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玛斯特锁（MBC）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
玛斯特锁的季度营收约是Cloudflare, Inc.的1.0倍（$644.6M vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -6.5%，领先4.6%），Cloudflare, Inc.同比增速更快（33.6% vs -3.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $52.5M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 0.5%）
玛斯特锁是美国知名安防产品供应商，1921年由锁匠发明家哈里·索雷夫创立，总部位于威斯康星州奥克里克，主营挂锁、密码锁、保险箱及相关安防产品，现为富俊创新集团旗下子公司，在全球安防锁具领域拥有较高的市场认可度。
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。
MBC vs NET — 直观对比
营收规模更大
MBC
是对方的1.0倍
$614.5M
营收增速更快
NET
高出37.1%
-3.5%
净利率更高
NET
高出4.6%
-6.5%
自由现金流更多
NET
多$52.7M
$52.5M
两年增速更快
NET
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $644.6M | $614.5M |
| 净利润 | $-42.0M | $-12.1M |
| 毛利率 | 26.0% | 73.6% |
| 营业利润率 | -4.2% | -8.0% |
| 净利率 | -6.5% | -2.0% |
| 营收同比 | -3.5% | 33.6% |
| 净利润同比 | -400.0% | 6.0% |
| 每股收益（稀释后） | $-0.32 | $-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MBCNET
| Q4 25 | $644.6M | $614.5M | ||
| Q3 25 | $698.9M | $562.0M | ||
| Q2 25 | $730.9M | $512.3M | ||
| Q1 25 | $660.3M | $479.1M | ||
| Q4 24 | $667.7M | $459.9M | ||
| Q3 24 | $718.1M | $430.1M | ||
| Q2 24 | $676.5M | $401.0M | ||
| Q1 24 | $638.1M | $378.6M |
净利润MBCNET
| Q4 25 | $-42.0M | $-12.1M | ||
| Q3 25 | $18.1M | $-1.3M | ||
| Q2 25 | $37.3M | $-50.4M | ||
| Q1 25 | $13.3M | $-38.5M | ||
| Q4 24 | $14.0M | $-12.8M | ||
| Q3 24 | $29.1M | $-15.3M | ||
| Q2 24 | $45.3M | $-15.1M | ||
| Q1 24 | $37.5M | $-35.5M |
毛利率MBCNET
| Q4 25 | 26.0% | 73.6% | ||
| Q3 25 | 31.2% | 74.0% | ||
| Q2 25 | 32.8% | 74.9% | ||
| Q1 25 | 30.6% | 75.9% | ||
| Q4 24 | 30.4% | 76.4% | ||
| Q3 24 | 33.1% | 77.7% | ||
| Q2 24 | 34.1% | 77.8% | ||
| Q1 24 | 32.1% | 77.5% |
营业利润率MBCNET
| Q4 25 | -4.2% | -8.0% | ||
| Q3 25 | 6.0% | -6.7% | ||
| Q2 25 | 9.2% | -13.1% | ||
| Q1 25 | 5.6% | -11.1% | ||
| Q4 24 | 5.6% | -7.5% | ||
| Q3 24 | 8.0% | -7.2% | ||
| Q2 24 | 11.5% | -8.7% | ||
| Q1 24 | 9.8% | -14.4% |
净利率MBCNET
| Q4 25 | -6.5% | -2.0% | ||
| Q3 25 | 2.6% | -0.2% | ||
| Q2 25 | 5.1% | -9.8% | ||
| Q1 25 | 2.0% | -8.0% | ||
| Q4 24 | 2.1% | -2.8% | ||
| Q3 24 | 4.1% | -3.6% | ||
| Q2 24 | 6.7% | -3.8% | ||
| Q1 24 | 5.9% | -9.4% |
每股收益（稀释后）MBCNET
| Q4 25 | $-0.32 | $-0.03 | ||
| Q3 25 | $0.14 | $0.00 | ||
| Q2 25 | $0.29 | $-0.15 | ||
| Q1 25 | $0.10 | $-0.11 | ||
| Q4 24 | $0.10 | $-0.05 | ||
| Q3 24 | $0.22 | $-0.04 | ||
| Q2 24 | $0.35 | $-0.04 | ||
| Q1 24 | $0.29 | $-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 | $183.3M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.3B | $1.5B |
