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派拓网络（PANW）与Zscaler, Inc.（ZS）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Zscaler, Inc.的3.3倍（$2.6B vs $788.1M），派拓网络净利率更高（16.7% vs -1.5%，领先18.1%），Zscaler, Inc.同比增速更快（25.5% vs 14.9%），Zscaler, Inc.自由现金流更多（$431.0M vs $384.0M），过去两年Zscaler, Inc.的营收复合增速更高（22.5% 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。
Zscaler是总部位于美国加利福尼亚州圣何塞的云安全企业，专注提供云原生安全服务，为全球各行业企业的网络系统与数据资产提供全方位防护，助力企业在数字化运营过程中抵御各类安全风险，保障业务稳定开展。
PANW vs ZS — 直观对比
营收规模更大
PANW
是对方的3.3倍
$788.1M
营收增速更快
ZS
高出10.6%
14.9%
净利率更高
PANW
高出18.1%
-1.5%
自由现金流更多
ZS
多$47.0M
$384.0M
两年增速更快
ZS
近两年复合增速
14.3%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $788.1M |
| 净利润 | $432.0M | $-11.6M |
| 毛利率 | 73.6% | 76.6% |
| 营业利润率 | 15.3% | -4.6% |
| 净利率 | 16.7% | -1.5% |
| 营收同比 | 14.9% | 25.5% |
| 净利润同比 | 61.6% | 3.6% |
| 每股收益（稀释后） | $0.61 | $-0.07 |
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PANWZS
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $788.1M | ||
| Q3 25 | $2.5B | $719.2M | ||
| Q2 25 | $2.3B | $678.0M | ||
| Q1 25 | $2.3B | $647.9M | ||
| Q4 24 | $2.1B | $628.0M | ||
| Q3 24 | $2.2B | $592.9M | ||
| Q2 24 | $2.0B | $553.2M |
净利润PANWZS
| Q1 26 | $432.0M | — | ||
| Q4 25 | $334.0M | $-11.6M | ||
| Q3 25 | $253.8M | $-17.6M | ||
| Q2 25 | $262.1M | $-4.1M | ||
| Q1 25 | $267.3M | $-7.7M | ||
| Q4 24 | $350.7M | $-12.1M | ||
| Q3 24 | $357.7M | $-14.9M | ||
| Q2 24 | $278.8M | $19.1M |
毛利率PANWZS
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.2% | 76.6% | ||
| Q3 25 | 73.2% | 76.1% | ||
| Q2 25 | 72.9% | 77.0% | ||
| Q1 25 | 73.5% | 77.1% | ||
| Q4 24 | 74.1% | 77.5% | ||
| Q3 24 | 73.8% | 78.0% | ||
| Q2 24 | 74.1% | 78.6% |
营业利润率PANWZS
| Q1 26 | 15.3% | — | ||
| Q4 25 | 12.5% | -4.6% | ||
| Q3 25 | 19.6% | -4.5% | ||
| Q2 25 | 9.6% | -3.7% | ||
| Q1 25 | 10.6% | -6.2% | ||
| Q4 24 | 13.4% | -4.9% | ||
| Q3 24 | 10.9% | -4.5% | ||
| Q2 24 | 8.9% | -0.5% |
净利率PANWZS
| Q1 26 | 16.7% | — | ||
| Q4 25 | 13.5% | -1.5% | ||
| Q3 25 | 10.0% | -2.4% | ||
| Q2 25 | 11.5% | -0.6% | ||
| Q1 25 | 11.8% | -1.2% | ||
| Q4 24 | 16.4% | -1.9% | ||
| Q3 24 | 16.3% | -2.5% | ||
| Q2 24 | 14.0% | 3.5% |
每股收益（稀释后）PANWZS
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.47 | $-0.07 | ||
| Q3 25 | $-0.14 | $-0.11 | ||
| Q2 25 | $0.37 | $-0.03 | ||
| Q1 25 | $0.38 | $-0.05 | ||
| Q4 24 | $0.99 | $-0.08 | ||
| Q3 24 | $1.04 | $-0.09 | ||
| Q2 24 | $0.79 | $0.12 |
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 | $2.0B |
