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HNI CORP（HNI）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
HNI CORP的季度营收约是Cloudflare, Inc.的1.1倍（$683.8M vs $614.5M），HNI CORP净利率更高（6.0% vs -2.0%，领先8.0%），Cloudflare, Inc.同比增速更快（33.6% vs 1.7%），HNI CORP自由现金流更多（$135.6M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 0.3%）
HNI公司是全球营收规模领先的办公家具制造商之一，同时也是全球壁炉产品行业的头部企业，生产销售燃气、电、燃木及生物质燃料壁炉、嵌入式炉具、取暖炉、饰面及相关配件。公司1944年由工程师C.麦克斯韦·斯坦利等三人联合创立，总部位于美国爱荷华州马斯卡廷。
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。
HNI vs NET — 直观对比
营收规模更大
HNI
是对方的1.1倍
$614.5M
营收增速更快
NET
高出31.9%
1.7%
净利率更高
HNI
高出8.0%
-2.0%
自由现金流更多
HNI
多$30.4M
$105.2M
两年增速更快
NET
近两年复合增速
0.3%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $683.8M | $614.5M |
| 净利润 | $41.2M | $-12.1M |
| 毛利率 | 42.1% | 73.6% |
| 营业利润率 | 9.4% | -8.0% |
| 净利率 | 6.0% | -2.0% |
| 营收同比 | 1.7% | 33.6% |
| 净利润同比 | -13.3% | 6.0% |
| 每股收益（稀释后） | $0.88 | $-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HNINET
| Q4 25 | — | $614.5M | ||
| Q3 25 | $683.8M | $562.0M | ||
| Q2 25 | $667.1M | $512.3M | ||
| Q1 25 | $599.8M | $479.1M | ||
| Q4 24 | $642.5M | $459.9M | ||
| Q3 24 | $672.2M | $430.1M | ||
| Q2 24 | $623.7M | $401.0M | ||
| Q1 24 | $588.0M | $378.6M |
净利润HNINET
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $41.2M | $-1.3M | ||
| Q2 25 | $48.2M | $-50.4M | ||
| Q1 25 | $13.9M | $-38.5M | ||
| Q4 24 | $38.3M | $-12.8M | ||
| Q3 24 | $47.5M | $-15.3M | ||
| Q2 24 | $36.0M | $-15.1M | ||
| Q1 24 | $17.7M | $-35.5M |
毛利率HNINET
| Q4 25 | — | 73.6% | ||
| Q3 25 | 42.1% | 74.0% | ||
| Q2 25 | 42.9% | 74.9% | ||
| Q1 25 | 39.7% | 75.9% | ||
| Q4 24 | 40.5% | 76.4% | ||
| Q3 24 | 41.5% | 77.7% | ||
| Q2 24 | 41.9% | 77.8% | ||
| Q1 24 | 39.6% | 77.5% |
营业利润率HNINET
| Q4 25 | — | -8.0% | ||
| Q3 25 | 9.4% | -6.7% | ||
| Q2 25 | 10.2% | -13.1% | ||
| Q1 25 | 4.1% | -11.1% | ||
| Q4 24 | 8.5% | -7.5% | ||
| Q3 24 | 10.2% | -7.2% | ||
| Q2 24 | 8.6% | -8.7% | ||
| Q1 24 | 5.1% | -14.4% |
净利率HNINET
| Q4 25 | — | -2.0% | ||
| Q3 25 | 6.0% | -0.2% | ||
| Q2 25 | 7.2% | -9.8% | ||
| Q1 25 | 2.3% | -8.0% | ||
| Q4 24 | 6.0% | -2.8% | ||
| Q3 24 | 7.1% | -3.6% | ||
| Q2 24 | 5.8% | -3.8% | ||
| Q1 24 | 3.0% | -9.4% |
每股收益（稀释后）HNINET
| Q4 25 | — | $-0.03 | ||
| Q3 25 | $0.88 | $0.00 | ||
| Q2 25 | $1.02 | $-0.15 | ||
| Q1 25 | $0.29 | $-0.11 | ||
| Q4 24 | $0.78 | $-0.05 | ||
| Q3 24 | $0.98 | $-0.04 | ||
| Q2 24 | $0.75 | $-0.04 | ||
| Q1 24 | $0.37 | $-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 | $28.1M | $943.5M |
| 总债务越低越好 | $324.2M | — |
| 股东权益账面价值 | $835.9M | $1.5B |
| 总资产 | $1.8B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.39× | — |
8季度趋势，按日历期对齐
现金及短期投资HNINET
| Q4 25 | — | $943.5M | ||
| Q3 25 | $28.1M | $1.1B | ||
| Q2 25 | $38.2M | $1.5B | ||
