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华利安（HLI）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
华利安的季度营收约是Cloudflare, Inc.的1.2倍（$717.1M vs $614.5M），华利安净利率更高（16.3% vs -2.0%，领先18.2%），Cloudflare, Inc.同比增速更快（33.6% vs 13.0%），华利安自由现金流更多（$217.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 17.4%）
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
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。
HLI vs NET — 直观对比
营收规模更大
HLI
是对方的1.2倍
$614.5M
营收增速更快
NET
高出20.6%
13.0%
净利率更高
HLI
高出18.2%
-2.0%
自由现金流更多
HLI
多$111.8M
$105.2M
两年增速更快
NET
近两年复合增速
17.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $614.5M |
| 净利润 | $116.5M | $-12.1M |
| 毛利率 | 32.2% | 73.6% |
| 营业利润率 | 22.4% | -8.0% |
| 净利率 | 16.3% | -2.0% |
| 营收同比 | 13.0% | 33.6% |
| 净利润同比 | 22.3% | 6.0% |
| 每股收益（稀释后） | $1.70 | $-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HLINET
| Q4 25 | $717.1M | $614.5M | ||
| Q3 25 | $659.5M | $562.0M | ||
| Q2 25 | $605.3M | $512.3M | ||
| Q1 25 | $666.4M | $479.1M | ||
| Q4 24 | $634.4M | $459.9M | ||
| Q3 24 | $575.0M | $430.1M | ||
| Q2 24 | $513.6M | $401.0M | ||
| Q1 24 | $520.5M | $378.6M |
净利润HLINET
| Q4 25 | $116.5M | $-12.1M | ||
| Q3 25 | $111.8M | $-1.3M | ||
| Q2 25 | $97.5M | $-50.4M | ||
| Q1 25 | $121.9M | $-38.5M | ||
| Q4 24 | $95.3M | $-12.8M | ||
| Q3 24 | $93.5M | $-15.3M | ||
| Q2 24 | $88.9M | $-15.1M | ||
| Q1 24 | $81.1M | $-35.5M |
毛利率HLINET
| Q4 25 | 32.2% | 73.6% | ||
| Q3 25 | 33.8% | 74.0% | ||
| Q2 25 | 31.0% | 74.9% | ||
| Q1 25 | 33.9% | 75.9% | ||
| Q4 24 | 31.4% | 76.4% | ||
| Q3 24 | 33.0% | 77.7% | ||
| Q2 24 | 30.6% | 77.8% | ||
| Q1 24 | 30.3% | 77.5% |
营业利润率HLINET
| Q4 25 | 22.4% | -8.0% | ||
| Q3 25 | 22.9% | -6.7% | ||
| Q2 25 | 14.8% | -13.1% | ||
| Q1 25 | 20.9% | -11.1% | ||
| Q4 24 | 21.5% | -7.5% | ||
| Q3 24 | 22.7% | -7.2% | ||
| Q2 24 | 18.6% | -8.7% | ||
| Q1 24 | 19.7% | -14.4% |
净利率HLINET
| Q4 25 | 16.3% | -2.0% | ||
| Q3 25 | 17.0% | -0.2% | ||
| Q2 25 | 16.1% | -9.8% | ||
| Q1 25 | 18.3% | -8.0% | ||
| Q4 24 | 15.0% | -2.8% | ||
| Q3 24 | 16.3% | -3.6% | ||
| Q2 24 | 17.3% | -3.8% | ||
| Q1 24 | 15.6% | -9.4% |
每股收益（稀释后）HLINET
| Q4 25 | $1.70 | $-0.03 | ||
| Q3 25 | $1.63 | $0.00 | ||
| Q2 25 | $1.42 | $-0.15 | ||
| Q1 25 | $1.76 | $-0.11 | ||
| Q4 24 | $1.39 | $-0.05 | ||
| Q3 24 | $1.37 | $-0.04 | ||
| Q2 24 | $1.30 | $-0.04 | ||
| Q1 24 | $1.18 | $-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 | $1.1B | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.3B | $1.5B |
