vs
FirstCash Holdings, Inc.（FCFS）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FirstCash Holdings, Inc.的1.2倍（$614.5M vs $501.3M），FirstCash Holdings, Inc.净利率更高（20.8% vs -2.0%，领先22.7%），Cloudflare, Inc.同比增速更快（33.6% vs 21.2%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 16.9%）
FirstCash Holdings, Inc.是总部位于美国得克萨斯州沃斯堡的典当企业，在美国及拉丁美洲多地运营线下典当零售门店，为纳斯达克证券交易所公开上市企业，在美洲典当服务领域拥有成熟的业务布局与完善的运营网络。
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。
FCFS vs NET — 直观对比
营收规模更大
NET
是对方的1.2倍
$501.3M
营收增速更快
NET
高出12.4%
21.2%
净利率更高
FCFS
高出22.7%
-2.0%
两年增速更快
NET
近两年复合增速
16.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $501.3M | $614.5M |
| 净利润 | $104.2M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 28.5% | -8.0% |
| 净利率 | 20.8% | -2.0% |
| 营收同比 | 21.2% | 33.6% |
| 净利润同比 | 24.7% | 6.0% |
| 每股收益（稀释后） | $2.35 | $-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FCFSNET
| Q4 25 | $501.3M | $614.5M | ||
| Q3 25 | $411.0M | $562.0M | ||
| Q2 25 | $385.1M | $512.3M | ||
| Q1 25 | $371.1M | $479.1M | ||
| Q4 24 | $413.7M | $459.9M | ||
| Q3 24 | $363.1M | $430.1M | ||
| Q2 24 | $363.5M | $401.0M | ||
| Q1 24 | $366.8M | $378.6M |
净利润FCFSNET
| Q4 25 | $104.2M | $-12.1M | ||
| Q3 25 | $82.8M | $-1.3M | ||
| Q2 25 | $59.8M | $-50.4M | ||
| Q1 25 | $83.6M | $-38.5M | ||
| Q4 24 | $83.5M | $-12.8M | ||
| Q3 24 | $64.8M | $-15.3M | ||
| Q2 24 | $49.1M | $-15.1M | ||
| Q1 24 | $61.4M | $-35.5M |
毛利率FCFSNET
| 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FCFSNET
| Q4 25 | 28.5% | -8.0% | ||
| Q3 25 | 27.4% | -6.7% | ||
| Q2 25 | 21.1% | -13.1% | ||
| Q1 25 | 30.0% | -11.1% | ||
| Q4 24 | 26.5% | -7.5% | ||
| Q3 24 | 23.5% | -7.2% | ||
| Q2 24 | 18.2% | -8.7% | ||
| Q1 24 | 22.3% | -14.4% |
净利率FCFSNET
| Q4 25 | 20.8% | -2.0% | ||
| Q3 25 | 20.1% | -0.2% | ||
| Q2 25 | 15.5% | -9.8% | ||
| Q1 25 | 22.5% | -8.0% | ||
| Q4 24 | 20.2% | -2.8% | ||
| Q3 24 | 17.9% | -3.6% | ||
| Q2 24 | 13.5% | -3.8% | ||
| Q1 24 | 16.7% | -9.4% |
每股收益（稀释后）FCFSNET
| Q4 25 | $2.35 | $-0.03 | ||
| Q3 25 | $1.86 | $0.00 | ||
| Q2 25 | $1.34 | $-0.15 | ||
| Q1 25 | $1.87 | $-0.11 | ||
| Q4 24 | $1.86 | $-0.05 | ||
| Q3 24 | $1.44 | $-0.04 | ||
| Q2 24 | $1.08 | $-0.04 | ||
| Q1 24 | $1.35 | $-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 | $125.2M | $943.5M |
| 总债务越低越好 | $2.2B | — |
| 股东权益账面价值 | $2.3B | $1.5B |
| 总资产 | $5.3B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.98× | — |
8季度趋势，按日历期对齐
现金及短期投资FCFSNET
| Q4 25 | $125.2M | $943.5M | ||
| Q3 25 | $130.2M | $1.1B | ||
| Q2 25 | $101.5M | $1.5B | ||
| Q1 25 | $146.0M | $204.5M | ||
| Q4 24 | $175.1M | $147.7M | ||
| Q3 24 | $106.3M | $182.9M | ||
| Q2 24 | $113.7M | $157.0M | ||
| Q1 24 | $135.1M | $254.4M |
总债务FCFSNET
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.5B | — |
股东权益FCFSNET
| Q4 25 | $2.3B | $1.5B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $2.1B | $1.0B | ||
| Q3 24 | $2.0B | $973.1M | ||
| Q2 24 | $2.0B | $881.5M | ||
| Q1 24 | $2.0B | $797.2M |
总资产FCFSNET
| Q4 25 | $5.3B | $6.0B | ||
| Q3 25 | $5.2B | $5.8B | ||
| Q2 25 | $4.5B | $5.6B | ||
| Q1 25 | $4.4B | $3.7B | ||
| Q4 24 | $4.5B | $3.3B | ||
| Q3 24 | $4.4B | $3.1B | ||
| Q2 24 | $4.3B | $2.9B | ||
| Q1 24 | $4.2B | $2.8B |
负债/权益比FCFSNET
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.01× | — | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 0.87× | — | ||
| Q2 24 | 0.85× | — | ||
| Q1 24 | 0.75× | — |
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 | $206.6M | $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 | 1.98× | — |
| 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FCFSNET
| Q4 25 | $206.6M | $190.4M | ||
| Q3 25 | $135.8M | $167.1M | ||
| Q2 25 | $116.9M | $99.8M | ||
| Q1 25 | $126.6M | $145.8M | ||
| Q4 24 | $198.1M | $127.3M | ||
| Q3 24 | $113.1M | $104.7M | ||
| Q2 24 | $106.2M | $74.8M | ||
| Q1 24 | $122.5M | $73.6M |
自由现金流FCFSNET
| 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FCFSNET
| 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FCFSNET
| 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FCFSNET
| Q4 25 | 1.98× | — | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 2.16× | — | ||
| Q1 24 | 2.00× | — |
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
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
