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FEDERATED HERMES, INC.（FHI）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FEDERATED HERMES, INC.的1.3倍（$614.5M vs $482.8M），FEDERATED HERMES, INC.净利率更高（22.2% vs -2.0%，领先24.1%），Cloudflare, Inc.同比增速更快（33.6% vs 13.7%），FEDERATED HERMES, INC.自由现金流更多（$294.6M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 10.4%）
方德贺明是总部位于美国宾夕法尼亚州匹兹堡的投资管理机构，成立于1955年，1957年10月18日正式注册。截至2025年12月，公司受托管理客户资产规模达9026亿美元，可为客户提供股票、固定收益、另类/私募市场、多资产及流动性管理等多元投资策略，产品覆盖共同基金、ETF、独立账户、封闭式基金和集合投资基金等品类。
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。
FHI vs NET — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $482.8M | $614.5M |
| 净利润 | $107.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 28.1% | -8.0% |
| 净利率 | 22.2% | -2.0% |
| 营收同比 | 13.7% | 33.6% |
| 净利润同比 | 26.4% | 6.0% |
| 每股收益（稀释后） | $1.38 | $-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
| Q4 25 | $482.8M | $614.5M | ||
| Q3 25 | $469.4M | $562.0M | ||
| Q2 25 | $424.8M | $512.3M | ||
| Q1 25 | $423.5M | $479.1M | ||
| Q4 24 | $424.7M | $459.9M | ||
| Q3 24 | $408.5M | $430.1M | ||
| Q2 24 | $402.6M | $401.0M | ||
| Q1 24 | $396.4M | $378.6M |
| Q4 25 | $107.0M | $-12.1M | ||
| Q3 25 | $104.1M | $-1.3M | ||
| Q2 25 | $91.0M | $-50.4M | ||
| Q1 25 | $101.1M | $-38.5M | ||
| Q4 24 | $84.7M | $-12.8M | ||
| Q3 24 | $87.5M | $-15.3M | ||
| Q2 24 | $21.0M | $-15.1M | ||
| Q1 24 | $75.0M | $-35.5M |
| 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% |
| Q4 25 | 28.1% | -8.0% | ||
| Q3 25 | 27.6% | -6.7% | ||
| Q2 25 | 27.6% | -13.1% | ||
| Q1 25 | 31.1% | -11.1% | ||
| Q4 24 | 26.0% | -7.5% | ||
| Q3 24 | 27.4% | -7.2% | ||
| Q2 24 | 10.1% | -8.7% | ||
| Q1 24 | 24.9% | -14.4% |
| Q4 25 | 22.2% | -2.0% | ||
| Q3 25 | 22.2% | -0.2% | ||
| Q2 25 | 21.4% | -9.8% | ||
| Q1 25 | 23.9% | -8.0% | ||
| Q4 24 | 19.9% | -2.8% | ||
| Q3 24 | 21.4% | -3.6% | ||
| Q2 24 | 5.2% | -3.8% | ||
| Q1 24 | 18.9% | -9.4% |
| Q4 25 | $1.38 | $-0.03 | ||
| Q3 25 | $1.34 | $0.00 | ||
| Q2 25 | $1.16 | $-0.15 | ||
| Q1 25 | $1.25 | $-0.11 | ||
| Q4 24 | $1.08 | $-0.05 | ||
| Q3 24 | $1.06 | $-0.04 | ||
| Q2 24 | $0.20 | $-0.04 | ||
| Q1 24 | $0.89 | $-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 | $582.5M | $943.5M |
| 总债务越低越好 | $348.4M | — |
| 股东权益账面价值 | $1.2B | $1.5B |
| 总资产 | $2.2B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.29× | — |
8季度趋势，按日历期对齐
| Q4 25 | $582.5M | $943.5M | ||
| Q3 25 | $506.3M | $1.1B | ||
| Q2 25 | $371.0M | $1.5B | ||
