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Jefferies Financial Group Inc.（JEF）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Jefferies Financial Group Inc.的1.6倍（$2.6B vs $1.7B），派拓网络净利率更高（16.7% vs 12.6%，领先4.0%），Jefferies Financial Group Inc.自由现金流更多（$1.9B vs $384.0M）
杰富瑞金融集团是总部位于美国纽约的金融服务企业，在纽约证券交易所挂牌上市，同时位列财富1000强榜单，为全球客户提供专业的金融相关服务。
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。
JEF vs PANW — 直观对比
营收规模更大
PANW
是对方的1.6倍
$1.7B
净利率更高
PANW
高出4.0%
12.6%
自由现金流更多
JEF
多$1.5B
$384.0M
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.6B |
| 净利润 | $211.3M | $432.0M |
| 毛利率 | 95.7% | 73.6% |
| 营业利润率 | 15.2% | 15.3% |
| 净利率 | 12.6% | 16.7% |
| 营收同比 | — | 14.9% |
| 净利润同比 | — | 61.6% |
| 每股收益（稀释后） | $0.85 | $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JEFPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $1.7B | $2.5B | ||
| Q3 25 | $1.5B | $2.5B | ||
| Q2 25 | $1.2B | $2.3B | ||
| Q1 25 | $1.1B | $2.3B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.0B | $2.0B |
净利润JEFPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $211.3M | $334.0M | ||
| Q3 25 | $242.5M | $253.8M | ||
| Q2 25 | $91.4M | $262.1M | ||
| Q1 25 | $136.8M | $267.3M | ||
| Q4 24 | — | $350.7M | ||
| Q3 24 | $181.0M | $357.7M | ||
| Q2 24 | $154.7M | $278.8M |
毛利率JEFPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 95.7% | 74.2% | ||
| Q3 25 | 97.7% | 73.2% | ||
| Q2 25 | 96.5% | 72.9% | ||
| Q1 25 | 96.4% | 73.5% | ||
| Q4 24 | — | 74.1% | ||
| Q3 24 | 96.9% | 73.8% | ||
| Q2 24 | 96.4% | 74.1% |
营业利润率JEFPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 15.2% | 12.5% | ||
| Q3 25 | 22.1% | 19.6% | ||
| Q2 25 | 11.0% | 9.6% | ||
| Q1 25 | 13.2% | 10.6% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | 20.7% | 10.9% | ||
| Q2 24 | 22.0% | 8.9% |
净利率JEFPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 12.6% | 13.5% | ||
| Q3 25 | 16.1% | 10.0% | ||
| Q2 25 | 7.4% | 11.5% | ||
| Q1 25 | 12.0% | 11.8% | ||
| Q4 24 | — | 16.4% | ||
| Q3 24 | 14.8% | 16.3% | ||
| Q2 24 | 14.9% | 14.0% |
每股收益（稀释后）JEFPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.85 | $0.47 | ||
| Q3 25 | $1.01 | $-0.14 | ||
| Q2 25 | $0.40 | $0.37 | ||
| Q1 25 | $0.57 | $0.38 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | $0.75 | $1.04 | ||
| Q2 24 | $0.64 | $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 | $14.0B | $4.5B |
| 总债务越低越好 | $15.9B | — |
| 股东权益账面价值 | $10.6B | $9.4B |
| 总资产 | $76.0B | $25.0B |
| 负债/权益比越低杠杆越低 | 1.50× | — |
8季度趋势，按日历期对齐
现金及短期投资JEFPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $14.0B | $4.2B | ||
| Q3 25 | $11.5B | $2.9B | ||
| Q2 25 | $11.3B | $3.3B | ||
| Q1 25 | $11.2B | $3.2B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | $10.6B | $2.6B | ||
| Q2 24 | $10.8B | $2.9B |
总债务JEFPANW
| Q1 26 | — | — | ||
| Q4 25 | $15.9B | — | ||
| Q3 25 | $16.0B | — | ||
| Q2 25 | $15.4B | — | ||
| Q1 25 | $14.8B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $12.9B | — | ||
| Q2 24 | $12.7B | — |
股东权益JEFPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $10.6B | $8.7B | ||
| Q3 25 | $10.4B | $7.8B | ||
| Q2 25 | $10.3B | $7.2B | ||
| Q1 25 | $10.2B | $6.4B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | $10.0B | $5.2B | ||
| Q2 24 | $9.9B | $4.5B |
总资产JEFPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $76.0B | $23.5B | ||
| Q3 25 | $69.3B | $23.6B | ||
| Q2 25 | $67.3B | $22.0B | ||
| Q1 25 | $70.2B | $21.0B | ||
| Q4 24 | — | $20.4B | ||
| Q3 24 | $63.3B | $20.0B | ||
| Q2 24 | $63.0B | $17.9B |
负债/权益比JEFPANW
| Q1 26 | — | — | ||
| Q4 25 | 1.50× | — | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | 1.49× | — | ||
| Q1 25 | 1.45× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.29× | — | ||
| Q2 24 | 1.28× | — |
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 | $2.0B | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $1.9B | $384.0M |
| 自由现金流率自由现金流/营收 | 114.2% | 14.8% |
| 资本支出强度资本支出/营收 | 3.4% | 6.6% |
| 现金转化率经营现金流/净利润 | 9.30× | 1.28× |
| 过去12个月自由现金流最近4个季度 | $-1.7B | $3.6B |
8季度趋势，按日历期对齐
经营现金流JEFPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $2.0B | $1.8B | ||
| Q3 25 | $184.2M | $1.0B | ||
| Q2 25 | $-978.3M | $628.7M | ||
| Q1 25 | $-2.7B | $556.9M | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $512.7M | ||
| Q2 24 | — | $528.9M |
自由现金流JEFPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $126.0M | $934.5M | ||
| Q2 25 | $-1.0B | $560.4M | ||
| Q1 25 | $-2.7B | $509.4M | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $465.3M | ||
| Q2 24 | — | $491.5M |
自由现金流率JEFPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 114.2% | 68.2% | ||
| Q3 25 | 8.4% | 36.8% | ||
| Q2 25 | -83.3% | 24.5% | ||
| Q1 25 | -237.2% | 22.6% | ||
| Q4 24 | — | 68.5% | ||
| Q3 24 | — | 21.3% | ||
| Q2 24 | — | 24.8% |
资本支出强度JEFPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 3.4% | 3.4% | ||
| Q3 25 | 3.9% | 3.4% | ||
| Q2 25 | 3.6% | 3.0% | ||
| Q1 25 | 4.3% | 2.1% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 1.9% |
现金转化率JEFPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 9.30× | 5.30× | ||
| Q3 25 | 0.76× | 4.02× | ||
| Q2 25 | -10.70× | 2.40× | ||
| Q1 25 | -19.48× | 2.08× | ||
| Q4 24 | — | 4.30× | ||
| Q3 24 | — | 1.43× | ||
| Q2 24 | — | 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
JEF
| Investment Banking Underwriting | $555.6M | 33% |
| Principal Transactions Revenue | $378.3M | 23% |
| Commissions And Other Fees | $356.0M | 21% |
| Other | $177.8M | 11% |
| Internet Connection And Boadband Revenue | $57.0M | 3% |
| Other Sources Of Revenue Miscellaneous | $53.3M | 3% |
| Real Estate | $50.7M | 3% |
| Strategic Affiliates Revenue | $13.8M | 1% |
| Asset Management1 | $12.1M | 1% |
| Fixed Income Services | $1.6M | 0% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
