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骏利亨德森集团（JHG）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
骏利亨德森集团的季度营收约是Cloudflare, Inc.的1.9倍（$1.1B vs $614.5M），骏利亨德森集团净利率更高（35.3% vs -2.0%，领先37.3%），骏利亨德森集团同比增速更快（61.3% vs 33.6%），骏利亨德森集团自由现金流更多（$320.4M vs $105.2M），过去两年骏利亨德森集团的营收复合增速更高（43.9% vs 27.4%）
骏利亨德森集团是英美联手设立的全球资产管理企业，总部位于英国伦敦金融城，旗下以「骏利亨德森投资者」为运营品牌，面向全球个人投资者、中介顾问及机构客户提供多元金融产品与专业资产管理服务。
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。
JHG vs NET — 直观对比
营收规模更大
JHG
是对方的1.9倍
$614.5M
营收增速更快
JHG
高出27.7%
33.6%
净利率更高
JHG
高出37.3%
-2.0%
自由现金流更多
JHG
多$215.2M
$105.2M
两年增速更快
JHG
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $614.5M |
| 净利润 | $403.2M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 42.7% | -8.0% |
| 净利率 | 35.3% | -2.0% |
| 营收同比 | 61.3% | 33.6% |
| 净利润同比 | 231.0% | 6.0% |
| 每股收益（稀释后） | $2.59 | $-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JHGNET
| Q4 25 | $1.1B | $614.5M | ||
| Q3 25 | $700.4M | $562.0M | ||
| Q2 25 | $633.2M | $512.3M | ||
| Q1 25 | $621.4M | $479.1M | ||
| Q4 24 | $708.3M | $459.9M | ||
| Q3 24 | $624.8M | $430.1M | ||
| Q2 24 | $588.4M | $401.0M | ||
| Q1 24 | $551.7M | $378.6M |
净利润JHGNET
| Q4 25 | $403.2M | $-12.1M | ||
| Q3 25 | $142.1M | $-1.3M | ||
| Q2 25 | $149.9M | $-50.4M | ||
| Q1 25 | $120.7M | $-38.5M | ||
| Q4 24 | $121.8M | $-12.8M | ||
| Q3 24 | $27.3M | $-15.3M | ||
| Q2 24 | $129.7M | $-15.1M | ||
| Q1 24 | $130.1M | $-35.5M |
毛利率JHGNET
| 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JHGNET
| Q4 25 | 42.7% | -8.0% | ||
| Q3 25 | 24.6% | -6.7% | ||
| Q2 25 | 25.9% | -13.1% | ||
| Q1 25 | 24.7% | -11.1% | ||
| Q4 24 | 27.9% | -7.5% | ||
| Q3 24 | 26.4% | -7.2% | ||
| Q2 24 | 27.9% | -8.7% | ||
| Q1 24 | 21.6% | -14.4% |
净利率JHGNET
| Q4 25 | 35.3% | -2.0% | ||
| Q3 25 | 20.3% | -0.2% | ||
| Q2 25 | 23.7% | -9.8% | ||
| Q1 25 | 19.4% | -8.0% | ||
| Q4 24 | 17.2% | -2.8% | ||
| Q3 24 | 4.4% | -3.6% | ||
| Q2 24 | 22.0% | -3.8% | ||
| Q1 24 | 23.6% | -9.4% |
每股收益（稀释后）JHGNET
| Q4 25 | $2.59 | $-0.03 | ||
| Q3 25 | $0.92 | $0.00 | ||
| Q2 25 | $0.95 | $-0.15 | ||
| Q1 25 | $0.77 | $-0.11 | ||
| Q4 24 | $0.77 | $-0.05 | ||
| Q3 24 | $0.17 | $-0.04 | ||
| Q2 24 | $0.81 | $-0.04 | ||
| Q1 24 | $0.81 | $-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 | $1.6B | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.1B | $1.5B |
