vs
伊萨（ESAB）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
伊萨的季度营收约是Cloudflare, Inc.的1.2倍（$727.8M vs $614.5M），伊萨净利率更高（7.5% vs -2.0%，领先9.5%），Cloudflare, Inc.同比增速更快（33.6% vs 8.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $70.3M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 2.8%）
ESAB（全称Elektriska Svetsnings-Aktiebolaget）是一家美国与瑞典合资的跨国工业企业，主营焊接、切割设备及配套耗材的研发、生产与销售，为全球制造业、基建等多领域客户提供专业可靠的工业解决方案，在全球工业市场拥有较高知名度。
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。
ESAB vs NET — 直观对比
营收规模更大
ESAB
是对方的1.2倍
$614.5M
营收增速更快
NET
高出25.1%
8.5%
净利率更高
ESAB
高出9.5%
-2.0%
自由现金流更多
NET
多$34.9M
$70.3M
两年增速更快
NET
近两年复合增速
2.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $727.8M | $614.5M |
| 净利润 | $54.8M | $-12.1M |
| 毛利率 | 37.0% | 73.6% |
| 营业利润率 | 14.6% | -8.0% |
| 净利率 | 7.5% | -2.0% |
| 营收同比 | 8.5% | 33.6% |
| 净利润同比 | 2.1% | 6.0% |
| 每股收益（稀释后） | $0.90 | $-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ESABNET
| Q4 25 | $727.8M | $614.5M | ||
| Q3 25 | $715.6M | $562.0M | ||
| Q2 25 | $678.1M | $512.3M | ||
| Q1 25 | — | $479.1M | ||
| Q4 24 | $670.8M | $459.9M | ||
| Q3 24 | $673.3M | $430.1M | ||
| Q2 24 | $707.1M | $401.0M | ||
| Q1 24 | $689.7M | $378.6M |
净利润ESABNET
| Q4 25 | $54.8M | $-12.1M | ||
| Q3 25 | $66.9M | $-1.3M | ||
| Q2 25 | $67.4M | $-50.4M | ||
| Q1 25 | — | $-38.5M | ||
| Q4 24 | $53.7M | $-12.8M | ||
| Q3 24 | $68.2M | $-15.3M | ||
| Q2 24 | $82.9M | $-15.1M | ||
| Q1 24 | $60.0M | $-35.5M |
毛利率ESABNET
| Q4 25 | 37.0% | 73.6% | ||
| Q3 25 | 37.2% | 74.0% | ||
| Q2 25 | 37.6% | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | 38.5% | 76.4% | ||
| Q3 24 | 37.7% | 77.7% | ||
| Q2 24 | 38.2% | 77.8% | ||
| Q1 24 | 37.0% | 77.5% |
营业利润率ESABNET
| Q4 25 | 14.6% | -8.0% | ||
| Q3 25 | 15.2% | -6.7% | ||
| Q2 25 | 16.2% | -13.1% | ||
| Q1 25 | — | -11.1% | ||
| Q4 24 | 16.6% | -7.5% | ||
| Q3 24 | 15.7% | -7.2% | ||
| Q2 24 | 16.9% | -8.7% | ||
| Q1 24 | 16.0% | -14.4% |
净利率ESABNET
| Q4 25 | 7.5% | -2.0% | ||
| Q3 25 | 9.3% | -0.2% | ||
| Q2 25 | 9.9% | -9.8% | ||
| Q1 25 | — | -8.0% | ||
| Q4 24 | 8.0% | -2.8% | ||
| Q3 24 | 10.1% | -3.6% | ||
| Q2 24 | 11.7% | -3.8% | ||
| Q1 24 | 8.7% | -9.4% |
每股收益（稀释后）ESABNET
| Q4 25 | $0.90 | $-0.03 | ||
| Q3 25 | $1.09 | $0.00 | ||
| Q2 25 | $1.10 | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | $0.87 | $-0.05 | ||
| Q3 24 | $1.11 | $-0.04 | ||
| Q2 24 | $1.35 | $-0.04 | ||
| Q1 24 | $0.98 | $-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 | $218.2M | $943.5M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $2.1B | $1.5B |
| 总资产 | $4.9B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.63× | — |
8季度趋势，按日历期对齐
现金及短期投资ESABNET
| Q4 25 | $218.2M | $943.5M | ||
| Q3 25 | $258.2M | $1.1B | ||
| Q2 25 | $291.3M | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | $249.4M | $147.7M | ||
| Q3 24 | $253.7M | $182.9M | ||
| Q2 24 | $228.5M | $157.0M | ||
| Q1 24 | $76.5M | $254.4M |
总债务ESABNET
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $992.8M | — |
股东权益ESABNET
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.8B | $973.1M | ||
| Q2 24 | $1.7B | $881.5M | ||
| Q1 24 | $1.6B | $797.2M |
总资产ESABNET
| Q4 25 | $4.9B | $6.0B | ||
| Q3 25 | $4.4B | $5.8B | ||
| Q2 25 | $4.2B | $5.6B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $4.0B | $3.3B | ||
| Q3 24 | $4.1B | $3.1B | ||
| Q2 24 | $4.0B | $2.9B | ||
| Q1 24 | $3.8B | $2.8B |
负债/权益比ESABNET
| Q4 25 | 0.63× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.59× | — | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 0.61× | — |
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 | $81.5M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $70.3M | $105.2M |
| 自由现金流率自由现金流/营收 | 9.7% | 17.1% |
| 资本支出强度资本支出/营收 | 1.5% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.49× | — |
| 过去12个月自由现金流最近4个季度 | $238.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流ESABNET
| Q4 25 | $81.5M | $190.4M | ||
| Q3 25 | $46.6M | $167.1M | ||
| Q2 25 | $35.4M | $99.8M | ||
| Q1 25 | — | $145.8M | ||
| Q4 24 | $126.9M | $127.3M | ||
| Q3 24 | $101.0M | $104.7M | ||
| Q2 24 | $83.0M | $74.8M | ||
| Q1 24 | $44.5M | $73.6M |
自由现金流ESABNET
| Q4 25 | $70.3M | $105.2M | ||
| Q3 25 | $37.4M | $82.5M | ||
| Q2 25 | $28.1M | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | $102.2M | $54.2M | ||
| Q3 24 | $90.4M | $54.5M | ||
| Q2 24 | $74.0M | $45.2M | ||
| Q1 24 | $37.1M | $41.5M |
自由现金流率ESABNET
| Q4 25 | 9.7% | 17.1% | ||
| Q3 25 | 5.2% | 14.7% | ||
| Q2 25 | 4.1% | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | 15.2% | 11.8% | ||
| Q3 24 | 13.4% | 12.7% | ||
| Q2 24 | 10.5% | 11.3% | ||
| Q1 24 | 5.4% | 11.0% |
资本支出强度ESABNET
| Q4 25 | 1.5% | 13.9% | ||
| Q3 25 | 1.3% | 15.1% | ||
| Q2 25 | 1.1% | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | 3.7% | 15.9% | ||
| Q3 24 | 1.6% | 11.7% | ||
| Q2 24 | 1.3% | 7.4% | ||
| Q1 24 | 1.1% | 8.5% |
现金转化率ESABNET
| Q4 25 | 1.49× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.36× | — | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 1.00× | — | ||
| Q1 24 | 0.74× | — |
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
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
