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礼蓝动物保健（ELAN）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
礼蓝动物保健的季度营收约是Cloudflare, Inc.的1.9倍（$1.1B vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -24.1%，领先22.2%），Cloudflare, Inc.同比增速更快（33.6% vs 12.2%），Cloudflare, Inc.自由现金流更多（$105.2M vs $46.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -2.6%）
礼蓝动物保健是一家美国动物保健制药企业，专注于生产宠物及家畜用药品与疫苗。该公司原为礼来公司旗下子公司，2019年完成分拆独立，目前是全球第三大动物保健企业。
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。
ELAN vs NET — 直观对比
营收规模更大
ELAN
是对方的1.9倍
$614.5M
营收增速更快
NET
高出21.4%
12.2%
净利率更高
NET
高出22.2%
-24.1%
自由现金流更多
NET
多$59.2M
$46.0M
两年增速更快
NET
近两年复合增速
-2.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $614.5M |
| 净利润 | $-276.0M | $-12.1M |
| 毛利率 | 51.5% | 73.6% |
| 营业利润率 | -22.6% | -8.0% |
| 净利率 | -24.1% | -2.0% |
| 营收同比 | 12.2% | 33.6% |
| 净利润同比 | -3350.0% | 6.0% |
| 每股收益（稀释后） | $-0.55 | $-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ELANNET
| Q4 25 | $1.1B | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.2B | $512.3M | ||
| Q1 25 | $1.2B | $479.1M | ||
| Q4 24 | $1.0B | $459.9M | ||
| Q3 24 | $1.0B | $430.1M | ||
| Q2 24 | $1.2B | $401.0M | ||
| Q1 24 | $1.2B | $378.6M |
净利润ELANNET
| Q4 25 | $-276.0M | $-12.1M | ||
| Q3 25 | $-34.0M | $-1.3M | ||
| Q2 25 | $11.0M | $-50.4M | ||
| Q1 25 | $67.0M | $-38.5M | ||
| Q4 24 | $-8.0M | $-12.8M | ||
| Q3 24 | $364.0M | $-15.3M | ||
| Q2 24 | $-50.0M | $-15.1M | ||
| Q1 24 | $32.0M | $-35.5M |
毛利率ELANNET
| Q4 25 | 51.5% | 73.6% | ||
| Q3 25 | 53.4% | 74.0% | ||
| Q2 25 | 57.5% | 74.9% | ||
| Q1 25 | 57.3% | 75.9% | ||
| Q4 24 | 50.9% | 76.4% | ||
| Q3 24 | 52.2% | 77.7% | ||
| Q2 24 | 58.2% | 77.8% | ||
| Q1 24 | 57.3% | 77.5% |
营业利润率ELANNET
| Q4 25 | -22.6% | -8.0% | ||
| Q3 25 | -4.4% | -6.7% | ||
| Q2 25 | 2.0% | -13.1% | ||
| Q1 25 | 5.0% | -11.1% | ||
| Q4 24 | -5.0% | -7.5% | ||
| Q3 24 | 54.3% | -7.2% | ||
| Q2 24 | -2.7% | -8.7% | ||
| Q1 24 | 1.0% | -14.4% |
净利率ELANNET
| Q4 25 | -24.1% | -2.0% | ||
| Q3 25 | -3.0% | -0.2% | ||
| Q2 25 | 0.9% | -9.8% | ||
| Q1 25 | 5.6% | -8.0% | ||
| Q4 24 | -0.8% | -2.8% | ||
| Q3 24 | 35.3% | -3.6% | ||
| Q2 24 | -4.2% | -3.8% | ||
| Q1 24 | 2.7% | -9.4% |
每股收益（稀释后）ELANNET
| Q4 25 | $-0.55 | $-0.03 | ||
| Q3 25 | $-0.07 | $0.00 | ||
| Q2 25 | $0.02 | $-0.15 | ||
| Q1 25 | $0.13 | $-0.11 | ||
| Q4 24 | $-0.01 | $-0.05 | ||
| Q3 24 | $0.73 | $-0.04 | ||
| Q2 24 | $-0.10 | $-0.04 | ||
| Q1 24 | $0.06 | $-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 | $545.0M | $943.5M |
| 总债务越低越好 | $3.9B | — |
| 股东权益账面价值 | $6.5B | $1.5B |
| 总资产 | $13.4B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资ELANNET
| Q4 25 | $545.0M | $943.5M | ||
| Q3 25 | $505.0M | $1.1B | ||
| Q2 25 | $539.0M | $1.5B | ||
