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欧文斯科宁（OC）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欧文斯科宁的1.2倍（$2.6B vs $2.1B），派拓网络净利率更高（16.7% vs -13.9%，领先30.6%），派拓网络同比增速更快（14.9% vs -24.6%），派拓网络自由现金流更多（$384.0M vs $333.0M），过去两年派拓网络的营收复合增速更高（14.3% vs -3.5%）
欧文斯科宁是美国知名建材及复合材料企业，1935年由康宁玻璃厂与欧文斯-伊利诺伊公司合资组建。主营保温材料、屋面材料、玻璃纤维复合材料及相关产品，是全球最大的玻璃纤维复合材料生产商，全球员工约1.9万人，自1955年《财富》500强榜单创立以来连年上榜。
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。
OC vs PANW — 直观对比
营收规模更大
PANW
是对方的1.2倍
$2.1B
营收增速更快
PANW
高出39.5%
-24.6%
净利率更高
PANW
高出30.6%
-13.9%
自由现金流更多
PANW
多$51.0M
$333.0M
两年增速更快
PANW
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $2.6B |
| 净利润 | $-298.0M | $432.0M |
| 毛利率 | 23.2% | 73.6% |
| 营业利润率 | -10.5% | 15.3% |
| 净利率 | -13.9% | 16.7% |
| 营收同比 | -24.6% | 14.9% |
| 净利润同比 | -15.5% | 61.6% |
| 每股收益（稀释后） | $-3.47 | $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OCPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.1B | $2.5B | ||
| Q3 25 | $2.7B | $2.5B | ||
| Q2 25 | $2.7B | $2.3B | ||
| Q1 25 | $2.5B | $2.3B | ||
| Q4 24 | $2.8B | $2.1B | ||
| Q3 24 | $3.0B | $2.2B | ||
| Q2 24 | $2.8B | $2.0B |
净利润OCPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $-298.0M | $334.0M | ||
| Q3 25 | $-494.0M | $253.8M | ||
| Q2 25 | $363.0M | $262.1M | ||
| Q1 25 | $-93.0M | $267.3M | ||
| Q4 24 | $-258.0M | $350.7M | ||
| Q3 24 | $321.0M | $357.7M | ||
| Q2 24 | $285.0M | $278.8M |
毛利率OCPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 23.2% | 74.2% | ||
| Q3 25 | 28.2% | 73.2% | ||
| Q2 25 | 31.2% | 72.9% | ||
| Q1 25 | 28.7% | 73.5% | ||
| Q4 24 | 28.1% | 74.1% | ||
| Q3 24 | 29.8% | 73.8% | ||
| Q2 24 | 31.1% | 74.1% |
营业利润率OCPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | -10.5% | 12.5% | ||
| Q3 25 | -12.2% | 19.6% | ||
| Q2 25 | 18.4% | 9.6% | ||
| Q1 25 | 16.1% | 10.6% | ||
| Q4 24 | -8.5% | 13.4% | ||
| Q3 24 | 16.7% | 10.9% | ||
| Q2 24 | 16.4% | 8.9% |
净利率OCPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | -13.9% | 13.5% | ||
| Q3 25 | -18.4% | 10.0% | ||
| Q2 25 | 13.2% | 11.5% | ||
| Q1 25 | -3.7% | 11.8% | ||
| Q4 24 | -9.1% | 16.4% | ||
| Q3 24 | 10.5% | 16.3% | ||
| Q2 24 | 10.2% | 14.0% |
每股收益（稀释后）OCPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $-3.47 | $0.47 | ||
| Q3 25 | $-5.92 | $-0.14 | ||
| Q2 25 | $4.25 | $0.37 | ||
| Q1 25 | $-1.08 | $0.38 | ||
| Q4 24 | $-2.92 | $0.99 | ||
| Q3 24 | $3.65 | $1.04 | ||
| Q2 24 | $3.24 | $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 | $345.0M | $4.5B |
| 总债务越低越好 | $4.7B | — |
| 股东权益账面价值 | $3.9B | $9.4B |
| 总资产 | $13.0B | $25.0B |
| 负债/权益比越低杠杆越低 | 1.22× | — |
8季度趋势，按日历期对齐
现金及短期投资OCPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $345.0M | $4.2B | ||
| Q3 25 | $286.0M | $2.9B | ||
| Q2 25 | $230.0M | $3.3B | ||
| Q1 25 | $400.0M | $3.2B | ||
| Q4 24 | $361.0M | $3.4B | ||
