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Medpace Holdings, Inc.（MEDP）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Medpace Holdings, Inc.的季度营收约是Cloudflare, Inc.的1.2倍（$708.5M vs $614.5M），Medpace Holdings, Inc.净利率更高（19.1% vs -2.0%，领先21.0%），Cloudflare, Inc.同比增速更快（33.6% vs 32.0%），Medpace Holdings, Inc.自由现金流更多（$188.1M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 17.7%）
Medpace Holdings, Inc.是总部位于美国俄亥俄州辛辛那提的全球性临床研究机构（CRO），现有员工约6000人。公司采用全服务运营模式，可提供全球中心实验室、影像核心实验室、生物分析实验室服务，且在总部临床研究园区内设有I期临床试验单元。
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。
MEDP vs NET — 直观对比
营收规模更大
MEDP
是对方的1.2倍
$614.5M
营收增速更快
NET
高出1.6%
32.0%
净利率更高
MEDP
高出21.0%
-2.0%
自由现金流更多
MEDP
多$82.9M
$105.2M
两年增速更快
NET
近两年复合增速
17.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $708.5M | $614.5M |
| 净利润 | $135.1M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 21.6% | -8.0% |
| 净利率 | 19.1% | -2.0% |
| 营收同比 | 32.0% | 33.6% |
| 净利润同比 | 15.5% | 6.0% |
| 每股收益（稀释后） | $4.65 | $-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MEDPNET
| Q4 25 | $708.5M | $614.5M | ||
| Q3 25 | $659.9M | $562.0M | ||
| Q2 25 | $603.3M | $512.3M | ||
| Q1 25 | $558.6M | $479.1M | ||
| Q4 24 | $536.6M | $459.9M | ||
| Q3 24 | $533.3M | $430.1M | ||
| Q2 24 | $528.1M | $401.0M | ||
| Q1 24 | $511.0M | $378.6M |
净利润MEDPNET
| Q4 25 | $135.1M | $-12.1M | ||
| Q3 25 | $111.1M | $-1.3M | ||
| Q2 25 | $90.3M | $-50.4M | ||
| Q1 25 | $114.6M | $-38.5M | ||
| Q4 24 | $117.0M | $-12.8M | ||
| Q3 24 | $96.4M | $-15.3M | ||
| Q2 24 | $88.4M | $-15.1M | ||
| Q1 24 | $102.6M | $-35.5M |
毛利率MEDPNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率MEDPNET
| Q4 25 | 21.6% | -8.0% | ||
| Q3 25 | 21.5% | -6.7% | ||
| Q2 25 | 20.9% | -13.1% | ||
| Q1 25 | 20.3% | -11.1% | ||
| Q4 24 | 23.4% | -7.5% | ||
| Q3 24 | 21.1% | -7.2% | ||
| Q2 24 | 19.9% | -8.7% | ||
| Q1 24 | 20.4% | -14.4% |
净利率MEDPNET
| Q4 25 | 19.1% | -2.0% | ||
| Q3 25 | 16.8% | -0.2% | ||
| Q2 25 | 15.0% | -9.8% | ||
| Q1 25 | 20.5% | -8.0% | ||
| Q4 24 | 21.8% | -2.8% | ||
| Q3 24 | 18.1% | -3.6% | ||
| Q2 24 | 16.7% | -3.8% | ||
| Q1 24 | 20.1% | -9.4% |
每股收益（稀释后）MEDPNET
| Q4 25 | $4.65 | $-0.03 | ||
| Q3 25 | $3.86 | $0.00 | ||
| Q2 25 | $3.10 | $-0.15 | ||
| Q1 25 | $3.67 | $-0.11 | ||
| Q4 24 | $3.67 | $-0.05 | ||
| Q3 24 | $3.01 | $-0.04 | ||
| Q2 24 | $2.75 | $-0.04 | ||
| Q1 24 | $3.20 | $-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 | $497.0M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $459.1M | $1.5B |
| 总资产 | $2.0B | $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MEDPNET
| Q4 25 | $497.0M | $943.5M | ||
| Q3 25 | $285.4M | $1.1B | ||
