vs
哈雷戴维森（HOG）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.的季度营收约是哈雷戴维森的1.6倍（$614.5M vs $390.5M），Cloudflare, Inc.净利率更高（-2.0% vs -72.3%，领先70.4%），Cloudflare, Inc.同比增速更快（33.6% vs -9.4%），Cloudflare, Inc.自由现金流更多（$105.2M vs $100.4M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -48.6%）
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
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。
HOG vs NET — 直观对比
营收规模更大
NET
是对方的1.6倍
$390.5M
营收增速更快
NET
高出43.0%
-9.4%
净利率更高
NET
高出70.4%
-72.3%
自由现金流更多
NET
多$4.8M
$100.4M
两年增速更快
NET
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $614.5M |
| 净利润 | $-282.6M | $-12.1M |
| 毛利率 | -7.9% | 73.6% |
| 营业利润率 | -92.4% | -8.0% |
| 净利率 | -72.3% | -2.0% |
| 营收同比 | -9.4% | 33.6% |
| 净利润同比 | -138.6% | 6.0% |
| 每股收益（稀释后） | $-2.27 | $-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HOGNET
| Q4 25 | $390.5M | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.0B | $512.3M | ||
| Q1 25 | $1.1B | $479.1M | ||
| Q4 24 | $430.9M | $459.9M | ||
| Q3 24 | $881.2M | $430.1M | ||
| Q2 24 | $1.4B | $401.0M | ||
| Q1 24 | $1.5B | $378.6M |
净利润HOGNET
| Q4 25 | $-282.6M | $-12.1M | ||
| Q3 25 | $377.4M | $-1.3M | ||
| Q2 25 | $107.6M | $-50.4M | ||
| Q1 25 | $133.1M | $-38.5M | ||
| Q4 24 | $-118.4M | $-12.8M | ||
| Q3 24 | $119.0M | $-15.3M | ||
| Q2 24 | $218.3M | $-15.1M | ||
| Q1 24 | $234.9M | $-35.5M |
毛利率HOGNET
| Q4 25 | -7.9% | 73.6% | ||
| Q3 25 | 26.0% | 74.0% | ||
| Q2 25 | 28.5% | 74.9% | ||
| Q1 25 | 28.9% | 75.9% | ||
| Q4 24 | -2.0% | 76.4% | ||
| Q3 24 | 29.8% | 77.7% | ||
| Q2 24 | 31.8% | 77.8% | ||
| Q1 24 | 30.9% | 77.5% |
营业利润率HOGNET
| Q4 25 | -92.4% | -8.0% | ||
| Q3 25 | 44.0% | -6.7% | ||
| Q2 25 | 10.7% | -13.1% | ||
| Q1 25 | 14.8% | -11.1% | ||
| Q4 24 | -44.9% | -7.5% | ||
| Q3 24 | 12.0% | -7.2% | ||
| Q2 24 | 17.8% | -8.7% | ||
| Q1 24 | 17.8% | -14.4% |
净利率HOGNET
| Q4 25 | -72.3% | -2.0% | ||
| Q3 25 | 35.0% | -0.2% | ||
| Q2 25 | 10.2% | -9.8% | ||
| Q1 25 | 12.3% | -8.0% | ||
| Q4 24 | -27.5% | -2.8% | ||
| Q3 24 | 13.5% | -3.6% | ||
| Q2 24 | 16.1% | -3.8% | ||
| Q1 24 | 15.9% | -9.4% |
每股收益（稀释后）HOGNET
| Q4 25 | $-2.27 | $-0.03 | ||
| Q3 25 | $3.10 | $0.00 | ||
| Q2 25 | $0.88 | $-0.15 | ||
| Q1 25 | $1.07 | $-0.11 | ||
| Q4 24 | $-0.82 | $-0.05 | ||
| Q3 24 | $0.91 | $-0.04 | ||
| Q2 24 | $1.63 | $-0.04 | ||
| Q1 24 | $1.72 | $-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 | $3.1B | $943.5M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $3.1B | $1.5B |
| 总资产 | $8.0B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.79× | — |
8季度趋势，按日历期对齐
现金及短期投资HOGNET
