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MUELLER INDUSTRIES INC（MLI）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
MUELLER INDUSTRIES INC的季度营收约是Cloudflare, Inc.的1.6倍（$962.4M vs $614.5M），MUELLER INDUSTRIES INC净利率更高（16.0% vs -2.0%，领先17.9%），Cloudflare, Inc.同比增速更快（33.6% vs 4.2%），MUELLER INDUSTRIES INC自由现金流更多（$121.4M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 6.4%）
Mueller Industries是美国知名工业制造企业，1917年正式成立，总部坐落于美国田纳西州孟菲斯市，主营管道产品、工业金属及暖通制冷设备，2022年入选《财富》1000强榜单，是年营收达数十亿美元的公开上市企业。
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。
MLI vs NET — 直观对比
营收规模更大
MLI
是对方的1.6倍
$614.5M
营收增速更快
NET
高出29.4%
4.2%
净利率更高
MLI
高出17.9%
-2.0%
自由现金流更多
MLI
多$16.2M
$105.2M
两年增速更快
NET
近两年复合增速
6.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $962.4M | $614.5M |
| 净利润 | $153.7M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 17.9% | -8.0% |
| 净利率 | 16.0% | -2.0% |
| 营收同比 | 4.2% | 33.6% |
| 净利润同比 | 11.7% | 6.0% |
| 每股收益（稀释后） | $1.37 | $-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MLINET
| Q4 25 | $962.4M | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $1.0B | $479.1M | ||
| Q4 24 | $923.5M | $459.9M | ||
| Q3 24 | $997.8M | $430.1M | ||
| Q2 24 | $997.7M | $401.0M | ||
| Q1 24 | $849.7M | $378.6M |
净利润MLINET
| Q4 25 | $153.7M | $-12.1M | ||
| Q3 25 | $208.1M | $-1.3M | ||
| Q2 25 | $245.9M | $-50.4M | ||
| Q1 25 | $157.4M | $-38.5M | ||
| Q4 24 | $137.7M | $-12.8M | ||
| Q3 24 | $168.7M | $-15.3M | ||
| Q2 24 | $160.2M | $-15.1M | ||
| Q1 24 | $138.4M | $-35.5M |
毛利率MLINET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | 27.6% | 77.7% | ||
| Q2 24 | 27.3% | 77.8% | ||
| Q1 24 | 28.4% | 77.5% |
营业利润率MLINET
| Q4 25 | 17.9% | -8.0% | ||
| Q3 25 | 25.6% | -6.7% | ||
| Q2 25 | 26.7% | -13.1% | ||
| Q1 25 | 20.6% | -11.1% | ||
| Q4 24 | 18.4% | -7.5% | ||
| Q3 24 | 20.7% | -7.2% | ||
| Q2 24 | 21.0% | -8.7% | ||
| Q1 24 | 21.6% | -14.4% |
净利率MLINET
| Q4 25 | 16.0% | -2.0% | ||
| Q3 25 | 19.3% | -0.2% | ||
| Q2 25 | 21.6% | -9.8% | ||
| Q1 25 | 15.7% | -8.0% | ||
| Q4 24 | 14.9% | -2.8% | ||
| Q3 24 | 16.9% | -3.6% | ||
| Q2 24 | 16.1% | -3.8% | ||
| Q1 24 | 16.3% | -9.4% |
每股收益（稀释后）MLINET
| Q4 25 | $1.37 | $-0.03 | ||
| Q3 25 | $1.88 | $0.00 | ||
| Q2 25 | $2.22 | $-0.15 | ||
| Q1 25 | $1.39 | $-0.11 | ||
| Q4 24 | $1.21 | $-0.05 | ||
| Q3 24 | $1.48 | $-0.04 | ||
| Q2 24 | $1.41 | $-0.04 | ||
| Q1 24 | $1.21 | $-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 | $1.4B | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $1.5B |
| 总资产 | $3.7B | $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MLINET