| Q2 25 | $46.3M | $1.5B | ||
| Q1 25 | $441.4M | $204.5M | ||
| Q4 24 | $669.4M | $147.7M | ||
| Q3 24 | $656.9M | $182.9M | ||
| Q2 24 | $510.9M | $157.0M | ||
| Q1 24 | $407.0M | $254.4M |
股东权益MEDPNET
| Q4 25 | $459.1M | $1.5B | ||
| Q3 25 | $293.6M | $1.3B | ||
| Q2 25 | $172.4M | $1.2B | ||
| Q1 25 | $593.6M | $1.4B | ||
| Q4 24 | $825.5M | $1.0B | ||
| Q3 24 | $881.4M | $973.1M | ||
| Q2 24 | $763.6M | $881.5M | ||
| Q1 24 | $671.5M | $797.2M |
总资产MEDPNET
| Q4 25 | $2.0B | $6.0B | ||
| Q3 25 | $1.8B | $5.8B | ||
| Q2 25 | $1.6B | $5.6B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $2.1B | $3.3B | ||
| Q3 24 | $2.1B | $3.1B | ||
| Q2 24 | $1.9B | $2.9B | ||
| Q1 24 | $1.8B | $2.8B |
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 | $192.7M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $188.1M | $105.2M |
| 自由现金流率自由现金流/营收 | 26.6% | 17.1% |
| 资本支出强度资本支出/营收 | 0.6% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.43× | — |
| 过去12个月自由现金流最近4个季度 | $681.9M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MEDPNET
| Q4 25 | $192.7M | $190.4M | ||
| Q3 25 | $246.2M | $167.1M | ||
| Q2 25 | $148.5M | $99.8M | ||
| Q1 25 | $125.8M | $145.8M | ||
| Q4 24 | $190.7M | $127.3M | ||
| Q3 24 | $149.1M | $104.7M | ||
| Q2 24 | $116.4M | $74.8M | ||
| Q1 24 | $152.7M | $73.6M |
自由现金流MEDPNET
| Q4 25 | $188.1M | $105.2M | ||
| Q3 25 | $235.5M | $82.5M | ||
| Q2 25 | $142.4M | $39.9M | ||
| Q1 25 | $115.8M | $59.9M | ||
| Q4 24 | $183.0M | $54.2M | ||
| Q3 24 | $138.5M | $54.5M | ||
| Q2 24 | $103.5M | $45.2M | ||
| Q1 24 | $147.2M | $41.5M |
自由现金流率MEDPNET
| Q4 25 | 26.6% | 17.1% | ||
| Q3 25 | 35.7% | 14.7% | ||
| Q2 25 | 23.6% | 7.8% | ||
| Q1 25 | 20.7% | 12.5% | ||
| Q4 24 | 34.1% | 11.8% | ||
| Q3 24 | 26.0% | 12.7% | ||
| Q2 24 | 19.6% | 11.3% | ||
| Q1 24 | 28.8% | 11.0% |
资本支出强度MEDPNET
| Q4 25 | 0.6% | 13.9% | ||
| Q3 25 | 1.6% | 15.1% | ||
| Q2 25 | 1.0% | 11.7% | ||
| Q1 25 | 1.8% | 17.9% | ||
| Q4 24 | 1.4% | 15.9% | ||
| Q3 24 | 2.0% | 11.7% | ||
| Q2 24 | 2.4% | 7.4% | ||
| Q1 24 | 1.1% | 8.5% |
现金转化率MEDPNET
| Q4 25 | 1.43× | — | ||
| Q3 25 | 2.22× | — | ||
| Q2 25 | 1.65× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.63× | — | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 1.32× | — | ||
| Q1 24 | 1.49× | — |
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
MEDP
| Metabolic | $249.8M | 35% |
| Oncology | $195.9M | 28% |
| Other | $88.3M | 12% |
| Central Nervous System | $73.2M | 10% |
| Cardiology | $63.0M | 9% |
| Antiviral And Anti Infective | $38.3M | 5% |
| Related Party | $10.3M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
