vs
飞塔（FTNT）与施乐（XRX）财务数据对比。点击上方公司名可切换其他公司
施乐的季度营收约是飞塔的1.1倍（$2.0B vs $1.9B）。施乐同比增速更快（25.7% vs 14.8%）。飞塔自由现金流更多（$577.4M vs $192.0M）。过去两年飞塔的营收复合增速更高（18.6% vs 16.2%）
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。
施乐控股是源自美国的知名办公设备服务商，面向全球超160个国家提供打印机与数码文档相关产品及服务。1959年推出Xerox 914后，施乐成为静电复印市场的开创者，品牌名“xerox”甚至在英语中成为复印的代名词，公司总部现位于美国康涅狄格州诺沃克。
FTNT vs XRX — 直观对比
营收规模更大
XRX
是对方的1.1倍
$1.9B
营收增速更快
XRX
高出11.0%
14.8%
自由现金流更多
FTNT
多$385.4M
$192.0M
两年增速更快
FTNT
近两年复合增速
16.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.0B |
| 净利润 | $506.0M | — |
| 毛利率 | 79.6% | — |
| 营业利润率 | 32.8% | — |
| 净利率 | 26.6% | — |
| 营收同比 | 14.8% | 25.7% |
| 净利润同比 | -3.8% | — |
| 每股收益（稀释后） | $0.67 | $-0.62 |
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FTNTXRX
| Q4 25 | $1.9B | $2.0B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.6B | $1.6B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.7B | $1.6B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.4B | $1.5B |
净利润FTNTXRX
| Q4 25 | $506.0M | — | ||
| Q3 25 | $473.9M | $-760.0M | ||
| Q2 25 | $440.1M | $-106.0M | ||
| Q1 25 | $433.4M | $-90.0M | ||
| Q4 24 | $526.2M | — | ||
| Q3 24 | $539.9M | $-1.2B | ||
| Q2 24 | $379.8M | $18.0M | ||
| Q1 24 | $299.3M | $-113.0M |
毛利率FTNTXRX
| 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FTNTXRX
| Q4 25 | 32.8% | — | ||
| Q3 25 | 31.7% | — | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 29.5% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 31.2% | — | ||
| Q2 24 | 30.5% | — | ||
| Q1 24 | 23.7% | — |
净利率FTNTXRX
| Q4 25 | 26.6% | — | ||
| Q3 25 | 27.5% | -38.8% | ||
| Q2 25 | 27.0% | -6.7% | ||
| Q1 25 | 28.1% | -6.2% | ||
| Q4 24 | 31.7% | — | ||
| Q3 24 | 35.8% | -78.9% | ||
| Q2 24 | 26.5% | 1.1% | ||
| Q1 24 | 22.1% | -7.5% |
每股收益（稀释后）FTNTXRX
| Q4 25 | $0.67 | $-0.62 | ||
| Q3 25 | $0.62 | $-6.01 | ||
| Q2 25 | $0.57 | $-0.87 | ||
| Q1 25 | $0.56 | $-0.75 | ||
| Q4 24 | $0.68 | $-0.21 | ||
| Q3 24 | $0.70 | $-9.71 | ||
| Q2 24 | $0.49 | $0.11 | ||
| Q1 24 | $0.39 | $-0.94 |
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 | $512.0M |
| 总债务越低越好 | — | $4.0B |
| 股东权益账面价值 | $1.2B | $444.0M |
| 总资产 | $10.4B | $9.8B |
| 负债/权益比越低杠杆越低 | — | 9.05× |
8季度趋势，按日历期对齐
现金及短期投资FTNTXRX
| Q4 25 | $2.5B | $512.0M | ||
| Q3 25 | $2.0B | $479.0M | ||
| Q2 25 | $3.4B | $449.0M | ||
| Q1 25 | $3.6B | $336.0M | ||
| Q4 24 | $2.9B | $576.0M | ||
| Q3 24 | $2.5B | $521.0M | ||
| Q2 24 | $2.2B | $485.0M | ||
| Q1 24 | $1.9B | $685.0M |
总债务FTNTXRX
