vs
华利安（HLI）与Zscaler, Inc.（ZS）财务数据对比。点击上方公司名可切换其他公司
Zscaler, Inc.的季度营收约是华利安的1.1倍（$788.1M vs $717.1M），华利安净利率更高（16.3% vs -1.5%，领先17.7%），Zscaler, Inc.同比增速更快（25.5% vs 13.0%），Zscaler, Inc.自由现金流更多（$431.0M vs $217.0M），过去两年Zscaler, Inc.的营收复合增速更高（22.5% vs 17.4%）
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
Zscaler是总部位于美国加利福尼亚州圣何塞的云安全企业，专注提供云原生安全服务，为全球各行业企业的网络系统与数据资产提供全方位防护，助力企业在数字化运营过程中抵御各类安全风险，保障业务稳定开展。
HLI vs ZS — 直观对比
营收规模更大
ZS
是对方的1.1倍
$717.1M
营收增速更快
ZS
高出12.5%
13.0%
净利率更高
HLI
高出17.7%
-1.5%
自由现金流更多
ZS
多$213.9M
$217.0M
两年增速更快
ZS
近两年复合增速
17.4%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $788.1M |
| 净利润 | $116.5M | $-11.6M |
| 毛利率 | 32.2% | 76.6% |
| 营业利润率 | 22.4% | -4.6% |
| 净利率 | 16.3% | -1.5% |
| 营收同比 | 13.0% | 25.5% |
| 净利润同比 | 22.3% | 3.6% |
| 每股收益（稀释后） | $1.70 | $-0.07 |
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HLIZS
| Q4 25 | $717.1M | $788.1M | ||
| Q3 25 | $659.5M | $719.2M | ||
| Q2 25 | $605.3M | $678.0M | ||
| Q1 25 | $666.4M | $647.9M | ||
| Q4 24 | $634.4M | $628.0M | ||
| Q3 24 | $575.0M | $592.9M | ||
| Q2 24 | $513.6M | $553.2M | ||
| Q1 24 | $520.5M | $525.0M |
净利润HLIZS
| Q4 25 | $116.5M | $-11.6M | ||
| Q3 25 | $111.8M | $-17.6M | ||
| Q2 25 | $97.5M | $-4.1M | ||
| Q1 25 | $121.9M | $-7.7M | ||
| Q4 24 | $95.3M | $-12.1M | ||
| Q3 24 | $93.5M | $-14.9M | ||
| Q2 24 | $88.9M | $19.1M | ||
| Q1 24 | $81.1M | $-28.5M |
毛利率HLIZS
| Q4 25 | 32.2% | 76.6% | ||
| Q3 25 | 33.8% | 76.1% | ||
| Q2 25 | 31.0% | 77.0% | ||
| Q1 25 | 33.9% | 77.1% | ||
| Q4 24 | 31.4% | 77.5% | ||
| Q3 24 | 33.0% | 78.0% | ||
| Q2 24 | 30.6% | 78.6% | ||
| Q1 24 | 30.3% | 77.7% |
营业利润率HLIZS
| Q4 25 | 22.4% | -4.6% | ||
| Q3 25 | 22.9% | -4.5% | ||
| Q2 25 | 14.8% | -3.7% | ||
| Q1 25 | 20.9% | -6.2% | ||
| Q4 24 | 21.5% | -4.9% | ||
| Q3 24 | 22.7% | -4.5% | ||
| Q2 24 | 18.6% | -0.5% | ||
| Q1 24 | 19.7% | -8.7% |
净利率HLIZS
| Q4 25 | 16.3% | -1.5% | ||
| Q3 25 | 17.0% | -2.4% | ||
| Q2 25 | 16.1% | -0.6% | ||
| Q1 25 | 18.3% | -1.2% | ||
| Q4 24 | 15.0% | -1.9% | ||
| Q3 24 | 16.3% | -2.5% | ||
| Q2 24 | 17.3% | 3.5% | ||
| Q1 24 | 15.6% | -5.4% |
每股收益（稀释后）HLIZS
| Q4 25 | $1.70 | $-0.07 | ||
| Q3 25 | $1.63 | $-0.11 | ||
| Q2 25 | $1.42 | $-0.03 | ||
| Q1 25 | $1.76 | $-0.05 | ||
| Q4 24 | $1.39 | $-0.08 | ||
| Q3 24 | $1.37 | $-0.09 | ||
| Q2 24 | $1.30 | $0.12 | ||
| Q1 24 | $1.18 | $-0.19 |
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 | $1.1B | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.3B | $2.0B |
| 总资产 | $3.9B | $6.5B |
| 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HLIZS
