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直觉外科（ISRG）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
直觉外科的季度营收约是派拓网络的1.1倍（$2.8B vs $2.6B），直觉外科净利率更高（29.8% vs 16.7%，领先13.2%），直觉外科同比增速更快（23.0% vs 14.9%），过去两年直觉外科的营收复合增速更高（17.4% vs 14.3%）
直觉外科（Intuitive Surgical）是美国医疗科技企业，主打研发、生产及销售微创外科手术机器人产品，核心产品为达芬奇手术系统，可有效提升患者临床治疗效果。该公司为纳斯达克100、标普100及标普500指数成分股，截至2021年末全球达芬奇系统装机量达6730台，其中美国市场占4139台。
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。
ISRG vs PANW — 直观对比
营收规模更大
ISRG
是对方的1.1倍
$2.6B
营收增速更快
ISRG
高出8.0%
14.9%
净利率更高
ISRG
高出13.2%
16.7%
两年增速更快
ISRG
近两年复合增速
14.3%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.6B |
| 净利润 | $826.0M | $432.0M |
| 毛利率 | 66.1% | 73.6% |
| 营业利润率 | — | 15.3% |
| 净利率 | 29.8% | 16.7% |
| 营收同比 | 23.0% | 14.9% |
| 净利润同比 | 17.4% | 61.6% |
| 每股收益（稀释后） | $2.28 | $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ISRGPANW
| Q1 26 | $2.8B | $2.6B | ||
| Q4 25 | $2.9B | $2.5B | ||
| Q3 25 | $2.5B | $2.5B | ||
| Q2 25 | $2.4B | $2.3B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $2.4B | $2.1B | ||
| Q3 24 | $2.0B | $2.2B | ||
| Q2 24 | $2.0B | $2.0B |
净利润ISRGPANW
| Q1 26 | $826.0M | $432.0M | ||
| Q4 25 | $794.8M | $334.0M | ||
| Q3 25 | $704.4M | $253.8M | ||
| Q2 25 | $658.4M | $262.1M | ||
| Q1 25 | $698.4M | $267.3M | ||
| Q4 24 | $685.7M | $350.7M | ||
| Q3 24 | $565.1M | $357.7M | ||
| Q2 24 | $526.9M | $278.8M |
毛利率ISRGPANW
| Q1 26 | 66.1% | 73.6% | ||
| Q4 25 | 66.4% | 74.2% | ||
| Q3 25 | 66.4% | 73.2% | ||
| Q2 25 | 66.3% | 72.9% | ||
| Q1 25 | 64.7% | 73.5% | ||
| Q4 24 | 68.0% | 74.1% | ||
| Q3 24 | 67.4% | 73.8% | ||
| Q2 24 | 68.3% | 74.1% |
营业利润率ISRGPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 30.2% | 12.5% | ||
| Q3 25 | 30.3% | 19.6% | ||
| Q2 25 | 30.5% | 9.6% | ||
| Q1 25 | 25.7% | 10.6% | ||
| Q4 24 | 30.4% | 13.4% | ||
| Q3 24 | 28.3% | 10.9% | ||
| Q2 24 | 28.2% | 8.9% |
净利率ISRGPANW
| Q1 26 | 29.8% | 16.7% | ||
| Q4 25 | 27.7% | 13.5% | ||
| Q3 25 | 28.1% | 10.0% | ||
| Q2 25 | 27.0% | 11.5% | ||
| Q1 25 | 31.0% | 11.8% | ||
| Q4 24 | 28.4% | 16.4% | ||
| Q3 24 | 27.7% | 16.3% | ||
| Q2 24 | 26.2% | 14.0% |
每股收益（稀释后）ISRGPANW
| Q1 26 | $2.28 | $0.61 | ||
| Q4 25 | $2.19 | $0.47 | ||
| Q3 25 | $1.95 | $-0.14 | ||
| Q2 25 | $1.81 | $0.37 | ||
| Q1 25 | $1.92 | $0.38 | ||
| Q4 24 | $1.89 | $0.99 | ||
| Q3 24 | $1.56 | $1.04 | ||
| Q2 24 | $1.46 | $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 | — | $4.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $17.6B | $9.4B |
