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Arhaus, Inc.（ARHS）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Arhaus, Inc.的1.7倍（$614.5M vs $364.8M），Arhaus, Inc.净利率更高（4.1% vs -2.0%，领先6.1%），Cloudflare, Inc.同比增速更快（33.6% vs 5.1%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-8.8M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 11.2%）
Arhaus, Inc.是源自美国的高端家居零售企业，总部位于俄亥俄州波士顿高地，1986年正式创立。品牌主打可持续理念与工匠级品质，产品品类丰富，采用全渠道模式面向个人消费者及企业客户，覆盖民用与商用家居场景，提供相关产品与配套服务。
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。
ARHS vs NET — 直观对比
营收规模更大
NET
是对方的1.7倍
$364.8M
营收增速更快
NET
高出28.5%
5.1%
净利率更高
ARHS
高出6.1%
-2.0%
自由现金流更多
NET
多$114.0M
$-8.8M
两年增速更快
NET
近两年复合增速
11.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $364.8M | $614.5M |
| 净利润 | $15.1M | $-12.1M |
| 毛利率 | 38.1% | 73.6% |
| 营业利润率 | 5.6% | -8.0% |
| 净利率 | 4.1% | -2.0% |
| 营收同比 | 5.1% | 33.6% |
| 净利润同比 | -29.1% | 6.0% |
| 每股收益（稀释后） | $0.11 | $-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ARHSNET
| Q4 25 | $364.8M | $614.5M | ||
| Q3 25 | $344.6M | $562.0M | ||
| Q2 25 | $358.4M | $512.3M | ||
| Q1 25 | $311.4M | $479.1M | ||
| Q4 24 | $347.0M | $459.9M | ||
| Q3 24 | $319.1M | $430.1M | ||
| Q2 24 | $309.8M | $401.0M | ||
| Q1 24 | $295.2M | $378.6M |
净利润ARHSNET
| Q4 25 | $15.1M | $-12.1M | ||
| Q3 25 | $12.2M | $-1.3M | ||
| Q2 25 | $35.1M | $-50.4M | ||
| Q1 25 | $4.9M | $-38.5M | ||
| Q4 24 | $21.3M | $-12.8M | ||
| Q3 24 | $9.9M | $-15.3M | ||
| Q2 24 | $22.2M | $-15.1M | ||
| Q1 24 | $15.1M | $-35.5M |
毛利率ARHSNET
| Q4 25 | 38.1% | 73.6% | ||
| Q3 25 | 38.7% | 74.0% | ||
| Q2 25 | 41.4% | 74.9% | ||
| Q1 25 | 37.1% | 75.9% | ||
| Q4 24 | 40.0% | 76.4% | ||
| Q3 24 | 38.6% | 77.7% | ||
| Q2 24 | 40.1% | 77.8% | ||
| Q1 24 | 39.0% | 77.5% |
营业利润率ARHSNET
| Q4 25 | 5.6% | -8.0% | ||
| Q3 25 | 4.8% | -6.7% | ||
| Q2 25 | 13.0% | -13.1% | ||
| Q1 25 | 1.7% | -11.1% | ||
| Q4 24 | 8.2% | -7.5% | ||
| Q3 24 | 3.3% | -7.2% | ||
| Q2 24 | 9.5% | -8.7% | ||
| Q1 24 | 6.2% | -14.4% |
净利率ARHSNET
| Q4 25 | 4.1% | -2.0% | ||
| Q3 25 | 3.5% | -0.2% | ||
| Q2 25 | 9.8% | -9.8% | ||
| Q1 25 | 1.6% | -8.0% | ||
| Q4 24 | 6.1% | -2.8% | ||
| Q3 24 | 3.1% | -3.6% | ||
| Q2 24 | 7.2% | -3.8% | ||
| Q1 24 | 5.1% | -9.4% |
每股收益（稀释后）ARHSNET
| Q4 25 | $0.11 | $-0.03 | ||
| Q3 25 | $0.09 | $0.00 | ||
| Q2 25 | $0.25 | $-0.15 | ||
| Q1 25 | $0.03 | $-0.11 | ||
| Q4 24 | $0.15 | $-0.05 | ||
| Q3 24 | $0.07 | $-0.04 | ||
| Q2 24 | $0.16 | $-0.04 | ||
| Q1 24 | $0.11 | $-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 | $253.4M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $418.2M | $1.5B |
