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GE医疗（DHC）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GE医疗的1.6倍（$614.5M vs $379.6M），Cloudflare, Inc.净利率更高（-2.0% vs -5.6%，领先3.6%），Cloudflare, Inc.同比增速更快（33.6% vs -0.0%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-166.4M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 1.2%）
GE医疗是一家总部位于美国伊利诺伊州芝加哥市的医疗科技企业，业务涵盖四大板块：医疗影像设备，包括分子成像、CT、核磁共振、妇科健康筛查及X光系统；超声设备；患者护理解决方案，聚焦远程患者监测、麻醉呼吸护理、心脏诊断及婴幼儿护理；此外还涉及医药相关领域，是全球医疗行业的知名企业。
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。
DHC vs NET — 直观对比
营收规模更大
NET
是对方的1.6倍
$379.6M
营收增速更快
NET
高出33.6%
-0.0%
净利率更高
NET
高出3.6%
-5.6%
自由现金流更多
NET
多$271.7M
$-166.4M
两年增速更快
NET
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $379.6M | $614.5M |
| 净利润 | $-21.2M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | -12.6% | -8.0% |
| 净利率 | -5.6% | -2.0% |
| 营收同比 | -0.0% | 33.6% |
| 净利润同比 | 75.7% | 6.0% |
| 每股收益（稀释后） | $-0.09 | $-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DHCNET
| Q4 25 | $379.6M | $614.5M | ||
| Q3 25 | $388.7M | $562.0M | ||
| Q2 25 | $382.7M | $512.3M | ||
| Q1 25 | $386.9M | $479.1M | ||
| Q4 24 | $379.6M | $459.9M | ||
| Q3 24 | $373.6M | $430.1M | ||
| Q2 24 | $371.4M | $401.0M | ||
| Q1 24 | $370.8M | $378.6M |
净利润DHCNET
| Q4 25 | $-21.2M | $-12.1M | ||
| Q3 25 | $-164.0M | $-1.3M | ||
| Q2 25 | $-91.6M | $-50.4M | ||
| Q1 25 | $-9.0M | $-38.5M | ||
| Q4 24 | $-87.4M | $-12.8M | ||
| Q3 24 | $-98.7M | $-15.3M | ||
| Q2 24 | $-97.9M | $-15.1M | ||
| Q1 24 | $-86.3M | $-35.5M |
毛利率DHCNET
| 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DHCNET
| Q4 25 | -12.6% | -8.0% | ||
| Q3 25 | -43.4% | -6.7% | ||
| Q2 25 | -24.5% | -13.1% | ||
| Q1 25 | -2.7% | -11.1% | ||
| Q4 24 | -26.1% | -7.5% | ||
| Q3 24 | -26.5% | -7.2% | ||
| Q2 24 | -23.0% | -8.7% | ||
| Q1 24 | -23.7% | -14.4% |
净利率DHCNET
| Q4 25 | -5.6% | -2.0% | ||
| Q3 25 | -42.2% | -0.2% | ||
| Q2 25 | -23.9% | -9.8% | ||
| Q1 25 | -2.3% | -8.0% | ||
| Q4 24 | -23.0% | -2.8% | ||
| Q3 24 | -26.4% | -3.6% | ||
| Q2 24 | -26.3% | -3.8% | ||
| Q1 24 | -23.3% | -9.4% |
每股收益（稀释后）DHCNET
| Q4 25 | $-0.09 | $-0.03 | ||
| Q3 25 | $-0.68 | $0.00 | ||
| Q2 25 | $-0.38 | $-0.15 | ||
| Q1 25 | $-0.04 | $-0.11 | ||
| Q4 24 | $-0.37 | $-0.05 | ||
| Q3 24 | $-0.41 | $-0.04 | ||
| Q2 24 | $-0.41 | $-0.04 | ||
| Q1 24 | $-0.36 | $-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 | $105.4M | $943.5M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $1.7B | $1.5B |
