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亚什兰（ASH）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.的季度营收约是亚什兰的1.6倍（$614.5M vs $386.0M），Cloudflare, Inc.净利率更高（-2.0% vs -3.1%，领先1.1%），Cloudflare, Inc.同比增速更快（33.6% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -18.1%）
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
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。
ASH vs NET — 直观对比
营收规模更大
NET
是对方的1.6倍
$386.0M
营收增速更快
NET
高出38.3%
-4.7%
净利率更高
NET
高出1.1%
-3.1%
自由现金流更多
ASH
多$5.8M
$105.2M
两年增速更快
NET
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $614.5M |
| 净利润 | $-12.0M | $-12.1M |
| 毛利率 | 27.2% | 73.6% |
| 营业利润率 | -1.6% | -8.0% |
| 净利率 | -3.1% | -2.0% |
| 营收同比 | -4.7% | 33.6% |
| 净利润同比 | 92.7% | 6.0% |
| 每股收益（稀释后） | $-0.26 | $-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ASHNET
| Q4 25 | $386.0M | $614.5M | ||
| Q3 25 | $477.0M | $562.0M | ||
| Q2 25 | $463.0M | $512.3M | ||
| Q1 25 | $479.0M | $479.1M | ||
| Q4 24 | $405.0M | $459.9M | ||
| Q3 24 | $521.0M | $430.1M | ||
| Q2 24 | $544.0M | $401.0M | ||
| Q1 24 | $575.0M | $378.6M |
净利润ASHNET
| Q4 25 | $-12.0M | $-12.1M | ||
| Q3 25 | $31.0M | $-1.3M | ||
| Q2 25 | $-742.0M | $-50.4M | ||
| Q1 25 | $31.0M | $-38.5M | ||
| Q4 24 | $-165.0M | $-12.8M | ||
| Q3 24 | $17.0M | $-15.3M | ||
| Q2 24 | $6.0M | $-15.1M | ||
| Q1 24 | $120.0M | $-35.5M |
毛利率ASHNET
| Q4 25 | 27.2% | 73.6% | ||
| Q3 25 | 33.3% | 74.0% | ||
| Q2 25 | 28.5% | 74.9% | ||
| Q1 25 | 30.7% | 75.9% | ||
| Q4 24 | 27.4% | 76.4% | ||
| Q3 24 | 33.2% | 77.7% | ||
| Q2 24 | 34.2% | 77.8% | ||
| Q1 24 | 28.0% | 77.5% |
营业利润率ASHNET
| Q4 25 | -1.6% | -8.0% | ||
| Q3 25 | 12.8% | -6.7% | ||
| Q2 25 | -152.9% | -13.1% | ||
| Q1 25 | 10.6% | -11.1% | ||
| Q4 24 | -44.2% | -7.5% | ||
| Q3 24 | 6.1% | -7.2% | ||
| Q2 24 | -11.2% | -8.7% | ||
| Q1 24 | 3.7% | -14.4% |
净利率ASHNET
| Q4 25 | -3.1% | -2.0% | ||
| Q3 25 | 6.5% | -0.2% | ||
| Q2 25 | -160.3% | -9.8% | ||
| Q1 25 | 6.5% | -8.0% | ||
| Q4 24 | -40.7% | -2.8% | ||
| Q3 24 | 3.3% | -3.6% | ||
| Q2 24 | 1.1% | -3.8% | ||
| Q1 24 | 20.9% | -9.4% |
每股收益（稀释后）ASHNET
| Q4 25 | $-0.26 | $-0.03 | ||
| Q3 25 | $0.83 | $0.00 | ||
| Q2 25 | $-16.21 | $-0.15 | ||
| Q1 25 | $0.65 | $-0.11 | ||
| Q4 24 | $-3.50 | $-0.05 | ||
| Q3 24 | $0.34 | $-0.04 | ||
| Q2 24 | $0.12 | $-0.04 | ||
| Q1 24 | $2.39 | $-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 | $304.0M | $943.5M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.9B | $1.5B |
| 总资产 | $4.5B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资ASHNET
| Q4 25 | $304.0M | $943.5M | ||
| Q3 25 | $215.0M | $1.1B | ||
| Q2 25 | $207.0M | $1.5B | ||
| Q1 25 | $168.0M | $204.5M | ||
| Q4 24 | $219.0M | $147.7M | ||
| Q3 24 | $300.0M | $182.9M | ||
| Q2 24 | $399.0M | $157.0M | ||
| Q1 24 | $439.0M | $254.4M |
总债务ASHNET
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.3B | — |
股东权益ASHNET
| Q4 25 | $1.9B | $1.5B | ||
| Q3 25 | $1.9B | $1.3B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $2.6B | $1.0B | ||
| Q3 24 | $2.9B | $973.1M | ||
| Q2 24 | $3.0B | $881.5M | ||
| Q1 24 | $3.1B | $797.2M |
总资产ASHNET
| Q4 25 | $4.5B | $6.0B | ||
| Q3 25 | $4.6B | $5.8B | ||
| Q2 25 | $4.6B | $5.6B | ||
| Q1 25 | $5.2B | $3.7B | ||
| Q4 24 | $5.2B | $3.3B | ||
| Q3 24 | $5.6B | $3.1B | ||
| Q2 24 | $5.7B | $2.9B | ||
| Q1 24 | $5.9B | $2.8B |
负债/权益比ASHNET
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.42× | — |
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 | $125.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 28.8% | 17.1% |
| 资本支出强度资本支出/营收 | 3.6% | 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 | $200.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流ASHNET
| Q4 25 | $125.0M | $190.4M | ||
| Q3 25 | $40.0M | $167.1M | ||
| Q2 25 | $115.0M | $99.8M | ||
| Q1 25 | $9.0M | $145.8M | ||
| Q4 24 | $-30.0M | $127.3M | ||
| Q3 24 | $80.0M | $104.7M | ||
| Q2 24 | $127.0M | $74.8M | ||
| Q1 24 | $54.0M | $73.6M |
自由现金流ASHNET
| Q4 25 | $111.0M | $105.2M | ||
| Q3 25 | $6.0M | $82.5M | ||
| Q2 25 | $95.0M | $39.9M | ||
| Q1 25 | $-12.0M | $59.9M | ||
| Q4 24 | $-53.0M | $54.2M | ||
| Q3 24 | $42.0M | $54.5M | ||
| Q2 24 | $98.0M | $45.2M | ||
| Q1 24 | $20.0M | $41.5M |
自由现金流率ASHNET
| Q4 25 | 28.8% | 17.1% | ||
| Q3 25 | 1.3% | 14.7% | ||
| Q2 25 | 20.5% | 7.8% | ||
| Q1 25 | -2.5% | 12.5% | ||
| Q4 24 | -13.1% | 11.8% | ||
| Q3 24 | 8.1% | 12.7% | ||
| Q2 24 | 18.0% | 11.3% | ||
| Q1 24 | 3.5% | 11.0% |
资本支出强度ASHNET
| Q4 25 | 3.6% | 13.9% | ||
| Q3 25 | 7.1% | 15.1% | ||
| Q2 25 | 4.3% | 11.7% | ||
| Q1 25 | 4.4% | 17.9% | ||
| Q4 24 | 5.7% | 15.9% | ||
| Q3 24 | 7.3% | 11.7% | ||
| Q2 24 | 5.3% | 7.4% | ||
| Q1 24 | 5.9% | 8.5% |
现金转化率ASHNET
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | — | ||
| Q1 24 | 0.45× | — |
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
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
