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Lumen Technologies, Inc.（LUMN）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
Lumen Technologies, Inc.的季度营收约是派拓网络的1.1倍（$2.7B vs $2.6B），派拓网络净利率更高（16.7% vs -0.1%，领先16.7%），派拓网络同比增速更快（14.9% vs -11.0%），派拓网络自由现金流更多（$384.0M vs $-1.1B），过去两年派拓网络的营收复合增速更高（14.3% vs -5.3%）
Lumen Technologies是总部位于美国路易斯安那州门罗市的电信企业，依托自有光纤、铜线网络、数据中心及云计算资源，为客户提供网络、安全、云、语音及各类托管通信服务，2023年3月起纳入标普600指数，此前曾为标普500指数成分股。
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。
LUMN vs PANW — 直观对比
营收规模更大
LUMN
是对方的1.1倍
$2.6B
营收增速更快
PANW
高出25.9%
-11.0%
净利率更高
PANW
高出16.7%
-0.1%
自由现金流更多
PANW
多$1.5B
$-1.1B
两年增速更快
PANW
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $2.6B |
| 净利润 | $-2.0M | $432.0M |
| 毛利率 | 40.7% | 73.6% |
| 营业利润率 | -7.3% | 15.3% |
| 净利率 | -0.1% | 16.7% |
| 营收同比 | -11.0% | 14.9% |
| 净利润同比 | -102.4% | 61.6% |
| 每股收益（稀释后） | $-0.01 | $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LUMNPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.7B | $2.5B | ||
| Q3 25 | $2.8B | $2.5B | ||
| Q2 25 | $2.9B | $2.3B | ||
| Q1 25 | $2.9B | $2.3B | ||
| Q4 24 | $3.1B | $2.1B | ||
| Q3 24 | $3.0B | $2.2B | ||
| Q2 24 | $3.0B | $2.0B |
净利润LUMNPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $-2.0M | $334.0M | ||
| Q3 25 | $-621.0M | $253.8M | ||
| Q2 25 | $-915.0M | $262.1M | ||
| Q1 25 | $-201.0M | $267.3M | ||
| Q4 24 | $85.0M | $350.7M | ||
| Q3 24 | $-148.0M | $357.7M | ||
| Q2 24 | $-49.0M | $278.8M |
毛利率LUMNPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 40.7% | 74.2% | ||
| Q3 25 | 39.4% | 73.2% | ||
| Q2 25 | 43.4% | 72.9% | ||
| Q1 25 | 42.0% | 73.5% | ||
| Q4 24 | 44.7% | 74.1% | ||
| Q3 24 | 43.0% | 73.8% | ||
| Q2 24 | 45.2% | 74.1% |
营业利润率LUMNPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | -7.3% | 12.5% | ||
| Q3 25 | -4.1% | 19.6% | ||
| Q2 25 | -21.0% | 9.6% | ||
| Q1 25 | 3.7% | 10.6% | ||
| Q4 24 | 5.0% | 13.4% | ||
| Q3 24 | 4.2% | 10.9% | ||
| Q2 24 | 4.5% | 8.9% |
净利率LUMNPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | -0.1% | 13.5% | ||
| Q3 25 | -22.1% | 10.0% | ||
| Q2 25 | -31.9% | 11.5% | ||
| Q1 25 | -6.9% | 11.8% | ||
| Q4 24 | 2.8% | 16.4% | ||
| Q3 24 | -5.0% | 16.3% | ||
| Q2 24 | -1.6% | 14.0% |
每股收益（稀释后）LUMNPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $-0.01 | $0.47 | ||
| Q3 25 | $-0.62 | $-0.14 | ||
| Q2 25 | $-0.92 | $0.37 | ||
| Q1 25 | $-0.20 | $0.38 | ||
| Q4 24 | $0.08 | $0.99 | ||
| Q3 24 | $-0.15 | $1.04 | ||
| Q2 24 | $-0.05 | $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 | $1.0B | $4.5B |
| 总债务越低越好 | $17.4B | — |
| 股东权益账面价值 | $-1.1B | $9.4B |
| 总资产 | $34.3B | $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LUMNPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $1.0B | $4.2B | ||
| Q3 25 | $2.4B | $2.9B | ||
| Q2 25 | $1.6B | $3.3B | ||
| Q1 25 | $1.9B | $3.2B | ||
| Q4 24 | $1.9B | $3.4B | ||
