vs
Stride, Inc.（LRN）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Stride, Inc.的季度营收约是Cloudflare, Inc.的1.0倍（$629.9M vs $614.5M），Stride, Inc.净利率更高（14.1% vs -2.0%，领先16.0%），Cloudflare, Inc.同比增速更快（33.6% vs 2.7%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 6.9%）
Stride, Inc.是一家营利性教育机构，主营在线及混合式教育项目。作为教育管理机构，其为K12阶段公立学校学生提供替代传统线下教学的在线教育方案，同时也开设职业学习课程。截至2012年，这家上市企业是全球招生规模最大的教育管理机构。
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。
LRN vs NET — 直观对比
营收规模更大
LRN
是对方的1.0倍
$614.5M
营收增速更快
NET
高出30.9%
2.7%
净利率更高
LRN
高出16.0%
-2.0%
两年增速更快
NET
近两年复合增速
6.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $629.9M | $614.5M |
| 净利润 | $88.5M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 20.5% | -8.0% |
| 净利率 | 14.1% | -2.0% |
| 营收同比 | 2.7% | 33.6% |
| 净利润同比 | 8.5% | 6.0% |
| 每股收益（稀释后） | $1.93 | $-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LRNNET
| Q3 26 | $629.9M | — | ||
| Q4 25 | $631.3M | $614.5M | ||
| Q3 25 | $620.9M | $562.0M | ||
| Q2 25 | $653.6M | $512.3M | ||
| Q1 25 | $613.4M | $479.1M | ||
| Q4 24 | $587.2M | $459.9M | ||
| Q3 24 | $551.1M | $430.1M | ||
| Q2 24 | — | $401.0M |
净利润LRNNET
| Q3 26 | $88.5M | — | ||
| Q4 25 | $99.5M | $-12.1M | ||
| Q3 25 | $68.8M | $-1.3M | ||
| Q2 25 | $51.3M | $-50.4M | ||
| Q1 25 | $99.3M | $-38.5M | ||
| Q4 24 | $96.4M | $-12.8M | ||
| Q3 24 | $40.9M | $-15.3M | ||
| Q2 24 | — | $-15.1M |
毛利率LRNNET
| Q3 26 | — | — | ||
| Q4 25 | 41.1% | 73.6% | ||
| Q3 25 | 39.0% | 74.0% | ||
| Q2 25 | 36.6% | 74.9% | ||
| Q1 25 | 40.6% | 75.9% | ||
| Q4 24 | 40.8% | 76.4% | ||
| Q3 24 | 39.2% | 77.7% | ||
| Q2 24 | — | 77.8% |
营业利润率LRNNET
| Q3 26 | 20.5% | — | ||
| Q4 25 | 23.3% | -8.0% | ||
| Q3 25 | 11.1% | -6.7% | ||
| Q2 25 | 8.7% | -13.1% | ||
| Q1 25 | 21.3% | -11.1% | ||
| Q4 24 | 21.3% | -7.5% | ||
| Q3 24 | 8.6% | -7.2% | ||
| Q2 24 | — | -8.7% |
净利率LRNNET
| Q3 26 | 14.1% | — | ||
| Q4 25 | 15.8% | -2.0% | ||
| Q3 25 | 11.1% | -0.2% | ||
| Q2 25 | 7.9% | -9.8% | ||
| Q1 25 | 16.2% | -8.0% | ||
| Q4 24 | 16.4% | -2.8% | ||
| Q3 24 | 7.4% | -3.6% | ||
| Q2 24 | — | -3.8% |
每股收益（稀释后）LRNNET
| Q3 26 | $1.93 | — | ||
| Q4 25 | $2.12 | $-0.03 | ||
| Q3 25 | $1.40 | $0.00 | ||
| Q2 25 | $0.96 | $-0.15 | ||
| Q1 25 | $2.02 | $-0.11 | ||
| Q4 24 | $2.03 | $-0.05 | ||
| Q3 24 | $0.94 | $-0.04 | ||
| Q2 24 | — | $-0.04 |
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 | $614.0M | $943.5M |
| 总债务越低越好 | $417.6M | — |
| 股东权益账面价值 | $1.6B | $1.5B |
| 总资产 | $2.4B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.25× | — |
8季度趋势，按日历期对齐
现金及短期投资LRNNET
| Q3 26 | $614.0M | — | ||
