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Compass Diversified Holdings（CODI）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Compass Diversified Holdings的1.3倍（$614.5M vs $468.6M），Cloudflare, Inc.净利率更高（-2.0% vs -16.8%，领先14.9%），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 $36.9M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 6.8%）
Compass Diversified Holdings是一家上市控股公司，专注于收购和运营中端市场企业，业务覆盖消费品、工业制造、户外休闲、食品饮料等多个领域，通过与被投企业管理团队合作，推动长期运营增长与价值创造，主要服务北美市场。
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。
CODI vs NET — 直观对比
营收规模更大
NET
是对方的1.3倍
$468.6M
营收增速更快
NET
高出38.7%
-5.1%
净利率更高
NET
高出14.9%
-16.8%
自由现金流更多
NET
多$68.4M
$36.9M
两年增速更快
NET
近两年复合增速
6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $468.6M | $614.5M |
| 净利润 | $-78.8M | $-12.1M |
| 毛利率 | 43.1% | 73.6% |
| 营业利润率 | 9.8% | -8.0% |
| 净利率 | -16.8% | -2.0% |
| 营收同比 | -5.1% | 33.6% |
| 净利润同比 | -14.4% | 6.0% |
| 每股收益（稀释后） | $-0.91 | $-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CODINET
| Q4 25 | $468.6M | $614.5M | ||
| Q3 25 | $472.6M | $562.0M | ||
| Q2 25 | $478.7M | $512.3M | ||
| Q1 25 | $453.8M | $479.1M | ||
| Q4 24 | $493.9M | $459.9M | ||
| Q3 24 | $456.6M | $430.1M | ||
| Q2 24 | $426.7M | $401.0M | ||
| Q1 24 | $410.8M | $378.6M |
净利润CODINET
| Q4 25 | $-78.8M | $-12.1M | ||
| Q3 25 | $-74.0M | $-1.3M | ||
| Q2 25 | $-51.2M | $-50.4M | ||
| Q1 25 | $-30.0M | $-38.5M | ||
| Q4 24 | $-68.9M | $-12.8M | ||
| Q3 24 | $-36.0M | $-15.3M | ||
| Q2 24 | $-73.1M | $-15.1M | ||
| Q1 24 | $-56.2M | $-35.5M |
毛利率CODINET
| Q4 25 | 43.1% | 73.6% | ||
| Q3 25 | 44.0% | 74.0% | ||
| Q2 25 | 43.6% | 74.9% | ||
| Q1 25 | 43.2% | 75.9% | ||
| Q4 24 | 38.6% | 76.4% | ||
| Q3 24 | 43.1% | 77.7% | ||
| Q2 24 | 44.1% | 77.8% | ||
| Q1 24 | 42.6% | 77.5% |
营业利润率CODINET
| Q4 25 | 9.8% | -8.0% | ||
| Q3 25 | -2.3% | -6.7% | ||
| Q2 25 | -5.7% | -13.1% | ||
| Q1 25 | 0.8% | -11.1% | ||
| Q4 24 | -3.8% | -7.5% | ||
| Q3 24 | 1.8% | -7.2% | ||
| Q2 24 | 1.8% | -8.7% | ||
| Q1 24 | -2.9% | -14.4% |
净利率CODINET
| Q4 25 | -16.8% | -2.0% | ||
| Q3 25 | -15.7% | -0.2% | ||
| Q2 25 | -10.7% | -9.8% | ||
| Q1 25 | -6.6% | -8.0% | ||
| Q4 24 | -13.9% | -2.8% | ||
| Q3 24 | -7.9% | -3.6% | ||
| Q2 24 | -17.1% | -3.8% | ||
| Q1 24 | -13.7% | -9.4% |
每股收益（稀释后）CODINET
| Q4 25 | $-0.91 | $-0.03 | ||
| Q3 25 | $-1.21 | $0.00 | ||
| Q2 25 | $-0.88 | $-0.15 | ||
| Q1 25 | $-0.59 | $-0.11 | ||
| Q4 24 | $-0.57 | $-0.05 | ||
| Q3 24 | $-0.62 | $-0.04 | ||
| Q2 24 | $-1.12 | $-0.04 | ||
| Q1 24 | $-1.52 | $-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 | $68.0M | $943.5M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $442.0M | $1.5B |
| 总资产 | $3.0B | $6.0B |
| 负债/权益比越低杠杆越低 | 4.25× | — |
