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Alignment Healthcare, Inc.（ALHC）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Alignment Healthcare, Inc.的季度营收约是Cloudflare, Inc.的1.6倍（$1.0B vs $614.5M），Alignment Healthcare, Inc.净利率更高（-1.1% vs -2.0%，领先0.9%），Alignment Healthcare, Inc.同比增速更快（44.4% vs 33.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-55.4M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 26.9%）
Alignment Healthcare是总部位于美国的医疗保健企业，主打联邦医疗保险优势计划，为老年群体提供协调医疗服务、处方药保障及补充福利，采用价值导向医疗模式，与本土医疗机构合作，业务覆盖美国多个州，致力提升患者健康水平。
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。
ALHC vs NET — 直观对比
营收规模更大
ALHC
是对方的1.6倍
$614.5M
营收增速更快
ALHC
高出10.8%
33.6%
净利率更高
ALHC
高出0.9%
-2.0%
自由现金流更多
NET
多$160.6M
$-55.4M
两年增速更快
NET
近两年复合增速
26.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $614.5M |
| 净利润 | $-11.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | -1.0% | -8.0% |
| 净利率 | -1.1% | -2.0% |
| 营收同比 | 44.4% | 33.6% |
| 净利润同比 | 64.6% | 6.0% |
| 每股收益（稀释后） | $-0.04 | $-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ALHCNET
| Q4 25 | $1.0B | $614.5M | ||
| Q3 25 | $993.7M | $562.0M | ||
| Q2 25 | $1.0B | $512.3M | ||
| Q1 25 | $926.9M | $479.1M | ||
| Q4 24 | $701.2M | $459.9M | ||
| Q3 24 | $692.4M | $430.1M | ||
| Q2 24 | $681.3M | $401.0M | ||
| Q1 24 | $628.6M | $378.6M |
净利润ALHCNET
| Q4 25 | $-11.0M | $-12.1M | ||
| Q3 25 | $3.7M | $-1.3M | ||
| Q2 25 | $15.7M | $-50.4M | ||
| Q1 25 | $-9.1M | $-38.5M | ||
| Q4 24 | $-31.1M | $-12.8M | ||
| Q3 24 | $-26.4M | $-15.3M | ||
| Q2 24 | $-24.0M | $-15.1M | ||
| Q1 24 | $-46.5M | $-35.5M |
毛利率ALHCNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率ALHCNET
| Q4 25 | -1.0% | -8.0% | ||
| Q3 25 | 0.8% | -6.7% | ||
| Q2 25 | 2.2% | -13.1% | ||
| Q1 25 | -0.6% | -11.1% | ||
| Q4 24 | -3.2% | -7.5% | ||
| Q3 24 | -2.8% | -7.2% | ||
| Q2 24 | -2.7% | -8.7% | ||
| Q1 24 | -6.5% | -14.4% |
净利率ALHCNET
| Q4 25 | -1.1% | -2.0% | ||
| Q3 25 | 0.4% | -0.2% | ||
| Q2 25 | 1.5% | -9.8% | ||
| Q1 25 | -1.0% | -8.0% | ||
| Q4 24 | -4.4% | -2.8% | ||
| Q3 24 | -3.8% | -3.6% | ||
| Q2 24 | -3.5% | -3.8% | ||
| Q1 24 | -7.4% | -9.4% |
每股收益（稀释后）ALHCNET
| Q4 25 | $-0.04 | $-0.03 | ||
| Q3 25 | $0.02 | $0.00 | ||
| Q2 25 | $0.07 | $-0.15 | ||
| Q1 25 | $-0.05 | $-0.11 | ||
| Q4 24 | $-0.15 | $-0.05 | ||
| Q3 24 | $-0.14 | $-0.04 | ||
| Q2 24 | $-0.13 | $-0.04 | ||
| Q1 24 | $-0.25 | $-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 | $604.2M | $943.5M |
| 总债务越低越好 | $323.2M | — |
| 股东权益账面价值 | $179.3M | $1.5B |
| 总资产 | $1.1B | $6.0B |
| 负债/权益比越低杠杆越低 | 1.80× | — |
8季度趋势，按日历期对齐
