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FEDERAL SIGNAL CORP（FSS）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FEDERAL SIGNAL CORP的1.0倍（$614.5M vs $597.1M），FEDERAL SIGNAL CORP净利率更高（10.2% vs -2.0%，领先12.1%），Cloudflare, Inc.同比增速更快（33.6% vs 26.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $89.5M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 18.5%）
联邦信号公司是20世纪早期的美国企业，主营铁路信号设备的制造业务，总部坐落于美国纽约州奥尔巴尼市，其生产的相关信号产品在当时的美国轨道交通行业得到了广泛应用，具备一定的行业知名度。
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。
FSS vs NET — 直观对比
营收规模更大
NET
是对方的1.0倍
$597.1M
营收增速更快
NET
高出7.1%
26.5%
净利率更高
FSS
高出12.1%
-2.0%
自由现金流更多
NET
多$15.7M
$89.5M
两年增速更快
NET
近两年复合增速
18.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $597.1M | $614.5M |
| 净利润 | $60.8M | $-12.1M |
| 毛利率 | 28.4% | 73.6% |
| 营业利润率 | 14.0% | -8.0% |
| 净利率 | 10.2% | -2.0% |
| 营收同比 | 26.5% | 33.6% |
| 净利润同比 | 21.6% | 6.0% |
| 每股收益（稀释后） | $0.99 | $-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FSSNET
| Q4 25 | $597.1M | $614.5M | ||
| Q3 25 | $555.0M | $562.0M | ||
| Q2 25 | $564.6M | $512.3M | ||
| Q1 25 | $463.8M | $479.1M | ||
| Q4 24 | $472.0M | $459.9M | ||
| Q3 24 | $474.2M | $430.1M | ||
| Q2 24 | $490.4M | $401.0M | ||
| Q1 24 | $424.9M | $378.6M |
净利润FSSNET
| Q4 25 | $60.8M | $-12.1M | ||
| Q3 25 | $68.1M | $-1.3M | ||
| Q2 25 | $71.4M | $-50.4M | ||
| Q1 25 | $46.3M | $-38.5M | ||
| Q4 24 | $50.0M | $-12.8M | ||
| Q3 24 | $53.9M | $-15.3M | ||
| Q2 24 | $60.8M | $-15.1M | ||
| Q1 24 | $51.6M | $-35.5M |
毛利率FSSNET
| Q4 25 | 28.4% | 73.6% | ||
| Q3 25 | 29.1% | 74.0% | ||
| Q2 25 | 30.0% | 74.9% | ||
| Q1 25 | 28.2% | 75.9% | ||
| Q4 24 | 28.1% | 76.4% | ||
| Q3 24 | 29.6% | 77.7% | ||
| Q2 24 | 29.4% | 77.8% | ||
| Q1 24 | 27.3% | 77.5% |
营业利润率FSSNET
| Q4 25 | 14.0% | -8.0% | ||
| Q3 25 | 16.9% | -6.7% | ||
| Q2 25 | 17.3% | -13.1% | ||
| Q1 25 | 14.2% | -11.1% | ||
| Q4 24 | 14.9% | -7.5% | ||
| Q3 24 | 16.0% | -7.2% | ||
| Q2 24 | 16.5% | -8.7% | ||
| Q1 24 | 12.8% | -14.4% |
净利率FSSNET
| Q4 25 | 10.2% | -2.0% | ||
| Q3 25 | 12.3% | -0.2% | ||
| Q2 25 | 12.6% | -9.8% | ||
| Q1 25 | 10.0% | -8.0% | ||
| Q4 24 | 10.6% | -2.8% | ||
| Q3 24 | 11.4% | -3.6% | ||
| Q2 24 | 12.4% | -3.8% | ||
| Q1 24 | 12.1% | -9.4% |
每股收益（稀释后）FSSNET
| Q4 25 | $0.99 | $-0.03 | ||
| Q3 25 | $1.11 | $0.00 | ||
| Q2 25 | $1.16 | $-0.15 | ||
| Q1 25 | $0.75 | $-0.11 | ||
| Q4 24 | $0.80 | $-0.05 | ||
| Q3 24 | $0.87 | $-0.04 | ||
| Q2 24 | $0.99 | $-0.04 | ||
| Q1 24 | $0.84 | $-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 | $63.7M | $943.5M |
| 总债务越低越好 | $564.6M | — |
| 股东权益账面价值 | $1.4B | $1.5B |
| 总资产 | $2.4B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.41× | — |
8季度趋势，按日历期对齐
现金及短期投资FSSNET
| Q4 25 | $63.7M | $943.5M | ||
| Q3 25 | $54.4M | $1.1B | ||
| Q2 25 | $64.7M | $1.5B | ||
