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佳明（GRMN）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佳明的1.2倍（$2.6B vs $2.1B），佳明净利率更高（24.9% vs 16.7%，领先8.2%），佳明同比增速更快（16.6% vs 14.9%），佳明自由现金流更多（$429.6M vs $384.0M），过去两年佳明的营收复合增速更高（24.0% vs 14.3%）
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
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。
GRMN 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
GRMN
高出1.7%
14.9%
净利率更高
GRMN
高出8.2%
16.7%
自由现金流更多
GRMN
多$45.6M
$384.0M
两年增速更快
GRMN
近两年复合增速
14.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.6B |
| 净利润 | $528.7M | $432.0M |
| 毛利率 | 59.2% | 73.6% |
| 营业利润率 | 28.9% | 15.3% |
| 净利率 | 24.9% | 16.7% |
| 营收同比 | 16.6% | 14.9% |
| 净利润同比 | 21.3% | 61.6% |
| 每股收益（稀释后） | $2.72 | $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GRMNPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.1B | $2.5B | ||
| Q3 25 | $1.8B | $2.5B | ||
| Q2 25 | $1.8B | $2.3B | ||
| Q1 25 | $1.5B | $2.3B | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | $1.6B | $2.2B | ||
| Q2 24 | $1.5B | $2.0B |
净利润GRMNPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $528.7M | $334.0M | ||
| Q3 25 | $401.6M | $253.8M | ||
| Q2 25 | $400.8M | $262.1M | ||
| Q1 25 | $332.8M | $267.3M | ||
| Q4 24 | $435.7M | $350.7M | ||
| Q3 24 | $399.1M | $357.7M | ||
| Q2 24 | $300.6M | $278.8M |
毛利率GRMNPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 59.2% | 74.2% | ||
| Q3 25 | 59.1% | 73.2% | ||
| Q2 25 | 58.8% | 72.9% | ||
| Q1 25 | 57.6% | 73.5% | ||
| Q4 24 | 59.3% | 74.1% | ||
| Q3 24 | 60.0% | 73.8% | ||
| Q2 24 | 57.3% | 74.1% |
营业利润率GRMNPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 28.9% | 12.5% | ||
| Q3 25 | 25.8% | 19.6% | ||
| Q2 25 | 26.0% | 9.6% | ||
| Q1 25 | 21.7% | 10.6% | ||
| Q4 24 | 28.3% | 13.4% | ||
| Q3 24 | 27.6% | 10.9% | ||
| Q2 24 | 22.7% | 8.9% |
净利率GRMNPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 24.9% | 13.5% | ||
| Q3 25 | 22.7% | 10.0% | ||
| Q2 25 | 22.1% | 11.5% | ||
| Q1 25 | 21.7% | 11.8% | ||
| Q4 24 | 23.9% | 16.4% | ||
| Q3 24 | 25.2% | 16.3% | ||
| Q2 24 | 20.0% | 14.0% |
每股收益（稀释后）GRMNPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $2.72 | $0.47 | ||
| Q3 25 | $2.08 | $-0.14 | ||
| Q2 25 | $2.07 | $0.37 | ||
| Q1 25 | $1.72 | $0.38 | ||
| Q4 24 | $2.24 | $0.99 | ||
| Q3 24 | $2.07 | $1.04 | ||
| Q2 24 | $1.56 | $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 | $2.3B | $4.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.0B | $9.4B |
| 总资产 | $11.0B | $25.0B |
| 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GRMNPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $2.3B | $4.2B | ||
| Q3 25 | $2.1B | $2.9B | ||
| Q2 25 | $2.1B | $3.3B | ||
| Q1 25 | $2.2B | $3.2B | ||
| Q4 24 | $2.1B | $3.4B | ||
| Q3 24 | $2.0B | $2.6B | ||
| Q2 24 | $1.9B | $2.9B |
股东权益GRMNPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $9.0B | $8.7B | ||
| Q3 25 | $8.5B | $7.8B | ||
| Q2 25 | $8.1B | $7.2B | ||
| Q1 25 | $8.2B | $6.4B | ||
| Q4 24 | $7.8B | $5.9B | ||
| Q3 24 | $7.5B | $5.2B | ||
| Q2 24 | $7.0B | $4.5B |
总资产GRMNPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $11.0B | $23.5B | ||
| Q3 25 | $10.5B | $23.6B | ||
| Q2 25 | $10.3B | $22.0B | ||
| Q1 25 | $9.8B | $21.0B | ||
| Q4 24 | $9.6B | $20.4B | ||
| Q3 24 | $9.3B | $20.0B | ||
| Q2 24 | $8.9B | $17.9B |
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 | $553.8M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $384.0M |
| 自由现金流率自由现金流/营收 | 20.2% | 14.8% |
| 资本支出强度资本支出/营收 | 5.8% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.05× | 1.28× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $3.6B |
8季度趋势，按日历期对齐
经营现金流GRMNPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $553.8M | $1.8B | ||
| Q3 25 | $485.6M | $1.0B | ||
| Q2 25 | $173.2M | $628.7M | ||
| Q1 25 | $420.8M | $556.9M | ||
| Q4 24 | $483.9M | $1.5B | ||
| Q3 24 | $258.0M | $512.7M | ||
| Q2 24 | $255.3M | $528.9M |
自由现金流GRMNPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $429.6M | $1.7B | ||
| Q3 25 | $425.1M | $934.5M | ||
| Q2 25 | $127.5M | $560.4M | ||
| Q1 25 | $380.7M | $509.4M | ||
| Q4 24 | $399.2M | $1.5B | ||
| Q3 24 | $219.4M | $465.3M | ||
| Q2 24 | $218.2M | $491.5M |
自由现金流率GRMNPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 20.2% | 68.2% | ||
| Q3 25 | 24.0% | 36.8% | ||
| Q2 25 | 7.0% | 24.5% | ||
| Q1 25 | 24.8% | 22.6% | ||
| Q4 24 | 21.9% | 68.5% | ||
| Q3 24 | 13.8% | 21.3% | ||
| Q2 24 | 14.5% | 24.8% |
资本支出强度GRMNPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 5.8% | 3.4% | ||
| Q3 25 | 3.4% | 3.4% | ||
| Q2 25 | 2.5% | 3.0% | ||
| Q1 25 | 2.6% | 2.1% | ||
| Q4 24 | 4.6% | 2.1% | ||
| Q3 24 | 2.4% | 2.2% | ||
| Q2 24 | 2.5% | 1.9% |
现金转化率GRMNPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 1.05× | 5.30× | ||
| Q3 25 | 1.21× | 4.02× | ||
| Q2 25 | 0.43× | 2.40× | ||
| Q1 25 | 1.26× | 2.08× | ||
| Q4 24 | 1.11× | 4.30× | ||
| Q3 24 | 0.65× | 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
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
