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派拓网络（PANW）与罗致恒富（RHI）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罗致恒富的2.0倍（$2.6B vs $1.3B），派拓网络同比增速更快（14.9% vs -5.8%），派拓网络自由现金流更多（$384.0M vs $170.8M），过去两年派拓网络的营收复合增速更高（14.3% vs -6.1%）
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。
罗致恒富是1948年成立的国际人力资源咨询机构，总部位于加利福尼亚州门洛帕克和圣拉蒙，是全球规模领先的会计与金融领域人才派遣服务商之一，在全球范围内设有超过345个办公点。
PANW vs RHI — 直观对比
营收规模更大
PANW
是对方的2.0倍
$1.3B
营收增速更快
PANW
高出20.7%
-5.8%
自由现金流更多
PANW
多$213.2M
$170.8M
两年增速更快
PANW
近两年复合增速
-6.1%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $1.3B |
| 净利润 | $432.0M | — |
| 毛利率 | 73.6% | 37.6% |
| 营业利润率 | 15.3% | 1.7% |
| 净利率 | 16.7% | — |
| 营收同比 | 14.9% | -5.8% |
| 净利润同比 | 61.6% | — |
| 每股收益（稀释后） | $0.61 | $0.32 |
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PANWRHI
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $1.3B | ||
| Q3 25 | $2.5B | $1.4B | ||
| Q2 25 | $2.3B | $1.4B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.1B | $1.4B | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | $2.0B | $1.5B |
净利润PANWRHI
| Q1 26 | $432.0M | — | ||
| Q4 25 | $334.0M | — | ||
| Q3 25 | $253.8M | $42.9M | ||
| Q2 25 | $262.1M | $41.0M | ||
| Q1 25 | $267.3M | $17.4M | ||
| Q4 24 | $350.7M | — | ||
| Q3 24 | $357.7M | $65.5M | ||
| Q2 24 | $278.8M | $68.2M |
毛利率PANWRHI
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.2% | 37.6% | ||
| Q3 25 | 73.2% | 37.2% | ||
| Q2 25 | 72.9% | 37.2% | ||
| Q1 25 | 73.5% | 36.9% | ||
| Q4 24 | 74.1% | 38.8% | ||
| Q3 24 | 73.8% | 39.0% | ||
| Q2 24 | 74.1% | 39.2% |
营业利润率PANWRHI
| Q1 26 | 15.3% | — | ||
| Q4 25 | 12.5% | 1.7% | ||
| Q3 25 | 19.6% | 1.0% | ||
| Q2 25 | 9.6% | 0.1% | ||
| Q1 25 | 10.6% | 2.9% | ||
| Q4 24 | 13.4% | 4.7% | ||
| Q3 24 | 10.9% | 4.1% | ||
| Q2 24 | 8.9% | 5.1% |
净利率PANWRHI
| Q1 26 | 16.7% | — | ||
| Q4 25 | 13.5% | — | ||
| Q3 25 | 10.0% | 3.2% | ||
| Q2 25 | 11.5% | 3.0% | ||
| Q1 25 | 11.8% | 1.3% | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | 16.3% | 4.5% | ||
| Q2 24 | 14.0% | 4.6% |
每股收益（稀释后）PANWRHI
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.47 | $0.32 | ||
| Q3 25 | $-0.14 | $0.43 | ||
| Q2 25 | $0.37 | $0.41 | ||
| Q1 25 | $0.38 | $0.17 | ||
| Q4 24 | $0.99 | $0.53 | ||
| Q3 24 | $1.04 | $0.64 | ||
| Q2 24 | $0.79 | $0.66 |
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 | $4.5B | $464.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.4B | $1.3B |
| 总资产 | $25.0B | $2.9B |
| 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PANWRHI
