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Life Time Group Holdings, Inc.（LTH）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Life Time Group Holdings, Inc.的季度营收约是Cloudflare, Inc.的1.2倍（$745.1M vs $614.5M），Life Time Group Holdings, Inc.净利率更高（16.5% vs -2.0%，领先18.5%），Cloudflare, Inc.同比增速更快（33.6% vs 12.3%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-64.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 11.7%）
Life Time Group Holdings是美国高端健身康养服务运营商，在全美运营连锁高端运动场馆，提供健身器材使用、团体课程、私教指导、SPA护理、营养咨询、青少年运动项目及联合办公等服务，服务于追求健康生活方式的消费群体。
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。
LTH vs NET — 直观对比
营收规模更大
LTH
是对方的1.2倍
$614.5M
营收增速更快
NET
高出21.3%
12.3%
净利率更高
LTH
高出18.5%
-2.0%
自由现金流更多
NET
多$169.9M
$-64.6M
两年增速更快
NET
近两年复合增速
11.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $745.1M | $614.5M |
| 净利润 | $123.0M | $-12.1M |
| 毛利率 | 49.1% | 73.6% |
| 营业利润率 | 17.4% | -8.0% |
| 净利率 | 16.5% | -2.0% |
| 营收同比 | 12.3% | 33.6% |
| 净利润同比 | 231.0% | 6.0% |
| 每股收益（稀释后） | $0.55 | $-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LTHNET
| Q4 25 | $745.1M | $614.5M | ||
| Q3 25 | $782.6M | $562.0M | ||
| Q2 25 | $761.5M | $512.3M | ||
| Q1 25 | $706.0M | $479.1M | ||
| Q4 24 | $663.3M | $459.9M | ||
| Q3 24 | $693.2M | $430.1M | ||
| Q2 24 | $667.8M | $401.0M | ||
| Q1 24 | $596.7M | $378.6M |
净利润LTHNET
| Q4 25 | $123.0M | $-12.1M | ||
| Q3 25 | $102.4M | $-1.3M | ||
| Q2 25 | $72.1M | $-50.4M | ||
| Q1 25 | $76.1M | $-38.5M | ||
| Q4 24 | $37.2M | $-12.8M | ||
| Q3 24 | $41.4M | $-15.3M | ||
| Q2 24 | $52.8M | $-15.1M | ||
| Q1 24 | $24.9M | $-35.5M |
毛利率LTHNET
| Q4 25 | 49.1% | 73.6% | ||
| Q3 25 | 47.1% | 74.0% | ||
| Q2 25 | 47.0% | 74.9% | ||
| Q1 25 | 47.5% | 75.9% | ||
| Q4 24 | 48.2% | 76.4% | ||
| Q3 24 | 46.5% | 77.7% | ||
| Q2 24 | 46.8% | 77.8% | ||
| Q1 24 | 46.1% | 77.5% |
营业利润率LTHNET
| Q4 25 | 17.4% | -8.0% | ||
| Q3 25 | 17.3% | -6.7% | ||
| Q2 25 | 14.2% | -13.1% | ||
| Q1 25 | 15.2% | -11.1% | ||
| Q4 24 | 13.1% | -7.5% | ||
| Q3 24 | 13.5% | -7.2% | ||
| Q2 24 | 15.7% | -8.7% | ||
| Q1 24 | 12.1% | -14.4% |
净利率LTHNET
| Q4 25 | 16.5% | -2.0% | ||
| Q3 25 | 13.1% | -0.2% | ||
| Q2 25 | 9.5% | -9.8% | ||
| Q1 25 | 10.8% | -8.0% | ||
| Q4 24 | 5.6% | -2.8% | ||
| Q3 24 | 6.0% | -3.6% | ||
| Q2 24 | 7.9% | -3.8% | ||
| Q1 24 | 4.2% | -9.4% |
每股收益（稀释后）LTHNET
| Q4 25 | $0.55 | $-0.03 | ||
| Q3 25 | $0.45 | $0.00 | ||
| Q2 25 | $0.32 | $-0.15 | ||
| Q1 25 | $0.34 | $-0.11 | ||
| Q4 24 | $0.17 | $-0.05 | ||
| Q3 24 | $0.19 | $-0.04 | ||
| Q2 24 | $0.26 | $-0.04 | ||
| Q1 24 | $0.12 | $-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 | $204.8M | $943.5M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $3.1B | $1.5B |
