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HEALTHEQUITY, INC.（HQY）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HEALTHEQUITY, INC.的1.9倍（$614.5M vs $322.2M），HEALTHEQUITY, INC.净利率更高（16.0% vs -2.0%，领先18.0%），Cloudflare, Inc.同比增速更快（33.6% vs 7.2%），HEALTHEQUITY, INC.自由现金流更多（$137.8M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 10.8%）
HealthEquity, Inc.是美国一家金融科技及商业服务企业，拥有美国国税局授予的非银行类健康储蓄受托人资质，无论用户资金存入哪家金融机构，该公司均可作为对应健康储蓄账户的托管方，提供专业账户管理服务。
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。
HQY vs NET — 直观对比
营收规模更大
NET
是对方的1.9倍
$322.2M
营收增速更快
NET
高出26.4%
7.2%
净利率更高
HQY
高出18.0%
-2.0%
自由现金流更多
HQY
多$32.6M
$105.2M
两年增速更快
NET
近两年复合增速
10.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $322.2M | $614.5M |
| 净利润 | $51.7M | $-12.1M |
| 毛利率 | 70.8% | 73.6% |
| 营业利润率 | 24.4% | -8.0% |
| 净利率 | 16.0% | -2.0% |
| 营收同比 | 7.2% | 33.6% |
| 净利润同比 | 806.4% | 6.0% |
| 每股收益（稀释后） | $0.59 | $-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HQYNET
| Q4 25 | $322.2M | $614.5M | ||
| Q3 25 | $325.8M | $562.0M | ||
| Q2 25 | $330.8M | $512.3M | ||
| Q1 25 | $311.8M | $479.1M | ||
| Q4 24 | $300.4M | $459.9M | ||
| Q3 24 | $299.9M | $430.1M | ||
| Q2 24 | $287.6M | $401.0M | ||
| Q1 24 | $262.4M | $378.6M |
净利润HQYNET
| Q4 25 | $51.7M | $-12.1M | ||
| Q3 25 | $59.9M | $-1.3M | ||
| Q2 25 | $53.9M | $-50.4M | ||
| Q1 25 | $26.4M | $-38.5M | ||
| Q4 24 | $5.7M | $-12.8M | ||
| Q3 24 | $35.8M | $-15.3M | ||
| Q2 24 | $28.8M | $-15.1M | ||
| Q1 24 | $26.4M | $-35.5M |
毛利率HQYNET
| Q4 25 | 70.8% | 73.6% | ||
| Q3 25 | 71.4% | 74.0% | ||
| Q2 25 | 67.8% | 74.9% | ||
| Q1 25 | 60.6% | 75.9% | ||
| Q4 24 | 65.6% | 76.4% | ||
| Q3 24 | 68.0% | 77.7% | ||
| Q2 24 | 65.1% | 77.8% | ||
| Q1 24 | 63.1% | 77.5% |
营业利润率HQYNET
| Q4 25 | 24.4% | -8.0% | ||
| Q3 25 | 27.5% | -6.7% | ||
| Q2 25 | 25.1% | -13.1% | ||
| Q1 25 | 13.5% | -11.1% | ||
| Q4 24 | 6.5% | -7.5% | ||
| Q3 24 | 19.6% | -7.2% | ||
| Q2 24 | 14.5% | -8.7% | ||
| Q1 24 | 14.8% | -14.4% |
净利率HQYNET
| Q4 25 | 16.0% | -2.0% | ||
| Q3 25 | 18.4% | -0.2% | ||
| Q2 25 | 16.3% | -9.8% | ||
| Q1 25 | 8.5% | -8.0% | ||
| Q4 24 | 1.9% | -2.8% | ||
| Q3 24 | 11.9% | -3.6% | ||
| Q2 24 | 10.0% | -3.8% | ||
| Q1 24 | 10.0% | -9.4% |
每股收益（稀释后）HQYNET
| Q4 25 | $0.59 | $-0.03 | ||
| Q3 25 | $0.68 | $0.00 | ||
| Q2 25 | $0.61 | $-0.15 | ||
| Q1 25 | $0.30 | $-0.11 | ||
| Q4 24 | $0.06 | $-0.05 | ||
| Q3 24 | $0.40 | $-0.04 | ||
| Q2 24 | $0.33 | $-0.04 | ||
| Q1 24 | $0.30 | $-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 | $309.3M | $943.5M |
| 总债务越低越好 | $982.1M | — |
| 股东权益账面价值 | $2.1B | $1.5B |
| 总资产 | $3.4B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资HQYNET
| Q4 25 | $309.3M | $943.5M | ||
