vs
李维斯（LEVI）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李维斯的1.5倍（$2.6B vs $1.8B），派拓网络净利率更高（16.7% vs 8.9%，领先7.7%），派拓网络同比增速更快（14.9% vs -4.0%），派拓网络自由现金流更多（$384.0M vs $215.7M），过去两年派拓网络的营收复合增速更高（14.3% vs 6.5%）
李维斯（Levi Strauss & Co.）是全球知名的美国服饰企业，凭借旗下Levi's品牌丹宁牛仔裤享誉全球。公司创立于1853年5月，由德裔犹太移民李维·斯特劳斯在旧金山成立，注册地为特拉华州，总部设在旧金山李维斯广场。
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。
LEVI vs PANW — 直观对比
营收规模更大
PANW
是对方的1.5倍
$1.8B
营收增速更快
PANW
高出18.9%
-4.0%
净利率更高
PANW
高出7.7%
8.9%
自由现金流更多
PANW
多$168.3M
$215.7M
两年增速更快
PANW
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.6B |
| 净利润 | $158.0M | $432.0M |
| 毛利率 | 60.8% | 73.6% |
| 营业利润率 | 11.9% | 15.3% |
| 净利率 | 8.9% | 16.7% |
| 营收同比 | -4.0% | 14.9% |
| 净利润同比 | -13.4% | 61.6% |
| 每股收益（稀释后） | $0.39 | $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LEVIPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $1.8B | $2.5B | ||
| Q3 25 | $1.5B | $2.5B | ||
| Q2 25 | $1.4B | $2.3B | ||
| Q1 25 | $1.5B | $2.3B | ||
| Q4 24 | $1.8B | $2.1B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.4B | $2.0B |
净利润LEVIPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $158.0M | $334.0M | ||
| Q3 25 | $218.1M | $253.8M | ||
| Q2 25 | $67.0M | $262.1M | ||
| Q1 25 | $135.0M | $267.3M | ||
| Q4 24 | $182.5M | $350.7M | ||
| Q3 24 | $20.7M | $357.7M | ||
| Q2 24 | $18.0M | $278.8M |
毛利率LEVIPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 60.8% | 74.2% | ||
| Q3 25 | 61.7% | 73.2% | ||
| Q2 25 | 62.6% | 72.9% | ||
| Q1 25 | 62.1% | 73.5% | ||
| Q4 24 | 61.3% | 74.1% | ||
| Q3 24 | 60.0% | 73.8% | ||
| Q2 24 | 60.5% | 74.1% |
营业利润率LEVIPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | 11.9% | 12.5% | ||
| Q3 25 | 10.8% | 19.6% | ||
| Q2 25 | 7.5% | 9.6% | ||
| Q1 25 | 12.5% | 10.6% | ||
| Q4 24 | 11.5% | 13.4% | ||
| Q3 24 | 2.0% | 10.9% | ||
| Q2 24 | 1.5% | 8.9% |
净利率LEVIPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | 8.9% | 13.5% | ||
| Q3 25 | 14.1% | 10.0% | ||
| Q2 25 | 4.6% | 11.5% | ||
| Q1 25 | 8.8% | 11.8% | ||
| Q4 24 | 9.9% | 16.4% | ||
| Q3 24 | 1.4% | 16.3% | ||
| Q2 24 | 1.2% | 14.0% |
每股收益（稀释后）LEVIPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $0.39 | $0.47 | ||
| Q3 25 | $0.55 | $-0.14 | ||
| Q2 25 | $0.17 | $0.37 | ||
| Q1 25 | $0.34 | $0.38 | ||
| Q4 24 | $0.46 | $0.99 | ||
| Q3 24 | $0.05 | $1.04 | ||
| Q2 24 | $0.04 | $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 | $848.8M | $4.5B |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $2.3B | $9.4B |
| 总资产 | $6.8B | $25.0B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资LEVIPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $848.8M | $4.2B | ||
| Q3 25 | $707.5M | $2.9B | ||
| Q2 25 | $736.7M | $3.3B | ||
| Q1 25 | $574.4M | $3.2B | ||
| Q4 24 | $690.0M | $3.4B | ||