| 总资产 | $20.1B | $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ISRGPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $5.9B | $4.2B | ||
| Q3 25 | $4.9B | $2.9B | ||
| Q2 25 | $5.3B | $3.3B | ||
| Q1 25 | $4.5B | $3.2B | ||
| Q4 24 | $4.0B | $3.4B | ||
| Q3 24 | $4.2B | $2.6B | ||
| Q2 24 | $4.8B | $2.9B |
股东权益ISRGPANW
| Q1 26 | $17.6B | $9.4B | ||
| Q4 25 | $17.8B | $8.7B | ||
| Q3 25 | $16.9B | $7.8B | ||
| Q2 25 | $17.8B | $7.2B | ||
| Q1 25 | $17.1B | $6.4B | ||
| Q4 24 | $16.4B | $5.9B | ||
| Q3 24 | $15.6B | $5.2B | ||
| Q2 24 | $14.7B | $4.5B |
总资产ISRGPANW
| Q1 26 | $20.1B | $25.0B | ||
| Q4 25 | $20.5B | $23.5B | ||
| Q3 25 | $19.4B | $23.6B | ||
| Q2 25 | $20.2B | $22.0B | ||
| Q1 25 | $19.2B | $21.0B | ||
| Q4 24 | $18.7B | $20.4B | ||
| Q3 24 | $17.7B | $20.0B | ||
| Q2 24 | $16.6B | $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 | — | $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 | — | 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ISRGPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $892.5M | $1.8B | ||
| Q3 25 | $841.0M | $1.0B | ||
| Q2 25 | $715.4M | $628.7M | ||
| Q1 25 | $581.6M | $556.9M | ||
| Q4 24 | $822.6M | $1.5B | ||
| Q3 24 | $706.5M | $512.7M | ||
| Q2 24 | $620.5M | $528.9M |
自由现金流ISRGPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $730.0M | $1.7B | ||
| Q3 25 | $735.6M | $934.5M | ||
| Q2 25 | $560.1M | $560.4M | ||
| Q1 25 | $465.0M | $509.4M | ||
| Q4 24 | $510.6M | $1.5B | ||
| Q3 24 | $458.6M | $465.3M | ||
| Q2 24 | $311.1M | $491.5M |
自由现金流率ISRGPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 25.5% | 68.2% | ||
| Q3 25 | 29.4% | 36.8% | ||
| Q2 25 | 23.0% | 24.5% | ||
| Q1 25 | 20.6% | 22.6% | ||
| Q4 24 | 21.2% | 68.5% | ||
| Q3 24 | 22.5% | 21.3% | ||
| Q2 24 | 15.5% | 24.8% |
资本支出强度ISRGPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 5.7% | 3.4% | ||
| Q3 25 | 4.2% | 3.4% | ||
| Q2 25 | 6.4% | 3.0% | ||
| Q1 25 | 5.2% | 2.1% | ||
| Q4 24 | 12.9% | 2.1% | ||
| Q3 24 | 12.2% | 2.2% | ||
| Q2 24 | 15.4% | 1.9% |
现金转化率ISRGPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 1.12× | 5.30× | ||
| Q3 25 | 1.19× | 4.02× | ||
| Q2 25 | 1.09× | 2.40× | ||
| Q1 25 | 0.83× | 2.08× | ||
| Q4 24 | 1.20× | 4.30× | ||
| Q3 24 | 1.25× | 1.43× | ||
| Q2 24 | 1.18× | 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
ISRG
| Instruments and accessories | $1.7B | 61% |
| Systems | $650.7M | 23% |
| Services | $433.7M | 16% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
