vs
FIRST HORIZON CORP（FHN）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
FIRST HORIZON CORP的季度营收约是Cloudflare, Inc.的1.4倍（$888.0M vs $614.5M），FIRST HORIZON CORP净利率更高（29.4% vs -2.0%，领先31.4%），Cloudflare, Inc.同比增速更快（33.6% vs 21.8%），FIRST HORIZON CORP自由现金流更多（$389.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 20.0%）
第一地平线公司（前身为第一田纳西银行）是一家成立于1864年的金融服务企业，总部位于美国田纳西州孟菲斯市。该公司通过旗下子公司第一地平线银行开展业务，网点覆盖美国东南部12个州，是该区域第四大区域性银行。
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。
FHN vs NET — 直观对比
营收规模更大
FHN
是对方的1.4倍
$614.5M
营收增速更快
NET
高出11.8%
21.8%
净利率更高
FHN
高出31.4%
-2.0%
自由现金流更多
FHN
多$283.8M
$105.2M
两年增速更快
NET
近两年复合增速
20.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $888.0M | $614.5M |
| 净利润 | $261.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 38.5% | -8.0% |
| 净利率 | 29.4% | -2.0% |
| 营收同比 | 21.8% | 33.6% |
| 净利润同比 | 57.2% | 6.0% |
| 每股收益（稀释后） | $0.51 | $-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FHNNET
| Q4 25 | $888.0M | $614.5M | ||
| Q3 25 | $889.0M | $562.0M | ||
| Q2 25 | $830.0M | $512.3M | ||
| Q1 25 | $812.0M | $479.1M | ||
| Q4 24 | $729.0M | $459.9M | ||
| Q3 24 | $827.0M | $430.1M | ||
| Q2 24 | — | $401.0M | ||
| Q1 24 | $819.0M | $378.6M |
净利润FHNNET
| Q4 25 | $261.0M | $-12.1M | ||
| Q3 25 | $262.0M | $-1.3M | ||
| Q2 25 | $241.0M | $-50.4M | ||
| Q1 25 | $218.0M | $-38.5M | ||
| Q4 24 | $166.0M | $-12.8M | ||
| Q3 24 | $218.0M | $-15.3M | ||
| Q2 24 | — | $-15.1M | ||
| Q1 24 | $192.0M | $-35.5M |
毛利率FHNNET
| 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FHNNET
| Q4 25 | 38.5% | -8.0% | ||
| Q3 25 | 38.7% | -6.7% | ||
| Q2 25 | 37.2% | -13.1% | ||
| Q1 25 | 35.1% | -11.1% | ||
| Q4 24 | 28.8% | -7.5% | ||
| Q3 24 | 34.0% | -7.2% | ||
| Q2 24 | — | -8.7% | ||
| Q1 24 | 31.0% | -14.4% |
净利率FHNNET
| Q4 25 | 29.4% | -2.0% | ||
| Q3 25 | 29.5% | -0.2% | ||
| Q2 25 | 29.0% | -9.8% | ||
| Q1 25 | 26.8% | -8.0% | ||
| Q4 24 | 22.8% | -2.8% | ||
| Q3 24 | 26.4% | -3.6% | ||
| Q2 24 | — | -3.8% | ||
| Q1 24 | 23.4% | -9.4% |
每股收益（稀释后）FHNNET
| Q4 25 | $0.51 | $-0.03 | ||
| Q3 25 | $0.50 | $0.00 | ||
| Q2 25 | $0.45 | $-0.15 | ||
| Q1 25 | $0.41 | $-0.11 | ||
| Q4 24 | $0.29 | $-0.05 | ||
| Q3 24 | $0.40 | $-0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | $0.33 | $-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 | — | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.8B | $1.5B |
| 总资产 | $83.9B | $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FHNNET
| Q4 25 | — | $943.5M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | — | $147.7M | ||
| Q3 24 | — | $182.9M | ||
| Q2 24 | — | $157.0M | ||
| Q1 24 | — | $254.4M |
股东权益FHNNET
| Q4 25 | $8.8B | $1.5B | ||
| Q3 25 | $8.9B | $1.3B | ||
| Q2 25 | $9.0B | $1.2B | ||
| Q1 25 | $8.7B | $1.4B | ||
| Q4 24 | $8.8B | $1.0B | ||
| Q3 24 | $9.0B | $973.1M | ||
| Q2 24 | — | $881.5M | ||
| Q1 24 | $8.9B | $797.2M |
总资产FHNNET
| Q4 25 | $83.9B | $6.0B | ||
| Q3 25 | $83.2B | $5.8B | ||
| Q2 25 | $82.1B | $5.6B | ||
| Q1 25 | $81.5B | $3.7B | ||
| Q4 24 | $82.2B | $3.3B | ||
| Q3 24 | $82.6B | $3.1B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | $81.8B | $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 | $396.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $389.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 43.8% | 17.1% |
| 资本支出强度资本支出/营收 | 0.8% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.52× | — |
| 过去12个月自由现金流最近4个季度 | $595.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流FHNNET
| Q4 25 | $396.0M | $190.4M | ||
| Q3 25 | $-200.0M | $167.1M | ||
| Q2 25 | $83.0M | $99.8M | ||
| Q1 25 | $349.0M | $145.8M | ||
| Q4 24 | $191.0M | $127.3M | ||
| Q3 24 | $389.0M | $104.7M | ||
| Q2 24 | — | $74.8M | ||
| Q1 24 | $838.0M | $73.6M |
自由现金流FHNNET
| Q4 25 | $389.0M | $105.2M | ||
| Q3 25 | $-208.0M | $82.5M | ||
| Q2 25 | $74.0M | $39.9M | ||
| Q1 25 | $340.0M | $59.9M | ||
| Q4 24 | $174.0M | $54.2M | ||
| Q3 24 | $383.0M | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | $828.0M | $41.5M |
自由现金流率FHNNET
| Q4 25 | 43.8% | 17.1% | ||
| Q3 25 | -23.4% | 14.7% | ||
| Q2 25 | 8.9% | 7.8% | ||
| Q1 25 | 41.9% | 12.5% | ||
| Q4 24 | 23.9% | 11.8% | ||
| Q3 24 | 46.3% | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | 101.1% | 11.0% |
资本支出强度FHNNET
| Q4 25 | 0.8% | 13.9% | ||
| Q3 25 | 0.9% | 15.1% | ||
| Q2 25 | 1.1% | 11.7% | ||
| Q1 25 | 1.1% | 17.9% | ||
| Q4 24 | 2.3% | 15.9% | ||
| Q3 24 | 0.7% | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | 1.2% | 8.5% |
现金转化率FHNNET
| Q4 25 | 1.52× | — | ||
| Q3 25 | -0.76× | — | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 1.60× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.36× | — |
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
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