| Q3 24 | $577.1M | $2.6B | ||
| Q2 24 | $641.4M | $2.9B |
总债务LEVIPANW
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $987.4M | — | ||
| Q4 24 | $994.0M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — |
股东权益LEVIPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $2.3B | $8.7B | ||
| Q3 25 | $2.2B | $7.8B | ||
| Q2 25 | $2.1B | $7.2B | ||
| Q1 25 | $2.0B | $6.4B | ||
| Q4 24 | $2.0B | $5.9B | ||
| Q3 24 | $1.9B | $5.2B | ||
| Q2 24 | $2.0B | $4.5B |
总资产LEVIPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $6.8B | $23.5B | ||
| Q3 25 | $6.7B | $23.6B | ||
| Q2 25 | $6.5B | $22.0B | ||
| Q1 25 | $6.2B | $21.0B | ||
| Q4 24 | $6.4B | $20.4B | ||
| Q3 24 | $6.3B | $20.0B | ||
| Q2 24 | $6.2B | $17.9B |
负债/权益比LEVIPANW
| Q1 26 | — | — | ||
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.49× | — | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.51× | — |
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 | $266.8M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $215.7M | $384.0M |
| 自由现金流率自由现金流/营收 | 12.2% | 14.8% |
| 资本支出强度资本支出/营收 | 2.9% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.69× | 1.28× |
| 过去12个月自由现金流最近4个季度 | $308.2M | $3.6B |
8季度趋势，按日历期对齐
经营现金流LEVIPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $266.8M | $1.8B | ||
| Q3 25 | $24.8M | $1.0B | ||
| Q2 25 | $185.5M | $628.7M | ||
| Q1 25 | $52.5M | $556.9M | ||
| Q4 24 | $297.3M | $1.5B | ||
| Q3 24 | $52.3M | $512.7M | ||
| Q2 24 | $262.8M | $528.9M |
自由现金流LEVIPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $215.7M | $1.7B | ||
| Q3 25 | $-39.4M | $934.5M | ||
| Q2 25 | $146.0M | $560.4M | ||
| Q1 25 | $-14.1M | $509.4M | ||
| Q4 24 | $231.6M | $1.5B | ||
| Q3 24 | $2.3M | $465.3M | ||
| Q2 24 | $222.6M | $491.5M |
自由现金流率LEVIPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 12.2% | 68.2% | ||
| Q3 25 | -2.6% | 36.8% | ||
| Q2 25 | 10.1% | 24.5% | ||
| Q1 25 | -0.9% | 22.6% | ||
| Q4 24 | 12.6% | 68.5% | ||
| Q3 24 | 0.2% | 21.3% | ||
| Q2 24 | 15.4% | 24.8% |
资本支出强度LEVIPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 2.9% | 3.4% | ||
| Q3 25 | 4.2% | 3.4% | ||
| Q2 25 | 2.7% | 3.0% | ||
| Q1 25 | 4.4% | 2.1% | ||
| Q4 24 | 3.6% | 2.1% | ||
| Q3 24 | 3.3% | 2.2% | ||
| Q2 24 | 2.8% | 1.9% |
现金转化率LEVIPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | 1.69× | 5.30× | ||
| Q3 25 | 0.11× | 4.02× | ||
| Q2 25 | 2.77× | 2.40× | ||
| Q1 25 | 0.39× | 2.08× | ||
| Q4 24 | 1.63× | 4.30× | ||
| Q3 24 | 2.53× | 1.43× | ||
| Q2 24 | 14.60× | 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
LEVI
| Other | $760.3M | 43% |
| Sales Channel Through Intermediary | $583.2M | 33% |
| Sales Channel Directly To Consumer | $376.0M | 21% |
| Beyond Yoga | $46.3M | 3% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
