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派拓网络（PANW）与Rocket Companies, Inc.（RKT）财务数据对比。点击上方公司名可切换其他公司
Rocket Companies, Inc.的季度营收约是派拓网络的1.0倍（$2.7B vs $2.6B），派拓网络净利率更高（16.7% vs 2.5%，领先14.1%），Rocket Companies, Inc.同比增速更快（52.2% vs 14.9%），派拓网络自由现金流更多（$384.0M vs $-1.3B），过去两年Rocket Companies, Inc.的营收复合增速更高（39.5% vs 14.3%）
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。
Rocket Companies, Inc.是美国金融科技及住房服务企业，由丹·吉尔伯特创立，总部位于密歇根州底特律市中心。公司依托旗舰子公司Rocket Mortgage跻身美国最大抵押贷款提供商行列，旗下还拥有Redfin、Forsalebyowner.com、Rocket Money等子品牌。
PANW vs RKT — 直观对比
营收规模更大
RKT
是对方的1.0倍
$2.6B
营收增速更快
RKT
高出37.2%
14.9%
净利率更高
PANW
高出14.1%
2.5%
自由现金流更多
PANW
多$1.7B
$-1.3B
两年增速更快
RKT
近两年复合增速
14.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $2.7B |
| 净利润 | $432.0M | $68.0M |
| 毛利率 | 73.6% | — |
| 营业利润率 | 15.3% | 6.3% |
| 净利率 | 16.7% | 2.5% |
| 营收同比 | 14.9% | 52.2% |
| 净利润同比 | 61.6% | 100.8% |
| 每股收益（稀释后） | $0.61 | $0.10 |
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PANWRKT
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $2.7B | ||
| Q3 25 | $2.5B | $1.6B | ||
| Q2 25 | $2.3B | $1.4B | ||
| Q1 25 | $2.3B | $1.0B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.2B | $646.9M | ||
| Q2 24 | $2.0B | $1.3B |
净利润PANWRKT
| Q1 26 | $432.0M | — | ||
| Q4 25 | $334.0M | $68.0M | ||
| Q3 25 | $253.8M | $-123.9M | ||
| Q2 25 | $262.1M | $-1.8M | ||
| Q1 25 | $267.3M | $-10.4M | ||
| Q4 24 | $350.7M | $33.9M | ||
| Q3 24 | $357.7M | $-22.0M | ||
| Q2 24 | $278.8M | $1.3M |
毛利率PANWRKT
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.2% | — | ||
| Q3 25 | 73.2% | — | ||
| Q2 25 | 72.9% | — | ||
| Q1 25 | 73.5% | — | ||
| Q4 24 | 74.1% | 58.9% | ||
| Q3 24 | 73.8% | -8.4% | ||
| Q2 24 | 74.1% | 47.4% |
营业利润率PANWRKT
| Q1 26 | 15.3% | — | ||
| Q4 25 | 12.5% | 6.3% | ||
| Q3 25 | 19.6% | -11.5% | ||
| Q2 25 | 9.6% | 1.8% | ||
| Q1 25 | 10.6% | -21.5% | ||
| Q4 24 | 13.4% | 38.1% | ||
| Q3 24 | 10.9% | -76.9% | ||
| Q2 24 | 8.9% | 14.8% |
净利率PANWRKT
| Q1 26 | 16.7% | — | ||
| Q4 25 | 13.5% | 2.5% | ||
| Q3 25 | 10.0% | -7.7% | ||
| Q2 25 | 11.5% | -0.1% | ||
| Q1 25 | 11.8% | -1.0% | ||
| Q4 24 | 16.4% | 1.9% | ||
| Q3 24 | 16.3% | -3.4% | ||
| Q2 24 | 14.0% | 0.1% |
每股收益（稀释后）PANWRKT
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.47 | $0.10 | ||
| Q3 25 | $-0.14 | $-0.06 | ||
| Q2 25 | $0.37 | $-0.01 | ||
| Q1 25 | $0.38 | $-0.08 | ||
| Q4 24 | $0.99 | $0.28 | ||
| Q3 24 | $1.04 | $-0.19 | ||
| Q2 24 | $0.79 | $0.01 |
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 | $2.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.4B | $22.9B |
| 总资产 | $25.0B | $60.7B |