| Q4 25 | $1.4B | $943.5M | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $873.6M | $204.5M | ||
| Q4 24 | $1.1B | $147.7M | ||
| Q3 24 | $969.6M | $182.9M | ||
| Q2 24 | $825.7M | $157.0M | ||
| Q1 24 | $1.4B | $254.4M |
股东权益MLINET
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $3.1B | $1.3B | ||
| Q2 25 | $2.9B | $1.2B | ||
| Q1 25 | $2.7B | $1.4B | ||
| Q4 24 | $2.8B | $1.0B | ||
| Q3 24 | $2.7B | $973.1M | ||
| Q2 24 | $2.5B | $881.5M | ||
| Q1 24 | $2.4B | $797.2M |
总资产MLINET
| Q4 25 | $3.7B | $6.0B | ||
| Q3 25 | $3.7B | $5.8B | ||
| Q2 25 | $3.5B | $5.6B | ||
| Q1 25 | $3.2B | $3.7B | ||
| Q4 24 | $3.3B | $3.3B | ||
| Q3 24 | $3.2B | $3.1B | ||
| Q2 24 | $3.1B | $2.9B | ||
| Q1 24 | $2.9B | $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 | $141.2M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $121.4M | $105.2M |
| 自由现金流率自由现金流/营收 | 12.6% | 17.1% |
| 资本支出强度资本支出/营收 | 2.1% | 13.9% |
| 现金转化率经营现金流/净利润 | 0.92× | — |
| 过去12个月自由现金流最近4个季度 | $686.6M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MLINET
| Q4 25 | $141.2M | $190.4M | ||
| Q3 25 | $310.1M | $167.1M | ||
| Q2 25 | $190.6M | $99.8M | ||
| Q1 25 | $113.6M | $145.8M | ||
| Q4 24 | $140.1M | $127.3M | ||
| Q3 24 | $231.4M | $104.7M | ||
| Q2 24 | $100.8M | $74.8M | ||
| Q1 24 | $173.6M | $73.6M |
自由现金流MLINET
| Q4 25 | $121.4M | $105.2M | ||
| Q3 25 | $291.8M | $82.5M | ||
| Q2 25 | $176.5M | $39.9M | ||
| Q1 25 | $97.0M | $59.9M | ||
| Q4 24 | $111.2M | $54.2M | ||
| Q3 24 | $205.7M | $54.5M | ||
| Q2 24 | $91.6M | $45.2M | ||
| Q1 24 | $157.2M | $41.5M |
自由现金流率MLINET
| Q4 25 | 12.6% | 17.1% | ||
| Q3 25 | 27.1% | 14.7% | ||
| Q2 25 | 15.5% | 7.8% | ||
| Q1 25 | 9.7% | 12.5% | ||
| Q4 24 | 12.0% | 11.8% | ||
| Q3 24 | 20.6% | 12.7% | ||
| Q2 24 | 9.2% | 11.3% | ||
| Q1 24 | 18.5% | 11.0% |
资本支出强度MLINET
| Q4 25 | 2.1% | 13.9% | ||
| Q3 25 | 1.7% | 15.1% | ||
| Q2 25 | 1.2% | 11.7% | ||
| Q1 25 | 1.7% | 17.9% | ||
| Q4 24 | 3.1% | 15.9% | ||
| Q3 24 | 2.6% | 11.7% | ||
| Q2 24 | 0.9% | 7.4% | ||
| Q1 24 | 1.9% | 8.5% |
现金转化率MLINET
| Q4 25 | 0.92× | — | ||
| Q3 25 | 1.49× | — | ||
| Q2 25 | 0.78× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 1.02× | — | ||
| Q3 24 | 1.37× | — | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 1.25× | — |
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
MLI
| Tube And Fittings | $484.6M | 50% |
| Industrial Metals | $252.2M | 26% |
| Valves And Plumbing Specialties | $122.5M | 13% |
| Flex Duct And Other HVAC Components | $80.8M | 8% |
| Other Products | $14.9M | 2% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
