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派拓网络（PANW）与瑞思迈（RMD）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瑞思迈的1.8倍（$2.6B vs $1.4B），瑞思迈净利率更高（27.6% vs 16.7%，领先10.9%），派拓网络同比增速更快（14.9% vs 11.0%），派拓网络自由现金流更多（$384.0M vs $311.2M），过去两年派拓网络的营收复合增速更高（14.3% vs 9.0%）
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。
瑞思迈是一家起源于澳大利亚、总部位于美国加利福尼亚州圣迭戈的医疗设备企业，主打可接入云端的呼吸类医疗设备，用于治疗睡眠呼吸暂停、慢性阻塞性肺病等呼吸道疾病，新冠疫情期间曾大量生产呼吸机等设备助力患者救治。
PANW vs RMD — 直观对比
营收规模更大
PANW
是对方的1.8倍
$1.4B
营收增速更快
PANW
高出3.9%
11.0%
净利率更高
RMD
高出10.9%
16.7%
自由现金流更多
PANW
多$72.8M
$311.2M
两年增速更快
PANW
近两年复合增速
9.0%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $1.4B |
| 净利润 | $432.0M | $392.6M |
| 毛利率 | 73.6% | 61.8% |
| 营业利润率 | 15.3% | 34.6% |
| 净利率 | 16.7% | 27.6% |
| 营收同比 | 14.9% | 11.0% |
| 净利润同比 | 61.6% | 13.9% |
| 每股收益（稀释后） | $0.61 | $2.68 |
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PANWRMD
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $2.5B | $1.3B | ||
| Q2 25 | $2.3B | $1.3B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $2.2B | $1.2B | ||
| Q2 24 | $2.0B | $1.2B |
净利润PANWRMD
| Q1 26 | $432.0M | — | ||
| Q4 25 | $334.0M | $392.6M | ||
| Q3 25 | $253.8M | $348.5M | ||
| Q2 25 | $262.1M | $379.7M | ||
| Q1 25 | $267.3M | $365.0M | ||
| Q4 24 | $350.7M | $344.6M | ||
| Q3 24 | $357.7M | $311.4M | ||
| Q2 24 | $278.8M | $292.2M |
毛利率PANWRMD
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.2% | 61.8% | ||
| Q3 25 | 73.2% | 61.5% | ||
| Q2 25 | 72.9% | 60.8% | ||
| Q1 25 | 73.5% | 59.3% | ||
| Q4 24 | 74.1% | 58.6% | ||
| Q3 24 | 73.8% | 58.6% | ||
| Q2 24 | 74.1% | 58.5% |
营业利润率PANWRMD
| Q1 26 | 15.3% | — | ||
| Q4 25 | 12.5% | 34.6% | ||
| Q3 25 | 19.6% | 33.4% | ||
| Q2 25 | 9.6% | 33.7% | ||
| Q1 25 | 10.6% | 33.0% | ||
| Q4 24 | 13.4% | 32.5% | ||
| Q3 24 | 10.9% | 31.6% | ||
| Q2 24 | 8.9% | 31.2% |
净利率PANWRMD
| Q1 26 | 16.7% | — | ||
| Q4 25 | 13.5% | 27.6% | ||
| Q3 25 | 10.0% | 26.1% | ||
| Q2 25 | 11.5% | 28.2% | ||
| Q1 25 | 11.8% | 28.3% | ||
| Q4 24 | 16.4% | 26.9% | ||
| Q3 24 | 16.3% | 25.4% | ||
| Q2 24 | 14.0% | 23.9% |
每股收益（稀释后）PANWRMD
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.47 | $2.68 | ||
| Q3 25 | $-0.14 | $2.37 | ||
| Q2 25 | $0.37 | $2.58 | ||
| Q1 25 | $0.38 | $2.48 | ||
| Q4 24 | $0.99 | $2.34 | ||
| Q3 24 | $1.04 | $2.11 | ||
| Q2 24 | $0.79 | $1.97 |
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 | $1.4B |
| 总债务越低越好 | — | $403.9M |
| 股东权益账面价值 | $9.4B | $6.3B |
| 总资产 | $25.0B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资PANWRMD
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | $1.4B | ||
| Q3 25 | $2.9B | $1.4B | ||
