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派拓网络（PANW）与ROKU, INC（ROKU）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ROKU, INC的1.9倍（$2.6B vs $1.4B），派拓网络净利率更高（16.7% vs 5.8%，领先10.9%），ROKU, INC同比增速更快（16.1% vs 14.9%），派拓网络自由现金流更多（$384.0M vs $106.6M），过去两年ROKU, INC的营收复合增速更高（25.8% 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。
Roku是美国流媒体技术企业，2002年由安东尼·伍德创立，主营数字媒体播放器、电视硬件生产，流媒体内容分发及平台广告运营。截至2024年覆盖用户达1.45亿，是美国流媒体视频分发领域的市场领导者，业务覆盖澳、加、法、德、英及拉美多国。
PANW vs ROKU — 直观对比
营收规模更大
PANW
是对方的1.9倍
$1.4B
营收增速更快
ROKU
高出1.2%
14.9%
净利率更高
PANW
高出10.9%
5.8%
自由现金流更多
PANW
多$277.4M
$106.6M
两年增速更快
ROKU
近两年复合增速
14.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $1.4B |
| 净利润 | $432.0M | $80.5M |
| 毛利率 | 73.6% | 43.5% |
| 营业利润率 | 15.3% | 4.7% |
| 净利率 | 16.7% | 5.8% |
| 营收同比 | 14.9% | 16.1% |
| 净利润同比 | 61.6% | 326.4% |
| 每股收益（稀释后） | $0.61 | $0.55 |
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PANWROKU
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $2.5B | $1.2B | ||
| Q2 25 | $2.3B | $1.1B | ||
| Q1 25 | $2.3B | $1.0B | ||
| Q4 24 | $2.1B | $1.2B | ||
| Q3 24 | $2.2B | $1.1B | ||
| Q2 24 | $2.0B | $968.2M |
净利润PANWROKU
| Q1 26 | $432.0M | — | ||
| Q4 25 | $334.0M | $80.5M | ||
| Q3 25 | $253.8M | $24.8M | ||
| Q2 25 | $262.1M | $10.5M | ||
| Q1 25 | $267.3M | $-27.4M | ||
| Q4 24 | $350.7M | $-35.5M | ||
| Q3 24 | $357.7M | $-9.0M | ||
| Q2 24 | $278.8M | $-34.0M |
毛利率PANWROKU
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.2% | 43.5% | ||
| Q3 25 | 73.2% | 43.4% | ||
| Q2 25 | 72.9% | 44.8% | ||
| Q1 25 | 73.5% | 43.6% | ||
| Q4 24 | 74.1% | 42.7% | ||
| Q3 24 | 73.8% | 45.2% | ||
| Q2 24 | 74.1% | 43.9% |
营业利润率PANWROKU
| Q1 26 | 15.3% | — | ||
| Q4 25 | 12.5% | 4.7% | ||
| Q3 25 | 19.6% | 0.8% | ||
| Q2 25 | 9.6% | -2.1% | ||
| Q1 25 | 10.6% | -5.7% | ||
| Q4 24 | 13.4% | -3.3% | ||
| Q3 24 | 10.9% | -3.4% | ||
| Q2 24 | 8.9% | -7.4% |
净利率PANWROKU
| Q1 26 | 16.7% | — | ||
| Q4 25 | 13.5% | 5.8% | ||
| Q3 25 | 10.0% | 2.0% | ||
| Q2 25 | 11.5% | 0.9% | ||
| Q1 25 | 11.8% | -2.7% | ||
| Q4 24 | 16.4% | -3.0% | ||
| Q3 24 | 16.3% | -0.9% | ||
| Q2 24 | 14.0% | -3.5% |
每股收益（稀释后）PANWROKU
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.47 | $0.55 | ||
| Q3 25 | $-0.14 | $0.16 | ||
| Q2 25 | $0.37 | $0.07 | ||
| Q1 25 | $0.38 | $-0.19 | ||
| Q4 24 | $0.99 | $-0.24 | ||
| Q3 24 | $1.04 | $-0.06 | ||
| Q2 24 | $0.79 | $-0.24 |
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 | $2.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.4B | $2.7B |