| Q4 25 | — | $4.0B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
股东权益FTNTXRX
| Q4 25 | $1.2B | $444.0M | ||
| Q3 25 | $735.1M | $365.0M | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.0B | $1.1B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $908.1M | $1.3B | ||
| Q2 24 | $288.2M | $2.4B | ||
| Q1 24 | $-137.5M | $2.4B |
总资产FTNTXRX
| Q4 25 | $10.4B | $9.8B | ||
| Q3 25 | $9.4B | $10.1B | ||
| Q2 25 | $10.6B | $8.9B | ||
| Q1 25 | $10.4B | $8.2B | ||
| Q4 24 | $9.8B | $8.4B | ||
| Q3 24 | $8.9B | $8.3B | ||
| Q2 24 | $8.1B | $9.5B | ||
| Q1 24 | $7.7B | $9.9B |
负债/权益比FTNTXRX
| Q4 25 | — | 9.05× | ||
| Q3 25 | — | 11.10× | ||
| Q2 25 | — | 3.11× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.62× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.35× |
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 | $208.0M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $192.0M |
| 自由现金流率自由现金流/营收 | 30.3% | 9.5% |
| 资本支出强度资本支出/营收 | 2.2% | 0.8% |
| 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 | $187.0M |
8季度趋势，按日历期对齐
经营现金流FTNTXRX
| Q4 25 | $620.2M | $208.0M | ||
| Q3 25 | $655.2M | $116.0M | ||
| Q2 25 | $451.9M | $-11.0M | ||
| Q1 25 | $863.3M | $-89.0M | ||
| Q4 24 | $477.6M | $351.0M | ||
| Q3 24 | $608.1M | $116.0M | ||
| Q2 24 | $342.0M | $123.0M | ||
| Q1 24 | $830.4M | $-79.0M |
自由现金流FTNTXRX
| Q4 25 | $577.4M | $192.0M | ||
| Q3 25 | $567.5M | $104.0M | ||
| Q2 25 | $284.1M | $-15.0M | ||
| Q1 25 | $796.8M | $-94.0M | ||
| Q4 24 | $380.0M | $346.0M | ||
| Q3 24 | $571.8M | $108.0M | ||
| Q2 24 | $318.9M | $117.0M | ||
| Q1 24 | $608.5M | $-87.0M |
自由现金流率FTNTXRX
| Q4 25 | 30.3% | 9.5% | ||
| Q3 25 | 32.9% | 5.3% | ||
| Q2 25 | 17.4% | -1.0% | ||
| Q1 25 | 51.8% | -6.5% | ||
| Q4 24 | 22.9% | 21.5% | ||
| Q3 24 | 37.9% | 7.1% | ||
| Q2 24 | 22.2% | 7.4% | ||
| Q1 24 | 45.0% | -5.8% |
资本支出强度FTNTXRX
| Q4 25 | 2.2% | 0.8% | ||
| Q3 25 | 5.1% | 0.6% | ||
| Q2 25 | 10.3% | 0.3% | ||
| Q1 25 | 4.3% | 0.3% | ||
| Q4 24 | 5.9% | 0.3% | ||
| Q3 24 | 2.4% | 0.5% | ||
| Q2 24 | 1.6% | 0.4% | ||
| Q1 24 | 16.4% | 0.5% |
现金转化率FTNTXRX
| 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× | 6.83× | ||
| 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% |
XRX
| Other | $596.0M | 29% |
| Manufactured Product Other | $485.0M | 24% |
| Supplies Paper And Other Sales | $483.0M | 24% |
| IT Solutions Segment | $155.0M | 8% |
| CA | $128.0M | 6% |
| IT Products | $100.0M | 5% |
| Rental And Other | $52.0M | 3% |
| Financial Service | $29.0M | 1% |
