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Evolent Health, Inc.（EVH）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Evolent Health, Inc.的1.3倍（$614.5M vs $468.7M），Cloudflare, Inc.净利率更高（-2.0% vs -91.6%，领先89.6%），Cloudflare, Inc.同比增速更快（33.6% vs -27.5%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -14.4%）
马奎尔健康是一家美国营利性医疗管理企业，目前为森特里奇旗下子公司，核心服务对象为特殊群体，业务聚焦医疗领域多个细分赛道。客户群体涵盖健康保险计划、其他管理式医疗机构、企业、工会、各类军事与政府机构以及第三方管理机构，2021年位列财富美国500强第390名。
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。
EVH vs NET — 直观对比
营收规模更大
NET
是对方的1.3倍
$468.7M
营收增速更快
NET
高出61.1%
-27.5%
净利率更高
NET
高出89.6%
-91.6%
两年增速更快
NET
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $468.7M | $614.5M |
| 净利润 | $-429.1M | $-12.1M |
| 毛利率 | 20.7% | 73.6% |
| 营业利润率 | -87.1% | -8.0% |
| 净利率 | -91.6% | -2.0% |
| 营收同比 | -27.5% | 33.6% |
| 净利润同比 | -1782.0% | 6.0% |
| 每股收益（稀释后） | $-3.76 | $-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EVHNET
| Q4 25 | $468.7M | $614.5M | ||
| Q3 25 | $479.5M | $562.0M | ||
| Q2 25 | $444.3M | $512.3M | ||
| Q1 25 | $483.6M | $479.1M | ||
| Q4 24 | $646.5M | $459.9M | ||
| Q3 24 | $621.4M | $430.1M | ||
| Q2 24 | $647.1M | $401.0M | ||
| Q1 24 | $639.7M | $378.6M |
净利润EVHNET
| Q4 25 | $-429.1M | $-12.1M | ||
| Q3 25 | $-20.9M | $-1.3M | ||
| Q2 25 | $-19.9M | $-50.4M | ||
| Q1 25 | $-64.6M | $-38.5M | ||
| Q4 24 | $-22.8M | $-12.8M | ||
| Q3 24 | $-23.1M | $-15.3M | ||
| Q2 24 | $1.6M | $-15.1M | ||
| Q1 24 | $-17.3M | $-35.5M |
毛利率EVHNET
| Q4 25 | 20.7% | 73.6% | ||
| Q3 25 | 20.8% | 74.0% | ||
| Q2 25 | 22.6% | 74.9% | ||
| Q1 25 | 21.2% | 75.9% | ||
| Q4 24 | 11.7% | 76.4% | ||
| Q3 24 | 13.0% | 77.7% | ||
| Q2 24 | 16.5% | 77.8% | ||
| Q1 24 | 16.3% | 77.5% |
营业利润率EVHNET
| Q4 25 | -87.1% | -8.0% | ||
| Q3 25 | 0.2% | -6.7% | ||
| Q2 25 | -0.3% | -13.1% | ||
| Q1 25 | -0.3% | -11.1% | ||
| Q4 24 | -2.9% | -7.5% | ||
| Q3 24 | -2.6% | -7.2% | ||
| Q2 24 | 1.2% | -8.7% | ||
| Q1 24 | -2.1% | -14.4% |
净利率EVHNET
| Q4 25 | -91.6% | -2.0% | ||
| Q3 25 | -4.4% | -0.2% | ||
| Q2 25 | -4.5% | -9.8% | ||
| Q1 25 | -13.4% | -8.0% | ||
| Q4 24 | -3.5% | -2.8% | ||
| Q3 24 | -3.7% | -3.6% | ||
| Q2 24 | 0.2% | -3.8% | ||
| Q1 24 | -2.7% | -9.4% |
每股收益（稀释后）EVHNET
| Q4 25 | $-3.76 | $-0.03 | ||
| Q3 25 | $-0.24 | $0.00 | ||
| Q2 25 | $-0.44 | $-0.15 | ||
| Q1 25 | $-0.63 | $-0.11 | ||
| Q4 24 | $-0.26 | $-0.05 | ||
| Q3 24 | $-0.27 | $-0.04 | ||
| Q2 24 | $-0.06 | $-0.04 | ||
| Q1 24 | $-0.22 | $-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 | $151.9M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $415.2M | $1.5B |
| 总资产 | $1.9B | $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EVHNET
| Q4 25 | $151.9M | $943.5M | ||
| Q3 25 | $116.7M | $1.1B | ||
| Q2 25 | $151.0M | $1.5B | ||
| Q1 25 | $246.5M | $204.5M | ||
| Q4 24 | $104.2M | $147.7M | ||
| Q3 24 | $96.6M | $182.9M | ||
| Q2 24 | $101.3M | $157.0M | ||
| Q1 24 | $165.1M | $254.4M |
股东权益EVHNET
| Q4 25 | $415.2M | $1.5B | ||
| Q3 25 | $842.2M | $1.3B | ||
| Q2 25 | $896.0M | $1.2B | ||
| Q1 25 | $935.5M | $1.4B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $1.0B | $973.1M | ||
| Q2 24 | $1.1B | $881.5M | ||
| Q1 24 | $1.0B | $797.2M |
总资产EVHNET
| Q4 25 | $1.9B | $6.0B | ||
| Q3 25 | $2.5B | $5.8B | ||
| Q2 25 | $2.5B | $5.6B | ||
| Q1 25 | $2.7B | $3.7B | ||
| Q4 24 | $2.5B | $3.3B | ||
| Q3 24 | $2.5B | $3.1B | ||
| Q2 24 | $2.5B | $2.9B | ||
| Q1 24 | $2.6B | $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 | $48.8M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | — | 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 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流EVHNET
| Q4 25 | $48.8M | $190.4M | ||
| Q3 25 | $15.8M | $167.1M | ||
| Q2 25 | $-30.3M | $99.8M | ||
| Q1 25 | $4.6M | $145.8M | ||
| Q4 24 | $-26.2M | $127.3M | ||
| Q3 24 | $18.7M | $104.7M | ||
| Q2 24 | $21.4M | $74.8M | ||
| Q1 24 | $4.9M | $73.6M |
自由现金流EVHNET
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率EVHNET
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度EVHNET
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率EVHNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 13.42× | — | ||
| 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
EVH
| Commercial And Other Customers | $147.9M | 32% |
| Medicare Customers | $111.2M | 24% |
| Specialty Technology And Services Suite | $95.7M | 20% |
| Administrative Service | $55.8M | 12% |
| Cases | $47.7M | 10% |
| Related Party | $4.5M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
