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飞塔（FTNT）与TRINET GROUP, INC.（TNET）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TRINET GROUP, INC.的1.5倍（$1.9B vs $1.2B），飞塔同比增速更快（14.8% vs -2.2%），飞塔自由现金流更多（$577.4M vs $43.0M），过去两年飞塔的营收复合增速更高（18.6% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
FTNT vs TNET — 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16.9%
-2.2%
自由现金流更多
FTNT
多$534.4M
$43.0M
两年增速更快
FTNT
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $506.0M | — |
| 毛利率 | 79.6% | — |
| 营业利润率 | 32.8% | 0.1% |
| 净利率 | 26.6% | — |
| 营收同比 | 14.8% | -2.2% |
| 净利润同比 | -3.8% | — |
| 每股收益（稀释后） | $0.67 | $0.02 |
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FTNTTNET
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.6B | $1.2B | ||
| 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 | $1.3B |
净利润FTNTTNET
| Q4 25 | $506.0M | — | ||
| Q3 25 | $473.9M | $34.0M | ||
| Q2 25 | $440.1M | $37.0M | ||
| Q1 25 | $433.4M | $85.0M | ||
| Q4 24 | $526.2M | — | ||
| Q3 24 | $539.9M | $45.0M | ||
| Q2 24 | $379.8M | $60.0M | ||
| Q1 24 | $299.3M | $91.0M |
毛利率FTNTTNET
| 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FTNTTNET
| Q4 25 | 32.8% | 0.1% | ||
| Q3 25 | 31.7% | 4.1% | ||
| Q2 25 | 28.1% | 4.1% | ||
| Q1 25 | 29.5% | 8.9% | ||
| Q4 24 | 34.6% | -2.9% | ||
| Q3 24 | 31.2% | 4.7% | ||
| Q2 24 | 30.5% | 6.5% | ||
| Q1 24 | 23.7% | 9.7% |
净利率FTNTTNET
| Q4 25 | 26.6% | — | ||
| Q3 25 | 27.5% | 2.8% | ||
| Q2 25 | 27.0% | 3.0% | ||
| Q1 25 | 28.1% | 6.6% | ||
| Q4 24 | 31.7% | — | ||
| Q3 24 | 35.8% | 3.6% | ||
| Q2 24 | 26.5% | 4.9% | ||
| Q1 24 | 22.1% | 7.2% |
每股收益（稀释后）FTNTTNET
| Q4 25 | $0.67 | $0.02 | ||
| Q3 25 | $0.62 | $0.70 | ||
| Q2 25 | $0.57 | $0.77 | ||
| Q1 25 | $0.56 | $1.71 | ||
| Q4 24 | $0.68 | $-0.44 | ||
| Q3 24 | $0.70 | $0.89 | ||
| Q2 24 | $0.49 | $1.20 | ||
| Q1 24 | $0.39 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $54.0M |
| 总资产 | $10.4B | $3.8B |
| 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FTNTTNET
| Q4 25 | $2.5B | $287.0M | ||
| Q3 25 | $2.0B | $321.0M | ||
| Q2 25 | $3.4B | $407.0M | ||
| Q1 25 | $3.6B | $349.0M | ||
| Q4 24 | $2.9B | $360.0M | ||
| Q3 24 | $2.5B | $301.0M | ||
| Q2 24 | $2.2B | $249.0M | ||
| Q1 24 | $1.9B | $383.0M |
股东权益FTNTTNET
| Q4 25 | $1.2B | $54.0M | ||
| Q3 25 | $735.1M | $110.0M | ||
| Q2 25 | $2.1B | $107.0M | ||
| Q1 25 | $2.0B | $63.0M | ||
| Q4 24 | $1.5B | $69.0M | ||
| Q3 24 | $908.1M | $129.0M | ||
| Q2 24 | $288.2M | $100.0M | ||
| Q1 24 | $-137.5M | $143.0M |
总资产FTNTTNET
| Q4 25 | $10.4B | $3.8B | ||
| Q3 25 | $9.4B | $3.4B | ||
| Q2 25 | $10.6B | $3.7B | ||
| Q1 25 | $10.4B | $3.8B | ||
| Q4 24 | $9.8B | $4.1B | ||
| Q3 24 | $8.9B | $3.7B | ||
| Q2 24 | $8.1B | $3.7B | ||
| Q1 24 | $7.7B | $4.0B |
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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $43.0M |
| 自由现金流率自由现金流/营收 | 30.3% | 3.4% |
| 资本支出强度资本支出/营收 | 2.2% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流FTNTTNET
| Q4 25 | $620.2M | $61.0M | ||
| Q3 25 | $655.2M | $72.0M | ||
| Q2 25 | $451.9M | $75.0M | ||
| Q1 25 | $863.3M | $95.0M | ||
| Q4 24 | $477.6M | $65.0M | ||
| Q3 24 | $608.1M | $84.0M | ||
| Q2 24 | $342.0M | $39.0M | ||
| Q1 24 | $830.4M | $91.0M |
自由现金流FTNTTNET
| Q4 25 | $577.4M | $43.0M | ||
| Q3 25 | $567.5M | $55.0M | ||
| Q2 25 | $284.1M | $57.0M | ||
| Q1 25 | $796.8M | $79.0M | ||
| Q4 24 | $380.0M | $47.0M | ||
| Q3 24 | $571.8M | $59.0M | ||
| Q2 24 | $318.9M | $22.0M | ||
| Q1 24 | $608.5M | $73.0M |
自由现金流率FTNTTNET
| Q4 25 | 30.3% | 3.4% | ||
| Q3 25 | 32.9% | 4.5% | ||
| Q2 25 | 17.4% | 4.6% | ||
| Q1 25 | 51.8% | 6.1% | ||
| Q4 24 | 22.9% | 3.7% | ||
| Q3 24 | 37.9% | 4.8% | ||
| Q2 24 | 22.2% | 1.8% | ||
| Q1 24 | 45.0% | 5.8% |
资本支出强度FTNTTNET
| Q4 25 | 2.2% | 1.4% | ||
| Q3 25 | 5.1% | 1.4% | ||
| Q2 25 | 10.3% | 1.5% | ||
| Q1 25 | 4.3% | 1.2% | ||
| Q4 24 | 5.9% | 1.4% | ||
| Q3 24 | 2.4% | 2.0% | ||
| Q2 24 | 1.6% | 1.4% | ||
| Q1 24 | 16.4% | 1.4% |
现金转化率FTNTTNET
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.38× | 2.12× | ||
| Q2 25 | 1.03× | 2.03× | ||
| Q1 25 | 1.99× | 1.12× | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | 1.13× | 1.87× | ||
| Q2 24 | 0.90× | 0.65× | ||
| Q1 24 | 2.77× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