| Q4 25 | $625.7M | $943.5M | ||
| Q3 25 | $715.1M | $1.1B | ||
| Q2 25 | $985.3M | $1.5B | ||
| Q1 25 | $723.7M | $204.5M | ||
| Q4 24 | $717.5M | $147.7M | ||
| Q3 24 | $522.2M | $182.9M | ||
| Q2 24 | — | $157.0M |
总债务LRNNET
| Q3 26 | $417.6M | — | ||
| Q4 25 | $417.2M | — | ||
| Q3 25 | $416.8M | — | ||
| Q2 25 | $416.3M | — | ||
| Q1 25 | $415.9M | — | ||
| Q4 24 | $415.5M | — | ||
| Q3 24 | $415.1M | — | ||
| Q2 24 | — | — |
股东权益LRNNET
| Q3 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.3B | $1.0B | ||
| Q3 24 | $1.2B | $973.1M | ||
| Q2 24 | — | $881.5M |
总资产LRNNET
| Q3 26 | $2.4B | — | ||
| Q4 25 | $2.3B | $6.0B | ||
| Q3 25 | $2.3B | $5.8B | ||
| Q2 25 | $2.3B | $5.6B | ||
| Q1 25 | $2.2B | $3.7B | ||
| Q4 24 | $2.1B | $3.3B | ||
| Q3 24 | $2.0B | $3.1B | ||
| Q2 24 | — | $2.9B |
负债/权益比LRNNET
| Q3 26 | 0.25× | — | ||
| Q4 25 | 0.27× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.28× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | — | — |
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 | $117.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 现金转化率经营现金流/净利润 | 1.32× | — |
| 过去12个月自由现金流最近4个季度 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流LRNNET
| Q3 26 | $117.0M | — | ||
| Q4 25 | $91.8M | $190.4M | ||
| Q3 25 | $-195.8M | $167.1M | ||
| Q2 25 | $298.3M | $99.8M | ||
| Q1 25 | $53.1M | $145.8M | ||
| Q4 24 | $223.4M | $127.3M | ||
| Q3 24 | $-142.0M | $104.7M | ||
| Q2 24 | — | $74.8M |
自由现金流LRNNET
| Q3 26 | — | — | ||
| Q4 25 | $91.6M | $105.2M | ||
| Q3 25 | $-196.1M | $82.5M | ||
| Q2 25 | $297.9M | $39.9M | ||
| Q1 25 | $52.9M | $59.9M | ||
| Q4 24 | $222.9M | $54.2M | ||
| Q3 24 | $-142.7M | $54.5M | ||
| Q2 24 | — | $45.2M |
自由现金流率LRNNET
| Q3 26 | — | — | ||
| Q4 25 | 14.5% | 17.1% | ||
| Q3 25 | -31.6% | 14.7% | ||
| Q2 25 | 45.6% | 7.8% | ||
| Q1 25 | 8.6% | 12.5% | ||
| Q4 24 | 38.0% | 11.8% | ||
| Q3 24 | -25.9% | 12.7% | ||
| Q2 24 | — | 11.3% |
资本支出强度LRNNET
| Q3 26 | — | — | ||
| Q4 25 | 0.0% | 13.9% | ||
| Q3 25 | 0.0% | 15.1% | ||
| Q2 25 | 0.1% | 11.7% | ||
| Q1 25 | 0.0% | 17.9% | ||
| Q4 24 | 0.1% | 15.9% | ||
| Q3 24 | 0.1% | 11.7% | ||
| Q2 24 | — | 7.4% |
现金转化率LRNNET
| Q3 26 | 1.32× | — | ||
| Q4 25 | 0.92× | — | ||
| Q3 25 | -2.85× | — | ||
| Q2 25 | 5.81× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 2.32× | — | ||
| Q3 24 | -3.47× | — | ||
| Q2 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
LRN
| General Education | $357.5M | 57% |
| Middle - High School | $259.5M | 41% |
| Adult | $12.9M | 2% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
