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eHealth, Inc.（EHTH）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eHealth, Inc.的1.9倍（$614.5M vs $326.2M），eHealth, Inc.净利率更高（26.7% vs -2.0%，领先28.7%），Cloudflare, Inc.同比增速更快（33.6% vs 3.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-36.1M），过去两年eHealth, Inc.的营收复合增速更高（87.3% vs 27.4%）
eHealth, Inc.以eHealthInsurance品牌开展业务，是一家公开上市的健康保险在线交易平台，公司注册于特拉华州，总部位于加利福尼亚州圣克拉拉。该平台主要提供医疗保险相关计划，涵盖联邦医疗保险处方药计划、联邦医疗保险补充计划、优势计划等产品，同时也售卖个人健康保险产品，业务覆盖美国全部50个州及华盛顿特区。
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。
EHTH vs NET — 直观对比
营收规模更大
NET
是对方的1.9倍
$326.2M
营收增速更快
NET
高出30.1%
3.5%
净利率更高
EHTH
高出28.7%
-2.0%
自由现金流更多
NET
多$141.3M
$-36.1M
两年增速更快
EHTH
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $326.2M | $614.5M |
| 净利润 | $87.2M | $-12.1M |
| 毛利率 | 55.3% | 73.6% |
| 营业利润率 | 38.7% | -8.0% |
| 净利率 | 26.7% | -2.0% |
| 营收同比 | 3.5% | 33.6% |
| 净利润同比 | -10.6% | 6.0% |
| 每股收益（稀释后） | $2.43 | $-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EHTHNET
| Q4 25 | $326.2M | $614.5M | ||
| Q3 25 | $53.9M | $562.0M | ||
| Q2 25 | $60.8M | $512.3M | ||
| Q1 25 | $113.1M | $479.1M | ||
| Q4 24 | $315.2M | $459.9M | ||
| Q3 24 | $58.4M | $430.1M | ||
| Q2 24 | $65.9M | $401.0M | ||
| Q1 24 | $93.0M | $378.6M |
净利润EHTHNET
| Q4 25 | $87.2M | $-12.1M | ||
| Q3 25 | $-31.7M | $-1.3M | ||
| Q2 25 | $-17.4M | $-50.4M | ||
| Q1 25 | $1.9M | $-38.5M | ||
| Q4 24 | $97.5M | $-12.8M | ||
| Q3 24 | $-42.5M | $-15.3M | ||
| Q2 24 | $-28.0M | $-15.1M | ||
| Q1 24 | $-17.0M | $-35.5M |
毛利率EHTHNET
| Q4 25 | 55.3% | 73.6% | ||
| Q3 25 | -0.3% | 74.0% | ||
| Q2 25 | 31.1% | 74.9% | ||
| Q1 25 | 36.9% | 75.9% | ||
| Q4 24 | 52.0% | 76.4% | ||
| Q3 24 | -6.5% | 77.7% | ||
| Q2 24 | 28.7% | 77.8% | ||
| Q1 24 | 31.7% | 77.5% |
营业利润率EHTHNET
| Q4 25 | 38.7% | -8.0% | ||
| Q3 25 | -77.1% | -6.7% | ||
| Q2 25 | -37.9% | -13.1% | ||
| Q1 25 | 4.2% | -11.1% | ||
| Q4 24 | 35.7% | -7.5% | ||
| Q3 24 | -74.0% | -7.2% | ||
| Q2 24 | -42.5% | -8.7% | ||
| Q1 24 | -19.3% | -14.4% |
净利率EHTHNET
| Q4 25 | 26.7% | -2.0% | ||
| Q3 25 | -58.8% | -0.2% | ||
| Q2 25 | -28.6% | -9.8% | ||
| Q1 25 | 1.7% | -8.0% | ||
| Q4 24 | 30.9% | -2.8% | ||
| Q3 24 | -72.7% | -3.6% | ||
| Q2 24 | -42.5% | -3.8% | ||
| Q1 24 | -18.3% | -9.4% |
每股收益（稀释后）EHTHNET
| Q4 25 | $2.43 | $-0.03 | ||
| Q3 25 | $-1.46 | $0.00 | ||
| Q2 25 | $-0.98 | $-0.15 | ||
| Q1 25 | $-0.33 | $-0.11 | ||
| Q4 24 | $2.93 | $-0.05 | ||
| Q3 24 | $-1.83 | $-0.04 | ||
| Q2 24 | $-1.33 | $-0.04 | ||
| Q1 24 | $-0.96 | $-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 | $73.7M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $591.6M | $1.5B |
