vs
MADRIGAL PHARMACEUTICALS, INC.（MDGL）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MADRIGAL PHARMACEUTICALS, INC.的1.9倍（$614.5M vs $321.1M），Cloudflare, Inc.净利率更高（-2.0% vs -18.2%，领先16.3%），MADRIGAL PHARMACEUTICALS, INC.同比增速更快（210.8% vs 33.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-133.8M）
本公司是一家美国生物制药企业，成立于2002年，专注于研发新型合成胆汁酸类似物，可用于治疗原发性胆汁性胆管炎、非酒精性脂肪肝、肝硬化等慢性肝病，以及胆汁酸性腹泻等肠道疾病。
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。
MDGL vs NET — 直观对比
营收规模更大
NET
是对方的1.9倍
$321.1M
营收增速更快
MDGL
高出177.2%
33.6%
净利率更高
NET
高出16.3%
-18.2%
自由现金流更多
NET
多$239.1M
$-133.8M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $321.1M | $614.5M |
| 净利润 | $-58.6M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | -18.6% | -8.0% |
| 净利率 | -18.2% | -2.0% |
| 营收同比 | 210.8% | 33.6% |
| 净利润同比 | 1.4% | 6.0% |
| 每股收益（稀释后） | $-2.55 | $-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MDGLNET
| Q4 25 | $321.1M | $614.5M | ||
| Q3 25 | $287.3M | $562.0M | ||
| Q2 25 | $212.8M | $512.3M | ||
| Q1 25 | $137.3M | $479.1M | ||
| Q4 24 | $103.3M | $459.9M | ||
| Q3 24 | $62.2M | $430.1M | ||
| Q2 24 | — | $401.0M | ||
| Q1 24 | $0 | $378.6M |
净利润MDGLNET
| Q4 25 | $-58.6M | $-12.1M | ||
| Q3 25 | $-114.2M | $-1.3M | ||
| Q2 25 | $-42.3M | $-50.4M | ||
| Q1 25 | $-73.2M | $-38.5M | ||
| Q4 24 | $-59.4M | $-12.8M | ||
| Q3 24 | $-107.0M | $-15.3M | ||
| Q2 24 | — | $-15.1M | ||
| Q1 24 | $-147.5M | $-35.5M |
毛利率MDGLNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | 96.7% | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率MDGLNET
| Q4 25 | -18.6% | -8.0% | ||
| Q3 25 | -39.7% | -6.7% | ||
| Q2 25 | -22.2% | -13.1% | ||
| Q1 25 | -57.8% | -11.1% | ||
| Q4 24 | -64.8% | -7.5% | ||
| Q3 24 | -187.1% | -7.2% | ||
| Q2 24 | — | -8.7% | ||
| Q1 24 | — | -14.4% |
净利率MDGLNET
| Q4 25 | -18.2% | -2.0% | ||
| Q3 25 | -39.8% | -0.2% | ||
| Q2 25 | -19.9% | -9.8% | ||
| Q1 25 | -53.4% | -8.0% | ||
| Q4 24 | -57.5% | -2.8% | ||
| Q3 24 | -172.0% | -3.6% | ||
| Q2 24 | — | -3.8% | ||
| Q1 24 | — | -9.4% |
每股收益（稀释后）MDGLNET
| Q4 25 | $-2.55 | $-0.03 | ||
| Q3 25 | $-5.08 | $0.00 | ||
| Q2 25 | $-1.90 | $-0.15 | ||
| Q1 25 | $-3.32 | $-0.11 | ||
| Q4 24 | $-2.50 | $-0.05 | ||
| Q3 24 | $-4.92 | $-0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | $-7.38 | $-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 | $198.7M | $943.5M |
| 总债务越低越好 | $339.9M | — |
| 股东权益账面价值 | $602.7M | $1.5B |
| 总资产 | $1.3B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.56× | — |
8季度趋势，按日历期对齐
现金及短期投资MDGLNET
| Q4 25 | $198.7M | $943.5M | ||
| Q3 25 | $295.7M | $1.1B | ||
| Q2 25 | $186.2M | $1.5B | ||
| Q1 25 | $183.6M | $204.5M | ||
| Q4 24 | $100.0M | $147.7M | ||
| Q3 24 | $232.7M | $182.9M | ||
| Q2 24 | — | $157.0M | ||
| Q1 24 | $622.5M | $254.4M |
总债务MDGLNET
| Q4 25 | $339.9M | — | ||
| Q3 25 | $339.8M | — | ||
| Q2 25 | $118.4M | — | ||
| Q1 25 | $118.0M | — | ||
| Q4 24 | $117.6M | — | ||
| Q3 24 | $117.1M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $116.1M | — |
股东权益MDGLNET
| Q4 25 | $602.7M | $1.5B | ||
| Q3 25 | $625.7M | $1.3B | ||
| Q2 25 | $696.0M | $1.2B | ||
| Q1 25 | $710.6M | $1.4B | ||
| Q4 24 | $754.4M | $1.0B | ||
| Q3 24 | $777.2M | $973.1M | ||
| Q2 24 | — | $881.5M | ||
| Q1 24 | $850.8M | $797.2M |
总资产MDGLNET
| Q4 25 | $1.3B | $6.0B | ||
| Q3 25 | $1.4B | $5.8B | ||
| Q2 25 | $1.0B | $5.6B | ||
| Q1 25 | $996.6M | $3.7B | ||
| Q4 24 | $1.0B | $3.3B | ||
| Q3 24 | $1.1B | $3.1B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | $1.1B | $2.8B |
负债/权益比MDGLNET
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.17× | — | ||
| Q4 24 | 0.16× | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | — |
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 | $-133.5M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-133.8M | $105.2M |
| 自由现金流率自由现金流/营收 | -41.7% | 17.1% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流MDGLNET
| Q4 25 | $-133.5M | $190.4M | ||
| Q3 25 | $79.8M | $167.1M | ||
| Q2 25 | $-47.1M | $99.8M | ||
| Q1 25 | $-88.9M | $145.8M | ||
| Q4 24 | $-104.5M | $127.3M | ||
| Q3 24 | $-67.0M | $104.7M | ||
| Q2 24 | — | $74.8M | ||
| Q1 24 | $-149.2M | $73.6M |
自由现金流MDGLNET
| Q4 25 | $-133.8M | $105.2M | ||
| Q3 25 | $79.0M | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | $-104.7M | $54.2M | ||
| Q3 24 | $-67.8M | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | $-149.5M | $41.5M |
自由现金流率MDGLNET
| Q4 25 | -41.7% | 17.1% | ||
| Q3 25 | 27.5% | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | -101.3% | 11.8% | ||
| Q3 24 | -109.0% | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度MDGLNET
| Q4 25 | 0.1% | 13.9% | ||
| Q3 25 | 0.3% | 15.1% | ||
| Q2 25 | 0.0% | 11.7% | ||
| Q1 25 | 0.0% | 17.9% | ||
| Q4 24 | 0.2% | 15.9% | ||
| Q3 24 | 1.3% | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
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
MDGL
| Rebates Customer Fees Credits Co Pay Assistance And Other | $208.5M | 65% |
| Other | $76.0M | 24% |
| Chargebacks Discounts For Prompt Pay And Other Allowances | $36.6M | 11% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
