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派拓网络（PANW）与RUSH ENTERPRISES INC \TX\（RUSHA）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RUSH ENTERPRISES INC \TX\的1.5倍（$2.6B vs $1.7B），派拓网络净利率更高（16.7% vs 3.7%，领先13.0%），派拓网络同比增速更快（14.9% vs -9.0%），RUSH ENTERPRISES INC \TX\自由现金流更多（$411.6M vs $384.0M），过去两年派拓网络的营收复合增速更高（14.3% vs -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
PANW vs RUSHA — 直观对比
营收规模更大
PANW
是对方的1.5倍
$1.7B
营收增速更快
PANW
高出23.9%
-9.0%
净利率更高
PANW
高出13.0%
3.7%
自由现金流更多
RUSHA
多$27.6M
$384.0M
两年增速更快
PANW
近两年复合增速
-6.8%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $1.7B |
| 净利润 | $432.0M | $61.7M |
| 毛利率 | 73.6% | 20.4% |
| 营业利润率 | 15.3% | 4.9% |
| 净利率 | 16.7% | 3.7% |
| 营收同比 | 14.9% | -9.0% |
| 净利润同比 | 61.6% | 1.8% |
| 每股收益（稀释后） | $0.61 | $0.77 |
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PANWRUSHA
| Q1 26 | $2.6B | $1.7B | ||
| Q4 25 | $2.5B | $1.7B | ||
| Q3 25 | $2.5B | $1.8B | ||
| Q2 25 | $2.3B | $1.8B | ||
| Q1 25 | $2.3B | $1.8B | ||
| Q4 24 | $2.1B | $1.9B | ||
| Q3 24 | $2.2B | $1.8B | ||
| Q2 24 | $2.0B | $1.9B |
净利润PANWRUSHA
| Q1 26 | $432.0M | $61.7M | ||
| Q4 25 | $334.0M | $64.3M | ||
| Q3 25 | $253.8M | $66.7M | ||
| Q2 25 | $262.1M | $72.4M | ||
| Q1 25 | $267.3M | $60.3M | ||
| Q4 24 | $350.7M | $74.8M | ||
| Q3 24 | $357.7M | $79.1M | ||
| Q2 24 | $278.8M | $78.7M |
毛利率PANWRUSHA
| Q1 26 | 73.6% | 20.4% | ||
| Q4 25 | 74.2% | 20.8% | ||
| Q3 25 | 73.2% | 21.0% | ||
| Q2 25 | 72.9% | 20.7% | ||
| Q1 25 | 73.5% | 20.3% | ||
| Q4 24 | 74.1% | 19.3% | ||
| Q3 24 | 73.8% | 21.0% | ||
| Q2 24 | 74.1% | 20.2% |
营业利润率PANWRUSHA
| Q1 26 | 15.3% | 4.9% | ||
| Q4 25 | 12.5% | 5.5% | ||
| Q3 25 | 19.6% | 5.6% | ||
| Q2 25 | 9.6% | 6.0% | ||
| Q1 25 | 10.6% | 5.2% | ||
| Q4 24 | 13.4% | 5.8% | ||
| Q3 24 | 10.9% | 6.7% | ||
| Q2 24 | 8.9% | 6.4% |
净利率PANWRUSHA
| Q1 26 | 16.7% | 3.7% | ||
| Q4 25 | 13.5% | 3.8% | ||
| Q3 25 | 10.0% | 3.7% | ||
| Q2 25 | 11.5% | 3.9% | ||
| Q1 25 | 11.8% | 3.4% | ||
| Q4 24 | 16.4% | 3.9% | ||
| Q3 24 | 16.3% | 4.4% | ||
| Q2 24 | 14.0% | 4.1% |
每股收益（稀释后）PANWRUSHA
| Q1 26 | $0.61 | $0.77 | ||
| Q4 25 | $0.47 | $0.81 | ||
| Q3 25 | $-0.14 | $0.83 | ||
| Q2 25 | $0.37 | $0.90 | ||
| Q1 25 | $0.38 | $0.73 | ||
| Q4 24 | $0.99 | $-95.13 | ||
| Q3 24 | $1.04 | $0.97 | ||
| Q2 24 | $0.79 | $97.00 |
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 | — |
| 总债务越低越好 | — | $277.8M |
| 股东权益账面价值 | $9.4B | $2.3B |
| 总资产 | $25.0B | $4.5B |