| 总资产 | $25.0B | $4.4B |
| 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PANWROKU
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | $2.3B | ||
| Q3 25 | $2.9B | $2.3B | ||
| Q2 25 | $3.3B | $2.3B | ||
| Q1 25 | $3.2B | $2.3B | ||
| Q4 24 | $3.4B | $2.2B | ||
| Q3 24 | $2.6B | $2.1B | ||
| Q2 24 | $2.9B | $2.1B |
股东权益PANWROKU
| Q1 26 | $9.4B | — | ||
| Q4 25 | $8.7B | $2.7B | ||
| Q3 25 | $7.8B | $2.6B | ||
| Q2 25 | $7.2B | $2.6B | ||
| Q1 25 | $6.4B | $2.5B | ||
| Q4 24 | $5.9B | $2.5B | ||
| Q3 24 | $5.2B | $2.5B | ||
| Q2 24 | $4.5B | $2.4B |
总资产PANWROKU
| Q1 26 | $25.0B | — | ||
| Q4 25 | $23.5B | $4.4B | ||
| Q3 25 | $23.6B | $4.4B | ||
| Q2 25 | $22.0B | $4.3B | ||
| Q1 25 | $21.0B | $4.2B | ||
| Q4 24 | $20.4B | $4.3B | ||
| Q3 24 | $20.0B | $4.3B | ||
| Q2 24 | $17.9B | $4.1B |
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 | $107.7M |
| 自由现金流经营现金流 - 资本支出 | $384.0M | $106.6M |
| 自由现金流率自由现金流/营收 | 14.8% | 7.6% |
| 资本支出强度资本支出/营收 | 6.6% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.28× | 1.34× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $478.4M |
8季度趋势，按日历期对齐
经营现金流PANWROKU
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $107.7M | ||
| Q3 25 | $1.0B | $127.6M | ||
| Q2 25 | $628.7M | $109.7M | ||
| Q1 25 | $556.9M | $138.7M | ||
| Q4 24 | $1.5B | $79.3M | ||
| Q3 24 | $512.7M | $68.7M | ||
| Q2 24 | $528.9M | $23.4M |
自由现金流PANWROKU
| Q1 26 | $384.0M | — | ||
| Q4 25 | $1.7B | $106.6M | ||
| Q3 25 | $934.5M | $126.5M | ||
| Q2 25 | $560.4M | $108.6M | ||
| Q1 25 | $509.4M | $136.8M | ||
| Q4 24 | $1.5B | $76.8M | ||
| Q3 24 | $465.3M | $67.6M | ||
| Q2 24 | $491.5M | $22.5M |
自由现金流率PANWROKU
| Q1 26 | 14.8% | — | ||
| Q4 25 | 68.2% | 7.6% | ||
| Q3 25 | 36.8% | 10.4% | ||
| Q2 25 | 24.5% | 9.8% | ||
| Q1 25 | 22.6% | 13.4% | ||
| Q4 24 | 68.5% | 6.4% | ||
| Q3 24 | 21.3% | 6.4% | ||
| Q2 24 | 24.8% | 2.3% |
资本支出强度PANWROKU
| Q1 26 | 6.6% | — | ||
| Q4 25 | 3.4% | 0.1% | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 3.0% | 0.1% | ||
| Q1 25 | 2.1% | 0.2% | ||
| Q4 24 | 2.1% | 0.2% | ||
| Q3 24 | 2.2% | 0.1% | ||
| Q2 24 | 1.9% | 0.1% |
现金转化率PANWROKU
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | 1.34× | ||
| Q3 25 | 4.02× | 5.14× | ||
| Q2 25 | 2.40× | 10.45× | ||
| Q1 25 | 2.08× | — | ||
| Q4 24 | 4.30× | — | ||
| Q3 24 | 1.43× | — | ||
| Q2 24 | 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
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
ROKU
| Services | $1.2B | 88% |
| Products | $170.9M | 12% |