8季度趋势，按日历期对齐
现金及短期投资CODINET
| Q4 25 | $68.0M | $943.5M | ||
| Q3 25 | $61.1M | $1.1B | ||
| Q2 25 | $73.8M | $1.5B | ||
| Q1 25 | $146.2M | $204.5M | ||
| Q4 24 | $59.7M | $147.7M | ||
| Q3 24 | $64.9M | $182.9M | ||
| Q2 24 | $61.5M | $157.0M | ||
| Q1 24 | $59.5M | $254.4M |
总债务CODINET
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
股东权益CODINET
| Q4 25 | $442.0M | $1.5B | ||
| Q3 25 | $519.2M | $1.3B | ||
| Q2 25 | $601.9M | $1.2B | ||
| Q1 25 | $680.7M | $1.4B | ||
| Q4 24 | $678.6M | $1.0B | ||
| Q3 24 | $672.2M | $973.1M | ||
| Q2 24 | $711.3M | $881.5M | ||
| Q1 24 | $799.7M | $797.2M |
总资产CODINET
| Q4 25 | $3.0B | $6.0B | ||
| Q3 25 | $3.2B | $5.8B | ||
| Q2 25 | $3.3B | $5.6B | ||
| Q1 25 | $3.4B | $3.7B | ||
| Q4 24 | $3.3B | $3.3B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.2B | $2.9B | ||
| Q1 24 | $3.3B | $2.8B |
负债/权益比CODINET
| Q4 25 | 4.25× | — | ||
| Q3 25 | 3.62× | — | ||
| Q2 25 | 3.09× | — | ||
| Q1 25 | 2.73× | — | ||
| Q4 24 | 2.61× | — | ||
| Q3 24 | 2.64× | — | ||
| Q2 24 | 2.42× | — | ||
| Q1 24 | 2.15× | — |
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 | $47.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $36.9M | $105.2M |
| 自由现金流率自由现金流/营收 | 7.9% | 17.1% |
| 资本支出强度资本支出/营收 | 2.2% | 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 | $-51.1M | $287.5M |
8季度趋势，按日历期对齐
经营现金流CODINET
| Q4 25 | $47.0M | $190.4M | ||
| Q3 25 | $10.7M | $167.1M | ||
| Q2 25 | $-35.2M | $99.8M | ||
| Q1 25 | $-29.3M | $145.8M | ||
| Q4 24 | $-16.1M | $127.3M | ||
| Q3 24 | $-48.4M | $104.7M | ||
| Q2 24 | $-61.3M | $74.8M | ||
| Q1 24 | $-25.4M | $73.6M |
自由现金流CODINET
| Q4 25 | $36.9M | $105.2M | ||
| Q3 25 | $481.0K | $82.5M | ||
| Q2 25 | $-46.0M | $39.9M | ||
| Q1 25 | $-42.4M | $59.9M | ||
| Q4 24 | $-39.0M | $54.2M | ||
| Q3 24 | $-63.5M | $54.5M | ||
| Q2 24 | $-72.2M | $45.2M | ||
| Q1 24 | $-33.1M | $41.5M |
自由现金流率CODINET
| Q4 25 | 7.9% | 17.1% | ||
| Q3 25 | 0.1% | 14.7% | ||
| Q2 25 | -9.6% | 7.8% | ||
| Q1 25 | -9.4% | 12.5% | ||
| Q4 24 | -7.9% | 11.8% | ||
| Q3 24 | -13.9% | 12.7% | ||
| Q2 24 | -16.9% | 11.3% | ||
| Q1 24 | -8.1% | 11.0% |
资本支出强度CODINET
| Q4 25 | 2.2% | 13.9% | ||
| Q3 25 | 2.2% | 15.1% | ||
| Q2 25 | 2.3% | 11.7% | ||
| Q1 25 | 2.9% | 17.9% | ||
| Q4 24 | 4.6% | 15.9% | ||
| Q3 24 | 3.3% | 11.7% | ||
| Q2 24 | 2.6% | 7.4% | ||
| Q1 24 | 1.9% | 8.5% |
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
CODI
| Other | $119.5M | 26% |
| A5.11Tactical | $113.9M | 24% |
| Sterno Products | $85.9M | 18% |
| Altor | $60.8M | 13% |
| The Honey Pot | $36.0M | 8% |
| Arnold | $25.4M | 5% |
| Velocity Outdoor | $18.7M | 4% |
| Lugano | $8.3M | 2% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
