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GRAPHIC PACKAGING HOLDING CO（GPK）与派拓网络（PANW）财务数据对比。点击上方公司名可切换其他公司
派拓网络的季度营收约是GRAPHIC PACKAGING HOLDING CO的1.2倍（$2.6B vs $2.1B），派拓网络净利率更高（16.7% vs 3.4%，领先13.3%），派拓网络同比增速更快（14.9% vs 0.2%），过去两年派拓网络的营收复合增速更高（14.3% vs -3.5%）
Graphic Packaging Holding是总部位于美国佐治亚州亚特兰大的世界500强企业，专注于设计和生产商用产品包装解决方案，主营纸板及折叠纸盒业务，产品广泛应用于饮料、包装食品等各类热门消费品领域，在美国多州运营采用回收原料的纸板工厂。
派拓网络（Palo Alto Networks）是总部位于美国加利福尼亚州圣克拉拉的跨国网络安全企业，核心产品包括高级防火墙及拓展其防护能力的云原生安全服务，为全球150多个国家的超7万家机构、含85家财富100强企业提供服务，旗下拥有知名威胁研究团队Unit 42，还举办Ignite网络安全行业峰会。
GPK vs PANW — 直观对比
营收规模更大
PANW
是对方的1.2倍
$2.1B
营收增速更快
PANW
高出14.7%
0.2%
净利率更高
PANW
高出13.3%
3.4%
两年增速更快
PANW
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.6B |
| 净利润 | $71.0M | $432.0M |
| 毛利率 | 14.1% | 73.6% |
| 营业利润率 | 7.4% | 15.3% |
| 净利率 | 3.4% | 16.7% |
| 营收同比 | 0.2% | 14.9% |
| 净利润同比 | -48.6% | 61.6% |
| 每股收益（稀释后） | $0.24 | $0.61 |
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GPKPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.1B | $2.5B | ||
| Q3 25 | $2.2B | $2.5B | ||
| Q2 25 | $2.2B | $2.3B | ||
| Q1 25 | $2.1B | $2.3B | ||
| Q4 24 | $2.1B | $2.1B | ||
| Q3 24 | $2.2B | $2.2B | ||
| Q2 24 | $2.2B | $2.0B |
净利润GPKPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $71.0M | $334.0M | ||
| Q3 25 | $142.0M | $253.8M | ||
| Q2 25 | $104.0M | $262.1M | ||
| Q1 25 | $127.0M | $267.3M | ||
| Q4 24 | $138.0M | $350.7M | ||
| Q3 24 | $165.0M | $357.7M | ||
| Q2 24 | $190.0M | $278.8M |
毛利率GPKPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 14.1% | 74.2% | ||
| Q3 25 | 19.6% | 73.2% | ||
| Q2 25 | 18.7% | 72.9% | ||
| Q1 25 | 20.6% | 73.5% | ||
| Q4 24 | 21.4% | 74.1% | ||
| Q3 24 | 22.3% | 73.8% | ||
| Q2 24 | 21.2% | 74.1% |
营业利润率GPKPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 7.4% | 12.5% | ||
| Q3 25 | 10.7% | 19.6% | ||
| Q2 25 | 8.8% | 9.6% | ||
| Q1 25 | 10.5% | 10.6% | ||
| Q4 24 | 11.4% | 13.4% | ||
| Q3 24 | 12.6% | 10.9% | ||
| Q2 24 | 14.5% | 8.9% |
净利率GPKPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 3.4% | 13.5% | ||
| Q3 25 | 6.5% | 10.0% | ||
| Q2 25 | 4.7% | 11.5% | ||
| Q1 25 | 6.0% | 11.8% | ||
| Q4 24 | 6.6% | 16.4% | ||
| Q3 24 | 7.5% | 16.3% | ||
| Q2 24 | 8.5% | 14.0% |
每股收益（稀释后）GPKPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.24 | $0.47 | ||
| Q3 25 | $0.48 | $-0.14 | ||
| Q2 25 | $0.34 | $0.37 | ||
| Q1 25 | $0.42 | $0.38 | ||
| Q4 24 | $0.46 | $0.99 | ||
| Q3 24 | $0.55 | $1.04 | ||
| Q2 24 | $0.62 | $0.79 |
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 | $261.0M | $4.5B |
| 总债务越低越好 | $5.0B | — |
| 股东权益账面价值 | $3.3B | $9.4B |
| 总资产 | $11.8B | $25.0B |
| 负债/权益比越低杠杆越低 | 1.51× | — |
