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ServiceNow（NOW）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是斑马技术的2.6倍（$3.8B vs $1.5B），ServiceNow净利率更高（12.4% vs 4.7%，领先7.7%），斑马技术同比增速更快（10.6% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $327.0M），过去两年ServiceNow的营收复合增速更高（19.8% vs 12.0%）
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
NOW vs ZBRA — 直观对比
营收规模更大
NOW
是对方的2.6倍
$1.5B
营收增速更快
ZBRA
高出7.8%
2.8%
净利率更高
NOW
高出7.7%
4.7%
自由现金流更多
NOW
多$1.3B
$327.0M
两年增速更快
NOW
近两年复合增速
12.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $1.5B |
| 净利润 | $469.0M | $70.0M |
| 毛利率 | 75.1% | 47.3% |
| 营业利润率 | 13.3% | 9.4% |
| 净利率 | 12.4% | 4.7% |
| 营收同比 | 2.8% | 10.6% |
| 净利润同比 | -53.7% | -57.1% |
| 每股收益（稀释后） | $1.04 | $1.40 |
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NOWZBRA
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $1.5B | ||
| Q3 25 | $3.4B | $1.3B | ||
| Q2 25 | $3.2B | $1.3B | ||
| Q1 25 | $3.1B | $1.3B | ||
| Q4 24 | $3.0B | $1.3B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.6B | $1.2B |
净利润NOWZBRA
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $70.0M | ||
| Q3 25 | $502.0M | $101.0M | ||
| Q2 25 | $385.0M | $112.0M | ||
| Q1 25 | $460.0M | $136.0M | ||
| Q4 24 | $384.0M | $163.0M | ||
| Q3 24 | $432.0M | $137.0M | ||
| Q2 24 | $262.0M | $113.0M |
毛利率NOWZBRA
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | 47.3% | ||
| Q3 25 | 77.3% | 48.0% | ||
| Q2 25 | 77.5% | 47.6% | ||
| Q1 25 | 78.9% | 49.3% | ||
| Q4 24 | 78.7% | 48.6% | ||
| Q3 24 | 79.1% | 48.8% | ||
| Q2 24 | 79.0% | 48.4% |
营业利润率NOWZBRA
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 9.4% | ||
| Q3 25 | 16.8% | 13.9% | ||
| Q2 25 | 11.1% | 14.2% | ||
| Q1 25 | 14.6% | 14.9% | ||
| Q4 24 | 12.6% | 16.9% | ||
| Q3 24 | 14.9% | 15.2% | ||
| Q2 24 | 9.1% | 13.7% |
净利率NOWZBRA
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 4.7% | ||
| Q3 25 | 14.7% | 7.7% | ||
| Q2 25 | 12.0% | 8.7% | ||
| Q1 25 | 14.9% | 10.4% | ||
| Q4 24 | 13.0% | 12.2% | ||
| Q3 24 | 15.4% | 10.9% | ||
| Q2 24 | 10.0% | 9.3% |
每股收益（稀释后）NOWZBRA
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $1.40 | ||
| Q3 25 | $2.40 | $1.97 | ||
| Q2 25 | $1.84 | $2.19 | ||
| Q1 25 | $2.20 | $2.62 | ||
| Q4 24 | $1.84 | $3.14 | ||
| Q3 24 | $2.07 | $2.64 | ||
| Q2 24 | $1.26 | $2.17 |
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 | $2.7B | $125.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $11.7B | $3.6B |
| 总资产 | $24.4B | $8.5B |
| 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NOWZBRA
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $125.0M | ||
| Q3 25 | $2.7B | $1.1B | ||
| Q2 25 | $3.1B | $872.0M | ||
| Q1 25 | $3.4B | $879.0M | ||
| Q4 24 | $2.3B | $901.0M | ||
| Q3 24 | $1.9B | $676.0M | ||
| Q2 24 | $2.2B | $411.0M |
总债务NOWZBRA
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
股东权益NOWZBRA
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $3.6B | ||
| Q3 25 | $11.3B | $3.7B | ||
| Q2 25 | $10.9B | $3.6B | ||
| Q1 25 | $10.1B | $3.6B | ||
| Q4 24 | $9.6B | $3.6B | ||
| Q3 24 | $9.3B | $3.4B | ||
| Q2 24 | $8.7B | $3.3B |
总资产NOWZBRA
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $8.5B | ||
| Q3 25 | $21.8B | $8.1B | ||
| Q2 25 | $22.1B | $7.9B | ||
| Q1 25 | $21.0B | $7.9B | ||
| Q4 24 | $20.4B | $8.0B | ||
| Q3 24 | $18.4B | $7.7B | ||
| Q2 24 | $18.2B | $7.5B |
负债/权益比NOWZBRA
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.66× |
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 | $1.7B | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $327.0M |
| 自由现金流率自由现金流/营收 | 44.2% | 22.2% |
| 资本支出强度资本支出/营收 | — | 2.0% |
| 现金转化率经营现金流/净利润 | 3.56× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $831.0M |
8季度趋势，按日历期对齐
经营现金流NOWZBRA
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $357.0M | ||
| Q3 25 | $813.0M | $235.0M | ||
| Q2 25 | $716.0M | $147.0M | ||
| Q1 25 | $1.7B | $178.0M | ||
| Q4 24 | $1.6B | $306.0M | ||
| Q3 24 | $671.0M | $294.0M | ||
| Q2 24 | $620.0M | $288.0M |
自由现金流NOWZBRA
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $327.0M | ||
| Q3 25 | $578.0M | $216.0M | ||
| Q2 25 | $526.0M | $130.0M | ||
| Q1 25 | $1.5B | $158.0M | ||
| Q4 24 | $1.4B | $288.0M | ||
| Q3 24 | $469.0M | $277.0M | ||
| Q2 24 | $358.0M | $278.0M |
自由现金流率NOWZBRA
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 22.2% | ||
| Q3 25 | 17.0% | 16.4% | ||
| Q2 25 | 16.4% | 10.1% | ||
| Q1 25 | 47.7% | 12.1% | ||
| Q4 24 | 46.7% | 21.6% | ||
| Q3 24 | 16.8% | 22.1% | ||
| Q2 24 | 13.6% | 22.8% |
资本支出强度NOWZBRA
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 2.0% | ||
| Q3 25 | 6.9% | 1.4% | ||
| Q2 25 | 5.9% | 1.3% | ||
| Q1 25 | 6.6% | 1.5% | ||
| Q4 24 | 8.6% | 1.3% | ||
| Q3 24 | 7.2% | 1.4% | ||
| Q2 24 | 10.0% | 0.8% |
现金转化率NOWZBRA
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 5.10× | ||
| Q3 25 | 1.62× | 2.33× | ||
| Q2 25 | 1.86× | 1.31× | ||
| Q1 25 | 3.65× | 1.31× | ||
| Q4 24 | 4.26× | 1.88× | ||
| Q3 24 | 1.55× | 2.15× | ||
| Q2 24 | 2.37× | 2.55× |
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
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