| Q1 25 | $27.5M | $204.5M | ||
| Q4 24 | $28.9M | $147.7M | ||
| Q3 24 | $40.2M | $182.9M | ||
| Q2 24 | $33.5M | $157.0M | ||
| Q1 24 | $32.5M | $254.4M |
总债务HNINET
| Q4 25 | — | — | ||
| Q3 25 | $324.2M | — | ||
| Q2 25 | $444.4M | — | ||
| Q1 25 | $404.7M | — | ||
| Q4 24 | $344.6M | — | ||
| Q3 24 | $345.4M | — | ||
| Q2 24 | $462.3M | — | ||
| Q1 24 | $473.0M | — |
股东权益HNINET
| Q4 25 | — | $1.5B | ||
| Q3 25 | $835.9M | $1.3B | ||
| Q2 25 | $811.0M | $1.2B | ||
| Q1 25 | $803.6M | $1.4B | ||
| Q4 24 | $840.1M | $1.0B | ||
| Q3 24 | $846.6M | $973.1M | ||
| Q2 24 | $787.8M | $881.5M | ||
| Q1 24 | $771.5M | $797.2M |
总资产HNINET
| Q4 25 | — | $6.0B | ||
| Q3 25 | $1.8B | $5.8B | ||
| Q2 25 | $1.9B | $5.6B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $1.9B | $3.3B | ||
| Q3 24 | $1.9B | $3.1B | ||
| Q2 24 | $1.9B | $2.9B | ||
| Q1 24 | $1.9B | $2.8B |
负债/权益比HNINET
| Q4 25 | — | — | ||
| Q3 25 | 0.39× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.41× | — | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.61× | — |
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 | $155.2M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $135.6M | $105.2M |
| 自由现金流率自由现金流/营收 | 19.8% | 17.1% |
| 资本支出强度资本支出/营收 | 2.9% | 13.9% |
| 现金转化率经营现金流/净利润 | 3.77× | — |
| 过去12个月自由现金流最近4个季度 | $189.5M | $287.5M |
8季度趋势，按日历期对齐
经营现金流HNINET
| Q4 25 | — | $190.4M | ||
| Q3 25 | $155.2M | $167.1M | ||
| Q2 25 | $31.1M | $99.8M | ||
| Q1 25 | $12.6M | $145.8M | ||
| Q4 24 | $51.2M | $127.3M | ||
| Q3 24 | $128.5M | $104.7M | ||
| Q2 24 | $51.3M | $74.8M | ||
| Q1 24 | $-4.3M | $73.6M |
自由现金流HNINET
| Q4 25 | — | $105.2M | ||
| Q3 25 | $135.6M | $82.5M | ||
| Q2 25 | $16.1M | $39.9M | ||
| Q1 25 | $-3.7M | $59.9M | ||
| Q4 24 | $41.5M | $54.2M | ||
| Q3 24 | $114.0M | $54.5M | ||
| Q2 24 | $33.8M | $45.2M | ||
| Q1 24 | $-15.5M | $41.5M |
自由现金流率HNINET
| Q4 25 | — | 17.1% | ||
| Q3 25 | 19.8% | 14.7% | ||
| Q2 25 | 2.4% | 7.8% | ||
| Q1 25 | -0.6% | 12.5% | ||
| Q4 24 | 6.5% | 11.8% | ||
| Q3 24 | 17.0% | 12.7% | ||
| Q2 24 | 5.4% | 11.3% | ||
| Q1 24 | -2.6% | 11.0% |
资本支出强度HNINET
| Q4 25 | — | 13.9% | ||
| Q3 25 | 2.9% | 15.1% | ||
| Q2 25 | 2.2% | 11.7% | ||
| Q1 25 | 2.7% | 17.9% | ||
| Q4 24 | 1.5% | 15.9% | ||
| Q3 24 | 2.2% | 11.7% | ||
| Q2 24 | 2.8% | 7.4% | ||
| Q1 24 | 1.9% | 8.5% |
现金转化率HNINET
| Q4 25 | — | — | ||
| Q3 25 | 3.77× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | 1.34× | — | ||
| Q3 24 | 2.71× | — | ||
| Q2 24 | 1.43× | — | ||
| Q1 24 | -0.24× | — |
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
HNI
| Systems Storage And Table | $309.9M | 45% |
| Residential Building Products | $166.9M | 24% |
| Seating Products | $161.1M | 24% |
| Other Products | $45.9M | 7% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