8季度趋势，按日历期对齐
现金及短期投资GPKPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $261.0M | $4.2B | ||
| Q3 25 | $120.0M | $2.9B | ||
| Q2 25 | $120.0M | $3.3B | ||
| Q1 25 | $129.0M | $3.2B | ||
| Q4 24 | $157.0M | $3.4B | ||
| Q3 24 | $126.0M | $2.6B | ||
| Q2 24 | $125.0M | $2.9B |
总债务GPKPANW
| Q1 26 | — | — | ||
| Q4 25 | $5.0B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $5.7B | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $5.4B | — | ||
| Q2 24 | $4.9B | — |
股东权益GPKPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $3.3B | $8.7B | ||
| Q3 25 | $3.3B | $7.8B | ||
| Q2 25 | $3.2B | $7.2B | ||
| Q1 25 | $3.2B | $6.4B | ||
| Q4 24 | $3.0B | $5.9B | ||
| Q3 24 | $3.0B | $5.2B | ||
| Q2 24 | $2.8B | $4.5B |
总资产GPKPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $11.8B | $23.5B | ||
| Q3 25 | $11.9B | $23.6B | ||
| Q2 25 | $11.8B | $22.0B | ||
| Q1 25 | $11.5B | $21.0B | ||
| Q4 24 | $11.1B | $20.4B | ||
| Q3 24 | $11.2B | $20.0B | ||
| Q2 24 | $10.8B | $17.9B |
负债/权益比GPKPANW
| Q1 26 | — | — | ||
| Q4 25 | 1.51× | — | ||
| Q3 25 | 1.67× | — | ||
| Q2 25 | 1.68× | — | ||
| Q1 25 | 1.80× | — | ||
| Q4 24 | 1.71× | — | ||
| Q3 24 | 1.79× | — | ||
| Q2 24 | 1.75× | — |
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 | $521.0M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | — | $384.0M |
| 自由现金流率自由现金流/营收 | — | 14.8% |
| 资本支出强度资本支出/营收 | — | 6.6% |
| 现金转化率经营现金流/净利润 | 7.34× | 1.28× |
| 过去12个月自由现金流最近4个季度 | — | $3.6B |
8季度趋势，按日历期对齐
经营现金流GPKPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $521.0M | $1.8B | ||
| Q3 25 | $227.0M | $1.0B | ||
| Q2 25 | $267.0M | $628.7M | ||
| Q1 25 | $-174.0M | $556.9M | ||
| Q4 24 | $489.0M | $1.5B | ||
| Q3 24 | $187.0M | $512.7M | ||
| Q2 24 | $161.0M | $528.9M |
自由现金流GPKPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $934.5M | ||
| Q2 25 | — | $560.4M | ||
| Q1 25 | — | $509.4M | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $465.3M | ||
| Q2 24 | — | $491.5M |
自由现金流率GPKPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | — | 68.2% | ||
| Q3 25 | — | 36.8% | ||
| Q2 25 | — | 24.5% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 68.5% | ||
| Q3 24 | — | 21.3% | ||
| Q2 24 | — | 24.8% |
资本支出强度GPKPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 1.9% |
现金转化率GPKPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 7.34× | 5.30× | ||
| Q3 25 | 1.60× | 4.02× | ||
| Q2 25 | 2.57× | 2.40× | ||
| Q1 25 | -1.37× | 2.08× | ||
| Q4 24 | 3.54× | 4.30× | ||
| Q3 24 | 1.13× | 1.43× | ||
| Q2 24 | 0.85× | 1.90× |
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
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
