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Freedom Holding Corp.（FRHC）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Freedom Holding Corp.的季度营收约是Cloudflare, Inc.的1.0倍（$628.6M vs $614.5M），Freedom Holding Corp.净利率更高（12.1% vs -2.0%，领先14.1%），Cloudflare, Inc.同比增速更快（33.6% vs -4.1%），Freedom Holding Corp.自由现金流更多（$651.7M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 16.3%）
Freedom Holding Corp.是在美国内华达州注册的投资集团，业务覆盖零售证券经纪交易、资产管理、资本市场服务、投研咨询、投行承销、抵押贷款、保险、银行及其他消费金融服务，核心布局美股、欧洲及以哈萨克斯坦为核心的中亚市场。
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。
FRHC vs NET — 直观对比
营收规模更大
FRHC
是对方的1.0倍
$614.5M
营收增速更快
NET
高出37.7%
-4.1%
净利率更高
FRHC
高出14.1%
-2.0%
自由现金流更多
FRHC
多$546.5M
$105.2M
两年增速更快
NET
近两年复合增速
16.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $628.6M | $614.5M |
| 净利润 | $76.2M | $-12.1M |
| 毛利率 | 96.0% | 73.6% |
| 营业利润率 | 14.9% | -8.0% |
| 净利率 | 12.1% | -2.0% |
| 营收同比 | -4.1% | 33.6% |
| 净利润同比 | -2.6% | 6.0% |
| 每股收益（稀释后） | $1.25 | $-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FRHCNET
| Q4 25 | $628.6M | $614.5M | ||
| Q3 25 | $526.1M | $562.0M | ||
| Q2 25 | $533.4M | $512.3M | ||
| Q1 25 | $363.7M | $479.1M | ||
| Q4 24 | $655.2M | $459.9M | ||
| Q3 24 | $580.9M | $430.1M | ||
| Q2 24 | $450.7M | $401.0M | ||
| Q1 24 | $464.7M | $378.6M |
净利润FRHCNET
| Q4 25 | $76.2M | $-12.1M | ||
| Q3 25 | $38.7M | $-1.3M | ||
| Q2 25 | $30.4M | $-50.4M | ||
| Q1 25 | $-142.7M | $-38.5M | ||
| Q4 24 | $78.3M | $-12.8M | ||
| Q3 24 | $114.7M | $-15.3M | ||
| Q2 24 | $34.4M | $-15.1M | ||
| Q1 24 | $95.2M | $-35.5M |
毛利率FRHCNET
| Q4 25 | 96.0% | 73.6% | ||
| Q3 25 | 97.1% | 74.0% | ||
| Q2 25 | 97.4% | 74.9% | ||
| Q1 25 | 96.6% | 75.9% | ||
| Q4 24 | 98.6% | 76.4% | ||
| Q3 24 | 99.1% | 77.7% | ||
| Q2 24 | 99.0% | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率FRHCNET
| Q4 25 | 14.9% | -8.0% | ||
| Q3 25 | 11.5% | -6.7% | ||
| Q2 25 | 7.6% | -13.1% | ||
| Q1 25 | -42.7% | -11.1% | ||
| Q4 24 | 15.0% | -7.5% | ||
| Q3 24 | 22.1% | -7.2% | ||
| Q2 24 | 9.2% | -8.7% | ||
| Q1 24 | 22.5% | -14.4% |
净利率FRHCNET
| Q4 25 | 12.1% | -2.0% | ||
| Q3 25 | 7.4% | -0.2% | ||
| Q2 25 | 5.7% | -9.8% | ||
| Q1 25 | -39.2% | -8.0% | ||
| Q4 24 | 11.9% | -2.8% | ||
| Q3 24 | 19.7% | -3.6% | ||
| Q2 24 | 7.6% | -3.8% | ||
| Q1 24 | 20.5% | -9.4% |
每股收益（稀释后）FRHCNET
| Q4 25 | $1.25 | $-0.03 | ||
| Q3 25 | $0.63 | $0.00 | ||
| Q2 25 | $0.50 | $-0.15 | ||
| Q1 25 | $-2.35 | $-0.11 | ||
| Q4 24 | $1.29 | $-0.05 | ||
| Q3 24 | $1.89 | $-0.04 | ||
| Q2 24 | $0.57 | $-0.04 | ||
| Q1 24 | $1.60 | $-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 | $869.2M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $1.5B |
| 总资产 | $12.4B | $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FRHCNET
| Q4 25 | $869.2M | $943.5M | ||
| Q3 25 | $636.0M | $1.1B | ||
| Q2 25 | $567.9M | $1.5B | ||
| Q1 25 | $837.3M | $204.5M | ||
| Q4 24 | $577.9M | $147.7M | ||
| Q3 24 | $569.2M | $182.9M | ||
| Q2 24 | $718.7M | $157.0M | ||
| Q1 24 | $545.1M | $254.4M |
股东权益FRHCNET
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $973.1M | ||
| Q2 24 | $1.1B | $881.5M | ||
| Q1 24 | $1.2B | $797.2M |
总资产FRHCNET
| Q4 25 | $12.4B | $6.0B | ||
| Q3 25 | $10.3B | $5.8B | ||
| Q2 25 | $9.7B | $5.6B | ||
| Q1 25 | $9.9B | $3.7B | ||
| Q4 24 | $9.1B | $3.3B | ||
| Q3 24 | $8.8B | $3.1B | ||
| Q2 24 | $8.5B | $2.9B | ||
| Q1 24 | $8.3B | $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 | $717.8M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $651.7M | $105.2M |
| 自由现金流率自由现金流/营收 | 103.7% | 17.1% |
| 资本支出强度资本支出/营收 | 10.5% | 13.9% |
| 现金转化率经营现金流/净利润 | 9.42× | — |
| 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FRHCNET
| Q4 25 | $717.8M | $190.4M | ||
| Q3 25 | $535.3M | $167.1M | ||
| Q2 25 | $480.8M | $99.8M | ||
| Q1 25 | $1.3B | $145.8M | ||
| Q4 24 | $-72.8M | $127.3M | ||
| Q3 24 | $-438.0M | $104.7M | ||
| Q2 24 | $854.1M | $74.8M | ||
| Q1 24 | $309.0M | $73.6M |
自由现金流FRHCNET
| Q4 25 | $651.7M | $105.2M | ||
| Q3 25 | $456.4M | $82.5M | ||
| Q2 25 | $450.0M | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | $-92.7M | $54.2M | ||
| Q3 24 | $-447.5M | $54.5M | ||
| Q2 24 | $829.9M | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率FRHCNET
| Q4 25 | 103.7% | 17.1% | ||
| Q3 25 | 86.7% | 14.7% | ||
| Q2 25 | 84.4% | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | -14.1% | 11.8% | ||
| Q3 24 | -77.0% | 12.7% | ||
| Q2 24 | 184.1% | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度FRHCNET
| Q4 25 | 10.5% | 13.9% | ||
| Q3 25 | 15.0% | 15.1% | ||
| Q2 25 | 5.8% | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | 3.0% | 15.9% | ||
| Q3 24 | 1.6% | 11.7% | ||
| Q2 24 | 5.4% | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率FRHCNET
| Q4 25 | 9.42× | — | ||
| Q3 25 | 13.82× | — | ||
| Q2 25 | 15.82× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.93× | — | ||
| Q3 24 | -3.82× | — | ||
| Q2 24 | 24.83× | — | ||
| Q1 24 | 3.24× | — |
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
FRHC
暂无分部数据
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
