 51.8% | — | ||
| Q4 24 | 22.9% | — | ||
| Q3 24 | 37.9% | -29.1% | ||
| Q2 24 | 22.2% | — | ||
| Q1 24 | 45.0% | — |
资本支出强度FTNTRUN
| Q4 25 | 2.2% | — | ||
| Q3 25 | 5.1% | — | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 5.9% | — | ||
| Q3 24 | 2.4% | 0.0% | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 16.4% | — |
现金转化率FTNTRUN
| Q4 25 | 1.23× | 0.94× | ||
| Q3 25 | 1.38× | -7.33× | ||
| Q2 25 | 1.03× | -1.05× | ||
| Q1 25 | 1.99× | -2.08× | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 0.90× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