| Q2 25 | $3.3B | $1.2B | ||
| Q1 25 | $3.2B | $932.7M | ||
| Q4 24 | $3.4B | $521.9M | ||
| Q3 24 | $2.6B | $426.4M | ||
| Q2 24 | $2.9B | $238.4M |
总债务PANWRMD
| Q1 26 | — | — | ||
| Q4 25 | — | $403.9M | ||
| Q3 25 | — | $408.7M | ||
| Q2 25 | — | $658.4M | ||
| Q1 25 | — | $663.1M | ||
| Q4 24 | — | $662.9M | ||
| Q3 24 | — | $667.6M | ||
| Q2 24 | — | $697.3M |
股东权益PANWRMD
| Q1 26 | $9.4B | — | ||
| Q4 25 | $8.7B | $6.3B | ||
| Q3 25 | $7.8B | $6.1B | ||
| Q2 25 | $7.2B | $6.0B | ||
| Q1 25 | $6.4B | $5.5B | ||
| Q4 24 | $5.9B | $5.3B | ||
| Q3 24 | $5.2B | $5.2B | ||
| Q2 24 | $4.5B | $4.9B |
总资产PANWRMD
| Q1 26 | $25.0B | — | ||
| Q4 25 | $23.5B | $8.5B | ||
| Q3 25 | $23.6B | $8.3B | ||
| Q2 25 | $22.0B | $8.2B | ||
| Q1 25 | $21.0B | $7.6B | ||
| Q4 24 | $20.4B | $7.1B | ||
| Q3 24 | $20.0B | $7.2B | ||
| Q2 24 | $17.9B | $6.9B |
负债/权益比PANWRMD
| Q1 26 | — | — | ||
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× |
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 | $339.7M |
| 自由现金流经营现金流 - 资本支出 | $384.0M | $311.2M |
| 自由现金流率自由现金流/营收 | 14.8% | 21.9% |
| 资本支出强度资本支出/营收 | 6.6% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.28× | 0.87× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $1.8B |
8季度趋势，按日历期对齐
经营现金流PANWRMD
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $339.7M | ||
| Q3 25 | $1.0B | $457.3M | ||
| Q2 25 | $628.7M | $538.8M | ||
| Q1 25 | $556.9M | $578.7M | ||
| Q4 24 | $1.5B | $308.6M | ||
| Q3 24 | $512.7M | $325.5M | ||
| Q2 24 | $528.9M | $440.1M |
自由现金流PANWRMD
| Q1 26 | $384.0M | — | ||
| Q4 25 | $1.7B | $311.2M | ||
| Q3 25 | $934.5M | $414.4M | ||
| Q2 25 | $560.4M | $508.2M | ||
| Q1 25 | $509.4M | $557.9M | ||
| Q4 24 | $1.5B | $288.0M | ||
| Q3 24 | $465.3M | $307.7M | ||
| Q2 24 | $491.5M | $415.2M |
自由现金流率PANWRMD
| Q1 26 | 14.8% | — | ||
| Q4 25 | 68.2% | 21.9% | ||
| Q3 25 | 36.8% | 31.0% | ||
| Q2 25 | 24.5% | 37.7% | ||
| Q1 25 | 22.6% | 43.2% | ||
| Q4 24 | 68.5% | 22.5% | ||
| Q3 24 | 21.3% | 25.1% | ||
| Q2 24 | 24.8% | 33.9% |
资本支出强度PANWRMD
| Q1 26 | 6.6% | — | ||
| Q4 25 | 3.4% | 2.0% | ||
| Q3 25 | 3.4% | 3.2% | ||
| Q2 25 | 3.0% | 2.3% | ||
| Q1 25 | 2.1% | 1.6% | ||
| Q4 24 | 2.1% | 1.6% | ||
| Q3 24 | 2.2% | 1.5% | ||
| Q2 24 | 1.9% | 2.0% |
现金转化率PANWRMD
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | 0.87× | ||
| Q3 25 | 4.02× | 1.31× | ||
| Q2 25 | 2.40× | 1.42× | ||
| Q1 25 | 2.08× | 1.59× | ||
| Q4 24 | 4.30× | 0.90× | ||
| Q3 24 | 1.43× | 1.05× | ||
| Q2 24 | 1.90× | 1.51× |
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% |
RMD
| Sleep And Breathing Health | $1.3B | 88% |
| Residential Care Software | $166.9M | 12% |