| Q1 25 | $57.5M | $204.5M | ||
| Q4 24 | $91.1M | $147.7M | ||
| Q3 24 | $73.7M | $182.9M | ||
| Q2 24 | $48.6M | $157.0M | ||
| Q1 24 | $48.9M | $254.4M |
总债务FSSNET
| Q4 25 | $564.6M | — | ||
| Q3 25 | $201.2M | — | ||
| Q2 25 | $258.3M | — | ||
| Q1 25 | $266.9M | — | ||
| Q4 24 | $204.4M | — | ||
| Q3 24 | $223.3M | — | ||
| Q2 24 | $248.8M | — | ||
| Q1 24 | $266.8M | — |
股东权益FSSNET
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.1B | $973.1M | ||
| Q2 24 | $1.1B | $881.5M | ||
| Q1 24 | $1.0B | $797.2M |
总资产FSSNET
| Q4 25 | $2.4B | $6.0B | ||
| Q3 25 | $1.9B | $5.8B | ||
| Q2 25 | $1.9B | $5.6B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $1.8B | $3.3B | ||
| Q3 24 | $1.7B | $3.1B | ||
| Q2 24 | $1.7B | $2.9B | ||
| Q1 24 | $1.7B | $2.8B |
负债/权益比FSSNET
| Q4 25 | 0.41× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 0.17× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.23× | — | ||
| Q1 24 | 0.26× | — |
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 | $97.2M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $89.5M | $105.2M |
| 自由现金流率自由现金流/营收 | 15.0% | 17.1% |
| 资本支出强度资本支出/营收 | 1.3% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.60× | — |
| 过去12个月自由现金流最近4个季度 | $227.1M | $287.5M |
8季度趋势，按日历期对齐
经营现金流FSSNET
| Q4 25 | $97.2M | $190.4M | ||
| Q3 25 | $61.1M | $167.1M | ||
| Q2 25 | $59.7M | $99.8M | ||
| Q1 25 | $36.7M | $145.8M | ||
| Q4 24 | $90.6M | $127.3M | ||
| Q3 24 | $68.8M | $104.7M | ||
| Q2 24 | $40.6M | $74.8M | ||
| Q1 24 | $31.3M | $73.6M |
自由现金流FSSNET
| Q4 25 | $89.5M | $105.2M | ||
| Q3 25 | $54.1M | $82.5M | ||
| Q2 25 | $52.4M | $39.9M | ||
| Q1 25 | $31.1M | $59.9M | ||
| Q4 24 | $82.1M | $54.2M | ||
| Q3 24 | $60.9M | $54.5M | ||
| Q2 24 | $24.8M | $45.2M | ||
| Q1 24 | $22.9M | $41.5M |
自由现金流率FSSNET
| Q4 25 | 15.0% | 17.1% | ||
| Q3 25 | 9.7% | 14.7% | ||
| Q2 25 | 9.3% | 7.8% | ||
| Q1 25 | 6.7% | 12.5% | ||
| Q4 24 | 17.4% | 11.8% | ||
| Q3 24 | 12.8% | 12.7% | ||
| Q2 24 | 5.1% | 11.3% | ||
| Q1 24 | 5.4% | 11.0% |
资本支出强度FSSNET
| Q4 25 | 1.3% | 13.9% | ||
| Q3 25 | 1.3% | 15.1% | ||
| Q2 25 | 1.3% | 11.7% | ||
| Q1 25 | 1.2% | 17.9% | ||
| Q4 24 | 1.8% | 15.9% | ||
| Q3 24 | 1.7% | 11.7% | ||
| Q2 24 | 3.2% | 7.4% | ||
| Q1 24 | 2.0% | 8.5% |
现金转化率FSSNET
| Q4 25 | 1.60× | — | ||
| Q3 25 | 0.90× | — | ||
| Q2 25 | 0.84× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 0.67× | — | ||
| Q1 24 | 0.61× | — |
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
FSS
| Vehiclesandequipment | $403.4M | 68% |
| Parts | $66.8M | 11% |
| Publicsafetyandsecurityequipment | $62.2M | 10% |
| Rentalincome | $19.0M | 3% |
| Industrialsignalingequipment | $18.2M | 3% |
| Other | $14.9M | 2% |
| Warningsystems | $12.6M | 2% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
