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ICU MEDICAL INC（ICUI）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ICU MEDICAL INC的1.1倍（$614.5M vs $540.7M），Cloudflare, Inc.净利率更高（-2.0% vs -2.9%，领先0.9%），Cloudflare, Inc.同比增速更快（33.6% vs -14.1%），Cloudflare, Inc.自由现金流更多（$105.2M vs $36.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -2.3%）
ICU医疗是总部位于美国加利福尼亚州圣克莱门特的医疗科技企业，专注于研发预防血流感染、保护医护人员免受传染病或危险药物侵害的医疗产品，产品线覆盖静脉治疗用品、输液泵、无针血管通路设备、定制输液套装、危险药物密闭处理系统、传感导管以及无针封闭式血液采样系统等。
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。
ICUI vs NET — 直观对比
营收规模更大
NET
是对方的1.1倍
$540.7M
营收增速更快
NET
高出47.8%
-14.1%
净利率更高
NET
高出0.9%
-2.9%
自由现金流更多
NET
多$69.3M
$36.0M
两年增速更快
NET
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $540.7M | $614.5M |
| 净利润 | $-15.7M | $-12.1M |
| 毛利率 | 37.5% | 73.6% |
| 营业利润率 | 1.0% | -8.0% |
| 净利率 | -2.9% | -2.0% |
| 营收同比 | -14.1% | 33.6% |
| 净利润同比 | 34.0% | 6.0% |
| 每股收益（稀释后） | $-0.63 | $-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ICUINET
| Q4 25 | $540.7M | $614.5M | ||
| Q3 25 | $537.0M | $562.0M | ||
| Q2 25 | $548.9M | $512.3M | ||
| Q1 25 | $604.7M | $479.1M | ||
| Q4 24 | $629.8M | $459.9M | ||
| Q3 24 | $589.1M | $430.1M | ||
| Q2 24 | $596.5M | $401.0M | ||
| Q1 24 | $566.7M | $378.6M |
净利润ICUINET
| Q4 25 | $-15.7M | $-12.1M | ||
| Q3 25 | $-3.4M | $-1.3M | ||
| Q2 25 | $35.3M | $-50.4M | ||
| Q1 25 | $-15.5M | $-38.5M | ||
| Q4 24 | $-23.8M | $-12.8M | ||
| Q3 24 | $-33.0M | $-15.3M | ||
| Q2 24 | $-21.4M | $-15.1M | ||
| Q1 24 | $-39.5M | $-35.5M |
毛利率ICUINET
| Q4 25 | 37.5% | 73.6% | ||
| Q3 25 | 37.4% | 74.0% | ||
| Q2 25 | 37.9% | 74.9% | ||
| Q1 25 | 34.7% | 75.9% | ||
| Q4 24 | 36.1% | 76.4% | ||
| Q3 24 | 34.8% | 77.7% | ||
| Q2 24 | 34.8% | 77.8% | ||
| Q1 24 | 32.7% | 77.5% |
营业利润率ICUINET
| Q4 25 | 1.0% | -8.0% | ||
| Q3 25 | 2.6% | -6.7% | ||
| Q2 25 | 1.9% | -13.1% | ||
| Q1 25 | 2.1% | -11.1% | ||
| Q4 24 | 6.0% | -7.5% | ||
| Q3 24 | 1.4% | -7.2% | ||
| Q2 24 | 1.3% | -8.7% | ||
| Q1 24 | -1.9% | -14.4% |
净利率ICUINET
| Q4 25 | -2.9% | -2.0% | ||
| Q3 25 | -0.6% | -0.2% | ||
| Q2 25 | 6.4% | -9.8% | ||
| Q1 25 | -2.6% | -8.0% | ||
| Q4 24 | -3.8% | -2.8% | ||
| Q3 24 | -5.6% | -3.6% | ||
| Q2 24 | -3.6% | -3.8% | ||
| Q1 24 | -7.0% | -9.4% |
每股收益（稀释后）ICUINET
| Q4 25 | $-0.63 | $-0.03 | ||
| Q3 25 | $-0.14 | $0.00 | ||
| Q2 25 | $1.43 | $-0.15 | ||
| Q1 25 | $-0.63 | $-0.11 | ||
| Q4 24 | $-0.97 | $-0.05 | ||
| Q3 24 | $-1.35 | $-0.04 | ||