| 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PANWRKT
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | $2.7B | ||
| Q3 25 | $2.9B | $5.8B | ||
| Q2 25 | $3.3B | $5.1B | ||
| Q1 25 | $3.2B | $1.4B | ||
| Q4 24 | $3.4B | $1.3B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $2.9B | $1.3B |
股东权益PANWRKT
| Q1 26 | $9.4B | — | ||
| Q4 25 | $8.7B | $22.9B | ||
| Q3 25 | $7.8B | $8.9B | ||
| Q2 25 | $7.2B | $7.4B | ||
| Q1 25 | $6.4B | $8.6B | ||
| Q4 24 | $5.9B | $9.0B | ||
| Q3 24 | $5.2B | $8.4B | ||
| Q2 24 | $4.5B | $8.8B |
总资产PANWRKT
| Q1 26 | $25.0B | — | ||
| Q4 25 | $23.5B | $60.7B | ||
| Q3 25 | $23.6B | $33.6B | ||
| Q2 25 | $22.0B | $30.4B | ||
| Q1 25 | $21.0B | $25.3B | ||
| Q4 24 | $20.4B | $24.5B | ||
| Q3 24 | $20.0B | $25.1B | ||
| Q2 24 | $17.9B | $23.6B |
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 | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $384.0M | $-1.3B |
| 自由现金流率自由现金流/营收 | 14.8% | -47.2% |
| 资本支出强度资本支出/营收 | 6.6% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.28× | -18.08× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $-4.0B |
8季度趋势，按日历期对齐
经营现金流PANWRKT
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $-1.2B | ||
| Q3 25 | $1.0B | $-50.3M | ||
| Q2 25 | $628.7M | $-1.9B | ||
| Q1 25 | $556.9M | $-797.0M | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $512.7M | $-1.3B | ||
| Q2 24 | $528.9M | $-122.3M |
自由现金流PANWRKT
| Q1 26 | $384.0M | — | ||
| Q4 25 | $1.7B | $-1.3B | ||
| Q3 25 | $934.5M | $-71.8M | ||
| Q2 25 | $560.4M | $-1.9B | ||
| Q1 25 | $509.4M | $-811.0M | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $465.3M | $-1.4B | ||
| Q2 24 | $491.5M | $-138.3M |
自由现金流率PANWRKT
| Q1 26 | 14.8% | — | ||
| Q4 25 | 68.2% | -47.2% | ||
| Q3 25 | 36.8% | -4.5% | ||
| Q2 25 | 24.5% | -137.2% | ||
| Q1 25 | 22.6% | -78.2% | ||
| Q4 24 | 68.5% | 103.1% | ||
| Q3 24 | 21.3% | -209.6% | ||
| Q2 24 | 24.8% | -10.6% |
资本支出强度PANWRKT
| Q1 26 | 6.6% | — | ||
| Q4 25 | 3.4% | 1.5% | ||
| Q3 25 | 3.4% | 1.3% | ||
| Q2 25 | 3.0% | 1.1% | ||
| Q1 25 | 2.1% | 1.4% | ||
| Q4 24 | 2.1% | 1.1% | ||
| Q3 24 | 2.2% | 2.9% | ||
| Q2 24 | 1.9% | 1.2% |
现金转化率PANWRKT
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | -18.08× | ||
| Q3 25 | 4.02× | — | ||
| Q2 25 | 2.40× | — | ||
| Q1 25 | 2.08× | — | ||
| Q4 24 | 4.30× | 54.42× | ||
| Q3 24 | 1.43× | — | ||
| Q2 24 | 1.90× | -94.46× |
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% |
RKT
| Other | $1.4B | 51% |
| Direct To Customer Segment | $945.8M | 35% |
| Partner Network Segment | $216.7M | 8% |
| Subscription Revenue | $91.3M | 3% |
| Closing Fees | $47.1M | 2% |
| Appraisal Revenue | $10.7M | 0% |
