vs
LivaNova PLC（LIVN）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LivaNova PLC的1.7倍（$614.5M vs $360.9M），LivaNova PLC净利率更高（8.6% vs -2.0%，领先10.5%），Cloudflare, Inc.同比增速更快（33.6% vs 12.1%），Cloudflare, Inc.自由现金流更多（$105.2M vs $50.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 10.6%）
LivaNova PLC是一家深耕医疗设备领域的企业，总部位于英国，核心业务为研发心脏外科及神经调控类医疗设备。该公司由美国Cyberonics公司与意大利Sorin公司于2015年以27亿美元对价合并成立，目前在纳斯达克挂牌交易，股票代码为LIVN。
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。
LIVN vs NET — 直观对比
营收规模更大
NET
是对方的1.7倍
$360.9M
营收增速更快
NET
高出21.5%
12.1%
净利率更高
LIVN
高出10.5%
-2.0%
自由现金流更多
NET
多$55.1M
$50.2M
两年增速更快
NET
近两年复合增速
10.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $360.9M | $614.5M |
| 净利润 | $30.9M | $-12.1M |
| 毛利率 | 65.2% | 73.6% |
| 营业利润率 | 11.8% | -8.0% |
| 净利率 | 8.6% | -2.0% |
| 营收同比 | 12.1% | 33.6% |
| 净利润同比 | -44.7% | 6.0% |
| 每股收益（稀释后） | $0.57 | $-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LIVNNET
| Q4 25 | $360.9M | $614.5M | ||
| Q3 25 | $357.8M | $562.0M | ||
| Q2 25 | $352.5M | $512.3M | ||
| Q1 25 | $316.9M | $479.1M | ||
| Q4 24 | $321.8M | $459.9M | ||
| Q3 24 | $318.1M | $430.1M | ||
| Q2 24 | $318.6M | $401.0M | ||
| Q1 24 | $294.9M | $378.6M |
净利润LIVNNET
| Q4 25 | $30.9M | $-12.1M | ||
| Q3 25 | $26.8M | $-1.3M | ||
| Q2 25 | $27.2M | $-50.4M | ||
| Q1 25 | $-327.3M | $-38.5M | ||
| Q4 24 | $55.9M | $-12.8M | ||
| Q3 24 | $33.0M | $-15.3M | ||
| Q2 24 | $16.3M | $-15.1M | ||
| Q1 24 | $-41.9M | $-35.5M |
毛利率LIVNNET
| Q4 25 | 65.2% | 73.6% | ||
| Q3 25 | 68.4% | 74.0% | ||
| Q2 25 | 67.8% | 74.9% | ||
| Q1 25 | 69.7% | 75.9% | ||
| Q4 24 | 68.2% | 76.4% | ||
| Q3 24 | 70.8% | 77.7% | ||
| Q2 24 | 68.7% | 77.8% | ||
| Q1 24 | 70.3% | 77.5% |
营业利润率LIVNNET
| Q4 25 | 11.8% | -8.0% | ||
| Q3 25 | 15.1% | -6.7% | ||
| Q2 25 | 15.4% | -13.1% | ||
| Q1 25 | 15.3% | -11.1% | ||
| Q4 24 | 11.5% | -7.5% | ||
| Q3 24 | 11.2% | -7.2% | ||
| Q2 24 | 12.6% | -8.7% | ||
| Q1 24 | 5.5% | -14.4% |
净利率LIVNNET
| Q4 25 | 8.6% | -2.0% | ||
| Q3 25 | 7.5% | -0.2% | ||
| Q2 25 | 7.7% | -9.8% | ||
| Q1 25 | -103.3% | -8.0% | ||
| Q4 24 | 17.4% | -2.8% | ||
| Q3 24 | 10.4% | -3.6% | ||
| Q2 24 | 5.1% | -3.8% | ||
| Q1 24 | -14.2% | -9.4% |
每股收益（稀释后）LIVNNET
| Q4 25 | $0.57 | $-0.03 | ||
| Q3 25 | $0.49 | $0.00 | ||
| Q2 25 | $0.50 | $-0.15 | ||
| Q1 25 | $-6.01 | $-0.11 | ||
| Q4 24 | $1.04 | $-0.05 | ||
| Q3 24 | $0.60 | $-0.04 | ||
| Q2 24 | $0.30 | $-0.04 | ||
| Q1 24 | $-0.78 | $-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 | $635.6M | $943.5M |
| 总债务越低越好 | $376.1M | — |
| 股东权益账面价值 | $1.2B | $1.5B |
| 总资产 | $2.6B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.31× | — |
8季度趋势，按日历期对齐
现金及短期投资LIVNNET
