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American Healthcare REIT, Inc.（AHR）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是American Healthcare REIT, Inc.的1.1倍（$614.5M vs $564.0M），American Healthcare REIT, Inc.净利率更高（1.9% vs -2.0%，领先3.9%），Cloudflare, Inc.同比增速更快（33.6% vs 13.5%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 11.7%）
本公司是一家国际医疗房地产投资信托基金（REIT），总部位于美国阿拉巴马州伯明翰，主要在美国及欧洲地区收购、投资医疗机构与营利性医疗控股企业，物业收购多采用售后回租模式，租户通常签署长期三净租约。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
AHR vs NET — 直观对比
营收规模更大
NET
是对方的1.1倍
$564.0M
营收增速更快
NET
高出20.1%
13.5%
净利率更高
AHR
高出3.9%
-2.0%
两年增速更快
NET
近两年复合增速
11.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $564.0M | $614.5M |
| 净利润 | $10.8M | $-12.1M |
| 毛利率 | 14.8% | 73.6% |
| 营业利润率 | 19.8% | -8.0% |
| 净利率 | 1.9% | -2.0% |
| 营收同比 | 13.5% | 33.6% |
| 净利润同比 | 133.9% | 6.0% |
| 每股收益（稀释后） | $0.07 | $-0.03 |
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AHRNET
| Q4 25 | $564.0M | $614.5M | ||
| Q3 25 | $532.1M | $562.0M | ||
| Q2 25 | $501.3M | $512.3M | ||
| Q1 25 | $497.2M | $479.1M | ||
| Q4 24 | $496.8M | $459.9M | ||
| Q3 24 | $476.8M | $430.1M | ||
| Q2 24 | $458.0M | $401.0M | ||
| Q1 24 | $452.1M | $378.6M |
净利润AHRNET
| Q4 25 | $10.8M | $-12.1M | ||
| Q3 25 | $55.9M | $-1.3M | ||
| Q2 25 | $9.9M | $-50.4M | ||
| Q1 25 | $-6.8M | $-38.5M | ||
| Q4 24 | $-31.8M | $-12.8M | ||
| Q3 24 | $-4.1M | $-15.3M | ||
| Q2 24 | $2.0M | $-15.1M | ||
| Q1 24 | $-3.9M | $-35.5M |
毛利率AHRNET
| Q4 25 | 14.8% | 73.6% | ||
| Q3 25 | 14.6% | 74.0% | ||
| Q2 25 | 15.0% | 74.9% | ||
| Q1 25 | 13.0% | 75.9% | ||
| Q4 24 | 13.3% | 76.4% | ||
| Q3 24 | 12.5% | 77.7% | ||
| Q2 24 | 12.1% | 77.8% | ||
| Q1 24 | 10.7% | 77.5% |
营业利润率AHRNET
| Q4 25 | 19.8% | -8.0% | ||
| Q3 25 | 19.9% | -6.7% | ||
| Q2 25 | 20.6% | -13.1% | ||
| Q1 25 | 19.0% | -11.1% | ||
| Q4 24 | 20.0% | -7.5% | ||
| Q3 24 | 19.6% | -7.2% | ||
| Q2 24 | 19.4% | -8.7% | ||
| Q1 24 | 18.2% | -14.4% |
净利率AHRNET
| Q4 25 | 1.9% | -2.0% | ||
| Q3 25 | 10.5% | -0.2% | ||
| Q2 25 | 2.0% | -9.8% | ||
| Q1 25 | -1.4% | -8.0% | ||
| Q4 24 | -6.4% | -2.8% | ||
| Q3 24 | -0.9% | -3.6% | ||
| Q2 24 | 0.4% | -3.8% | ||
| Q1 24 | -0.9% | -9.4% |
每股收益（稀释后）AHRNET
| Q4 25 | $0.07 | $-0.03 | ||
| Q3 25 | $0.33 | $0.00 | ||
| Q2 25 | $0.06 | $-0.15 | ||
| Q1 25 | $-0.04 | $-0.11 | ||
| Q4 24 | $-0.23 | $-0.05 | ||
| Q3 24 | $-0.03 | $-0.04 | ||
| Q2 24 | $0.01 | $-0.04 | ||
| Q1 24 | $-0.04 | $-0.10 |
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 | $114.8M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.3B | $1.5B |
| 总资产 | $5.4B | $6.0B |
| 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AHRNET
| Q4 25 | $114.8M | $943.5M | ||
| Q3 25 | $147.4M | $1.1B | ||
| Q2 25 | $133.5M | $1.5B | ||
| Q1 25 | $86.1M | $204.5M | ||
| Q4 24 | $76.7M | $147.7M | ||
| Q3 24 | $67.8M | $182.9M | ||
| Q2 24 | $52.1M | $157.0M | ||
| Q1 24 | $77.0M | $254.4M |
股东权益AHRNET
| Q4 25 | $3.3B | $1.5B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.2B | $973.1M | ||
| Q2 24 | $1.9B | $881.5M | ||
| Q1 24 | $2.0B | $797.2M |
总资产AHRNET
| Q4 25 | $5.4B | $6.0B | ||
| Q3 25 | $4.8B | $5.8B | ||
| Q2 25 | $4.5B | $5.6B | ||
| Q1 25 | $4.5B | $3.7B | ||
| Q4 24 | $4.5B | $3.3B | ||
| Q3 24 | $4.7B | $3.1B | ||
| Q2 24 | $4.6B | $2.9B | ||
| Q1 24 | $4.7B | $2.8B |
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 | $55.2M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 现金转化率经营现金流/净利润 | 5.12× | — |
| 过去12个月自由现金流最近4个季度 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流AHRNET
| Q4 25 | $55.2M | $190.4M | ||
| Q3 25 | $107.2M | $167.1M | ||
| Q2 25 | $71.5M | $99.8M | ||
| Q1 25 | $60.6M | $145.8M | ||
| Q4 24 | $59.5M | $127.3M | ||
| Q3 24 | $63.1M | $104.7M | ||
| Q2 24 | $59.4M | $74.8M | ||
| Q1 24 | $-6.0M | $73.6M |
自由现金流AHRNET
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率AHRNET
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度AHRNET
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率AHRNET
| Q4 25 | 5.12× | — | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 7.21× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 30.02× | — | ||
| Q1 24 | — | — |
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
AHR
| Integrated Senior Health Campuses | $467.0M | 83% |
| SHOP | $97.0M | 17% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