| Q4 25 | $3.1B | $943.5M | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.9B | $204.5M | ||
| Q4 24 | $1.6B | $147.7M | ||
| Q3 24 | $2.2B | $182.9M | ||
| Q2 24 | $1.8B | $157.0M | ||
| Q1 24 | $1.5B | $254.4M |
总债务HOGNET
| Q4 25 | $2.5B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $6.3B | — |
股东权益HOGNET
| Q4 25 | $3.1B | $1.5B | ||
| Q3 25 | $3.6B | $1.3B | ||
| Q2 25 | $3.3B | $1.2B | ||
| Q1 25 | $3.2B | $1.4B | ||
| Q4 24 | $3.2B | $1.0B | ||
| Q3 24 | $3.4B | $973.1M | ||
| Q2 24 | $3.4B | $881.5M | ||
| Q1 24 | $3.3B | $797.2M |
总资产HOGNET
| Q4 25 | $8.0B | $6.0B | ||
| Q3 25 | $10.6B | $5.8B | ||
| Q2 25 | $12.1B | $5.6B | ||
| Q1 25 | $12.4B | $3.7B | ||
| Q4 24 | $11.9B | $3.3B | ||
| Q3 24 | $13.0B | $3.1B | ||
| Q2 24 | $12.8B | $2.9B | ||
| Q1 24 | $12.3B | $2.8B |
负债/权益比HOGNET
| Q4 25 | 0.79× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 2.14× | — | ||
| Q4 24 | 2.00× | — | ||
| Q3 24 | 2.13× | — | ||
| Q2 24 | 2.03× | — | ||
| Q1 24 | 1.88× | — |
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 | $152.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $100.4M | $105.2M |
| 自由现金流率自由现金流/营收 | 25.7% | 17.1% |
| 资本支出强度资本支出/营收 | 13.2% | 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 | $415.2M | $287.5M |
8季度趋势，按日历期对齐
经营现金流HOGNET
| Q4 25 | $152.0M | $190.4M | ||
| Q3 25 | $-92.6M | $167.1M | ||
| Q2 25 | $368.0M | $99.8M | ||
| Q1 25 | $141.5M | $145.8M | ||
| Q4 24 | $133.2M | $127.3M | ||
| Q3 24 | $353.0M | $104.7M | ||
| Q2 24 | $473.6M | $74.8M | ||
| Q1 24 | $104.0M | $73.6M |
自由现金流HOGNET
| Q4 25 | $100.4M | $105.2M | ||
| Q3 25 | $-129.1M | $82.5M | ||
| Q2 25 | $332.4M | $39.9M | ||
| Q1 25 | $111.6M | $59.9M | ||
| Q4 24 | $77.0M | $54.2M | ||
| Q3 24 | $300.4M | $54.5M | ||
| Q2 24 | $432.2M | $45.2M | ||
| Q1 24 | $57.6M | $41.5M |
自由现金流率HOGNET
| Q4 25 | 25.7% | 17.1% | ||
| Q3 25 | -12.0% | 14.7% | ||
| Q2 25 | 31.7% | 7.8% | ||
| Q1 25 | 10.3% | 12.5% | ||
| Q4 24 | 17.9% | 11.8% | ||
| Q3 24 | 34.1% | 12.7% | ||
| Q2 24 | 31.9% | 11.3% | ||
| Q1 24 | 3.9% | 11.0% |
资本支出强度HOGNET
| Q4 25 | 13.2% | 13.9% | ||
| Q3 25 | 3.4% | 15.1% | ||
| Q2 25 | 3.4% | 11.7% | ||
| Q1 25 | 2.8% | 17.9% | ||
| Q4 24 | 13.0% | 15.9% | ||
| Q3 24 | 6.0% | 11.7% | ||
| Q2 24 | 3.1% | 7.4% | ||
| Q1 24 | 3.1% | 8.5% |
现金转化率HOGNET
| Q4 25 | — | — | ||
| Q3 25 | -0.25× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 1.06× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.97× | — | ||
| Q2 24 | 2.17× | — | ||
| Q1 24 | 0.44× | — |
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
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