| Q4 25 | $1.1B | $1.3B | ||
| Q3 25 | $923.6M | $2.4B | ||
| Q2 25 | $793.8M | $2.0B | ||
| Q1 25 | $971.0M | $1.8B | ||
| Q4 24 | $799.3M | $1.6B | ||
| Q3 24 | $691.4M | $1.4B | ||
| Q2 24 | $449.7M | $1.3B | ||
| Q1 24 | $721.2M | $1.4B |
总债务HLIZS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
股东权益HLIZS
| Q4 25 | $2.3B | $2.0B | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.2B | $1.8B | ||
| Q1 25 | $2.2B | $1.6B | ||
| Q4 24 | $2.1B | $1.4B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $1.8B | $1.1B | ||
| Q1 24 | $1.8B | $958.9M |
总资产HLIZS
| Q4 25 | $3.9B | $6.5B | ||
| Q3 25 | $3.8B | $6.4B | ||
| Q2 25 | $3.5B | $5.3B | ||
| Q1 25 | $3.8B | $5.0B | ||
| Q4 24 | $3.5B | $4.7B | ||
| Q3 24 | $3.2B | $4.7B | ||
| Q2 24 | $2.9B | $4.2B | ||
| Q1 24 | $3.2B | $3.9B |
负债/权益比HLIZS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 1.19× |
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 | $217.7M | $448.3M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | $431.0M |
| 自由现金流率自由现金流/营收 | 30.3% | 54.7% |
| 资本支出强度资本支出/营收 | 0.1% | 2.2% |
| 现金转化率经营现金流/净利润 | 1.87× | — |
| 过去12个月自由现金流最近4个季度 | $738.9M | $924.9M |
8季度趋势，按日历期对齐
经营现金流HLIZS
| Q4 25 | $217.7M | $448.3M | ||
| Q3 25 | $325.0M | $250.6M | ||
| Q2 25 | $-131.6M | $211.1M | ||
| Q1 25 | $358.4M | $179.4M | ||
| Q4 24 | $265.5M | $331.3M | ||
| Q3 24 | $289.2M | $203.6M | ||
| Q2 24 | $-64.5M | $173.4M | ||
| Q1 24 | $225.3M | $142.1M |
自由现金流HLIZS
| Q4 25 | $217.0M | $431.0M | ||
| Q3 25 | $322.8M | $190.6M | ||
| Q2 25 | $-144.8M | $138.9M | ||
| Q1 25 | $343.9M | $164.4M | ||
| Q4 24 | $261.7M | $314.3M | ||
| Q3 24 | $278.7M | $154.2M | ||
| Q2 24 | $-75.4M | $137.8M | ||
| Q1 24 | $213.1M | $111.2M |
自由现金流率HLIZS
| Q4 25 | 30.3% | 54.7% | ||
| Q3 25 | 49.0% | 26.5% | ||
| Q2 25 | -23.9% | 20.5% | ||
| Q1 25 | 51.6% | 25.4% | ||
| Q4 24 | 41.2% | 50.1% | ||
| Q3 24 | 48.5% | 26.0% | ||
| Q2 24 | -14.7% | 24.9% | ||
| Q1 24 | 40.9% | 21.2% |
资本支出强度HLIZS
| Q4 25 | 0.1% | 2.2% | ||
| Q3 25 | 0.3% | 8.3% | ||
| Q2 25 | 2.2% | 10.6% | ||
| Q1 25 | 2.2% | 2.3% | ||
| Q4 24 | 0.6% | 2.7% | ||
| Q3 24 | 1.8% | 8.3% | ||
| Q2 24 | 2.1% | 6.4% | ||
| Q1 24 | 2.3% | 5.9% |
现金转化率HLIZS
| Q4 25 | 1.87× | — | ||
| Q3 25 | 2.91× | — | ||
| Q2 25 | -1.35× | — | ||
| Q1 25 | 2.94× | — | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 3.09× | — | ||
| Q2 24 | -0.73× | 9.07× | ||
| Q1 24 | 2.78× | — |
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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
ZS
暂无分部数据