| Q3 24 | $2.6B | $2.6B | ||
| Q2 24 | $1.5B | $2.9B |
总债务LUMNPANW
| Q1 26 | — | — | ||
| Q4 25 | $17.4B | — | ||
| Q3 25 | $17.6B | — | ||
| Q2 25 | $17.6B | — | ||
| Q1 25 | $17.3B | — | ||
| Q4 24 | $17.5B | — | ||
| Q3 24 | $18.1B | — | ||
| Q2 24 | $18.4B | — |
股东权益LUMNPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $-1.1B | $8.7B | ||
| Q3 25 | $-1.2B | $7.8B | ||
| Q2 25 | $-595.0M | $7.2B | ||
| Q1 25 | $289.0M | $6.4B | ||
| Q4 24 | $464.0M | $5.9B | ||
| Q3 24 | $342.0M | $5.2B | ||
| Q2 24 | $466.0M | $4.5B |
总资产LUMNPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $34.3B | $23.5B | ||
| Q3 25 | $34.3B | $23.6B | ||
| Q2 25 | $33.0B | $22.0B | ||
| Q1 25 | $33.5B | $21.0B | ||
| Q4 24 | $33.5B | $20.4B | ||
| Q3 24 | $34.0B | $20.0B | ||
| Q2 24 | $32.9B | $17.9B |
负债/权益比LUMNPANW
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 59.98× | — | ||
| Q4 24 | 37.70× | — | ||
| Q3 24 | 53.05× | — | ||
| Q2 24 | 39.51× | — |
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 | $562.0M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.1B | $384.0M |
| 自由现金流率自由现金流/营收 | -39.4% | 14.8% |
| 资本支出强度资本支出/营收 | 59.9% | 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 | $371.0M | $3.6B |
8季度趋势，按日历期对齐
经营现金流LUMNPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $562.0M | $1.8B | ||
| Q3 25 | $2.5B | $1.0B | ||
| Q2 25 | $570.0M | $628.7M | ||
| Q1 25 | $1.1B | $556.9M | ||
| Q4 24 | $688.0M | $1.5B | ||
| Q3 24 | $2.0B | $512.7M | ||
| Q2 24 | $511.0M | $528.9M |
自由现金流LUMNPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $-1.1B | $1.7B | ||
| Q3 25 | $1.5B | $934.5M | ||
| Q2 25 | $-321.0M | $560.4M | ||
| Q1 25 | $304.0M | $509.4M | ||
| Q4 24 | $-227.0M | $1.5B | ||
| Q3 24 | $1.2B | $465.3M | ||
| Q2 24 | $-242.0M | $491.5M |
自由现金流率LUMNPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | -39.4% | 68.2% | ||
| Q3 25 | 52.4% | 36.8% | ||
| Q2 25 | -11.2% | 24.5% | ||
| Q1 25 | 10.4% | 22.6% | ||
| Q4 24 | -7.4% | 68.5% | ||
| Q3 24 | 39.8% | 21.3% | ||
| Q2 24 | -8.0% | 24.8% |
资本支出强度LUMNPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 59.9% | 3.4% | ||
| Q3 25 | 37.1% | 3.4% | ||
| Q2 25 | 31.1% | 3.0% | ||
| Q1 25 | 27.2% | 2.1% | ||
| Q4 24 | 29.7% | 2.1% | ||
| Q3 24 | 28.6% | 2.2% | ||
| Q2 24 | 25.0% | 1.9% |
现金转化率LUMNPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | — | 5.30× | ||
| Q3 25 | — | 4.02× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | — | 2.08× | ||
| Q4 24 | 8.09× | 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
LUMN
| Large Enterprise | $758.0M | 28% |
| Wholesale | $661.0M | 24% |
| Mid Market Enterprise | $472.0M | 17% |
| Fiber Broadband | $232.0M | 8% |
| Other Broadband | $218.0M | 8% |
| Other | $184.0M | 7% |
| Voice And Other | $166.0M | 6% |
| International And Other | $77.0M | 3% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
