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Fortrea Holdings Inc.（FTRE）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Fortrea Holdings Inc.的季度营收约是Cloudflare, Inc.的1.1倍（$660.5M vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -4.9%，领先3.0%），Cloudflare, Inc.同比增速更快（33.6% vs -5.2%），Fortrea Holdings Inc.自由现金流更多（$121.6M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -0.1%）
Fortrea Holdings Inc.是一家总部位于美国北卡罗来纳州达勒姆、注册地为特拉华州的合同研究组织，业务覆盖90个国家，主要服务制药、生物技术和医疗器械行业客户，为相关领域的研发提供专业支持。
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。
FTRE vs NET — 直观对比
营收规模更大
FTRE
是对方的1.1倍
$614.5M
营收增速更快
NET
高出38.8%
-5.2%
净利率更高
NET
高出3.0%
-4.9%
自由现金流更多
FTRE
多$16.4M
$105.2M
两年增速更快
NET
近两年复合增速
-0.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $660.5M | $614.5M |
| 净利润 | $-32.5M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | -2.1% | -8.0% |
| 净利率 | -4.9% | -2.0% |
| 营收同比 | -5.2% | 33.6% |
| 净利润同比 | 46.9% | 6.0% |
| 每股收益（稀释后） | $-0.25 | $-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FTRENET
| Q4 25 | $660.5M | $614.5M | ||
| Q3 25 | $701.3M | $562.0M | ||
| Q2 25 | $710.3M | $512.3M | ||
| Q1 25 | $651.3M | $479.1M | ||
| Q4 24 | $697.0M | $459.9M | ||
| Q3 24 | $674.9M | $430.1M | ||
| Q2 24 | $662.4M | $401.0M | ||
| Q1 24 | $662.1M | $378.6M |
净利润FTRENET
| Q4 25 | $-32.5M | $-12.1M | ||
| Q3 25 | $-15.9M | $-1.3M | ||
| Q2 25 | $-374.9M | $-50.4M | ||
| Q1 25 | $-562.9M | $-38.5M | ||
| Q4 24 | $-61.2M | $-12.8M | ||
| Q3 24 | $-27.9M | $-15.3M | ||
| Q2 24 | $-138.4M | $-15.1M | ||
| Q1 24 | $-101.0M | $-35.5M |
毛利率FTRENET
| 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FTRENET
| Q4 25 | -2.1% | -8.0% | ||
| Q3 25 | -1.2% | -6.7% | ||
| Q2 25 | -46.5% | -13.1% | ||
| Q1 25 | -79.9% | -11.1% | ||
| Q4 24 | -8.0% | -7.5% | ||
| Q3 24 | -2.7% | -7.2% | ||
| Q2 24 | -7.7% | -8.7% | ||
| Q1 24 | -5.6% | -14.4% |
净利率FTRENET
| Q4 25 | -4.9% | -2.0% | ||
| Q3 25 | -2.3% | -0.2% | ||
| Q2 25 | -52.8% | -9.8% | ||
| Q1 25 | -86.4% | -8.0% | ||
| Q4 24 | -8.8% | -2.8% | ||
| Q3 24 | -4.1% | -3.6% | ||
| Q2 24 | -20.9% | -3.8% | ||
| Q1 24 | -15.3% | -9.4% |
每股收益（稀释后）FTRENET
| Q4 25 | $-0.25 | $-0.03 | ||
| Q3 25 | $-0.17 | $0.00 | ||
| Q2 25 | $-4.14 | $-0.15 | ||
| Q1 25 | $-6.25 | $-0.11 | ||
| Q4 24 | $-0.68 | $-0.05 | ||
| Q3 24 | $-0.31 | $-0.04 | ||
| Q2 24 | $-1.55 | $-0.04 | ||
| Q1 24 | $-1.13 | $-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 | $174.6M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $563.5M | $1.5B |
| 总资产 | $2.7B | $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FTRENET
| Q4 25 | $174.6M | $943.5M | ||
| Q3 25 | $131.3M | $1.1B | ||
| Q2 25 | $81.2M | $1.5B | ||
| Q1 25 | $101.6M | $204.5M | ||
| Q4 24 | $118.5M | $147.7M | ||
| Q3 24 | $105.3M | $182.9M | ||
| Q2 24 | $126.2M | $157.0M | ||
| Q1 24 | $92.8M | $254.4M |
股东权益FTRENET
| Q4 25 | $563.5M | $1.5B | ||
| Q3 25 | $580.8M | $1.3B | ||
| Q2 25 | $589.2M | $1.2B | ||
| Q1 25 | $858.8M | $1.4B | ||
| Q4 24 | $1.4B | $1.0B | ||
| Q3 24 | $1.5B | $973.1M | ||
| Q2 24 | $1.5B | $881.5M | ||
| Q1 24 | $1.6B | $797.2M |
总资产FTRENET
| Q4 25 | $2.7B | $6.0B | ||
| Q3 25 | $2.7B | $5.8B | ||
| Q2 25 | $2.8B | $5.6B | ||
| Q1 25 | $3.1B | $3.7B | ||
| Q4 24 | $3.6B | $3.3B | ||
| Q3 24 | $3.7B | $3.1B | ||
| Q2 24 | $3.6B | $2.9B | ||
| Q1 24 | $4.2B | $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 | $129.1M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $121.6M | $105.2M |
| 自由现金流率自由现金流/营收 | 18.4% | 17.1% |
| 资本支出强度资本支出/营收 | 1.1% | 13.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $88.3M | $287.5M |
8季度趋势，按日历期对齐
经营现金流FTRENET
| Q4 25 | $129.1M | $190.4M | ||
| Q3 25 | $86.8M | $167.1M | ||
| Q2 25 | $21.8M | $99.8M | ||
| Q1 25 | $-124.2M | $145.8M | ||
| Q4 24 | $17.1M | $127.3M | ||
| Q3 24 | $-2.4M | $104.7M | ||
| Q2 24 | $273.7M | $74.8M | ||
| Q1 24 | $-25.6M | $73.6M |
自由现金流FTRENET
| Q4 25 | $121.6M | $105.2M | ||
| Q3 25 | $79.5M | $82.5M | ||
| Q2 25 | $14.3M | $39.9M | ||
| Q1 25 | $-127.1M | $59.9M | ||
| Q4 24 | $13.9M | $54.2M | ||
| Q3 24 | $-10.6M | $54.5M | ||
| Q2 24 | $262.5M | $45.2M | ||
| Q1 24 | $-34.9M | $41.5M |
自由现金流率FTRENET
| Q4 25 | 18.4% | 17.1% | ||
| Q3 25 | 11.3% | 14.7% | ||
| Q2 25 | 2.0% | 7.8% | ||
| Q1 25 | -19.5% | 12.5% | ||
| Q4 24 | 2.0% | 11.8% | ||
| Q3 24 | -1.6% | 12.7% | ||
| Q2 24 | 39.6% | 11.3% | ||
| Q1 24 | -5.3% | 11.0% |
资本支出强度FTRENET
| Q4 25 | 1.1% | 13.9% | ||
| Q3 25 | 1.0% | 15.1% | ||
| Q2 25 | 1.1% | 11.7% | ||
| Q1 25 | 0.4% | 17.9% | ||
| Q4 24 | 0.5% | 15.9% | ||
| Q3 24 | 1.2% | 11.7% | ||
| Q2 24 | 1.7% | 7.4% | ||
| Q1 24 | 1.4% | 8.5% |
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
FTRE
暂无分部数据
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
