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派拓网络（PANW）与SELECT MEDICAL HOLDINGS CORP（SEM）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SELECT MEDICAL HOLDINGS CORP的1.9倍（$2.6B vs $1.4B），派拓网络净利率更高（16.7% vs 1.4%，领先15.2%），派拓网络同比增速更快（14.9% vs 6.4%），派拓网络自由现金流更多（$384.0M vs $5.2M），过去两年派拓网络的营收复合增速更高（14.3% vs 2.8%）
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。
Select Medical是总部位于美国宾夕法尼亚州的医疗健康企业，业务涵盖长期急症护理、住院康复医院运营，同时开设有职业健康与物理治疗诊所，母公司Select Medical Holdings在纽约证券交易所挂牌上市。
PANW vs SEM — 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
PANW
高出8.5%
6.4%
净利率更高
PANW
高出15.2%
1.4%
自由现金流更多
PANW
多$378.8M
$5.2M
两年增速更快
PANW
近两年复合增速
2.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $1.4B |
| 净利润 | $432.0M | $20.2M |
| 毛利率 | 73.6% | — |
| 营业利润率 | 15.3% | 4.6% |
| 净利率 | 16.7% | 1.4% |
| 营收同比 | 14.9% | 6.4% |
| 净利润同比 | 61.6% | 225.7% |
| 每股收益（稀释后） | $0.61 | $0.17 |
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PANWSEM
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $2.5B | $1.4B | ||
| Q2 25 | $2.3B | $1.3B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.1B | $1.3B | ||
| Q3 24 | $2.2B | $1.3B | ||
| Q2 24 | $2.0B | $1.3B |
净利润PANWSEM
| Q1 26 | $432.0M | — | ||
| Q4 25 | $334.0M | $20.2M | ||
| Q3 25 | $253.8M | $28.8M | ||
| Q2 25 | $262.1M | $40.6M | ||
| Q1 25 | $267.3M | $56.7M | ||
| Q4 24 | $350.7M | $-16.1M | ||
| Q3 24 | $357.7M | $55.6M | ||
| Q2 24 | $278.8M | $77.6M |
毛利率PANWSEM
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.2% | — | ||
| Q3 25 | 73.2% | — | ||
| Q2 25 | 72.9% | — | ||
| Q1 25 | 73.5% | — | ||
| Q4 24 | 74.1% | — | ||
| Q3 24 | 73.8% | — | ||
| Q2 24 | 74.1% | — |
营业利润率PANWSEM
| Q1 26 | 15.3% | — | ||
| Q4 25 | 12.5% | 4.6% | ||
| Q3 25 | 19.6% | 5.4% | ||
| Q2 25 | 9.6% | 6.5% | ||
| Q1 25 | 10.6% | 8.3% | ||
| Q4 24 | 13.4% | 1.6% | ||
| Q3 24 | 10.9% | 4.3% | ||
| Q2 24 | 8.9% | 5.8% |
净利率PANWSEM
| Q1 26 | 16.7% | — | ||
| Q4 25 | 13.5% | 1.4% | ||
| Q3 25 | 10.0% | 2.1% | ||
| Q2 25 | 11.5% | 3.0% | ||
| Q1 25 | 11.8% | 4.2% | ||
| Q4 24 | 16.4% | -1.2% | ||
| Q3 24 | 16.3% | 4.4% | ||
| Q2 24 | 14.0% | 6.1% |
每股收益（稀释后）PANWSEM
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.47 | $0.17 | ||
| Q3 25 | $-0.14 | $0.23 | ||
| Q2 25 | $0.37 | $0.32 | ||
| Q1 25 | $0.38 | $0.44 | ||
| Q4 24 | $0.99 | $-0.12 | ||
| Q3 24 | $1.04 | $0.43 | ||
| Q2 24 | $0.79 | $0.60 |
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 | $26.5M |
| 总债务越低越好 | — | $1.8B |
| 股东权益账面价值 | $9.4B | $1.7B |
| 总资产 | $25.0B | $5.9B |
| 负债/权益比越低杠杆越低 | — | 1.06× |
