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伯克希尔·哈撒韦（HEI）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
伯克希尔·哈撒韦的季度营收约是Cloudflare, Inc.的2.0倍（$1.2B vs $614.5M），伯克希尔·哈撒韦净利率更高（15.6% vs -2.0%，领先17.5%），Cloudflare, Inc.同比增速更快（33.6% vs 19.3%），伯克希尔·哈撒韦自由现金流更多（$268.5M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 16.2%）
伯克希尔·哈撒韦是总部位于美国内布拉斯加州奥马哈的跨国综合控股集团，最初主营纺织品制造，1965年起在董事长兼首席执行官沃伦·巴菲特、副董事长查理·芒格的带领下转型为多元化企业集团，2026年初格雷格·阿贝尔接任首席执行官，巴菲特个人持有公司38.4%的A类有投票权股份，对应15.1%的整体经济权益。
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。
HEI vs NET — 直观对比
营收规模更大
HEI
是对方的2.0倍
$614.5M
营收增速更快
NET
高出14.3%
19.3%
净利率更高
HEI
高出17.5%
-2.0%
自由现金流更多
HEI
多$163.3M
$105.2M
两年增速更快
NET
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $614.5M |
| 净利润 | $188.3M | $-12.1M |
| 毛利率 | 40.2% | 73.6% |
| 营业利润率 | 23.1% | -8.0% |
| 净利率 | 15.6% | -2.0% |
| 营收同比 | 19.3% | 33.6% |
| 净利润同比 | 34.8% | 6.0% |
| 每股收益（稀释后） | $1.32 | $-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HEINET
| Q4 25 | $1.2B | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $1.0B | $479.1M | ||
| Q4 24 | $1.0B | $459.9M | ||
| Q3 24 | $992.2M | $430.1M | ||
| Q2 24 | $955.4M | $401.0M | ||
| Q1 24 | $896.4M | $378.6M |
净利润HEINET
| Q4 25 | $188.3M | $-12.1M | ||
| Q3 25 | $177.3M | $-1.3M | ||
| Q2 25 | $156.8M | $-50.4M | ||
| Q1 25 | $168.0M | $-38.5M | ||
| Q4 24 | $139.7M | $-12.8M | ||
| Q3 24 | $136.6M | $-15.3M | ||
| Q2 24 | $123.1M | $-15.1M | ||
| Q1 24 | $114.7M | $-35.5M |
毛利率HEINET
| Q4 25 | 40.2% | 73.6% | ||
| Q3 25 | 39.8% | 74.0% | ||
| Q2 25 | 39.9% | 74.9% | ||
| Q1 25 | 39.4% | 75.9% | ||
| Q4 24 | 38.9% | 76.4% | ||
| Q3 24 | 39.2% | 77.7% | ||
| Q2 24 | 38.9% | 77.8% | ||
| Q1 24 | 38.7% | 77.5% |
营业利润率HEINET
| Q4 25 | 23.1% | -8.0% | ||
| Q3 25 | 23.1% | -6.7% | ||
| Q2 25 | 22.6% | -13.1% | ||
| Q1 25 | 22.0% | -11.1% | ||
| Q4 24 | 21.6% | -7.5% | ||
| Q3 24 | 21.8% | -7.2% | ||
| Q2 24 | 21.9% | -8.7% | ||
| Q1 24 | 20.1% | -14.4% |
净利率HEINET
| Q4 25 | 15.6% | -2.0% | ||
| Q3 25 | 15.5% | -0.2% | ||
| Q2 25 | 14.3% | -9.8% | ||
| Q1 25 | 16.3% | -8.0% | ||
| Q4 24 | 13.8% | -2.8% | ||
| Q3 24 | 13.8% | -3.6% | ||
| Q2 24 | 12.9% | -3.8% | ||
| Q1 24 | 12.8% | -9.4% |
每股收益（稀释后）HEINET
| Q4 25 | $1.32 | $-0.03 | ||
| Q3 25 | $1.26 | $0.00 | ||
| Q2 25 | $1.12 | $-0.15 | ||
| Q1 25 | $1.20 | $-0.11 | ||
| Q4 24 | $1.00 | $-0.05 | ||
| Q3 24 | $0.97 | $-0.04 | ||
| Q2 24 | $0.88 | $-0.04 | ||
| Q1 24 | $0.82 | $-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 | $217.8M | $943.5M |
| 总债务越低越好 | $2.2B | — |
| 股东权益账面价值 | $4.3B | $1.5B |
| 总资产 | $8.5B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.50× | — |
8季度趋势，按日历期对齐
现金及短期投资HEINET
| Q4 25 | $217.8M | $943.5M | ||
| Q3 25 | $261.9M | $1.1B | ||
| Q2 25 | $242.3M | $1.5B | ||
| Q1 25 | $165.5M | $204.5M | ||
