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派拓网络（PANW）与硕腾（ZTS）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硕腾的1.1倍（$2.6B vs $2.4B），硕腾净利率更高（25.3% vs 16.7%，领先8.6%），派拓网络同比增速更快（14.9% vs 3.0%），硕腾自由现金流更多（$732.0M vs $384.0M），过去两年派拓网络的营收复合增速更高（14.3% vs 4.4%）
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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
PANW vs ZTS — 直观对比
营收规模更大
PANW
是对方的1.1倍
$2.4B
营收增速更快
PANW
高出11.9%
3.0%
净利率更高
ZTS
高出8.6%
16.7%
自由现金流更多
ZTS
多$348.0M
$384.0M
两年增速更快
PANW
近两年复合增速
4.4%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $2.4B |
| 净利润 | $432.0M | $603.0M |
| 毛利率 | 73.6% | 70.2% |
| 营业利润率 | 15.3% | 31.9% |
| 净利率 | 16.7% | 25.3% |
| 营收同比 | 14.9% | 3.0% |
| 净利润同比 | 61.6% | 3.8% |
| 每股收益（稀释后） | $0.61 | $1.37 |
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PANWZTS
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $2.4B | ||
| Q3 25 | $2.5B | $2.4B | ||
| Q2 25 | $2.3B | $2.5B | ||
| Q1 25 | $2.3B | $2.2B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $2.2B | $2.4B | ||
| Q2 24 | $2.0B | $2.4B |
净利润PANWZTS
| Q1 26 | $432.0M | — | ||
| Q4 25 | $334.0M | $603.0M | ||
| Q3 25 | $253.8M | $721.0M | ||
| Q2 25 | $262.1M | $718.0M | ||
| Q1 25 | $267.3M | $631.0M | ||
| Q4 24 | $350.7M | $581.0M | ||
| Q3 24 | $357.7M | $682.0M | ||
| Q2 24 | $278.8M | $624.0M |
毛利率PANWZTS
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.2% | 70.2% | ||
| Q3 25 | 73.2% | 71.5% | ||
| Q2 25 | 72.9% | 73.6% | ||
| Q1 25 | 73.5% | 72.0% | ||
| Q4 24 | 74.1% | 69.5% | ||
| Q3 24 | 73.8% | 70.6% | ||
| Q2 24 | 74.1% | 71.7% |
营业利润率PANWZTS
| Q1 26 | 15.3% | — | ||
| Q4 25 | 12.5% | 31.9% | ||
| Q3 25 | 19.6% | 37.0% | ||
| Q2 25 | 9.6% | 36.7% | ||
| Q1 25 | 10.6% | 36.5% | ||
| Q4 24 | 13.4% | 31.6% | ||
| Q3 24 | 10.9% | 36.6% | ||
| Q2 24 | 8.9% | 33.0% |
净利率PANWZTS
| Q1 26 | 16.7% | — | ||
| Q4 25 | 13.5% | 25.3% | ||
| Q3 25 | 10.0% | 30.0% | ||
| Q2 25 | 11.5% | 29.2% | ||
| Q1 25 | 11.8% | 28.4% | ||
| Q4 24 | 16.4% | 25.1% | ||
| Q3 24 | 16.3% | 28.6% | ||
| Q2 24 | 14.0% | 26.4% |
每股收益（稀释后）PANWZTS
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.47 | $1.37 | ||
| Q3 25 | $-0.14 | $1.63 | ||
| Q2 25 | $0.37 | $1.61 | ||
| Q1 25 | $0.38 | $1.41 | ||
| Q4 24 | $0.99 | $1.29 | ||
| Q3 24 | $1.04 | $1.50 | ||
| Q2 24 | $0.79 | $1.37 |
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 | — | — |
| 股东权益账面价值 | $9.4B | $3.3B |
