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飞塔（FTNT）与RXO, Inc.（RXO）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RXO, Inc.的1.3倍（$1.9B vs $1.5B），飞塔净利率更高（26.6% vs -3.1%，领先29.7%），飞塔同比增速更快（14.8% vs -11.9%），飞塔自由现金流更多（$577.4M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
FTNT vs RXO — 直观对比
营收规模更大
FTNT
是对方的1.3倍
$1.5B
营收增速更快
FTNT
高出26.6%
-11.9%
净利率更高
FTNT
高出29.7%
-3.1%
自由现金流更多
FTNT
多$586.4M
$-9.0M
两年增速更快
RXO
近两年复合增速
18.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $506.0M | $-46.0M |
| 毛利率 | 79.6% | — |
| 营业利润率 | 32.8% | -2.9% |
| 净利率 | 26.6% | -3.1% |
| 营收同比 | 14.8% | -11.9% |
| 净利润同比 | -3.8% | -84.0% |
| 每股收益（稀释后） | $0.67 | $-0.28 |
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FTNTRXO
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.5B | $1.0B | ||
| Q2 24 | $1.4B | $930.0M | ||
| Q1 24 | $1.4B | $913.0M |
净利润FTNTRXO
| Q4 25 | $506.0M | $-46.0M | ||
| Q3 25 | $473.9M | $-14.0M | ||
| Q2 25 | $440.1M | $-9.0M | ||
| Q1 25 | $433.4M | $-31.0M | ||
| Q4 24 | $526.2M | $-25.0M | ||
| Q3 24 | $539.9M | $-243.0M | ||
| Q2 24 | $379.8M | $-7.0M | ||
| Q1 24 | $299.3M | $-15.0M |
毛利率FTNTRXO
| 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FTNTRXO
| Q4 25 | 32.8% | -2.9% | ||
| Q3 25 | 31.7% | -0.5% | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 29.5% | -2.1% | ||
| Q4 24 | 34.6% | -1.4% | ||
| Q3 24 | 31.2% | -1.9% | ||
| Q2 24 | 30.5% | — | ||
| Q1 24 | 23.7% | -1.3% |
净利率FTNTRXO
| Q4 25 | 26.6% | -3.1% | ||
| Q3 25 | 27.5% | -1.0% | ||
| Q2 25 | 27.0% | -0.6% | ||
| Q1 25 | 28.1% | -2.2% | ||
| Q4 24 | 31.7% | -1.5% | ||
| Q3 24 | 35.8% | -23.4% | ||
| Q2 24 | 26.5% | -0.8% | ||
| Q1 24 | 22.1% | -1.6% |
每股收益（稀释后）FTNTRXO
| Q4 25 | $0.67 | $-0.28 | ||
| Q3 25 | $0.62 | $-0.08 | ||
| Q2 25 | $0.57 | $-0.05 | ||
| Q1 25 | $0.56 | $-0.18 | ||
| Q4 24 | $0.68 | $-0.17 | ||
| Q3 24 | $0.70 | $-1.81 | ||
| Q2 24 | $0.49 | $-0.06 | ||
| Q1 24 | $0.39 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | — | $387.0M |
| 股东权益账面价值 | $1.2B | $1.5B |
| 总资产 | $10.4B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资FTNTRXO
| Q4 25 | $2.5B | $17.0M | ||
| Q3 25 | $2.0B | $25.0M | ||
| Q2 25 | $3.4B | $18.0M | ||
| Q1 25 | $3.6B | $16.0M | ||
| Q4 24 | $2.9B | $35.0M | ||
| Q3 24 | $2.5B | $55.0M | ||
| Q2 24 | $2.2B | $7.0M | ||
| Q1 24 | $1.9B | $7.0M |
总债务FTNTRXO
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
股东权益FTNTRXO
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $735.1M | $1.6B | ||
| Q2 25 | $2.1B | $1.6B | ||
| Q1 25 | $2.0B | $1.6B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $908.1M | $1.7B | ||
| Q2 24 | $288.2M | $579.0M | ||
| Q1 24 | $-137.5M | $582.0M |
总资产FTNTRXO
| Q4 25 | $10.4B | $3.3B | ||
| Q3 25 | $9.4B | $3.2B | ||
| Q2 25 | $10.6B | $3.2B | ||
| Q1 25 | $10.4B | $3.3B | ||
| Q4 24 | $9.8B | $3.4B | ||
| Q3 24 | $8.9B | $3.4B | ||
| Q2 24 | $8.1B | $1.8B | ||
| Q1 24 | $7.7B | $1.8B |
负债/权益比FTNTRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $-9.0M |
| 自由现金流率自由现金流/营收 | 30.3% | -0.6% |
| 资本支出强度资本支出/营收 | 2.2% | 1.1% |
| 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 | $-8.0M |
8季度趋势，按日历期对齐
经营现金流FTNTRXO
| Q4 25 | $620.2M | $7.0M | ||
| Q3 25 | $655.2M | $23.0M | ||
| Q2 25 | $451.9M | $23.0M | ||
| Q1 25 | $863.3M | $-2.0M | ||
| Q4 24 | $477.6M | $-7.0M | ||
| Q3 24 | $608.1M | $-7.0M | ||
| Q2 24 | $342.0M | $-5.0M | ||
| Q1 24 | $830.4M | $7.0M |
自由现金流FTNTRXO
| Q4 25 | $577.4M | $-9.0M | ||
| Q3 25 | $567.5M | $9.0M | ||
| Q2 25 | $284.1M | $9.0M | ||
| Q1 25 | $796.8M | $-17.0M | ||
| Q4 24 | $380.0M | $-19.0M | ||
| Q3 24 | $571.8M | $-18.0M | ||
| Q2 24 | $318.9M | $-16.0M | ||
| Q1 24 | $608.5M | $-4.0M |
自由现金流率FTNTRXO
| Q4 25 | 30.3% | -0.6% | ||
| Q3 25 | 32.9% | 0.6% | ||
| Q2 25 | 17.4% | 0.6% | ||
| Q1 25 | 51.8% | -1.2% | ||
| Q4 24 | 22.9% | -1.1% | ||
| Q3 24 | 37.9% | -1.7% | ||
| Q2 24 | 22.2% | -1.7% | ||
| Q1 24 | 45.0% | -0.4% |
资本支出强度FTNTRXO
| Q4 25 | 2.2% | 1.1% | ||
| Q3 25 | 5.1% | 1.0% | ||
| Q2 25 | 10.3% | 1.0% | ||
| Q1 25 | 4.3% | 1.0% | ||
| Q4 24 | 5.9% | 0.7% | ||
| Q3 24 | 2.4% | 1.1% | ||
| Q2 24 | 1.6% | 1.2% | ||
| Q1 24 | 16.4% | 1.2% |
现金转化率FTNTRXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
