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HORACE MANN EDUCATORS CORP（HMN）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HORACE MANN EDUCATORS CORP的1.4倍（$614.5M vs $434.8M），Cloudflare, Inc.同比增速更快（33.6% vs 6.3%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 6.1%）
贺拉斯曼是一家总部位于美国伊利诺伊州的金融服务企业，主营汽车保险、财产保险、补充保险与人寿保险业务，同时提供退休年金、共同基金等金融产品，核心服务群体为教育工作者及其家庭。
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。
HMN vs NET — 直观对比
营收规模更大
NET
是对方的1.4倍
$434.8M
营收增速更快
NET
高出27.3%
6.3%
两年增速更快
NET
近两年复合增速
6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $434.8M | $614.5M |
| 净利润 | — | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 10.5% | -8.0% |
| 净利率 | — | -2.0% |
| 营收同比 | 6.3% | 33.6% |
| 净利润同比 | — | 6.0% |
| 每股收益（稀释后） | $0.87 | $-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HMNNET
| Q4 25 | $434.8M | $614.5M | ||
| Q3 25 | $438.5M | $562.0M | ||
| Q2 25 | $411.7M | $512.3M | ||
| Q1 25 | $416.4M | $479.1M | ||
| Q4 24 | $409.0M | $459.9M | ||
| Q3 24 | $412.1M | $430.1M | ||
| Q2 24 | $388.1M | $401.0M | ||
| Q1 24 | $386.0M | $378.6M |
净利润HMNNET
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $58.3M | $-1.3M | ||
| Q2 25 | $29.4M | $-50.4M | ||
| Q1 25 | $38.2M | $-38.5M | ||
| Q4 24 | — | $-12.8M | ||
| Q3 24 | $34.3M | $-15.3M | ||
| Q2 24 | $3.8M | $-15.1M | ||
| Q1 24 | $26.5M | $-35.5M |
毛利率HMNNET
| 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HMNNET
| Q4 25 | 10.5% | -8.0% | ||
| Q3 25 | 16.3% | -6.7% | ||
| Q2 25 | 8.9% | -13.1% | ||
| Q1 25 | 11.4% | -11.1% | ||
| Q4 24 | 11.8% | -7.5% | ||
| Q3 24 | 10.4% | -7.2% | ||
| Q2 24 | 1.2% | -8.7% | ||
| Q1 24 | 8.5% | -14.4% |
净利率HMNNET
| Q4 25 | — | -2.0% | ||
| Q3 25 | 13.3% | -0.2% | ||
| Q2 25 | 7.1% | -9.8% | ||
| Q1 25 | 9.2% | -8.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | 8.3% | -3.6% | ||
| Q2 24 | 1.0% | -3.8% | ||
| Q1 24 | 6.9% | -9.4% |
每股收益（稀释后）HMNNET
| Q4 25 | $0.87 | $-0.03 | ||
| Q3 25 | $1.40 | $0.00 | ||
| Q2 25 | $0.71 | $-0.15 | ||
| Q1 25 | $0.92 | $-0.11 | ||
| Q4 24 | $0.92 | $-0.05 | ||
| Q3 24 | $0.83 | $-0.04 | ||
| Q2 24 | $0.09 | $-0.04 | ||
| Q1 24 | $0.64 | $-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 | $27.5M | $943.5M |
| 总债务越低越好 | $593.4M | — |
| 股东权益账面价值 | $1.5B | $1.5B |
| 总资产 | $15.3B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.40× | — |
8季度趋势，按日历期对齐
现金及短期投资HMNNET
| Q4 25 | $27.5M | $943.5M | ||
| Q3 25 | $46.7M | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | $38.1M | $147.7M | ||
| Q3 24 | — | $182.9M | ||
| Q2 24 | — | $157.0M | ||
| Q1 24 | — | $254.4M |
总债务HMNNET
| Q4 25 | $593.4M | — | ||
| Q3 25 | $842.9M | — | ||
| Q2 25 | $547.5M | — | ||
| Q1 25 | $547.2M | — | ||
| Q4 24 | $547.0M | — | ||
| Q3 24 | $546.7M | — | ||
| Q2 24 | $546.5M | — | ||
| Q1 24 | $546.2M | — |
股东权益HMNNET
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $973.1M | ||
| Q2 24 | $1.2B | $881.5M | ||
| Q1 24 | $1.2B | $797.2M |
总资产HMNNET
| Q4 25 | $15.3B | $6.0B | ||
| Q3 25 | $15.5B | $5.8B | ||
| Q2 25 | $14.7B | $5.6B | ||
| Q1 25 | $14.4B | $3.7B | ||
| Q4 24 | $14.5B | $3.3B | ||
| Q3 24 | $14.7B | $3.1B | ||
| Q2 24 | $14.3B | $2.9B | ||
| Q1 24 | $14.2B | $2.8B |
负债/权益比HMNNET
| Q4 25 | 0.40× | — | ||
| Q3 25 | 0.58× | — | ||
| Q2 25 | 0.40× | — | ||
| Q1 25 | 0.41× | — | ||
| Q4 24 | 0.42× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.45× | — |
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 | $553.2M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | — | 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 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流HMNNET
| Q4 25 | $553.2M | $190.4M | ||
| Q3 25 | $151.2M | $167.1M | ||
| Q2 25 | $131.3M | $99.8M | ||
| Q1 25 | $140.8M | $145.8M | ||
| Q4 24 | $452.1M | $127.3M | ||
| Q3 24 | $143.9M | $104.7M | ||
| Q2 24 | $40.2M | $74.8M | ||
| Q1 24 | $74.5M | $73.6M |
自由现金流HMNNET
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率HMNNET
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度HMNNET
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率HMNNET
| Q4 25 | — | — | ||
| Q3 25 | 2.59× | — | ||
| Q2 25 | 4.47× | — | ||
| Q1 25 | 3.69× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.20× | — | ||
| Q2 24 | 10.58× | — | ||
| Q1 24 | 2.81× | — |
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
HMN
| Property And Casualty | $224.3M | 52% |
| Life And Retirement | $139.6M | 32% |
| Supplemental And Group Benefits | $77.0M | 18% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