| Q1 25 | $487.0M | $204.5M | ||
| Q4 24 | $468.0M | $147.7M | ||
| Q3 24 | $490.0M | $182.9M | ||
| Q2 24 | $416.0M | $157.0M | ||
| Q1 24 | $345.0M | $254.4M |
总债务ELANNET
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $4.1B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.8B | — |
股东权益ELANNET
| Q4 25 | $6.5B | $1.5B | ||
| Q3 25 | $6.7B | $1.3B | ||
| Q2 25 | $6.8B | $1.2B | ||
| Q1 25 | $6.4B | $1.4B | ||
| Q4 24 | $6.1B | $1.0B | ||
| Q3 24 | $6.5B | $973.1M | ||
| Q2 24 | $5.9B | $881.5M | ||
| Q1 24 | $6.1B | $797.2M |
总资产ELANNET
| Q4 25 | $13.4B | $6.0B | ||
| Q3 25 | $13.6B | $5.8B | ||
| Q2 25 | $13.7B | $5.6B | ||
| Q1 25 | $12.9B | $3.7B | ||
| Q4 24 | $12.6B | $3.3B | ||
| Q3 24 | $13.3B | $3.1B | ||
| Q2 24 | $13.8B | $2.9B | ||
| Q1 24 | $14.0B | $2.8B |
负债/权益比ELANNET
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.67× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 0.95× | — |
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 | $108.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $46.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 4.0% | 17.1% |
| 资本支出强度资本支出/营收 | 5.4% | 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 | $284.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流ELANNET
| Q4 25 | $108.0M | $190.4M | ||
| Q3 25 | $219.0M | $167.1M | ||
| Q2 25 | $237.0M | $99.8M | ||
| Q1 25 | $-4.0M | $145.8M | ||
| Q4 24 | $177.0M | $127.3M | ||
| Q3 24 | $162.0M | $104.7M | ||
| Q2 24 | $200.0M | $74.8M | ||
| Q1 24 | $2.0M | $73.6M |
自由现金流ELANNET
| Q4 25 | $46.0M | $105.2M | ||
| Q3 25 | $127.0M | $82.5M | ||
| Q2 25 | $180.0M | $39.9M | ||
| Q1 25 | $-69.0M | $59.9M | ||
| Q4 24 | $130.0M | $54.2M | ||
| Q3 24 | $120.0M | $54.5M | ||
| Q2 24 | $166.0M | $45.2M | ||
| Q1 24 | $-22.0M | $41.5M |
自由现金流率ELANNET
| Q4 25 | 4.0% | 17.1% | ||
| Q3 25 | 11.2% | 14.7% | ||
| Q2 25 | 14.5% | 7.8% | ||
| Q1 25 | -5.8% | 12.5% | ||
| Q4 24 | 12.7% | 11.8% | ||
| Q3 24 | 11.7% | 12.7% | ||
| Q2 24 | 14.0% | 11.3% | ||
| Q1 24 | -1.8% | 11.0% |
资本支出强度ELANNET
| Q4 25 | 5.4% | 13.9% | ||
| Q3 25 | 8.1% | 15.1% | ||
| Q2 25 | 4.6% | 11.7% | ||
| Q1 25 | 5.4% | 17.9% | ||
| Q4 24 | 4.6% | 15.9% | ||
| Q3 24 | 4.1% | 11.7% | ||
| Q2 24 | 2.9% | 7.4% | ||
| Q1 24 | 2.0% | 8.5% |
现金转化率ELANNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 21.55× | — | ||
| Q1 25 | -0.06× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.45× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.06× | — |
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
ELAN
| Pet Health | $489.0M | 43% |
| Cattle | $296.0M | 26% |
| Poultry | $237.0M | 21% |
| Swine | $107.0M | 9% |
| Contract Manufacturing | $15.0M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
