vs
飞塔（FTNT）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是飞塔的1.3倍（$2.4B vs $1.9B），飞塔净利率更高（26.6% vs 25.3%，领先1.3%），飞塔同比增速更快（14.8% vs 3.0%），硕腾自由现金流更多（$732.0M vs $577.4M），过去两年飞塔的营收复合增速更高（18.6% vs 4.4%）
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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
FTNT vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.3倍
$1.9B
营收增速更快
FTNT
高出11.7%
3.0%
净利率更高
FTNT
高出1.3%
25.3%
自由现金流更多
ZTS
多$154.6M
$577.4M
两年增速更快
FTNT
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.4B |
| 净利润 | $506.0M | $603.0M |
| 毛利率 | 79.6% | 70.2% |
| 营业利润率 | 32.8% | 31.9% |
| 净利率 | 26.6% | 25.3% |
| 营收同比 | 14.8% | 3.0% |
| 净利润同比 | -3.8% | 3.8% |
| 每股收益（稀释后） | $0.67 | $1.37 |
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FTNTZTS
| Q4 25 | $1.9B | $2.4B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.6B | $2.5B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $1.7B | $2.3B | ||
| Q3 24 | $1.5B | $2.4B | ||
| Q2 24 | $1.4B | $2.4B | ||
| Q1 24 | $1.4B | $2.2B |
净利润FTNTZTS
| Q4 25 | $506.0M | $603.0M | ||
| Q3 25 | $473.9M | $721.0M | ||
| Q2 25 | $440.1M | $718.0M | ||
| Q1 25 | $433.4M | $631.0M | ||
| Q4 24 | $526.2M | $581.0M | ||
| Q3 24 | $539.9M | $682.0M | ||
| Q2 24 | $379.8M | $624.0M | ||
| Q1 24 | $299.3M | $599.0M |
毛利率FTNTZTS
| Q4 25 | 79.6% | 70.2% | ||
| Q3 25 | 80.8% | 71.5% | ||
| Q2 25 | 80.7% | 73.6% | ||
| Q1 25 | 81.0% | 72.0% | ||
| Q4 24 | 81.1% | 69.5% | ||
| Q3 24 | 82.5% | 70.6% | ||
| Q2 24 | 80.8% | 71.7% | ||
| Q1 24 | 77.5% | 70.6% |
营业利润率FTNTZTS
| Q4 25 | 32.8% | 31.9% | ||
| Q3 25 | 31.7% | 37.0% | ||
| Q2 25 | 28.1% | 36.7% | ||
| Q1 25 | 29.5% | 36.5% | ||
| Q4 24 | 34.6% | 31.6% | ||
| Q3 24 | 31.2% | 36.6% | ||
| Q2 24 | 30.5% | 33.0% | ||
| Q1 24 | 23.7% | 34.1% |
净利率FTNTZTS
| Q4 25 | 26.6% | 25.3% | ||
| Q3 25 | 27.5% | 30.0% | ||
| Q2 25 | 27.0% | 29.2% | ||
| Q1 25 | 28.1% | 28.4% | ||
| Q4 24 | 31.7% | 25.1% | ||
| Q3 24 | 35.8% | 28.6% | ||
| Q2 24 | 26.5% | 26.4% | ||
| Q1 24 | 22.1% | 27.4% |
每股收益（稀释后）FTNTZTS
| Q4 25 | $0.67 | $1.37 | ||
| Q3 25 | $0.62 | $1.63 | ||
| Q2 25 | $0.57 | $1.61 | ||
| Q1 25 | $0.56 | $1.41 | ||
| Q4 24 | $0.68 | $1.29 | ||
| Q3 24 | $0.70 | $1.50 | ||
| Q2 24 | $0.49 | $1.37 | ||
| Q1 24 | $0.39 | $1.31 |
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 | — | — |
| 股东权益账面价值 | $1.2B | $3.3B |
| 总资产 | $10.4B | $15.5B |