| Q4 24 | $162.1M | $147.7M | ||
| Q3 24 | $202.9M | $182.9M | ||
| Q2 24 | $204.2M | $157.0M | ||
| Q1 24 | $196.3M | $254.4M |
总债务HEINET
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.5B | — |
股东权益HEINET
| Q4 25 | $4.3B | $1.5B | ||
| Q3 25 | $4.1B | $1.3B | ||
| Q2 25 | $4.0B | $1.2B | ||
| Q1 25 | $3.7B | $1.4B | ||
| Q4 24 | $3.6B | $1.0B | ||
| Q3 24 | $3.5B | $973.1M | ||
| Q2 24 | $3.4B | $881.5M | ||
| Q1 24 | $3.3B | $797.2M |
总资产HEINET
| Q4 25 | $8.5B | $6.0B | ||
| Q3 25 | $8.5B | $5.8B | ||
| Q2 25 | $8.1B | $5.6B | ||
| Q1 25 | $7.9B | $3.7B | ||
| Q4 24 | $7.6B | $3.3B | ||
| Q3 24 | $7.4B | $3.1B | ||
| Q2 24 | $7.4B | $2.9B | ||
| Q1 24 | $7.3B | $2.8B |
负债/权益比HEINET
| Q4 25 | 0.50× | — | ||
| Q3 25 | 0.59× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.63× | — | ||
| Q4 24 | 0.61× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.70× | — | ||
| Q1 24 | 0.76× | — |
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 | $295.3M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $268.5M | $105.2M |
| 自由现金流率自由现金流/营收 | 22.2% | 17.1% |
| 资本支出强度资本支出/营收 | 2.2% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.57× | — |
| 过去12个月自由现金流最近4个季度 | $861.4M | $287.5M |
8季度趋势，按日历期对齐
经营现金流HEINET
| Q4 25 | $295.3M | $190.4M | ||
| Q3 25 | $231.2M | $167.1M | ||
| Q2 25 | $204.7M | $99.8M | ||
| Q1 25 | $203.0M | $145.8M | ||
| Q4 24 | $205.6M | $127.3M | ||
| Q3 24 | $214.0M | $104.7M | ||
| Q2 24 | $141.1M | $74.8M | ||
| Q1 24 | $111.7M | $73.6M |
自由现金流HEINET
| Q4 25 | $268.5M | $105.2M | ||
| Q3 25 | $218.5M | $82.5M | ||
| Q2 25 | $188.7M | $39.9M | ||
| Q1 25 | $185.7M | $59.9M | ||
| Q4 24 | $189.5M | $54.2M | ||
| Q3 24 | $198.1M | $54.5M | ||
| Q2 24 | $128.2M | $45.2M | ||
| Q1 24 | $98.3M | $41.5M |
自由现金流率HEINET
| Q4 25 | 22.2% | 17.1% | ||
| Q3 25 | 19.0% | 14.7% | ||
| Q2 25 | 17.2% | 7.8% | ||
| Q1 25 | 18.0% | 12.5% | ||
| Q4 24 | 18.7% | 11.8% | ||
| Q3 24 | 20.0% | 12.7% | ||
| Q2 24 | 13.4% | 11.3% | ||
| Q1 24 | 11.0% | 11.0% |
资本支出强度HEINET
| Q4 25 | 2.2% | 13.9% | ||
| Q3 25 | 1.1% | 15.1% | ||
| Q2 25 | 1.5% | 11.7% | ||
| Q1 25 | 1.7% | 17.9% | ||
| Q4 24 | 1.6% | 15.9% | ||
| Q3 24 | 1.6% | 11.7% | ||
| Q2 24 | 1.4% | 7.4% | ||
| Q1 24 | 1.5% | 8.5% |
现金转化率HEINET
| Q4 25 | 1.57× | — | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 1.31× | — | ||
| Q1 25 | 1.21× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 1.15× | — | ||
| Q1 24 | 0.97× | — |
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
HEI
| Aftermarket Replacement Parts | $510.0M | 42% |
| Electronic Componentsfor Defense Spaceand Aerospace | $311.8M | 26% |
| Defenseand Space | $170.6M | 14% |
| Specialty Products | $118.9M | 10% |
| Other Electronic Components | $73.0M | 6% |
| Other Industries | $15.9M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
