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派拓网络（PANW）与Toll Brothers, Inc.（TOL）财务数据对比。点击上方公司名可切换其他公司
Toll Brothers, Inc.的季度营收约是派拓网络的1.3倍（$3.4B vs $2.6B），派拓网络净利率更高（16.7% vs 13.0%，领先3.6%），派拓网络同比增速更快（14.9% vs 2.7%），Toll Brothers, Inc.自由现金流更多（$772.2M vs $384.0M），过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% 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。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
PANW vs TOL — 直观对比
营收规模更大
TOL
是对方的1.3倍
$2.6B
营收增速更快
PANW
高出12.2%
2.7%
净利率更高
PANW
高出3.6%
13.0%
自由现金流更多
TOL
多$388.2M
$384.0M
两年增速更快
TOL
近两年复合增速
14.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $3.4B |
| 净利润 | $432.0M | $446.7M |
| 毛利率 | 73.6% | 24.8% |
| 营业利润率 | 15.3% | 16.5% |
| 净利率 | 16.7% | 13.0% |
| 营收同比 | 14.9% | 2.7% |
| 净利润同比 | 61.6% | -6.0% |
| 每股收益（稀释后） | $0.61 | $4.51 |
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PANWTOL
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $3.4B | ||
| Q3 25 | $2.5B | $2.9B | ||
| Q2 25 | $2.3B | $2.7B | ||
| Q1 25 | $2.3B | $1.9B | ||
| Q4 24 | $2.1B | $3.3B | ||
| Q3 24 | $2.2B | $2.7B | ||
| Q2 24 | $2.0B | $2.8B |
净利润PANWTOL
| Q1 26 | $432.0M | — | ||
| Q4 25 | $334.0M | $446.7M | ||
| Q3 25 | $253.8M | $369.6M | ||
| Q2 25 | $262.1M | $352.4M | ||
| Q1 25 | $267.3M | $177.7M | ||
| Q4 24 | $350.7M | $475.4M | ||
| Q3 24 | $357.7M | $374.6M | ||
| Q2 24 | $278.8M | $481.6M |
毛利率PANWTOL
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.2% | 24.8% | ||
| Q3 25 | 73.2% | 25.2% | ||
| Q2 25 | 72.9% | 25.8% | ||
| Q1 25 | 73.5% | 24.7% | ||
| Q4 24 | 74.1% | 26.4% | ||
| Q3 24 | 73.8% | 27.2% | ||
| Q2 24 | 74.1% | 30.4% |
营业利润率PANWTOL
| Q1 26 | 15.3% | — | ||
| Q4 25 | 12.5% | 16.5% | ||
| Q3 25 | 19.6% | 16.6% | ||
| Q2 25 | 9.6% | 16.4% | ||
| Q1 25 | 10.6% | 11.8% | ||
| Q4 24 | 13.4% | 18.3% | ||
| Q3 24 | 10.9% | 18.2% | ||
| Q2 24 | 8.9% | 22.0% |
净利率PANWTOL
| Q1 26 | 16.7% | — | ||
| Q4 25 | 13.5% | 13.0% | ||
| Q3 25 | 10.0% | 12.6% | ||
| Q2 25 | 11.5% | 12.9% | ||
| Q1 25 | 11.8% | 9.6% | ||
| Q4 24 | 16.4% | 14.3% | ||
| Q3 24 | 16.3% | 13.7% | ||
| Q2 24 | 14.0% | 17.0% |
每股收益（稀释后）PANWTOL
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.47 | $4.51 | ||
| Q3 25 | $-0.14 | $3.73 | ||
| Q2 25 | $0.37 | $3.50 | ||
| Q1 25 | $0.38 | $1.75 | ||
| Q4 24 | $0.99 | $4.61 | ||
| Q3 24 | $1.04 | $3.60 | ||
| Q2 24 | $0.79 | $4.55 |
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 | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.4B | $8.3B |