| 总资产 | $25.0B | $6.5B |
| 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PANWZS
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | $1.3B | ||
| Q3 25 | $2.9B | $2.4B | ||
| Q2 25 | $3.3B | $2.0B | ||
| Q1 25 | $3.2B | $1.8B | ||
| Q4 24 | $3.4B | $1.6B | ||
| Q3 24 | $2.6B | $1.4B | ||
| Q2 24 | $2.9B | $1.3B |
总债务PANWZS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
股东权益PANWZS
| Q1 26 | $9.4B | — | ||
| Q4 25 | $8.7B | $2.0B | ||
| Q3 25 | $7.8B | $1.8B | ||
| Q2 25 | $7.2B | $1.8B | ||
| Q1 25 | $6.4B | $1.6B | ||
| Q4 24 | $5.9B | $1.4B | ||
| Q3 24 | $5.2B | $1.3B | ||
| Q2 24 | $4.5B | $1.1B |
总资产PANWZS
| Q1 26 | $25.0B | — | ||
| Q4 25 | $23.5B | $6.5B | ||
| Q3 25 | $23.6B | $6.4B | ||
| Q2 25 | $22.0B | $5.3B | ||
| Q1 25 | $21.0B | $5.0B | ||
| Q4 24 | $20.4B | $4.7B | ||
| Q3 24 | $20.0B | $4.7B | ||
| Q2 24 | $17.9B | $4.2B |
负债/权益比PANWZS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× |
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 | $448.3M |
| 自由现金流经营现金流 - 资本支出 | $384.0M | $431.0M |
| 自由现金流率自由现金流/营收 | 14.8% | 54.7% |
| 资本支出强度资本支出/营收 | 6.6% | 2.2% |
| 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 | $924.9M |
8季度趋势，按日历期对齐
经营现金流PANWZS
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $448.3M | ||
| Q3 25 | $1.0B | $250.6M | ||
| Q2 25 | $628.7M | $211.1M | ||
| Q1 25 | $556.9M | $179.4M | ||
| Q4 24 | $1.5B | $331.3M | ||
| Q3 24 | $512.7M | $203.6M | ||
| Q2 24 | $528.9M | $173.4M |
自由现金流PANWZS
| Q1 26 | $384.0M | — | ||
| Q4 25 | $1.7B | $431.0M | ||
| Q3 25 | $934.5M | $190.6M | ||
| Q2 25 | $560.4M | $138.9M | ||
| Q1 25 | $509.4M | $164.4M | ||
| Q4 24 | $1.5B | $314.3M | ||
| Q3 24 | $465.3M | $154.2M | ||
| Q2 24 | $491.5M | $137.8M |
自由现金流率PANWZS
| Q1 26 | 14.8% | — | ||
| Q4 25 | 68.2% | 54.7% | ||
| Q3 25 | 36.8% | 26.5% | ||
| Q2 25 | 24.5% | 20.5% | ||
| Q1 25 | 22.6% | 25.4% | ||
| Q4 24 | 68.5% | 50.1% | ||
| Q3 24 | 21.3% | 26.0% | ||
| Q2 24 | 24.8% | 24.9% |
资本支出强度PANWZS
| Q1 26 | 6.6% | — | ||
| Q4 25 | 3.4% | 2.2% | ||
| Q3 25 | 3.4% | 8.3% | ||
| Q2 25 | 3.0% | 10.6% | ||
| Q1 25 | 2.1% | 2.3% | ||
| Q4 24 | 2.1% | 2.7% | ||
| Q3 24 | 2.2% | 8.3% | ||
| Q2 24 | 1.9% | 6.4% |
现金转化率PANWZS
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | — | ||
| Q3 25 | 4.02× | — | ||
| Q2 25 | 2.40× | — | ||
| Q1 25 | 2.08× | — | ||
| Q4 24 | 4.30× | — | ||
| Q3 24 | 1.43× | — | ||
| Q2 24 | 1.90× | 9.07× |
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% |
ZS
暂无分部数据