| 总资产 | $3.1B | $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MBCNET
| Q4 25 | $183.3M | $943.5M | ||
| Q3 25 | $114.8M | $1.1B | ||
| Q2 25 | $120.1M | $1.5B | ||
| Q1 25 | $113.5M | $204.5M | ||
| Q4 24 | $120.6M | $147.7M | ||
| Q3 24 | $108.4M | $182.9M | ||
| Q2 24 | $189.4M | $157.0M | ||
| Q1 24 | $153.7M | $254.4M |
总债务MBCNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MBCNET
| Q4 25 | $1.3B | $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 | $1.2B | $797.2M |
总资产MBCNET
| Q4 25 | $3.1B | $6.0B | ||
| Q3 25 | $3.0B | $5.8B | ||
| Q2 25 | $3.0B | $5.6B | ||
| Q1 25 | $3.0B | $3.7B | ||
| Q4 24 | $2.9B | $3.3B | ||
| Q3 24 | $3.0B | $3.1B | ||
| Q2 24 | $2.4B | $2.9B | ||
| Q1 24 | $2.4B | $2.8B |
负债/权益比MBCNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.79× | — | ||
| Q3 24 | 0.83× | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $86.9M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $52.5M | $105.2M |
| 自由现金流率自由现金流/营收 | 8.1% | 17.1% |
| 资本支出强度资本支出/营收 | 5.3% | 13.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $117.5M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MBCNET
| Q4 25 | $86.9M | $190.4M | ||
| Q3 25 | $55.4M | $167.1M | ||
| Q2 25 | $84.8M | $99.8M | ||
| Q1 25 | $-31.4M | $145.8M | ||
| Q4 24 | $115.1M | $127.3M | ||
| Q3 24 | $80.8M | $104.7M | ||
| Q2 24 | $77.4M | $74.8M | ||
| Q1 24 | $18.7M | $73.6M |
自由现金流MBCNET
| Q4 25 | $52.5M | $105.2M | ||
| Q3 25 | $39.5M | $82.5M | ||
| Q2 25 | $66.7M | $39.9M | ||
| Q1 25 | $-41.2M | $59.9M | ||
| Q4 24 | $68.8M | $54.2M | ||
| Q3 24 | $64.5M | $54.5M | ||
| Q2 24 | $66.1M | $45.2M | ||
| Q1 24 | $11.7M | $41.5M |
自由现金流率MBCNET
| Q4 25 | 8.1% | 17.1% | ||
| Q3 25 | 5.7% | 14.7% | ||
| Q2 25 | 9.1% | 7.8% | ||
| Q1 25 | -6.2% | 12.5% | ||
| Q4 24 | 10.3% | 11.8% | ||
| Q3 24 | 9.0% | 12.7% | ||
| Q2 24 | 9.8% | 11.3% | ||
| Q1 24 | 1.8% | 11.0% |
资本支出强度MBCNET
| Q4 25 | 5.3% | 13.9% | ||
| Q3 25 | 2.3% | 15.1% | ||
| Q2 25 | 2.5% | 11.7% | ||
| Q1 25 | 1.5% | 17.9% | ||
| Q4 24 | 6.9% | 15.9% | ||
| Q3 24 | 2.3% | 11.7% | ||
| Q2 24 | 1.7% | 7.4% | ||
| Q1 24 | 1.1% | 8.5% |
现金转化率MBCNET
| Q4 25 | — | — | ||
| Q3 25 | 3.06× | — | ||
| Q2 25 | 2.27× | — | ||
| Q1 25 | -2.36× | — | ||
| Q4 24 | 8.22× | — | ||
| Q3 24 | 2.78× | — | ||
| Q2 24 | 1.71× | — | ||
| Q1 24 | 0.50× | — |
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
MBC
| Dealers | $345.7M | 54% |
| Retail | $220.0M | 34% |
| Builders | $78.9M | 12% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