| 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FTNTZTS
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $3.4B | $1.4B | ||
| Q1 25 | $3.6B | $1.7B | ||
| Q4 24 | $2.9B | $2.0B | ||
| Q3 24 | $2.5B | $1.7B | ||
| Q2 24 | $2.2B | $1.6B | ||
| Q1 24 | $1.9B | $2.0B |
股东权益FTNTZTS
| Q4 25 | $1.2B | $3.3B | ||
| Q3 25 | $735.1M | $5.4B | ||
| Q2 25 | $2.1B | $5.0B | ||
| Q1 25 | $2.0B | $4.7B | ||
| Q4 24 | $1.5B | $4.8B | ||
| Q3 24 | $908.1M | $5.2B | ||
| Q2 24 | $288.2M | $5.0B | ||
| Q1 24 | $-137.5M | $5.1B |
总资产FTNTZTS
| Q4 25 | $10.4B | $15.5B | ||
| Q3 25 | $9.4B | $15.2B | ||
| Q2 25 | $10.6B | $14.5B | ||
| Q1 25 | $10.4B | $14.1B | ||
| Q4 24 | $9.8B | $14.2B | ||
| Q3 24 | $8.9B | $14.4B | ||
| Q2 24 | $8.1B | $14.2B | ||
| Q1 24 | $7.7B | $14.3B |
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 | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $577.4M | $732.0M |
| 自由现金流率自由现金流/营收 | 30.3% | 30.7% |
| 资本支出强度资本支出/营收 | 2.2% | 6.7% |
| 现金转化率经营现金流/净利润 | 1.23× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $2.3B |
8季度趋势，按日历期对齐
经营现金流FTNTZTS
| Q4 25 | $620.2M | $893.0M | ||
| Q3 25 | $655.2M | $938.0M | ||
| Q2 25 | $451.9M | $486.0M | ||
| Q1 25 | $863.3M | $587.0M | ||
| Q4 24 | $477.6M | $905.0M | ||
| Q3 24 | $608.1M | $951.0M | ||
| Q2 24 | $342.0M | $502.0M | ||
| Q1 24 | $830.4M | $595.0M |
自由现金流FTNTZTS
| Q4 25 | $577.4M | $732.0M | ||
| Q3 25 | $567.5M | $805.0M | ||
| Q2 25 | $284.1M | $308.0M | ||
| Q1 25 | $796.8M | $438.0M | ||
| Q4 24 | $380.0M | $689.0M | ||
| Q3 24 | $571.8M | $784.0M | ||
| Q2 24 | $318.9M | $370.0M | ||
| Q1 24 | $608.5M | $455.0M |
自由现金流率FTNTZTS
| Q4 25 | 30.3% | 30.7% | ||
| Q3 25 | 32.9% | 33.5% | ||
| Q2 25 | 17.4% | 12.5% | ||
| Q1 25 | 51.8% | 19.7% | ||
| Q4 24 | 22.9% | 29.7% | ||
| Q3 24 | 37.9% | 32.8% | ||
| Q2 24 | 22.2% | 15.7% | ||
| Q1 24 | 45.0% | 20.8% |
资本支出强度FTNTZTS
| Q4 25 | 2.2% | 6.7% | ||
| Q3 25 | 5.1% | 5.5% | ||
| Q2 25 | 10.3% | 7.2% | ||
| Q1 25 | 4.3% | 6.7% | ||
| Q4 24 | 5.9% | 9.3% | ||
| Q3 24 | 2.4% | 7.0% | ||
| Q2 24 | 1.6% | 5.6% | ||
| Q1 24 | 16.4% | 6.4% |
现金转化率FTNTZTS
| Q4 25 | 1.23× | 1.48× | ||
| Q3 25 | 1.38× | 1.30× | ||
| Q2 25 | 1.03× | 0.68× | ||
| Q1 25 | 1.99× | 0.93× | ||
| Q4 24 | 0.91× | 1.56× | ||
| Q3 24 | 1.13× | 1.39× | ||
| Q2 24 | 0.90× | 0.80× | ||
| Q1 24 | 2.77× | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