| Q1 25 | $387.6M | $204.5M | ||
| Q4 24 | $504.4M | $147.7M | ||
| Q3 24 | $375.0M | $182.9M | ||
| Q2 24 | $307.4M | $157.0M | ||
| Q1 24 | $359.8M | $254.4M |
| Q4 25 | $348.4M | — | ||
| Q3 25 | $348.3M | — | ||
| Q2 25 | $348.2M | — | ||
| Q1 25 | $348.2M | — | ||
| Q4 24 | $348.1M | — | ||
| Q3 24 | $348.0M | — | ||
| Q2 24 | $348.0M | — | ||
| Q1 24 | $347.9M | — |
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $973.1M | ||
| Q2 24 | $1.0B | $881.5M | ||
| Q1 24 | $1.1B | $797.2M |
| Q4 25 | $2.2B | $6.0B | ||
| Q3 25 | $2.2B | $5.8B | ||
| Q2 25 | $2.2B | $5.6B | ||
| Q1 25 | $2.0B | $3.7B | ||
| Q4 24 | $2.1B | $3.3B | ||
| Q3 24 | $2.0B | $3.1B | ||
| Q2 24 | $1.9B | $2.9B | ||
| Q1 24 | $2.1B | $2.8B |
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.30× | — |
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 | $297.3M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $294.6M | $105.2M |
| 自由现金流率自由现金流/营收 | 61.0% | 17.1% |
| 资本支出强度资本支出/营收 | 0.6% | 13.9% |
| 现金转化率经营现金流/净利润 | 2.78× | — |
| 过去12个月自由现金流最近4个季度 | $427.5M | $287.5M |
8季度趋势，按日历期对齐
| Q4 25 | $297.3M | $190.4M | ||
| Q3 25 | $103.1M | $167.1M | ||
| Q2 25 | $18.8M | $99.8M | ||
| Q1 25 | $14.3M | $145.8M | ||
| Q4 24 | $346.6M | $127.3M | ||
| Q3 24 | $117.1M | $104.7M | ||
| Q2 24 | $88.7M | $74.8M | ||
| Q1 24 | $14.0M | $73.6M |
| Q4 25 | $294.6M | $105.2M | ||
| Q3 25 | $101.6M | $82.5M | ||
| Q2 25 | $18.0M | $39.9M | ||
| Q1 25 | $13.3M | $59.9M | ||
| Q4 24 | $342.5M | $54.2M | ||
| Q3 24 | $114.1M | $54.5M | ||
| Q2 24 | $82.7M | $45.2M | ||
| Q1 24 | $13.5M | $41.5M |
| Q4 25 | 61.0% | 17.1% | ||
| Q3 25 | 21.6% | 14.7% | ||
| Q2 25 | 4.2% | 7.8% | ||
| Q1 25 | 3.1% | 12.5% | ||
| Q4 24 | 80.7% | 11.8% | ||
| Q3 24 | 27.9% | 12.7% | ||
| Q2 24 | 20.5% | 11.3% | ||
| Q1 24 | 3.4% | 11.0% |
| Q4 25 | 0.6% | 13.9% | ||
| Q3 25 | 0.3% | 15.1% | ||
| Q2 25 | 0.2% | 11.7% | ||
| Q1 25 | 0.2% | 17.9% | ||
| Q4 24 | 0.9% | 15.9% | ||
| Q3 24 | 0.7% | 11.7% | ||
| Q2 24 | 1.5% | 7.4% | ||
| Q1 24 | 0.1% | 8.5% |
| Q4 25 | 2.78× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 4.09× | — | ||
| Q3 24 | 1.34× | — | ||
| Q2 24 | 4.22× | — | ||
| Q1 24 | 0.19× | — |
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
FHI
| Investment Advisory Management And Administrative Service | $314.0M | 65% |
| Separateaccounts | $63.9M | 13% |
| Other | $61.2M | 13% |
| Distribution Service | $43.7M | 9% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