| 总资产 | $1.4B | $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ARHSNET
| Q4 25 | $253.4M | $943.5M | ||
| Q3 25 | $262.2M | $1.1B | ||
| Q2 25 | $234.8M | $1.5B | ||
| Q1 25 | $214.4M | $204.5M | ||
| Q4 24 | $197.5M | $147.7M | ||
| Q3 24 | $177.7M | $182.9M | ||
| Q2 24 | $174.2M | $157.0M | ||
| Q1 24 | $233.2M | $254.4M |
股东权益ARHSNET
| Q4 25 | $418.2M | $1.5B | ||
| Q3 25 | $400.4M | $1.3B | ||
| Q2 25 | $385.6M | $1.2B | ||
| Q1 25 | $348.8M | $1.4B | ||
| Q4 24 | $343.7M | $1.0B | ||
| Q3 24 | $320.6M | $973.1M | ||
| Q2 24 | $309.3M | $881.5M | ||
| Q1 24 | $285.6M | $797.2M |
总资产ARHSNET
| Q4 25 | $1.4B | $6.0B | ||
| Q3 25 | $1.4B | $5.8B | ||
| Q2 25 | $1.3B | $5.6B | ||
| Q1 25 | $1.3B | $3.7B | ||
| Q4 24 | $1.2B | $3.3B | ||
| Q3 24 | $1.2B | $3.1B | ||
| Q2 24 | $1.2B | $2.9B | ||
| Q1 24 | $1.2B | $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 | $9.3M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-8.8M | $105.2M |
| 自由现金流率自由现金流/营收 | -2.4% | 17.1% |
| 资本支出强度资本支出/营收 | 5.0% | 13.9% |
| 现金转化率经营现金流/净利润 | 0.62× | — |
| 过去12个月自由现金流最近4个季度 | $59.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流ARHSNET
| Q4 25 | $9.3M | $190.4M | ||
| Q3 25 | $46.1M | $167.1M | ||
| Q2 25 | $34.9M | $99.8M | ||
| Q1 25 | $46.5M | $145.8M | ||
| Q4 24 | $31.7M | $127.3M | ||
| Q3 24 | $31.1M | $104.7M | ||
| Q2 24 | $47.5M | $74.8M | ||
| Q1 24 | $36.8M | $73.6M |
自由现金流ARHSNET
| Q4 25 | $-8.8M | $105.2M | ||
| Q3 25 | $28.0M | $82.5M | ||
| Q2 25 | $20.9M | $39.9M | ||
| Q1 25 | $18.9M | $59.9M | ||
| Q4 24 | $13.0M | $54.2M | ||
| Q3 24 | $4.6M | $54.5M | ||
| Q2 24 | $11.3M | $45.2M | ||
| Q1 24 | $10.9M | $41.5M |
自由现金流率ARHSNET
| Q4 25 | -2.4% | 17.1% | ||
| Q3 25 | 8.1% | 14.7% | ||
| Q2 25 | 5.8% | 7.8% | ||
| Q1 25 | 6.1% | 12.5% | ||
| Q4 24 | 3.7% | 11.8% | ||
| Q3 24 | 1.4% | 12.7% | ||
| Q2 24 | 3.6% | 11.3% | ||
| Q1 24 | 3.7% | 11.0% |
资本支出强度ARHSNET
| Q4 25 | 5.0% | 13.9% | ||
| Q3 25 | 5.3% | 15.1% | ||
| Q2 25 | 3.9% | 11.7% | ||
| Q1 25 | 8.9% | 17.9% | ||
| Q4 24 | 5.4% | 15.9% | ||
| Q3 24 | 8.3% | 11.7% | ||
| Q2 24 | 11.7% | 7.4% | ||
| Q1 24 | 8.8% | 8.5% |
现金转化率ARHSNET
| Q4 25 | 0.62× | — | ||
| Q3 25 | 3.77× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 9.53× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 3.14× | — | ||
| Q2 24 | 2.14× | — | ||
| Q1 24 | 2.44× | — |
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
ARHS
| Sales Channel Retail | $305.7M | 84% |
| Sales Channel E Commerce | $59.2M | 16% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
