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ServiceNow（NOW）与Zscaler, Inc.（ZS）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Zscaler, Inc.的4.8倍（$3.8B vs $788.1M），ServiceNow净利率更高（12.4% vs -1.5%，领先13.9%），Zscaler, Inc.同比增速更快（25.5% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $431.0M），过去两年Zscaler, Inc.的营收复合增速更高（22.5% vs 19.8%）
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。
Zscaler是总部位于美国加利福尼亚州圣何塞的云安全企业，专注提供云原生安全服务，为全球各行业企业的网络系统与数据资产提供全方位防护，助力企业在数字化运营过程中抵御各类安全风险，保障业务稳定开展。
NOW vs ZS — 直观对比
营收规模更大
NOW
是对方的4.8倍
$788.1M
营收增速更快
ZS
高出22.7%
2.8%
净利率更高
NOW
高出13.9%
-1.5%
自由现金流更多
NOW
多$1.2B
$431.0M
两年增速更快
ZS
近两年复合增速
19.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $788.1M |
| 净利润 | $469.0M | $-11.6M |
| 毛利率 | 75.1% | 76.6% |
| 营业利润率 | 13.3% | -4.6% |
| 净利率 | 12.4% | -1.5% |
| 营收同比 | 2.8% | 25.5% |
| 净利润同比 | -53.7% | 3.6% |
| 每股收益（稀释后） | $1.04 | $-0.07 |
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NOWZS
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $788.1M | ||
| Q3 25 | $3.4B | $719.2M | ||
| Q2 25 | $3.2B | $678.0M | ||
| Q1 25 | $3.1B | $647.9M | ||
| Q4 24 | $3.0B | $628.0M | ||
| Q3 24 | $2.8B | $592.9M | ||
| Q2 24 | $2.6B | $553.2M |
净利润NOWZS
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $-11.6M | ||
| Q3 25 | $502.0M | $-17.6M | ||
| Q2 25 | $385.0M | $-4.1M | ||
| Q1 25 | $460.0M | $-7.7M | ||
| Q4 24 | $384.0M | $-12.1M | ||
| Q3 24 | $432.0M | $-14.9M | ||
| Q2 24 | $262.0M | $19.1M |
毛利率NOWZS
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | 76.6% | ||
| Q3 25 | 77.3% | 76.1% | ||
| Q2 25 | 77.5% | 77.0% | ||
| Q1 25 | 78.9% | 77.1% | ||
| Q4 24 | 78.7% | 77.5% | ||
| Q3 24 | 79.1% | 78.0% | ||
| Q2 24 | 79.0% | 78.6% |
营业利润率NOWZS
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | -4.6% | ||
| Q3 25 | 16.8% | -4.5% | ||
| Q2 25 | 11.1% | -3.7% | ||
| Q1 25 | 14.6% | -6.2% | ||
| Q4 24 | 12.6% | -4.9% | ||
| Q3 24 | 14.9% | -4.5% | ||
| Q2 24 | 9.1% | -0.5% |
净利率NOWZS
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | -1.5% | ||
| Q3 25 | 14.7% | -2.4% | ||
| Q2 25 | 12.0% | -0.6% | ||
| Q1 25 | 14.9% | -1.2% | ||
| Q4 24 | 13.0% | -1.9% | ||
| Q3 24 | 15.4% | -2.5% | ||
| Q2 24 | 10.0% | 3.5% |
每股收益（稀释后）NOWZS
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $-0.07 | ||
| Q3 25 | $2.40 | $-0.11 | ||
| Q2 25 | $1.84 | $-0.03 | ||
| Q1 25 | $2.20 | $-0.05 | ||
| Q4 24 | $1.84 | $-0.08 | ||
| Q3 24 | $2.07 | $-0.09 | ||
| Q2 24 | $1.26 | $0.12 |
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 | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $11.7B | $2.0B |
| 总资产 | $24.4B | $6.5B |
| 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NOWZS
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $1.3B | ||
| Q3 25 | $2.7B | $2.4B | ||
| Q2 25 | $3.1B | $2.0B | ||
| Q1 25 | $3.4B | $1.8B | ||
| Q4 24 | $2.3B | $1.6B | ||
| Q3 24 | $1.9B | $1.4B | ||
| Q2 24 | $2.2B | $1.3B |
总债务NOWZS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
股东权益NOWZS
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $2.0B | ||
| Q3 25 | $11.3B | $1.8B | ||
| Q2 25 | $10.9B | $1.8B | ||
| Q1 25 | $10.1B | $1.6B | ||
| Q4 24 | $9.6B | $1.4B | ||
| Q3 24 | $9.3B | $1.3B | ||
| Q2 24 | $8.7B | $1.1B |
总资产NOWZS
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $6.5B | ||
| Q3 25 | $21.8B | $6.4B | ||
| Q2 25 | $22.1B | $5.3B | ||
| Q1 25 | $21.0B | $5.0B | ||
| Q4 24 | $20.4B | $4.7B | ||
| Q3 24 | $18.4B | $4.7B | ||
| Q2 24 | $18.2B | $4.2B |
负债/权益比NOWZS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× |
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 | $448.3M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $431.0M |
| 自由现金流率自由现金流/营收 | 44.2% | 54.7% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | 3.56× | — |
| 过去12个月自由现金流最近4个季度 | $4.8B | $924.9M |
8季度趋势，按日历期对齐
经营现金流NOWZS
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $448.3M | ||
| Q3 25 | $813.0M | $250.6M | ||
| Q2 25 | $716.0M | $211.1M | ||
| Q1 25 | $1.7B | $179.4M | ||
| Q4 24 | $1.6B | $331.3M | ||
| Q3 24 | $671.0M | $203.6M | ||
| Q2 24 | $620.0M | $173.4M |
自由现金流NOWZS
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $431.0M | ||
| Q3 25 | $578.0M | $190.6M | ||
| Q2 25 | $526.0M | $138.9M | ||
| Q1 25 | $1.5B | $164.4M | ||
| Q4 24 | $1.4B | $314.3M | ||
| Q3 24 | $469.0M | $154.2M | ||
| Q2 24 | $358.0M | $137.8M |
自由现金流率NOWZS
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 54.7% | ||
| Q3 25 | 17.0% | 26.5% | ||
| Q2 25 | 16.4% | 20.5% | ||
| Q1 25 | 47.7% | 25.4% | ||
| Q4 24 | 46.7% | 50.1% | ||
| Q3 24 | 16.8% | 26.0% | ||
| Q2 24 | 13.6% | 24.9% |
资本支出强度NOWZS
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 2.2% | ||
| Q3 25 | 6.9% | 8.3% | ||
| Q2 25 | 5.9% | 10.6% | ||
| Q1 25 | 6.6% | 2.3% | ||
| Q4 24 | 8.6% | 2.7% | ||
| Q3 24 | 7.2% | 8.3% | ||
| Q2 24 | 10.0% | 6.4% |
现金转化率NOWZS
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | — | ||
| Q3 25 | 1.62× | — | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | 3.65× | — | ||
| Q4 24 | 4.26× | — | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 2.37× | 9.07× |
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% |
ZS
暂无分部数据
