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飞塔（FTNT）与Texas Roadhouse, Inc.（TXRH）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Texas Roadhouse, Inc.的1.3倍（$1.9B vs $1.5B），飞塔净利率更高（26.6% vs 5.8%，领先20.7%），飞塔同比增速更快（14.8% vs 3.1%），过去两年飞塔的营收复合增速更高（18.6% vs 12.8%）
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。
Texas Roadhouse是美国知名牛排连锁餐厅，主打德克萨斯及美国西南部风味餐食，核心产品为各类牛排。品牌总部位于肯塔基州路易斯维尔，旗下还运营另外两个餐饮品牌。截至2025年8月，品牌在美国49个州拥有约800家门店，同时在11个国家开设了70家海外门店。
FTNT vs TXRH — 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11.7%
3.1%
净利率更高
FTNT
高出20.7%
5.8%
两年增速更快
FTNT
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.5B |
| 净利润 | $506.0M | $86.7M |
| 毛利率 | 79.6% | — |
| 营业利润率 | 32.8% | 6.5% |
| 净利率 | 26.6% | 5.8% |
| 营收同比 | 14.8% | 3.1% |
| 净利润同比 | -3.8% | -26.9% |
| 每股收益（稀释后） | $0.67 | $1.29 |
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FTNTTXRH
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.7B | $1.4B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.4B | $1.3B |
净利润FTNTTXRH
| Q4 25 | $506.0M | $86.7M | ||
| Q3 25 | $473.9M | $84.9M | ||
| Q2 25 | $440.1M | $116.1M | ||
| Q1 25 | $433.4M | — | ||
| Q4 24 | $526.2M | $118.5M | ||
| Q3 24 | $539.9M | $86.8M | ||
| Q2 24 | $379.8M | $123.1M | ||
| Q1 24 | $299.3M | $116.0M |
毛利率FTNTTXRH
| 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FTNTTXRH
| Q4 25 | 32.8% | 6.5% | ||
| Q3 25 | 31.7% | 6.7% | ||
| Q2 25 | 28.1% | 9.3% | ||
| Q1 25 | 29.5% | — | ||
| Q4 24 | 34.6% | 9.6% | ||
| Q3 24 | 31.2% | 8.0% | ||
| Q2 24 | 30.5% | 10.6% | ||
| Q1 24 | 23.7% | 10.1% |
净利率FTNTTXRH
| Q4 25 | 26.6% | 5.8% | ||
| Q3 25 | 27.5% | 5.9% | ||
| Q2 25 | 27.0% | 8.0% | ||
| Q1 25 | 28.1% | — | ||
| Q4 24 | 31.7% | 8.2% | ||
| Q3 24 | 35.8% | 6.8% | ||
| Q2 24 | 26.5% | 9.2% | ||
| Q1 24 | 22.1% | 8.8% |
每股收益（稀释后）FTNTTXRH
| Q4 25 | $0.67 | $1.29 | ||
| Q3 25 | $0.62 | $1.25 | ||
| Q2 25 | $0.57 | $1.70 | ||
| Q1 25 | $0.56 | — | ||
| Q4 24 | $0.68 | $1.73 | ||
| Q3 24 | $0.70 | $1.26 | ||
| Q2 24 | $0.49 | $1.79 | ||
| Q1 24 | $0.39 | $1.69 |
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 | $134.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $1.5B |
| 总资产 | $10.4B | $3.5B |
| 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FTNTTXRH
| Q4 25 | $2.5B | $134.7M | ||
| Q3 25 | $2.0B | $108.2M | ||
| Q2 25 | $3.4B | $221.1M | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $2.9B | $245.2M | ||
| Q3 24 | $2.5B | $189.2M | ||
| Q2 24 | $2.2B | $197.5M | ||
| Q1 24 | $1.9B | $213.4M |
股东权益FTNTTXRH
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $735.1M | $1.5B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $908.1M | $1.3B | ||
| Q2 24 | $288.2M | $1.3B | ||
| Q1 24 | $-137.5M | $1.2B |
总资产FTNTTXRH
| Q4 25 | $10.4B | $3.5B | ||
| Q3 25 | $9.4B | $3.3B | ||
| Q2 25 | $10.6B | $3.2B | ||
| Q1 25 | $10.4B | — | ||
| Q4 24 | $9.8B | $3.2B | ||
| Q3 24 | $8.9B | $2.9B | ||
| Q2 24 | $8.1B | $2.9B | ||
| Q1 24 | $7.7B | $2.8B |
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 | — |
| 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× | — |
| 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FTNTTXRH
| Q4 25 | $620.2M | — | ||
| Q3 25 | $655.2M | $143.6M | ||
| Q2 25 | $451.9M | $237.7M | ||
| Q1 25 | $863.3M | — | ||
| Q4 24 | $477.6M | $237.5M | ||
| Q3 24 | $608.1M | $138.7M | ||
| Q2 24 | $342.0M | $133.9M | ||
| Q1 24 | $830.4M | $243.4M |
自由现金流FTNTTXRH
| Q4 25 | $577.4M | — | ||
| Q3 25 | $567.5M | $14.7M | ||
| Q2 25 | $284.1M | $160.4M | ||
| Q1 25 | $796.8M | — | ||
| Q4 24 | $380.0M | $129.7M | ||
| Q3 24 | $571.8M | $47.7M | ||
| Q2 24 | $318.9M | $56.1M | ||
| Q1 24 | $608.5M | $165.8M |
自由现金流率FTNTTXRH
| Q4 25 | 30.3% | — | ||
| Q3 25 | 32.9% | 1.0% | ||
| Q2 25 | 17.4% | 11.1% | ||
| Q1 25 | 51.8% | — | ||
| Q4 24 | 22.9% | 9.0% | ||
| Q3 24 | 37.9% | 3.7% | ||
| Q2 24 | 22.2% | 4.2% | ||
| Q1 24 | 45.0% | 12.5% |
资本支出强度FTNTTXRH
| Q4 25 | 2.2% | — | ||
| Q3 25 | 5.1% | 9.0% | ||
| Q2 25 | 10.3% | 5.3% | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 5.9% | 7.5% | ||
| Q3 24 | 2.4% | 7.2% | ||
| Q2 24 | 1.6% | 5.8% | ||
| Q1 24 | 16.4% | 5.9% |
现金转化率FTNTTXRH
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.38× | 1.69× | ||
| Q2 25 | 1.03× | 2.05× | ||
| Q1 25 | 1.99× | — | ||
| Q4 24 | 0.91× | 2.00× | ||
| Q3 24 | 1.13× | 1.60× | ||
| Q2 24 | 0.90× | 1.09× | ||
| Q1 24 | 2.77× | 2.10× |
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% |
TXRH
| Food And Beverage | $1.5B | 99% |
| Texas Roadhouse Segment | $21.2M | 1% |
| Franchise | $8.2M | 1% |
| Franchise Royalty | $7.4M | 0% |
| Bubba S33Segment | $2.3M | 0% |