| 总资产 | $25.0B | $14.5B |
| 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PANWTOL
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | $1.3B | ||
| Q3 25 | $2.9B | $852.3M | ||
| Q2 25 | $3.3B | $686.5M | ||
| Q1 25 | $3.2B | $574.8M | ||
| Q4 24 | $3.4B | $1.3B | ||
| Q3 24 | $2.6B | $893.4M | ||
| Q2 24 | $2.9B | $1.0B |
股东权益PANWTOL
| Q1 26 | $9.4B | — | ||
| Q4 25 | $8.7B | $8.3B | ||
| Q3 25 | $7.8B | $8.1B | ||
| Q2 25 | $7.2B | $7.9B | ||
| Q1 25 | $6.4B | $7.8B | ||
| Q4 24 | $5.9B | $7.7B | ||
| Q3 24 | $5.2B | $7.4B | ||
| Q2 24 | $4.5B | $7.3B |
总资产PANWTOL
| Q1 26 | $25.0B | — | ||
| Q4 25 | $23.5B | $14.5B | ||
| Q3 25 | $23.6B | $14.4B | ||
| Q2 25 | $22.0B | $14.2B | ||
| Q1 25 | $21.0B | $13.6B | ||
| Q4 24 | $20.4B | $13.4B | ||
| Q3 24 | $20.0B | $13.4B | ||
| Q2 24 | $17.9B | $13.3B |
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 | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $384.0M | $772.2M |
| 自由现金流率自由现金流/营收 | 14.8% | 22.6% |
| 资本支出强度资本支出/营收 | 6.6% | 0.8% |
| 现金转化率经营现金流/净利润 | 1.28× | 1.79× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $1.0B |
8季度趋势，按日历期对齐
经营现金流PANWTOL
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $800.0M | ||
| Q3 25 | $1.0B | $370.3M | ||
| Q2 25 | $628.7M | $362.8M | ||
| Q1 25 | $556.9M | $-420.8M | ||
| Q4 24 | $1.5B | $682.5M | ||
| Q3 24 | $512.7M | $175.6M | ||
| Q2 24 | $528.9M | $459.0M |
自由现金流PANWTOL
| Q1 26 | $384.0M | — | ||
| Q4 25 | $1.7B | $772.2M | ||
| Q3 25 | $934.5M | $344.9M | ||
| Q2 25 | $560.4M | $347.3M | ||
| Q1 25 | $509.4M | $-438.1M | ||
| Q4 24 | $1.5B | $664.3M | ||
| Q3 24 | $465.3M | $149.9M | ||
| Q2 24 | $491.5M | $442.9M |
自由现金流率PANWTOL
| Q1 26 | 14.8% | — | ||
| Q4 25 | 68.2% | 22.6% | ||
| Q3 25 | 36.8% | 11.7% | ||
| Q2 25 | 24.5% | 12.7% | ||
| Q1 25 | 22.6% | -23.6% | ||
| Q4 24 | 68.5% | 19.9% | ||
| Q3 24 | 21.3% | 5.5% | ||
| Q2 24 | 24.8% | 15.6% |
资本支出强度PANWTOL
| Q1 26 | 6.6% | — | ||
| Q4 25 | 3.4% | 0.8% | ||
| Q3 25 | 3.4% | 0.9% | ||
| Q2 25 | 3.0% | 0.6% | ||
| Q1 25 | 2.1% | 0.9% | ||
| Q4 24 | 2.1% | 0.5% | ||
| Q3 24 | 2.2% | 0.9% | ||
| Q2 24 | 1.9% | 0.6% |
现金转化率PANWTOL
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | 1.79× | ||
| Q3 25 | 4.02× | 1.00× | ||
| Q2 25 | 2.40× | 1.03× | ||
| Q1 25 | 2.08× | -2.37× | ||
| Q4 24 | 4.30× | 1.44× | ||
| Q3 24 | 1.43× | 0.47× | ||
| Q2 24 | 1.90× | 0.95× |
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% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
