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礼恩派（LEG）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
礼恩派的季度营收约是Cloudflare, Inc.的1.5倍（$938.6M vs $614.5M），礼恩派净利率更高（2.7% vs -2.0%，领先4.6%），Cloudflare, Inc.同比增速更快（33.6% vs -11.2%），Cloudflare, Inc.自由现金流更多（$105.2M vs $101.9M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -7.5%）
礼恩派（Leggett & Platt）总部位于美国密苏里州迦太基，是一家多元化制造企业，成立于1883年。公司专注于设计生产各类工程组件及产品，广泛应用于家居与汽车领域。目前旗下设有15个业务单元，在全球18个国家拥有135座生产工厂，员工总数达2万名。
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。
LEG vs NET — 直观对比
营收规模更大
LEG
是对方的1.5倍
$614.5M
营收增速更快
NET
高出44.8%
-11.2%
净利率更高
LEG
高出4.6%
-2.0%
自由现金流更多
NET
多$3.3M
$101.9M
两年增速更快
NET
近两年复合增速
-7.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $938.6M | $614.5M |
| 净利润 | $25.1M | $-12.1M |
| 毛利率 | 17.9% | 73.6% |
| 营业利润率 | 2.0% | -8.0% |
| 净利率 | 2.7% | -2.0% |
| 营收同比 | -11.2% | 33.6% |
| 净利润同比 | 76.8% | 6.0% |
| 每股收益（稀释后） | $0.18 | $-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LEGNET
| Q4 25 | $938.6M | $614.5M | ||
| Q3 25 | $1.0B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $1.0B | $479.1M | ||
| Q4 24 | $1.1B | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $1.1B | $401.0M | ||
| Q1 24 | $1.1B | $378.6M |
净利润LEGNET
| Q4 25 | $25.1M | $-12.1M | ||
| Q3 25 | $127.1M | $-1.3M | ||
| Q2 25 | $52.5M | $-50.4M | ||
| Q1 25 | $30.6M | $-38.5M | ||
| Q4 24 | $14.2M | $-12.8M | ||
| Q3 24 | $44.9M | $-15.3M | ||
| Q2 24 | $-602.2M | $-15.1M | ||
| Q1 24 | $31.6M | $-35.5M |
毛利率LEGNET
| Q4 25 | 17.9% | 73.6% | ||
| Q3 25 | 18.7% | 74.0% | ||
| Q2 25 | 18.2% | 74.9% | ||
| Q1 25 | 18.6% | 75.9% | ||
| Q4 24 | 16.6% | 76.4% | ||
| Q3 24 | 18.2% | 77.7% | ||
| Q2 24 | 16.5% | 77.8% | ||
| Q1 24 | 17.0% | 77.5% |
营业利润率LEGNET
| Q4 25 | 2.0% | -8.0% | ||
| Q3 25 | 14.9% | -6.7% | ||
| Q2 25 | 6.8% | -13.1% | ||
| Q1 25 | 4.4% | -11.1% | ||
| Q4 24 | 2.4% | -7.5% | ||
| Q3 24 | 5.2% | -7.2% | ||
| Q2 24 | -56.2% | -8.7% | ||
| Q1 24 | 3.9% | -14.4% |
净利率LEGNET
| Q4 25 | 2.7% | -2.0% | ||
| Q3 25 | 12.3% | -0.2% | ||
| Q2 25 | 5.0% | -9.8% | ||
| Q1 25 | 3.0% | -8.0% | ||
| Q4 24 | 1.3% | -2.8% | ||
| Q3 24 | 4.1% | -3.6% | ||
| Q2 24 | -53.4% | -3.8% | ||
| Q1 24 | 2.9% | -9.4% |
每股收益（稀释后）LEGNET
| Q4 25 | $0.18 | $-0.03 | ||
| Q3 25 | $0.91 | $0.00 | ||
| Q2 25 | $0.38 | $-0.15 | ||
| Q1 25 | $0.22 | $-0.11 | ||
| Q4 24 | $0.10 | $-0.05 | ||
| Q3 24 | $0.33 | $-0.04 | ||
| Q2 24 | $-4.39 | $-0.04 | ||
| Q1 24 | $0.23 | $-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 | $587.4M | $943.5M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $1.0B | $1.5B |
| 总资产 | $3.5B | $6.0B |
| 负债/权益比越低杠杆越低 | 1.46× | — |
8季度趋势，按日历期对齐
现金及短期投资LEGNET
| Q4 25 | $587.4M | $943.5M | ||
| Q3 25 | $460.7M | $1.1B | ||
| Q2 25 | $368.8M | $1.5B | ||
| Q1 25 | $412.6M | $204.5M | ||