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | $464.4M | ||
| Q3 25 | $2.9B | $365.3M | ||
| Q2 25 | $3.3B | $380.5M | ||
| Q1 25 | $3.2B | $342.5M | ||
| Q4 24 | $3.4B | $537.6M | ||
| Q3 24 | $2.6B | $570.5M | ||
| Q2 24 | $2.9B | $547.4M |
股东权益PANWRHI
| Q1 26 | $9.4B | — | ||
| Q4 25 | $8.7B | $1.3B | ||
| Q3 25 | $7.8B | $1.3B | ||
| Q2 25 | $7.2B | $1.3B | ||
| Q1 25 | $6.4B | $1.3B | ||
| Q4 24 | $5.9B | $1.4B | ||
| Q3 24 | $5.2B | $1.5B | ||
| Q2 24 | $4.5B | $1.5B |
总资产PANWRHI
| Q1 26 | $25.0B | — | ||
| Q4 25 | $23.5B | $2.9B | ||
| Q3 25 | $23.6B | $2.8B | ||
| Q2 25 | $22.0B | $2.8B | ||
| Q1 25 | $21.0B | $2.7B | ||
| Q4 24 | $20.4B | $2.9B | ||
| Q3 24 | $20.0B | $3.0B | ||
| Q2 24 | $17.9B | $2.9B |
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 | $554.0M | $182.5M |
| 自由现金流经营现金流 - 资本支出 | $384.0M | $170.8M |
| 自由现金流率自由现金流/营收 | 14.8% | 13.1% |
| 资本支出强度资本支出/营收 | 6.6% | 0.9% |
| 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 | $3.6B | $266.8M |
8季度趋势，按日历期对齐
经营现金流PANWRHI
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $182.5M | ||
| Q3 25 | $1.0B | $77.4M | ||
| Q2 25 | $628.7M | $119.4M | ||
| Q1 25 | $556.9M | $-59.3M | ||
| Q4 24 | $1.5B | $154.8M | ||
| Q3 24 | $512.7M | $129.6M | ||
| Q2 24 | $528.9M | $142.0M |
自由现金流PANWRHI
| Q1 26 | $384.0M | — | ||
| Q4 25 | $1.7B | $170.8M | ||
| Q3 25 | $934.5M | $63.6M | ||
| Q2 25 | $560.4M | $104.2M | ||
| Q1 25 | $509.4M | $-71.7M | ||
| Q4 24 | $1.5B | $140.5M | ||
| Q3 24 | $465.3M | $111.8M | ||
| Q2 24 | $491.5M | $129.6M |
自由现金流率PANWRHI
| Q1 26 | 14.8% | — | ||
| Q4 25 | 68.2% | 13.1% | ||
| Q3 25 | 36.8% | 4.7% | ||
| Q2 25 | 24.5% | 7.6% | ||
| Q1 25 | 22.6% | -5.3% | ||
| Q4 24 | 68.5% | 10.2% | ||
| Q3 24 | 21.3% | 7.6% | ||
| Q2 24 | 24.8% | 8.8% |
资本支出强度PANWRHI
| Q1 26 | 6.6% | — | ||
| Q4 25 | 3.4% | 0.9% | ||
| Q3 25 | 3.4% | 1.0% | ||
| Q2 25 | 3.0% | 1.1% | ||
| Q1 25 | 2.1% | 0.9% | ||
| Q4 24 | 2.1% | 1.0% | ||
| Q3 24 | 2.2% | 1.2% | ||
| Q2 24 | 1.9% | 0.8% |
现金转化率PANWRHI
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | — | ||
| Q3 25 | 4.02× | 1.80× | ||
| Q2 25 | 2.40× | 2.91× | ||
| Q1 25 | 2.08× | -3.42× | ||
| Q4 24 | 4.30× | — | ||
| Q3 24 | 1.43× | 1.98× | ||
| Q2 24 | 1.90× | 2.08× |
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
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
RHI
| Finance And Accounting | $535.2M | 41% |
| Protiviti | $479.0M | 37% |
| Technology | $156.4M | 12% |
| Permanent Placement Talent Solutions | $102.6M | 8% |
| Other | $29.2M | 2% |
