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飞塔（FTNT）与RUSH ENTERPRISES INC \TX\（RUSHA）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RUSH ENTERPRISES INC \TX\的1.1倍（$1.9B vs $1.7B），飞塔净利率更高（26.6% vs 3.7%，领先22.9%），飞塔同比增速更快（14.8% vs -9.0%），飞塔自由现金流更多（$577.4M vs $411.6M），过去两年飞塔的营收复合增速更高（18.6% vs -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
FTNT vs RUSHA — 直观对比
营收规模更大
FTNT
是对方的1.1倍
$1.7B
营收增速更快
FTNT
高出23.8%
-9.0%
净利率更高
FTNT
高出22.9%
3.7%
自由现金流更多
FTNT
多$165.8M
$411.6M
两年增速更快
FTNT
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.7B |
| 净利润 | $506.0M | $61.7M |
| 毛利率 | 79.6% | 20.4% |
| 营业利润率 | 32.8% | 4.9% |
| 净利率 | 26.6% | 3.7% |
| 营收同比 | 14.8% | -9.0% |
| 净利润同比 | -3.8% | 1.8% |
| 每股收益（稀释后） | $0.67 | $0.77 |
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FTNTRUSHA
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.6B | $1.8B | ||
| Q1 25 | $1.5B | $1.8B | ||
| Q4 24 | $1.7B | $1.9B | ||
| Q3 24 | $1.5B | $1.8B | ||
| Q2 24 | $1.4B | $1.9B |
净利润FTNTRUSHA
| Q1 26 | — | $61.7M | ||
| Q4 25 | $506.0M | $64.3M | ||
| Q3 25 | $473.9M | $66.7M | ||
| Q2 25 | $440.1M | $72.4M | ||
| Q1 25 | $433.4M | $60.3M | ||
| Q4 24 | $526.2M | $74.8M | ||
| Q3 24 | $539.9M | $79.1M | ||
| Q2 24 | $379.8M | $78.7M |
毛利率FTNTRUSHA
| Q1 26 | — | 20.4% | ||
| Q4 25 | 79.6% | 20.8% | ||
| Q3 25 | 80.8% | 21.0% | ||
| Q2 25 | 80.7% | 20.7% | ||
| Q1 25 | 81.0% | 20.3% | ||
| Q4 24 | 81.1% | 19.3% | ||
| Q3 24 | 82.5% | 21.0% | ||
| Q2 24 | 80.8% | 20.2% |
营业利润率FTNTRUSHA
| Q1 26 | — | 4.9% | ||
| Q4 25 | 32.8% | 5.5% | ||
| Q3 25 | 31.7% | 5.6% | ||
| Q2 25 | 28.1% | 6.0% | ||
| Q1 25 | 29.5% | 5.2% | ||
| Q4 24 | 34.6% | 5.8% | ||
| Q3 24 | 31.2% | 6.7% | ||
| Q2 24 | 30.5% | 6.4% |
净利率FTNTRUSHA
| Q1 26 | — | 3.7% | ||
| Q4 25 | 26.6% | 3.8% | ||
| Q3 25 | 27.5% | 3.7% | ||
| Q2 25 | 27.0% | 3.9% | ||
| Q1 25 | 28.1% | 3.4% | ||
| Q4 24 | 31.7% | 3.9% | ||
| Q3 24 | 35.8% | 4.4% | ||
| Q2 24 | 26.5% | 4.1% |
每股收益（稀释后）FTNTRUSHA
| Q1 26 | — | $0.77 | ||
| Q4 25 | $0.67 | $0.81 | ||
| Q3 25 | $0.62 | $0.83 | ||
| Q2 25 | $0.57 | $0.90 | ||
| Q1 25 | $0.56 | $0.73 | ||
| Q4 24 | $0.68 | $-95.13 | ||
| Q3 24 | $0.70 | $0.97 | ||
| Q2 24 | $0.49 | $97.00 |
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 | — | $277.8M |
| 股东权益账面价值 | $1.2B | $2.3B |
| 总资产 | $10.4B | $4.5B |
| 负债/权益比越低杠杆越低 | — | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资FTNTRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $212.6M | ||