| Q3 25 | $304.5M | $1.1B | ||
| Q2 25 | $287.9M | $1.5B | ||
| Q1 25 | $295.9M | $204.5M | ||
| Q4 24 | $322.2M | $147.7M | ||
| Q3 24 | $326.9M | $182.9M | ||
| Q2 24 | $251.2M | $157.0M | ||
| Q1 24 | $404.0M | $254.4M |
总债务HQYNET
| Q4 25 | $982.1M | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $925.7M | — | ||
| Q1 24 | $875.0M | — |
股东权益HQYNET
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $2.1B | $1.0B | ||
| Q3 24 | $2.2B | $973.1M | ||
| Q2 24 | $2.1B | $881.5M | ||
| Q1 24 | $2.0B | $797.2M |
总资产HQYNET
| Q4 25 | $3.4B | $6.0B | ||
| Q3 25 | $3.4B | $5.8B | ||
| Q2 25 | $3.4B | $5.6B | ||
| Q1 25 | $3.4B | $3.7B | ||
| Q4 24 | $3.5B | $3.3B | ||
| Q3 24 | $3.5B | $3.1B | ||
| Q2 24 | $3.2B | $2.9B | ||
| Q1 24 | $3.2B | $2.8B |
负债/权益比HQYNET
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.50× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.44× | — | ||
| Q1 24 | 0.43× | — |
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 | $138.6M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $137.8M | $105.2M |
| 自由现金流率自由现金流/营收 | 42.8% | 17.1% |
| 资本支出强度资本支出/营收 | 0.2% | 13.9% |
| 现金转化率经营现金流/净利润 | 2.68× | — |
| 过去12个月自由现金流最近4个季度 | $413.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流HQYNET
| Q4 25 | $138.6M | $190.4M | ||
| Q3 25 | $135.9M | $167.1M | ||
| Q2 25 | $64.7M | $99.8M | ||
| Q1 25 | $75.7M | $145.8M | ||
| Q4 24 | $90.5M | $127.3M | ||
| Q3 24 | $108.1M | $104.7M | ||
| Q2 24 | $65.4M | $74.8M | ||
| Q1 24 | $77.1M | $73.6M |
自由现金流HQYNET
| Q4 25 | $137.8M | $105.2M | ||
| Q3 25 | $135.1M | $82.5M | ||
| Q2 25 | $64.7M | $39.9M | ||
| Q1 25 | $75.4M | $59.9M | ||
| Q4 24 | $90.3M | $54.2M | ||
| Q3 24 | $107.4M | $54.5M | ||
| Q2 24 | $64.7M | $45.2M | ||
| Q1 24 | $76.5M | $41.5M |
自由现金流率HQYNET
| Q4 25 | 42.8% | 17.1% | ||
| Q3 25 | 41.5% | 14.7% | ||
| Q2 25 | 19.5% | 7.8% | ||
| Q1 25 | 24.2% | 12.5% | ||
| Q4 24 | 30.0% | 11.8% | ||
| Q3 24 | 35.8% | 12.7% | ||
| Q2 24 | 22.5% | 11.3% | ||
| Q1 24 | 29.2% | 11.0% |
资本支出强度HQYNET
| Q4 25 | 0.2% | 13.9% | ||
| Q3 25 | 0.2% | 15.1% | ||
| Q2 25 | 0.0% | 11.7% | ||
| Q1 25 | 0.1% | 17.9% | ||
| Q4 24 | 0.1% | 15.9% | ||
| Q3 24 | 0.2% | 11.7% | ||
| Q2 24 | 0.3% | 7.4% | ||
| Q1 24 | 0.2% | 8.5% |
现金转化率HQYNET
| Q4 25 | 2.68× | — | ||
| Q3 25 | 2.27× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 2.87× | — | ||
| Q4 24 | 15.88× | — | ||
| Q3 24 | 3.02× | — | ||
| Q2 24 | 2.27× | — | ||
| Q1 24 | 2.92× | — |
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
HQY
| Financial Service Other | $159.1M | 49% |
| Services | $120.3M | 37% |
| Credit And Debit Card | $42.8M | 13% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