| Q4 25 | $635.6M | $943.5M | ||
| Q3 25 | $646.1M | $1.1B | ||
| Q2 25 | $593.6M | $1.5B | ||
| Q1 25 | $738.4M | $204.5M | ||
| Q4 24 | $428.9M | $147.7M | ||
| Q3 24 | $346.4M | $182.9M | ||
| Q2 24 | $329.2M | $157.0M | ||
| Q1 24 | $309.2M | $254.4M |
总债务LIVNNET
| Q4 25 | $376.1M | — | ||
| Q3 25 | $434.5M | — | ||
| Q2 25 | $430.6M | — | ||
| Q1 25 | $628.2M | — | ||
| Q4 24 | $627.0M | — | ||
| Q3 24 | $625.5M | — | ||
| Q2 24 | $624.5M | — | ||
| Q1 24 | $623.8M | — |
股东权益LIVNNET
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.0B | $1.4B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.3B | $973.1M | ||
| Q2 24 | $1.2B | $881.5M | ||
| Q1 24 | $1.2B | $797.2M |
总资产LIVNNET
| Q4 25 | $2.6B | $6.0B | ||
| Q3 25 | $2.6B | $5.8B | ||
| Q2 25 | $2.5B | $5.6B | ||
| Q1 25 | $2.6B | $3.7B | ||
| Q4 24 | $2.5B | $3.3B | ||
| Q3 24 | $2.5B | $3.1B | ||
| Q2 24 | $2.5B | $2.9B | ||
| Q1 24 | $2.5B | $2.8B |
负债/权益比LIVNNET
| Q4 25 | 0.31× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | 0.51× | — |
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 | $82.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $50.2M | $105.2M |
| 自由现金流率自由现金流/营收 | 13.9% | 17.1% |
| 资本支出强度资本支出/营收 | 8.9% | 13.9% |
| 现金转化率经营现金流/净利润 | 2.67× | — |
| 过去12个月自由现金流最近4个季度 | $173.3M | $287.5M |
8季度趋势，按日历期对齐
经营现金流LIVNNET
| Q4 25 | $82.4M | $190.4M | ||
| Q3 25 | $85.1M | $167.1M | ||
| Q2 25 | $62.9M | $99.8M | ||
| Q1 25 | $24.0M | $145.8M | ||
| Q4 24 | $78.7M | $127.3M | ||
| Q3 24 | $51.0M | $104.7M | ||
| Q2 24 | $43.4M | $74.8M | ||
| Q1 24 | $10.0M | $73.6M |
自由现金流LIVNNET
| Q4 25 | $50.2M | $105.2M | ||
| Q3 25 | $62.2M | $82.5M | ||
| Q2 25 | $47.8M | $39.9M | ||
| Q1 25 | $13.2M | $59.9M | ||
| Q4 24 | $68.3M | $54.2M | ||
| Q3 24 | $32.8M | $54.5M | ||
| Q2 24 | $31.2M | $45.2M | ||
| Q1 24 | $3.6M | $41.5M |
自由现金流率LIVNNET
| Q4 25 | 13.9% | 17.1% | ||
| Q3 25 | 17.4% | 14.7% | ||
| Q2 25 | 13.6% | 7.8% | ||
| Q1 25 | 4.2% | 12.5% | ||
| Q4 24 | 21.2% | 11.8% | ||
| Q3 24 | 10.3% | 12.7% | ||
| Q2 24 | 9.8% | 11.3% | ||
| Q1 24 | 1.2% | 11.0% |
资本支出强度LIVNNET
| Q4 25 | 8.9% | 13.9% | ||
| Q3 25 | 6.4% | 15.1% | ||
| Q2 25 | 4.3% | 11.7% | ||
| Q1 25 | 3.4% | 17.9% | ||
| Q4 24 | 3.2% | 15.9% | ||
| Q3 24 | 5.7% | 11.7% | ||
| Q2 24 | 3.8% | 7.4% | ||
| Q1 24 | 2.2% | 8.5% |
现金转化率LIVNNET
| Q4 25 | 2.67× | — | ||
| Q3 25 | 3.18× | — | ||
| Q2 25 | 2.32× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 2.65× | — | ||
| 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
LIVN
| Other | $169.4M | 47% |
| Neuromodulation Segment | $119.7M | 33% |
| Cardiopulmonary Segment | $71.8M | 20% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