8季度趋势，按日历期对齐
现金及短期投资PANWSEM
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | $26.5M | ||
| Q3 25 | $2.9B | $60.1M | ||
| Q2 25 | $3.3B | $52.3M | ||
| Q1 25 | $3.2B | $53.2M | ||
| Q4 24 | $3.4B | $59.7M | ||
| Q3 24 | $2.6B | $191.5M | ||
| Q2 24 | $2.9B | $111.2M |
总债务PANWSEM
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.6B |
股东权益PANWSEM
| Q1 26 | $9.4B | — | ||
| Q4 25 | $8.7B | $1.7B | ||
| Q3 25 | $7.8B | $1.7B | ||
| Q2 25 | $7.2B | $1.7B | ||
| Q1 25 | $6.4B | $1.7B | ||
| Q4 24 | $5.9B | $1.7B | ||
| Q3 24 | $5.2B | $1.9B | ||
| Q2 24 | $4.5B | $1.4B |
总资产PANWSEM
| Q1 26 | $25.0B | — | ||
| Q4 25 | $23.5B | $5.9B | ||
| Q3 25 | $23.6B | $5.7B | ||
| Q2 25 | $22.0B | $5.7B | ||
| Q1 25 | $21.0B | $5.7B | ||
| Q4 24 | $20.4B | $5.6B | ||
| Q3 24 | $20.0B | $8.0B | ||
| Q2 24 | $17.9B | $7.9B |
负债/权益比PANWSEM
| Q1 26 | — | — | ||
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 2.54× |
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 | $64.3M |
| 自由现金流经营现金流 - 资本支出 | $384.0M | $5.2M |
| 自由现金流率自由现金流/营收 | 14.8% | 0.4% |
| 资本支出强度资本支出/营收 | 6.6% | 4.2% |
| 现金转化率经营现金流/净利润 | 1.28× | 3.19× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $117.2M |
8季度趋势，按日历期对齐
经营现金流PANWSEM
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $64.3M | ||
| Q3 25 | $1.0B | $175.3M | ||
| Q2 25 | $628.7M | $110.3M | ||
| Q1 25 | $556.9M | $-3.5M | ||
| Q4 24 | $1.5B | $125.4M | ||
| Q3 24 | $512.7M | $181.0M | ||
| Q2 24 | $528.9M | $278.2M |
自由现金流PANWSEM
| Q1 26 | $384.0M | — | ||
| Q4 25 | $1.7B | $5.2M | ||
| Q3 25 | $934.5M | $122.2M | ||
| Q2 25 | $560.4M | $45.6M | ||
| Q1 25 | $509.4M | $-55.8M | ||
| Q4 24 | $1.5B | $62.0M | ||
| Q3 24 | $465.3M | $130.3M | ||
| Q2 24 | $491.5M | $222.6M |
自由现金流率PANWSEM
| Q1 26 | 14.8% | — | ||
| Q4 25 | 68.2% | 0.4% | ||
| Q3 25 | 36.8% | 9.0% | ||
| Q2 25 | 24.5% | 3.4% | ||
| Q1 25 | 22.6% | -4.1% | ||
| Q4 24 | 68.5% | 4.7% | ||
| Q3 24 | 21.3% | 10.2% | ||
| Q2 24 | 24.8% | 17.4% |
资本支出强度PANWSEM
| Q1 26 | 6.6% | — | ||
| Q4 25 | 3.4% | 4.2% | ||
| Q3 25 | 3.4% | 3.9% | ||
| Q2 25 | 3.0% | 4.8% | ||
| Q1 25 | 2.1% | 3.9% | ||
| Q4 24 | 2.1% | 4.8% | ||
| Q3 24 | 2.2% | 4.0% | ||
| Q2 24 | 1.9% | 4.3% |
现金转化率PANWSEM
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | 3.19× | ||
| Q3 25 | 4.02× | 6.09× | ||
| Q2 25 | 2.40× | 2.72× | ||
| Q1 25 | 2.08× | -0.06× | ||
| Q4 24 | 4.30× | — | ||
| Q3 24 | 1.43× | 3.25× | ||
| Q2 24 | 1.90× | 3.59× |
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% |
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