| Q4 24 | $350.2M | $147.7M | ||
| Q3 24 | $277.2M | $182.9M | ||
| Q2 24 | $307.0M | $157.0M | ||
| Q1 24 | $361.3M | $254.4M |
总债务LEGNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.8B | — |
股东权益LEGNET
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $971.8M | $1.3B | ||
| Q2 25 | $855.0M | $1.2B | ||
| Q1 25 | $746.8M | $1.4B | ||
| Q4 24 | $689.4M | $1.0B | ||
| Q3 24 | $741.0M | $973.1M | ||
| Q2 24 | $667.6M | $881.5M | ||
| Q1 24 | $1.3B | $797.2M |
总资产LEGNET
| Q4 25 | $3.5B | $6.0B | ||
| Q3 25 | $3.5B | $5.8B | ||
| Q2 25 | $3.7B | $5.6B | ||
| Q1 25 | $3.7B | $3.7B | ||
| Q4 24 | $3.7B | $3.3B | ||
| Q3 24 | $3.8B | $3.1B | ||
| Q2 24 | $3.8B | $2.9B | ||
| Q1 24 | $4.6B | $2.8B |
负债/权益比LEGNET
| Q4 25 | 1.46× | — | ||
| Q3 25 | 1.54× | — | ||
| Q2 25 | 2.10× | — | ||
| Q1 25 | 2.59× | — | ||
| Q4 24 | 2.70× | — | ||
| Q3 24 | 2.13× | — | ||
| Q2 24 | 2.55× | — | ||
| Q1 24 | 1.38× | — |
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 | $121.5M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $101.9M | $105.2M |
| 自由现金流率自由现金流/营收 | 10.9% | 17.1% |
| 资本支出强度资本支出/营收 | 2.1% | 13.9% |
| 现金转化率经营现金流/净利润 | 4.84× | — |
| 过去12个月自由现金流最近4个季度 | $281.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流LEGNET
| Q4 25 | $121.5M | $190.4M | ||
| Q3 25 | $125.9M | $167.1M | ||
| Q2 25 | $84.0M | $99.8M | ||
| Q1 25 | $6.8M | $145.8M | ||
| Q4 24 | $122.3M | $127.3M | ||
| Q3 24 | $95.5M | $104.7M | ||
| Q2 24 | $94.0M | $74.8M | ||
| Q1 24 | $-6.1M | $73.6M |
自由现金流LEGNET
| Q4 25 | $101.9M | $105.2M | ||
| Q3 25 | $110.1M | $82.5M | ||
| Q2 25 | $75.5M | $39.9M | ||
| Q1 25 | $-6.5M | $59.9M | ||
| Q4 24 | $100.5M | $54.2M | ||
| Q3 24 | $77.1M | $54.5M | ||
| Q2 24 | $78.5M | $45.2M | ||
| Q1 24 | $-32.0M | $41.5M |
自由现金流率LEGNET
| Q4 25 | 10.9% | 17.1% | ||
| Q3 25 | 10.6% | 14.7% | ||
| Q2 25 | 7.1% | 7.8% | ||
| Q1 25 | -0.6% | 12.5% | ||
| Q4 24 | 9.5% | 11.8% | ||
| Q3 24 | 7.0% | 12.7% | ||
| Q2 24 | 7.0% | 11.3% | ||
| Q1 24 | -2.9% | 11.0% |
资本支出强度LEGNET
| Q4 25 | 2.1% | 13.9% | ||
| Q3 25 | 1.5% | 15.1% | ||
| Q2 25 | 0.8% | 11.7% | ||
| Q1 25 | 1.3% | 17.9% | ||
| Q4 24 | 2.1% | 15.9% | ||
| Q3 24 | 1.7% | 11.7% | ||
| Q2 24 | 1.4% | 7.4% | ||
| Q1 24 | 2.4% | 8.5% |
现金转化率LEGNET
| Q4 25 | 4.84× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 1.60× | — | ||
| Q1 25 | 0.22× | — | ||
| Q4 24 | 8.61× | — | ||
| Q3 24 | 2.13× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.19× | — |
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
LEG
| Bedding Products | $373.8M | 40% |
| Flooring And Textile Products Group | $196.9M | 21% |
| Automotive Group | $194.9M | 21% |
| Work Furniture Group | $66.2M | 7% |
| Home Furniture Group | $61.0M | 6% |
| Hydraulic Cylinders | $45.8M | 5% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