| Q3 24 | $499.0M | $2.6B | ||
| Q2 24 | $254.0M | $2.9B |
总债务OCPANW
| Q1 26 | — | — | ||
| Q4 25 | $4.7B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $5.1B | — | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $5.0B | — |
股东权益OCPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $3.9B | $8.7B | ||
| Q3 25 | $4.4B | $7.8B | ||
| Q2 25 | $5.2B | $7.2B | ||
| Q1 25 | $4.9B | $6.4B | ||
| Q4 24 | $5.1B | $5.9B | ||
| Q3 24 | $5.6B | $5.2B | ||
| Q2 24 | $5.5B | $4.5B |
总资产OCPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $13.0B | $23.5B | ||
| Q3 25 | $13.5B | $23.6B | ||
| Q2 25 | $14.5B | $22.0B | ||
| Q1 25 | $14.3B | $21.0B | ||
| Q4 24 | $14.1B | $20.4B | ||
| Q3 24 | $15.1B | $20.0B | ||
| Q2 24 | $15.0B | $17.9B |
负债/权益比OCPANW
| Q1 26 | — | — | ||
| Q4 25 | 1.22× | — | ||
| Q3 25 | 1.06× | — | ||
| Q2 25 | 0.98× | — | ||
| Q1 25 | 1.03× | — | ||
| Q4 24 | 1.01× | — | ||
| Q3 24 | 0.89× | — | ||
| Q2 24 | 0.92× | — |
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 | $590.0M | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $333.0M | $384.0M |
| 自由现金流率自由现金流/营收 | 15.5% | 14.8% |
| 资本支出强度资本支出/营收 | 12.0% | 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 | $962.0M | $3.6B |
8季度趋势，按日历期对齐
经营现金流OCPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $590.0M | $1.8B | ||
| Q3 25 | $918.0M | $1.0B | ||
| Q2 25 | $327.0M | $628.7M | ||
| Q1 25 | $-49.0M | $556.9M | ||
| Q4 24 | $676.0M | $1.5B | ||
| Q3 24 | $699.0M | $512.7M | ||
| Q2 24 | $493.0M | $528.9M |
自由现金流OCPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $333.0M | $1.7B | ||
| Q3 25 | $752.0M | $934.5M | ||
| Q2 25 | $129.0M | $560.4M | ||
| Q1 25 | $-252.0M | $509.4M | ||
| Q4 24 | $479.0M | $1.5B | ||
| Q3 24 | $558.0M | $465.3M | ||
| Q2 24 | $336.0M | $491.5M |
自由现金流率OCPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 15.5% | 68.2% | ||
| Q3 25 | 28.0% | 36.8% | ||
| Q2 25 | 4.7% | 24.5% | ||
| Q1 25 | -10.0% | 22.6% | ||
| Q4 24 | 16.9% | 68.5% | ||
| Q3 24 | 18.3% | 21.3% | ||
| Q2 24 | 12.0% | 24.8% |
资本支出强度OCPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 12.0% | 3.4% | ||
| Q3 25 | 6.2% | 3.4% | ||
| Q2 25 | 7.2% | 3.0% | ||
| Q1 25 | 8.0% | 2.1% | ||
| Q4 24 | 6.9% | 2.1% | ||
| Q3 24 | 4.6% | 2.2% | ||
| Q2 24 | 5.6% | 1.9% |
现金转化率OCPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | — | 5.30× | ||
| Q3 25 | — | 4.02× | ||
| Q2 25 | 0.90× | 2.40× | ||
| Q1 25 | — | 2.08× | ||
| Q4 24 | — | 4.30× | ||
| Q3 24 | 2.18× | 1.43× | ||
| Q2 24 | 1.73× | 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
OC
| Insulation | $724.0M | 34% |
| Residential | $625.0M | 29% |
| Doors | $427.0M | 20% |
| Discontinued Operations Disposed Of By Sale | $299.0M | 14% |
| Commercial And Industrial Sector | $101.0M | 5% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