| 总资产 | $8.0B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.48× | — |
8季度趋势，按日历期对齐
现金及短期投资LTHNET
| Q4 25 | $204.8M | $943.5M | ||
| Q3 25 | $218.9M | $1.1B | ||
| Q2 25 | $175.5M | $1.5B | ||
| Q1 25 | $59.0M | $204.5M | ||
| Q4 24 | $10.9M | $147.7M | ||
| Q3 24 | $120.9M | $182.9M | ||
| Q2 24 | $34.5M | $157.0M | ||
| Q1 24 | $18.6M | $254.4M |
总债务LTHNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $2.0B | — |
股东权益LTHNET
| Q4 25 | $3.1B | $1.5B | ||
| Q3 25 | $3.0B | $1.3B | ||
| Q2 25 | $2.9B | $1.2B | ||
| Q1 25 | $2.7B | $1.4B | ||
| Q4 24 | $2.6B | $1.0B | ||
| Q3 24 | $2.6B | $973.1M | ||
| Q2 24 | $2.4B | $881.5M | ||
| Q1 24 | $2.3B | $797.2M |
总资产LTHNET
| Q4 25 | $8.0B | $6.0B | ||
| Q3 25 | $7.8B | $5.8B | ||
| Q2 25 | $7.6B | $5.6B | ||
| Q1 25 | $7.3B | $3.7B | ||
| Q4 24 | $7.2B | $3.3B | ||
| Q3 24 | $7.2B | $3.1B | ||
| Q2 24 | $7.1B | $2.9B | ||
| Q1 24 | $7.1B | $2.8B |
负债/权益比LTHNET
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 0.87× | — |
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 | $239.9M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-64.6M | $105.2M |
| 自由现金流率自由现金流/营收 | -8.7% | 17.1% |
| 资本支出强度资本支出/营收 | 40.9% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.95× | — |
| 过去12个月自由现金流最近4个季度 | $-21.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流LTHNET
| Q4 25 | $239.9M | $190.4M | ||
| Q3 25 | $251.1M | $167.1M | ||
| Q2 25 | $195.7M | $99.8M | ||
| Q1 25 | $183.9M | $145.8M | ||
| Q4 24 | $163.1M | $127.3M | ||
| Q3 24 | $151.1M | $104.7M | ||
| Q2 24 | $170.4M | $74.8M | ||
| Q1 24 | $90.4M | $73.6M |
自由现金流LTHNET
| Q4 25 | $-64.6M | $105.2M | ||
| Q3 25 | $28.6M | $82.5M | ||
| Q2 25 | $-26.3M | $39.9M | ||
| Q1 25 | $41.4M | $59.9M | ||
| Q4 24 | $26.8M | $54.2M | ||
| Q3 24 | $64.0M | $54.5M | ||
| Q2 24 | $26.1M | $45.2M | ||
| Q1 24 | $-66.4M | $41.5M |
自由现金流率LTHNET
| Q4 25 | -8.7% | 17.1% | ||
| Q3 25 | 3.7% | 14.7% | ||
| Q2 25 | -3.5% | 7.8% | ||
| Q1 25 | 5.9% | 12.5% | ||
| Q4 24 | 4.0% | 11.8% | ||
| Q3 24 | 9.2% | 12.7% | ||
| Q2 24 | 3.9% | 11.3% | ||
| Q1 24 | -11.1% | 11.0% |
资本支出强度LTHNET
| Q4 25 | 40.9% | 13.9% | ||
| Q3 25 | 28.4% | 15.1% | ||
| Q2 25 | 29.2% | 11.7% | ||
| Q1 25 | 20.2% | 17.9% | ||
| Q4 24 | 20.6% | 15.9% | ||
| Q3 24 | 12.6% | 11.7% | ||
| Q2 24 | 21.6% | 7.4% | ||
| Q1 24 | 26.3% | 8.5% |
现金转化率LTHNET
| Q4 25 | 1.95× | — | ||
| Q3 25 | 2.45× | — | ||
| Q2 25 | 2.71× | — | ||
| Q1 25 | 2.41× | — | ||
| Q4 24 | 4.39× | — | ||
| Q3 24 | 3.65× | — | ||
| Q2 24 | 3.23× | — | ||
| Q1 24 | 3.63× | — |
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
LTH
| Membership | $535.1M | 72% |
| In Center | $191.2M | 26% |
| Other | $18.8M | 3% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
