vs
林肯电气（LECO）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
林肯电气的季度营收约是Cloudflare, Inc.的1.8倍（$1.1B vs $614.5M），林肯电气净利率更高（12.6% vs -2.0%，领先14.6%），Cloudflare, Inc.同比增速更快（33.6% vs 5.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $52.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 4.9%）
林肯电气是美国跨国焊接产品制造企业，总部位于俄亥俄州欧几里得市，主营弧焊设备、焊接配件、等离子及氧燃料切割设备、焊接机器人系统等，业务覆盖160余个国家和地区，在全球设有42个生产基地，同时在19个国家布局了生产联盟及合资企业。
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。
LECO vs NET — 直观对比
营收规模更大
LECO
是对方的1.8倍
$614.5M
营收增速更快
NET
高出28.1%
5.5%
净利率更高
LECO
高出14.6%
-2.0%
自由现金流更多
NET
多$53.2M
$52.0M
两年增速更快
NET
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $614.5M |
| 净利润 | $136.0M | $-12.1M |
| 毛利率 | 34.7% | 73.6% |
| 营业利润率 | 17.1% | -8.0% |
| 净利率 | 12.6% | -2.0% |
| 营收同比 | 5.5% | 33.6% |
| 净利润同比 | -3.0% | 6.0% |
| 每股收益（稀释后） | $2.45 | $-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LECONET
| Q4 25 | $1.1B | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $1.0B | $479.1M | ||
| Q4 24 | $1.0B | $459.9M | ||
| Q3 24 | $983.8M | $430.1M | ||
| Q2 24 | $1.0B | $401.0M | ||
| Q1 24 | $981.2M | $378.6M |
净利润LECONET
| Q4 25 | $136.0M | $-12.1M | ||
| Q3 25 | $122.6M | $-1.3M | ||
| Q2 25 | $143.4M | $-50.4M | ||
| Q1 25 | $118.5M | $-38.5M | ||
| Q4 24 | $140.2M | $-12.8M | ||
| Q3 24 | $100.8M | $-15.3M | ||
| Q2 24 | $101.7M | $-15.1M | ||
| Q1 24 | $123.4M | $-35.5M |
毛利率LECONET
| Q4 25 | 34.7% | 73.6% | ||
| Q3 25 | 36.7% | 74.0% | ||
| Q2 25 | 37.3% | 74.9% | ||
| Q1 25 | 36.4% | 75.9% | ||
| Q4 24 | 36.1% | 76.4% | ||
| Q3 24 | 35.8% | 77.7% | ||
| Q2 24 | 37.6% | 77.8% | ||
| Q1 24 | 37.5% | 77.5% |
营业利润率LECONET
| Q4 25 | 17.1% | -8.0% | ||
| Q3 25 | 16.6% | -6.7% | ||
| Q2 25 | 17.6% | -13.1% | ||
| Q1 25 | 16.4% | -11.1% | ||
| Q4 24 | 17.3% | -7.5% | ||
| Q3 24 | 14.8% | -7.2% | ||
| Q2 24 | 14.6% | -8.7% | ||
| Q1 24 | 16.8% | -14.4% |
净利率LECONET
| Q4 25 | 12.6% | -2.0% | ||
| Q3 25 | 11.6% | -0.2% | ||
| Q2 25 | 13.2% | -9.8% | ||
| Q1 25 | 11.8% | -8.0% | ||
| Q4 24 | 13.7% | -2.8% | ||
| Q3 24 | 10.2% | -3.6% | ||
| Q2 24 | 10.0% | -3.8% | ||
| Q1 24 | 12.6% | -9.4% |
每股收益（稀释后）LECONET
| Q4 25 | $2.45 | $-0.03 | ||
| Q3 25 | $2.21 | $0.00 | ||
| Q2 25 | $2.56 | $-0.15 | ||
| Q1 25 | $2.10 | $-0.11 | ||
| Q4 24 | $2.47 | $-0.05 | ||
| Q3 24 | $1.77 | $-0.04 | ||
| Q2 24 | $1.77 | $-0.04 | ||