现金及短期投资ALHCNET
| Q4 25 | $604.2M | $943.5M | ||
| Q3 25 | $644.1M | $1.1B | ||
| Q2 25 | $503.8M | $1.5B | ||
| Q1 25 | $479.5M | $204.5M | ||
| Q4 24 | $470.6M | $147.7M | ||
| Q3 24 | $381.0M | $182.9M | ||
| Q2 24 | $363.7M | $157.0M | ||
| Q1 24 | $301.7M | $254.4M |
总债务ALHCNET
| Q4 25 | $323.2M | — | ||
| Q3 25 | $322.7M | — | ||
| Q2 25 | $322.3M | — | ||
| Q1 25 | $321.9M | — | ||
| Q4 24 | $321.4M | — | ||
| Q3 24 | $212.0M | — | ||
| Q2 24 | $211.7M | — | ||
| Q1 24 | $162.0M | — |
股东权益ALHCNET
| Q4 25 | $179.3M | $1.5B | ||
| Q3 25 | $161.9M | $1.3B | ||
| Q2 25 | $141.0M | $1.2B | ||
| Q1 25 | $108.1M | $1.4B | ||
| Q4 24 | $99.9M | $1.0B | ||
| Q3 24 | $114.5M | $973.1M | ||
| Q2 24 | $123.7M | $881.5M | ||
| Q1 24 | $130.9M | $797.2M |
总资产ALHCNET
| Q4 25 | $1.1B | $6.0B | ||
| Q3 25 | $1.1B | $5.8B | ||
| Q2 25 | $1.0B | $5.6B | ||
| Q1 25 | $895.6M | $3.7B | ||
| Q4 24 | $782.1M | $3.3B | ||
| Q3 24 | $692.3M | $3.1B | ||
| Q2 24 | $716.3M | $2.9B | ||
| Q1 24 | $633.2M | $2.8B |
负债/权益比ALHCNET
| Q4 25 | 1.80× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.71× | — | ||
| Q1 24 | 1.24× | — |
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 | $-50.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-55.4M | $105.2M |
| 自由现金流率自由现金流/营收 | -5.5% | 17.1% |
| 资本支出强度资本支出/营收 | 0.5% | 13.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $113.1M | $287.5M |
8季度趋势，按日历期对齐
经营现金流ALHCNET
| Q4 25 | $-50.4M | $190.4M | ||
| Q3 25 | $144.6M | $167.1M | ||
| Q2 25 | $29.1M | $99.8M | ||
| Q1 25 | $16.6M | $145.8M | ||
| Q4 24 | $-8.7M | $127.3M | ||
| Q3 24 | $26.2M | $104.7M | ||
| Q2 24 | $23.5M | $74.8M | ||
| Q1 24 | $-6.2M | $73.6M |
自由现金流ALHCNET
| Q4 25 | $-55.4M | $105.2M | ||
| Q3 25 | $139.1M | $82.5M | ||
| Q2 25 | $21.1M | $39.9M | ||
| Q1 25 | $8.4M | $59.9M | ||
| Q4 24 | $-18.0M | $54.2M | ||
| Q3 24 | $16.9M | $54.5M | ||
| Q2 24 | $11.8M | $45.2M | ||
| Q1 24 | $-17.4M | $41.5M |
自由现金流率ALHCNET
| Q4 25 | -5.5% | 17.1% | ||
| Q3 25 | 14.0% | 14.7% | ||
| Q2 25 | 2.1% | 7.8% | ||
| Q1 25 | 0.9% | 12.5% | ||
| Q4 24 | -2.6% | 11.8% | ||
| Q3 24 | 2.4% | 12.7% | ||
| Q2 24 | 1.7% | 11.3% | ||
| Q1 24 | -2.8% | 11.0% |
资本支出强度ALHCNET
| Q4 25 | 0.5% | 13.9% | ||
| Q3 25 | 0.6% | 15.1% | ||
| Q2 25 | 0.8% | 11.7% | ||
| Q1 25 | 0.9% | 17.9% | ||
| Q4 24 | 1.3% | 15.9% | ||
| Q3 24 | 1.3% | 11.7% | ||
| Q2 24 | 1.7% | 7.4% | ||
| Q1 24 | 1.8% | 8.5% |
现金转化率ALHCNET
| Q4 25 | — | — | ||
| Q3 25 | 38.77× | — | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
ALHC
暂无分部数据
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