| 总资产 | $25.0B | $15.5B |
| 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PANWZTS
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | — | ||
| Q3 25 | $2.9B | $2.1B | ||
| Q2 25 | $3.3B | $1.4B | ||
| Q1 25 | $3.2B | $1.7B | ||
| Q4 24 | $3.4B | $2.0B | ||
| Q3 24 | $2.6B | $1.7B | ||
| Q2 24 | $2.9B | $1.6B |
股东权益PANWZTS
| Q1 26 | $9.4B | — | ||
| Q4 25 | $8.7B | $3.3B | ||
| Q3 25 | $7.8B | $5.4B | ||
| Q2 25 | $7.2B | $5.0B | ||
| Q1 25 | $6.4B | $4.7B | ||
| Q4 24 | $5.9B | $4.8B | ||
| Q3 24 | $5.2B | $5.2B | ||
| Q2 24 | $4.5B | $5.0B |
总资产PANWZTS
| Q1 26 | $25.0B | — | ||
| Q4 25 | $23.5B | $15.5B | ||
| Q3 25 | $23.6B | $15.2B | ||
| Q2 25 | $22.0B | $14.5B | ||
| Q1 25 | $21.0B | $14.1B | ||
| Q4 24 | $20.4B | $14.2B | ||
| Q3 24 | $20.0B | $14.4B | ||
| Q2 24 | $17.9B | $14.2B |
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 | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $384.0M | $732.0M |
| 自由现金流率自由现金流/营收 | 14.8% | 30.7% |
| 资本支出强度资本支出/营收 | 6.6% | 6.7% |
| 现金转化率经营现金流/净利润 | 1.28× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $3.6B | $2.3B |
8季度趋势，按日历期对齐
经营现金流PANWZTS
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $893.0M | ||
| Q3 25 | $1.0B | $938.0M | ||
| Q2 25 | $628.7M | $486.0M | ||
| Q1 25 | $556.9M | $587.0M | ||
| Q4 24 | $1.5B | $905.0M | ||
| Q3 24 | $512.7M | $951.0M | ||
| Q2 24 | $528.9M | $502.0M |
自由现金流PANWZTS
| Q1 26 | $384.0M | — | ||
| Q4 25 | $1.7B | $732.0M | ||
| Q3 25 | $934.5M | $805.0M | ||
| Q2 25 | $560.4M | $308.0M | ||
| Q1 25 | $509.4M | $438.0M | ||
| Q4 24 | $1.5B | $689.0M | ||
| Q3 24 | $465.3M | $784.0M | ||
| Q2 24 | $491.5M | $370.0M |
自由现金流率PANWZTS
| Q1 26 | 14.8% | — | ||
| Q4 25 | 68.2% | 30.7% | ||
| Q3 25 | 36.8% | 33.5% | ||
| Q2 25 | 24.5% | 12.5% | ||
| Q1 25 | 22.6% | 19.7% | ||
| Q4 24 | 68.5% | 29.7% | ||
| Q3 24 | 21.3% | 32.8% | ||
| Q2 24 | 24.8% | 15.7% |
资本支出强度PANWZTS
| Q1 26 | 6.6% | — | ||
| Q4 25 | 3.4% | 6.7% | ||
| Q3 25 | 3.4% | 5.5% | ||
| Q2 25 | 3.0% | 7.2% | ||
| Q1 25 | 2.1% | 6.7% | ||
| Q4 24 | 2.1% | 9.3% | ||
| Q3 24 | 2.2% | 7.0% | ||
| Q2 24 | 1.9% | 5.6% |
现金转化率PANWZTS
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | 1.48× | ||
| Q3 25 | 4.02× | 1.30× | ||
| Q2 25 | 2.40× | 0.68× | ||
| Q1 25 | 2.08× | 0.93× | ||
| Q4 24 | 4.30× | 1.56× | ||
| Q3 24 | 1.43× | 1.39× | ||
| Q2 24 | 1.90× | 0.80× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