| 负债/权益比越低杠杆越低 | — | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资PANWRUSHA
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | $212.6M | ||
| Q3 25 | $2.9B | $242.0M | ||
| Q2 25 | $3.3B | $211.1M | ||
| Q1 25 | $3.2B | $228.7M | ||
| Q4 24 | $3.4B | $228.1M | ||
| Q3 24 | $2.6B | $185.1M | ||
| Q2 24 | $2.9B | $167.3M |
总债务PANWRUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | — | $274.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $408.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益PANWRUSHA
| Q1 26 | $9.4B | $2.3B | ||
| Q4 25 | $8.7B | $2.2B | ||
| Q3 25 | $7.8B | $2.2B | ||
| Q2 25 | $7.2B | $2.2B | ||
| Q1 25 | $6.4B | $2.2B | ||
| Q4 24 | $5.9B | $2.1B | ||
| Q3 24 | $5.2B | $2.1B | ||
| Q2 24 | $4.5B | $2.0B |
总资产PANWRUSHA
| Q1 26 | $25.0B | $4.5B | ||
| Q4 25 | $23.5B | $4.4B | ||
| Q3 25 | $23.6B | $4.6B | ||
| Q2 25 | $22.0B | $4.7B | ||
| Q1 25 | $21.0B | $4.7B | ||
| Q4 24 | $20.4B | $4.6B | ||
| Q3 24 | $20.0B | $4.6B | ||
| Q2 24 | $17.9B | $4.5B |
负债/权益比PANWRUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $384.0M | $411.6M |
| 自由现金流率自由现金流/营收 | 14.8% | 24.4% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $3.6B | $828.4M |
8季度趋势，按日历期对齐
经营现金流PANWRUSHA
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $112.9M | ||
| Q3 25 | $1.0B | $367.8M | ||
| Q2 25 | $628.7M | $227.6M | ||
| Q1 25 | $556.9M | $153.5M | ||
| Q4 24 | $1.5B | $392.3M | ||
| Q3 24 | $512.7M | $111.7M | ||
| Q2 24 | $528.9M | $270.6M |
自由现金流PANWRUSHA
| Q1 26 | $384.0M | $411.6M | ||
| Q4 25 | $1.7B | $31.9M | ||
| Q3 25 | $934.5M | $271.2M | ||
| Q2 25 | $560.4M | $113.8M | ||
| Q1 25 | $509.4M | $45.1M | ||
| Q4 24 | $1.5B | $263.5M | ||
| Q3 24 | $465.3M | $-20.0M | ||
| Q2 24 | $491.5M | $177.2M |
自由现金流率PANWRUSHA
| Q1 26 | 14.8% | 24.4% | ||
| Q4 25 | 68.2% | 1.9% | ||
| Q3 25 | 36.8% | 15.2% | ||
| Q2 25 | 24.5% | 6.2% | ||
| Q1 25 | 22.6% | 2.6% | ||
| Q4 24 | 68.5% | 13.7% | ||
| Q3 24 | 21.3% | -1.1% | ||
| Q2 24 | 24.8% | 9.1% |
资本支出强度PANWRUSHA
| Q1 26 | 6.6% | 2.0% | ||
| Q4 25 | 3.4% | 4.8% | ||
| Q3 25 | 3.4% | 5.4% | ||
| Q2 25 | 3.0% | 6.2% | ||
| Q1 25 | 2.1% | 6.2% | ||
| Q4 24 | 2.1% | 6.7% | ||
| Q3 24 | 2.2% | 7.3% | ||
| Q2 24 | 1.9% | 4.8% |
现金转化率PANWRUSHA
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | 1.75× | ||
| Q3 25 | 4.02× | 5.51× | ||
| Q2 25 | 2.40× | 3.14× | ||
| Q1 25 | 2.08× | 2.55× | ||
| Q4 24 | 4.30× | 5.25× | ||
| Q3 24 | 1.43× | 1.41× | ||
| Q2 24 | 1.90× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