| 总资产 | $8.3B | $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JHGNET
| Q4 25 | $1.6B | $943.5M | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.4B | $204.5M | ||
| Q4 24 | $1.6B | $147.7M | ||
| Q3 24 | $1.8B | $182.9M | ||
| Q2 24 | $1.3B | $157.0M | ||
| Q1 24 | $1.1B | $254.4M |
股东权益JHGNET
| Q4 25 | $5.1B | $1.5B | ||
| Q3 25 | $4.8B | $1.3B | ||
| Q2 25 | $4.8B | $1.2B | ||
| Q1 25 | $4.7B | $1.4B | ||
| Q4 24 | $4.6B | $1.0B | ||
| Q3 24 | $4.6B | $973.1M | ||
| Q2 24 | $4.5B | $881.5M | ||
| Q1 24 | $4.4B | $797.2M |
总资产JHGNET
| Q4 25 | $8.3B | $6.0B | ||
| Q3 25 | $7.6B | $5.8B | ||
| Q2 25 | $7.5B | $5.6B | ||
| Q1 25 | $7.1B | $3.7B | ||
| Q4 24 | $7.0B | $3.3B | ||
| Q3 24 | $7.3B | $3.1B | ||
| Q2 24 | $6.4B | $2.9B | ||
| Q1 24 | $6.3B | $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 | $322.7M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $320.4M | $105.2M |
| 自由现金流率自由现金流/营收 | 28.0% | 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 | 0.80× | — |
| 过去12个月自由现金流最近4个季度 | $710.9M | $287.5M |
8季度趋势，按日历期对齐
经营现金流JHGNET
| Q4 25 | $322.7M | $190.4M | ||
| Q3 25 | $258.8M | $167.1M | ||
| Q2 25 | $135.2M | $99.8M | ||
| Q1 25 | $2.8M | $145.8M | ||
| Q4 24 | $247.3M | $127.3M | ||
| Q3 24 | $228.5M | $104.7M | ||
| Q2 24 | $223.8M | $74.8M | ||
| Q1 24 | $-5.0M | $73.6M |
自由现金流JHGNET
| Q4 25 | $320.4M | $105.2M | ||
| Q3 25 | $256.4M | $82.5M | ||
| Q2 25 | $133.2M | $39.9M | ||
| Q1 25 | $900.0K | $59.9M | ||
| Q4 24 | $243.5M | $54.2M | ||
| Q3 24 | $225.9M | $54.5M | ||
| Q2 24 | $221.9M | $45.2M | ||
| Q1 24 | $-6.8M | $41.5M |
自由现金流率JHGNET
| Q4 25 | 28.0% | 17.1% | ||
| Q3 25 | 36.6% | 14.7% | ||
| Q2 25 | 21.0% | 7.8% | ||
| Q1 25 | 0.1% | 12.5% | ||
| Q4 24 | 34.4% | 11.8% | ||
| Q3 24 | 36.2% | 12.7% | ||
| Q2 24 | 37.7% | 11.3% | ||
| Q1 24 | -1.2% | 11.0% |
资本支出强度JHGNET
| Q4 25 | 0.2% | 13.9% | ||
| Q3 25 | 0.3% | 15.1% | ||
| Q2 25 | 0.3% | 11.7% | ||
| Q1 25 | 0.3% | 17.9% | ||
| Q4 24 | 0.5% | 15.9% | ||
| Q3 24 | 0.4% | 11.7% | ||
| Q2 24 | 0.3% | 7.4% | ||
| Q1 24 | 0.3% | 8.5% |
现金转化率JHGNET
| Q4 25 | 0.80× | — | ||
| Q3 25 | 1.82× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.02× | — | ||
| Q4 24 | 2.03× | — | ||
| Q3 24 | 8.37× | — | ||
| Q2 24 | 1.73× | — | ||
| Q1 24 | -0.04× | — |
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
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