| Q3 25 | $2.0B | $242.0M | ||
| Q2 25 | $3.4B | $211.1M | ||
| Q1 25 | $3.6B | $228.7M | ||
| Q4 24 | $2.9B | $228.1M | ||
| Q3 24 | $2.5B | $185.1M | ||
| Q2 24 | $2.2B | $167.3M |
总债务FTNTRUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | — | $274.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $408.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益FTNTRUSHA
| Q1 26 | — | $2.3B | ||
| Q4 25 | $1.2B | $2.2B | ||
| Q3 25 | $735.1M | $2.2B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $2.0B | $2.2B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $908.1M | $2.1B | ||
| Q2 24 | $288.2M | $2.0B |
总资产FTNTRUSHA
| Q1 26 | — | $4.5B | ||
| Q4 25 | $10.4B | $4.4B | ||
| Q3 25 | $9.4B | $4.6B | ||
| Q2 25 | $10.6B | $4.7B | ||
| Q1 25 | $10.4B | $4.7B | ||
| Q4 24 | $9.8B | $4.6B | ||
| Q3 24 | $8.9B | $4.6B | ||
| Q2 24 | $8.1B | $4.5B |
负债/权益比FTNTRUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $411.6M |
| 自由现金流率自由现金流/营收 | 30.3% | 24.4% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $2.2B | $828.4M |
8季度趋势，按日历期对齐
经营现金流FTNTRUSHA
| Q1 26 | — | — | ||
| Q4 25 | $620.2M | $112.9M | ||
| Q3 25 | $655.2M | $367.8M | ||
| Q2 25 | $451.9M | $227.6M | ||
| Q1 25 | $863.3M | $153.5M | ||
| Q4 24 | $477.6M | $392.3M | ||
| Q3 24 | $608.1M | $111.7M | ||
| Q2 24 | $342.0M | $270.6M |
自由现金流FTNTRUSHA
| Q1 26 | — | $411.6M | ||
| Q4 25 | $577.4M | $31.9M | ||
| Q3 25 | $567.5M | $271.2M | ||
| Q2 25 | $284.1M | $113.8M | ||
| Q1 25 | $796.8M | $45.1M | ||
| Q4 24 | $380.0M | $263.5M | ||
| Q3 24 | $571.8M | $-20.0M | ||
| Q2 24 | $318.9M | $177.2M |
自由现金流率FTNTRUSHA
| Q1 26 | — | 24.4% | ||
| Q4 25 | 30.3% | 1.9% | ||
| Q3 25 | 32.9% | 15.2% | ||
| Q2 25 | 17.4% | 6.2% | ||
| Q1 25 | 51.8% | 2.6% | ||
| Q4 24 | 22.9% | 13.7% | ||
| Q3 24 | 37.9% | -1.1% | ||
| Q2 24 | 22.2% | 9.1% |
资本支出强度FTNTRUSHA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 2.2% | 4.8% | ||
| Q3 25 | 5.1% | 5.4% | ||
| Q2 25 | 10.3% | 6.2% | ||
| Q1 25 | 4.3% | 6.2% | ||
| Q4 24 | 5.9% | 6.7% | ||
| Q3 24 | 2.4% | 7.3% | ||
| Q2 24 | 1.6% | 4.8% |
现金转化率FTNTRUSHA
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.75× | ||
| Q3 25 | 1.38× | 5.51× | ||
| Q2 25 | 1.03× | 3.14× | ||
| Q1 25 | 1.99× | 2.55× | ||
| Q4 24 | 0.91× | 5.25× | ||
| Q3 24 | 1.13× | 1.41× | ||
| Q2 24 | 0.90× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