| 总资产 | $3.9B | $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HLINET
| Q4 25 | $1.1B | $943.5M | ||
| Q3 25 | $923.6M | $1.1B | ||
| Q2 25 | $793.8M | $1.5B | ||
| Q1 25 | $971.0M | $204.5M | ||
| Q4 24 | $799.3M | $147.7M | ||
| Q3 24 | $691.4M | $182.9M | ||
| Q2 24 | $449.7M | $157.0M | ||
| Q1 24 | $721.2M | $254.4M |
股东权益HLINET
| Q4 25 | $2.3B | $1.5B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.2B | $1.2B | ||
| Q1 25 | $2.2B | $1.4B | ||
| Q4 24 | $2.1B | $1.0B | ||
| Q3 24 | $2.0B | $973.1M | ||
| Q2 24 | $1.8B | $881.5M | ||
| Q1 24 | $1.8B | $797.2M |
总资产HLINET
| Q4 25 | $3.9B | $6.0B | ||
| Q3 25 | $3.8B | $5.8B | ||
| Q2 25 | $3.5B | $5.6B | ||
| Q1 25 | $3.8B | $3.7B | ||
| Q4 24 | $3.5B | $3.3B | ||
| Q3 24 | $3.2B | $3.1B | ||
| Q2 24 | $2.9B | $2.9B | ||
| Q1 24 | $3.2B | $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 | $217.7M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 30.3% | 17.1% |
| 资本支出强度资本支出/营收 | 0.1% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.87× | — |
| 过去12个月自由现金流最近4个季度 | $738.9M | $287.5M |
8季度趋势，按日历期对齐
经营现金流HLINET
| Q4 25 | $217.7M | $190.4M | ||
| Q3 25 | $325.0M | $167.1M | ||
| Q2 25 | $-131.6M | $99.8M | ||
| Q1 25 | $358.4M | $145.8M | ||
| Q4 24 | $265.5M | $127.3M | ||
| Q3 24 | $289.2M | $104.7M | ||
| Q2 24 | $-64.5M | $74.8M | ||
| Q1 24 | $225.3M | $73.6M |
自由现金流HLINET
| Q4 25 | $217.0M | $105.2M | ||
| Q3 25 | $322.8M | $82.5M | ||
| Q2 25 | $-144.8M | $39.9M | ||
| Q1 25 | $343.9M | $59.9M | ||
| Q4 24 | $261.7M | $54.2M | ||
| Q3 24 | $278.7M | $54.5M | ||
| Q2 24 | $-75.4M | $45.2M | ||
| Q1 24 | $213.1M | $41.5M |
自由现金流率HLINET
| Q4 25 | 30.3% | 17.1% | ||
| Q3 25 | 49.0% | 14.7% | ||
| Q2 25 | -23.9% | 7.8% | ||
| Q1 25 | 51.6% | 12.5% | ||
| Q4 24 | 41.2% | 11.8% | ||
| Q3 24 | 48.5% | 12.7% | ||
| Q2 24 | -14.7% | 11.3% | ||
| Q1 24 | 40.9% | 11.0% |
资本支出强度HLINET
| Q4 25 | 0.1% | 13.9% | ||
| Q3 25 | 0.3% | 15.1% | ||
| Q2 25 | 2.2% | 11.7% | ||
| Q1 25 | 2.2% | 17.9% | ||
| Q4 24 | 0.6% | 15.9% | ||
| Q3 24 | 1.8% | 11.7% | ||
| Q2 24 | 2.1% | 7.4% | ||
| Q1 24 | 2.3% | 8.5% |
现金转化率HLINET
| Q4 25 | 1.87× | — | ||
| Q3 25 | 2.91× | — | ||
| Q2 25 | -1.35× | — | ||
| Q1 25 | 2.94× | — | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 3.09× | — | ||
| Q2 24 | -0.73× | — | ||
| Q1 24 | 2.78× | — |
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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