| Q1 24 | $2.14 | $-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 | $308.8M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $1.5B |
| 总资产 | $3.8B | $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LECONET
| Q4 25 | $308.8M | $943.5M | ||
| Q3 25 | $293.0M | $1.1B | ||
| Q2 25 | $299.5M | $1.5B | ||
| Q1 25 | $394.7M | $204.5M | ||
| Q4 24 | $377.3M | $147.7M | ||
| Q3 24 | $404.2M | $182.9M | ||
| Q2 24 | $272.7M | $157.0M | ||
| Q1 24 | $375.0M | $254.4M |
股东权益LECONET
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $973.1M | ||
| Q2 24 | $1.3B | $881.5M | ||
| Q1 24 | $1.3B | $797.2M |
总资产LECONET
| Q4 25 | $3.8B | $6.0B | ||
| Q3 25 | $3.8B | $5.8B | ||
| Q2 25 | $3.7B | $5.6B | ||
| Q1 25 | $3.6B | $3.7B | ||
| Q4 24 | $3.5B | $3.3B | ||
| Q3 24 | $3.7B | $3.1B | ||
| Q2 24 | $3.4B | $2.9B | ||
| Q1 24 | $3.4B | $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 | $95.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $52.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 4.8% | 17.1% |
| 资本支出强度资本支出/营收 | 4.0% | 13.9% |
| 现金转化率经营现金流/净利润 | 0.70× | — |
| 过去12个月自由现金流最近4个季度 | $534.2M | $287.5M |
8季度趋势，按日历期对齐
经营现金流LECONET
| Q4 25 | $95.0M | $190.4M | ||
| Q3 25 | $236.7M | $167.1M | ||
| Q2 25 | $143.8M | $99.8M | ||
| Q1 25 | $185.7M | $145.8M | ||
| Q4 24 | $95.8M | $127.3M | ||
| Q3 24 | $199.2M | $104.7M | ||
| Q2 24 | $170.7M | $74.8M | ||
| Q1 24 | $133.3M | $73.6M |
自由现金流LECONET
| Q4 25 | $52.0M | $105.2M | ||
| Q3 25 | $205.1M | $82.5M | ||
| Q2 25 | $118.4M | $39.9M | ||
| Q1 25 | $158.7M | $59.9M | ||
| Q4 24 | $64.3M | $54.2M | ||
| Q3 24 | $163.5M | $54.5M | ||
| Q2 24 | $147.5M | $45.2M | ||
| Q1 24 | $107.0M | $41.5M |
自由现金流率LECONET
| Q4 25 | 4.8% | 17.1% | ||
| Q3 25 | 19.3% | 14.7% | ||
| Q2 25 | 10.9% | 7.8% | ||
| Q1 25 | 15.8% | 12.5% | ||
| Q4 24 | 6.3% | 11.8% | ||
| Q3 24 | 16.6% | 12.7% | ||
| Q2 24 | 14.4% | 11.3% | ||
| Q1 24 | 10.9% | 11.0% |
资本支出强度LECONET
| Q4 25 | 4.0% | 13.9% | ||
| Q3 25 | 3.0% | 15.1% | ||
| Q2 25 | 2.3% | 11.7% | ||
| Q1 25 | 2.7% | 17.9% | ||
| Q4 24 | 3.1% | 15.9% | ||
| Q3 24 | 3.6% | 11.7% | ||
| Q2 24 | 2.3% | 7.4% | ||
| Q1 24 | 2.7% | 8.5% |
现金转化率LECONET
| Q4 25 | 0.70× | — | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 1.57× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 1.98× | — | ||
| Q2 24 | 1.68× | — | ||
| Q1 24 | 1.08× | — |
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
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