| 总资产 | $1.3B | $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EHTHNET
| Q4 25 | $73.7M | $943.5M | ||
| Q3 25 | $63.1M | $1.1B | ||
| Q2 25 | $65.9M | $1.5B | ||
| Q1 25 | $121.1M | $204.5M | ||
| Q4 24 | $39.2M | $147.7M | ||
| Q3 24 | $64.0M | $182.9M | ||
| Q2 24 | $126.3M | $157.0M | ||
| Q1 24 | $175.0M | $254.4M |
股东权益EHTHNET
| Q4 25 | $591.6M | $1.5B | ||
| Q3 25 | $514.2M | $1.3B | ||
| Q2 25 | $554.9M | $1.2B | ||
| Q1 25 | $581.6M | $1.4B | ||
| Q4 24 | $588.4M | $1.0B | ||
| Q3 24 | $499.3M | $973.1M | ||
| Q2 24 | $548.9M | $881.5M | ||
| Q1 24 | $582.8M | $797.2M |
总资产EHTHNET
| Q4 25 | $1.3B | $6.0B | ||
| Q3 25 | $1.0B | $5.8B | ||
| Q2 25 | $1.1B | $5.6B | ||
| Q1 25 | $1.1B | $3.7B | ||
| Q4 24 | $1.2B | $3.3B | ||
| Q3 24 | $1.0B | $3.1B | ||
| Q2 24 | $1.0B | $2.9B | ||
| Q1 24 | $1.1B | $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 | $-35.9M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-36.1M | $105.2M |
| 自由现金流率自由现金流/营收 | -11.1% | 17.1% |
| 资本支出强度资本支出/营收 | 0.0% | 13.9% |
| 现金转化率经营现金流/净利润 | -0.41× | — |
| 过去12个月自由现金流最近4个季度 | $-27.6M | $287.5M |
8季度趋势，按日历期对齐
经营现金流EHTHNET
| Q4 25 | $-35.9M | $190.4M | ||
| Q3 25 | $-25.3M | $167.1M | ||
| Q2 25 | $-41.2M | $99.8M | ||
| Q1 25 | $77.1M | $145.8M | ||
| Q4 24 | $-27.7M | $127.3M | ||
| Q3 24 | $-29.3M | $104.7M | ||
| Q2 24 | $-32.2M | $74.8M | ||
| Q1 24 | $70.8M | $73.6M |
自由现金流EHTHNET
| Q4 25 | $-36.1M | $105.2M | ||
| Q3 25 | $-25.5M | $82.5M | ||
| Q2 25 | $-42.8M | $39.9M | ||
| Q1 25 | $76.8M | $59.9M | ||
| Q4 24 | $-28.3M | $54.2M | ||
| Q3 24 | $-30.3M | $54.5M | ||
| Q2 24 | $-32.4M | $45.2M | ||
| Q1 24 | $70.6M | $41.5M |
自由现金流率EHTHNET
| Q4 25 | -11.1% | 17.1% | ||
| Q3 25 | -47.4% | 14.7% | ||
| Q2 25 | -70.4% | 7.8% | ||
| Q1 25 | 67.9% | 12.5% | ||
| Q4 24 | -9.0% | 11.8% | ||
| Q3 24 | -51.8% | 12.7% | ||
| Q2 24 | -49.3% | 11.3% | ||
| Q1 24 | 75.9% | 11.0% |
资本支出强度EHTHNET
| Q4 25 | 0.0% | 13.9% | ||
| Q3 25 | 0.4% | 15.1% | ||
| Q2 25 | 2.6% | 11.7% | ||
| Q1 25 | 0.3% | 17.9% | ||
| Q4 24 | 0.2% | 15.9% | ||
| Q3 24 | 1.7% | 11.7% | ||
| Q2 24 | 0.4% | 7.4% | ||
| Q1 24 | 0.2% | 8.5% |
现金转化率EHTHNET
| Q4 25 | -0.41× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 39.55× | — | ||
| Q4 24 | -0.28× | — | ||
| 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
EHTH
| Medicare | $282.7M | 87% |
| Other | $29.2M | 9% |
| Ancillaries | $7.9M | 2% |
| Commission Members Approved In Prior Periods | $3.8M | 1% |
| Small Business | $3.1M | 1% |
| Commission Revenue From Renewals | $2.4M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