| Q2 24 | $-0.88 | $-0.04 | ||
| Q1 24 | $-1.63 | $-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 | — | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $1.5B |
| 总资产 | $4.1B | $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ICUINET
| Q4 25 | — | $943.5M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | $308.6M | $147.7M | ||
| Q3 24 | $312.5M | $182.9M | ||
| Q2 24 | $302.6M | $157.0M | ||
| Q1 24 | $251.4M | $254.4M |
股东权益ICUINET
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $2.0B | $1.0B | ||
| Q3 24 | $2.0B | $973.1M | ||
| Q2 24 | $2.0B | $881.5M | ||
| Q1 24 | $2.1B | $797.2M |
总资产ICUINET
| Q4 25 | $4.1B | $6.0B | ||
| Q3 25 | $4.1B | $5.8B | ||
| Q2 25 | $4.1B | $5.6B | ||
| Q1 25 | $4.2B | $3.7B | ||
| Q4 24 | $4.2B | $3.3B | ||
| Q3 24 | $4.3B | $3.1B | ||
| Q2 24 | $4.3B | $2.9B | ||
| Q1 24 | $4.3B | $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 | $60.6M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $36.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 6.6% | 17.1% |
| 资本支出强度资本支出/营收 | 4.6% | 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 | $91.8M | $287.5M |
8季度趋势，按日历期对齐
经营现金流ICUINET
| Q4 25 | $60.6M | $190.4M | ||
| Q3 25 | $56.7M | $167.1M | ||
| Q2 25 | $11.2M | $99.8M | ||
| Q1 25 | $51.3M | $145.8M | ||
| Q4 24 | $40.2M | $127.3M | ||
| Q3 24 | $36.1M | $104.7M | ||
| Q2 24 | $82.0M | $74.8M | ||
| Q1 24 | $45.8M | $73.6M |
自由现金流ICUINET
| Q4 25 | $36.0M | $105.2M | ||
| Q3 25 | $27.6M | $82.5M | ||
| Q2 25 | $-8.5M | $39.9M | ||
| Q1 25 | $36.7M | $59.9M | ||
| Q4 24 | $16.1M | $54.2M | ||
| Q3 24 | $16.2M | $54.5M | ||
| Q2 24 | $62.5M | $45.2M | ||
| Q1 24 | $29.9M | $41.5M |
自由现金流率ICUINET
| Q4 25 | 6.6% | 17.1% | ||
| Q3 25 | 5.1% | 14.7% | ||
| Q2 25 | -1.5% | 7.8% | ||
| Q1 25 | 6.1% | 12.5% | ||
| Q4 24 | 2.6% | 11.8% | ||
| Q3 24 | 2.7% | 12.7% | ||
| Q2 24 | 10.5% | 11.3% | ||
| Q1 24 | 5.3% | 11.0% |
资本支出强度ICUINET
| Q4 25 | 4.6% | 13.9% | ||
| Q3 25 | 5.4% | 15.1% | ||
| Q2 25 | 3.6% | 11.7% | ||
| Q1 25 | 2.4% | 17.9% | ||
| Q4 24 | 3.8% | 15.9% | ||
| Q3 24 | 3.4% | 11.7% | ||
| Q2 24 | 3.3% | 7.4% | ||
| Q1 24 | 2.8% | 8.5% |
现金转化率ICUINET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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
ICUI
| Infusion Consumables | $284.7M | 53% |
| Infusion Systems | $176.3M | 33% |
| Vital Care | $79.7M | 15% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
