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美世（MERC）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.的季度营收约是美世的1.4倍（$614.5M vs $449.5M），Cloudflare, Inc.净利率更高（-2.0% vs -68.7%，领先66.7%），Cloudflare, Inc.同比增速更快（33.6% vs -8.0%），Cloudflare, Inc.自由现金流更多（$105.2M vs $32.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -9.9%）
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
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。
MERC vs NET — 直观对比
营收规模更大
NET
是对方的1.4倍
$449.5M
营收增速更快
NET
高出41.6%
-8.0%
净利率更高
NET
高出66.7%
-68.7%
自由现金流更多
NET
多$73.2M
$32.0M
两年增速更快
NET
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $614.5M |
| 净利润 | $-308.7M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | -62.0% | -8.0% |
| 净利率 | -68.7% | -2.0% |
| 营收同比 | -8.0% | 33.6% |
| 净利润同比 | -1947.7% | 6.0% |
| 每股收益（稀释后） | $-4.61 | $-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MERCNET
| Q4 25 | $449.5M | $614.5M | ||
| Q3 25 | $458.1M | $562.0M | ||
| Q2 25 | $453.5M | $512.3M | ||
| Q1 25 | $507.0M | $479.1M | ||
| Q4 24 | $488.4M | $459.9M | ||
| Q3 24 | $502.1M | $430.1M | ||
| Q2 24 | $499.4M | $401.0M | ||
| Q1 24 | $553.4M | $378.6M |
净利润MERCNET
| Q4 25 | $-308.7M | $-12.1M | ||
| Q3 25 | $-80.8M | $-1.3M | ||
| Q2 25 | $-86.1M | $-50.4M | ||
| Q1 25 | $-22.3M | $-38.5M | ||
| Q4 24 | $16.7M | $-12.8M | ||
| Q3 24 | $-17.6M | $-15.3M | ||
| Q2 24 | $-67.6M | $-15.1M | ||
| Q1 24 | $-16.7M | $-35.5M |
毛利率MERCNET
| 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MERCNET
| Q4 25 | -62.0% | -8.0% | ||
| Q3 25 | -14.8% | -6.7% | ||
| Q2 25 | -12.9% | -13.1% | ||
| Q1 25 | 1.3% | -11.1% | ||
| Q4 24 | 10.3% | -7.5% | ||
| Q3 24 | 1.8% | -7.2% | ||
| Q2 24 | -8.8% | -8.7% | ||
| Q1 24 | -0.1% | -14.4% |
净利率MERCNET
| Q4 25 | -68.7% | -2.0% | ||
| Q3 25 | -17.6% | -0.2% | ||
| Q2 25 | -19.0% | -9.8% | ||
| Q1 25 | -4.4% | -8.0% | ||
| Q4 24 | 3.4% | -2.8% | ||
| Q3 24 | -3.5% | -3.6% | ||
| Q2 24 | -13.5% | -3.8% | ||
| Q1 24 | -3.0% | -9.4% |
每股收益（稀释后）MERCNET
| Q4 25 | $-4.61 | $-0.03 | ||
| Q3 25 | $-1.21 | $0.00 | ||
| Q2 25 | $-1.29 | $-0.15 | ||
| Q1 25 | $-0.33 | $-0.11 | ||
| Q4 24 | $0.25 | $-0.05 | ||
| Q3 24 | $-0.26 | $-0.04 | ||
| Q2 24 | $-1.01 | $-0.04 | ||
| Q1 24 | $-0.25 | $-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 | $186.8M | $943.5M |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $68.1M | $1.5B |
| 总资产 | $2.0B | $6.0B |
| 负债/权益比越低杠杆越低 | 23.58× | — |
8季度趋势，按日历期对齐
现金及短期投资MERCNET
| Q4 25 | $186.8M | $943.5M | ||
| Q3 25 | $98.1M | $1.1B | ||
| Q2 25 | $146.5M | $1.5B | ||
| Q1 25 | $181.5M | $204.5M | ||
| Q4 24 | $184.9M | $147.7M | ||
| Q3 24 | $239.0M | $182.9M | ||
| Q2 24 | $263.2M | $157.0M | ||
| Q1 24 | $274.3M | $254.4M |
总债务MERCNET
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
股东权益MERCNET
| Q4 25 | $68.1M | $1.5B | ||
| Q3 25 | $359.5M | $1.3B | ||
| Q2 25 | $446.5M | $1.2B | ||
| Q1 25 | $437.4M | $1.4B | ||
| Q4 24 | $429.8M | $1.0B | ||
| Q3 24 | $516.8M | $973.1M | ||
| Q2 24 | $487.7M | $881.5M | ||
| Q1 24 | $573.6M | $797.2M |
总资产MERCNET
| Q4 25 | $2.0B | $6.0B | ||
| Q3 25 | $2.3B | $5.8B | ||
| Q2 25 | $2.4B | $5.6B | ||
| Q1 25 | $2.3B | $3.7B | ||
| Q4 24 | $2.3B | $3.3B | ||
| Q3 24 | $2.5B | $3.1B | ||
| Q2 24 | $2.5B | $2.9B | ||
| Q1 24 | $2.6B | $2.8B |
负债/权益比MERCNET
| Q4 25 | 23.58× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 3.43× | — | ||
| Q3 24 | 3.09× | — | ||
| Q2 24 | 3.22× | — | ||
| Q1 24 | 2.82× | — |
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 | $46.2M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 7.1% | 17.1% |
| 资本支出强度资本支出/营收 | 3.1% | 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 | $-80.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MERCNET
| Q4 25 | $46.2M | $190.4M | ||
| Q3 25 | $-30.1M | $167.1M | ||
| Q2 25 | $-4.5M | $99.8M | ||
| Q1 25 | $-3.0M | $145.8M | ||
| Q4 24 | $71.2M | $127.3M | ||
| Q3 24 | $-13.9M | $104.7M | ||
| Q2 24 | $62.2M | $74.8M | ||
| Q1 24 | $-29.2M | $73.6M |
自由现金流MERCNET
| Q4 25 | $32.0M | $105.2M | ||
| Q3 25 | $-60.1M | $82.5M | ||
| Q2 25 | $-28.9M | $39.9M | ||
| Q1 25 | $-23.1M | $59.9M | ||
| Q4 24 | $50.4M | $54.2M | ||
| Q3 24 | $-41.2M | $54.5M | ||
| Q2 24 | $44.3M | $45.2M | ||
| Q1 24 | $-47.7M | $41.5M |
自由现金流率MERCNET
| Q4 25 | 7.1% | 17.1% | ||
| Q3 25 | -13.1% | 14.7% | ||
| Q2 25 | -6.4% | 7.8% | ||
| Q1 25 | -4.6% | 12.5% | ||
| Q4 24 | 10.3% | 11.8% | ||
| Q3 24 | -8.2% | 12.7% | ||
| Q2 24 | 8.9% | 11.3% | ||
| Q1 24 | -8.6% | 11.0% |
资本支出强度MERCNET
| Q4 25 | 3.1% | 13.9% | ||
| Q3 25 | 6.6% | 15.1% | ||
| Q2 25 | 5.4% | 11.7% | ||
| Q1 25 | 4.0% | 17.9% | ||
| Q4 24 | 4.2% | 15.9% | ||
| Q3 24 | 5.4% | 11.7% | ||
| Q2 24 | 3.6% | 7.4% | ||
| Q1 24 | 3.3% | 8.5% |
现金转化率MERCNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