| 总资产 | $4.4B | $6.0B |
| 负债/权益比越低杠杆越低 | 1.47× | — |
8季度趋势，按日历期对齐
现金及短期投资DHCNET
| Q4 25 | $105.4M | $943.5M | ||
| Q3 25 | $201.4M | $1.1B | ||
| Q2 25 | $141.8M | $1.5B | ||
| Q1 25 | $302.6M | $204.5M | ||
| Q4 24 | $144.6M | $147.7M | ||
| Q3 24 | $256.5M | $182.9M | ||
| Q2 24 | $265.6M | $157.0M | ||
| Q1 24 | $207.1M | $254.4M |
总债务DHCNET
| Q4 25 | $2.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DHCNET
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | $1.9B | $1.4B | ||
| Q4 24 | $2.0B | $1.0B | ||
| Q3 24 | $2.0B | $973.1M | ||
| Q2 24 | $2.1B | $881.5M | ||
| Q1 24 | $2.2B | $797.2M |
总资产DHCNET
| Q4 25 | $4.4B | $6.0B | ||
| Q3 25 | $4.7B | $5.8B | ||
| Q2 25 | $4.8B | $5.6B | ||
| Q1 25 | $5.0B | $3.7B | ||
| Q4 24 | $5.1B | $3.3B | ||
| Q3 24 | $5.3B | $3.1B | ||
| Q2 24 | $5.3B | $2.9B | ||
| Q1 24 | $5.3B | $2.8B |
负债/权益比DHCNET
| Q4 25 | 1.47× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-19.6M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-166.4M | $105.2M |
| 自由现金流率自由现金流/营收 | -43.8% | 17.1% |
| 资本支出强度资本支出/营收 | 38.7% | 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 | $-280.3M | $287.5M |
8季度趋势，按日历期对齐
经营现金流DHCNET
| Q4 25 | $-19.6M | $190.4M | ||
| Q3 25 | $-49.3M | $167.1M | ||
| Q2 25 | $53.0M | $99.8M | ||
| Q1 25 | $-3.2M | $145.8M | ||
| Q4 24 | $112.2M | $127.3M | ||
| Q3 24 | $21.1M | $104.7M | ||
| Q2 24 | $44.3M | $74.8M | ||
| Q1 24 | $28.6M | $73.6M |
自由现金流DHCNET
| Q4 25 | $-166.4M | $105.2M | ||
| Q3 25 | $-89.8M | $82.5M | ||
| Q2 25 | $18.8M | $39.9M | ||
| Q1 25 | $-42.9M | $59.9M | ||
| Q4 24 | $-89.5M | $54.2M | ||
| Q3 24 | $-26.1M | $54.5M | ||
| Q2 24 | $3.3M | $45.2M | ||
| Q1 24 | $-18.1M | $41.5M |
自由现金流率DHCNET
| Q4 25 | -43.8% | 17.1% | ||
| Q3 25 | -23.1% | 14.7% | ||
| Q2 25 | 4.9% | 7.8% | ||
| Q1 25 | -11.1% | 12.5% | ||
| Q4 24 | -23.6% | 11.8% | ||
| Q3 24 | -7.0% | 12.7% | ||
| Q2 24 | 0.9% | 11.3% | ||
| Q1 24 | -4.9% | 11.0% |
资本支出强度DHCNET
| Q4 25 | 38.7% | 13.9% | ||
| Q3 25 | 10.4% | 15.1% | ||
| Q2 25 | 8.9% | 11.7% | ||
| Q1 25 | 10.2% | 17.9% | ||
| Q4 24 | 53.1% | 15.9% | ||
| Q3 24 | 12.6% | 11.7% | ||
| Q2 24 | 11.0% | 7.4% | ||
| Q1 24 | 12.6% | 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
DHC
| Senior Housing Operating Portfolio Segment | $323.4M | 85% |
| Rental Income | $56.2M | 15% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
