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摩丁制造（MOD）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
摩丁制造的季度营收约是Cloudflare, Inc.的1.3倍（$805.0M vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -5.9%，领先3.9%），Cloudflare, Inc.同比增速更快（33.6% vs 30.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-17.1M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 15.5%）
摩丁制造是1916年成立于美国的热管理企业。创始人亚瑟·B·摩丁获拖拉机Spirex散热器专利后创立公司，曾为福特T型车生产Turbotube散热器，1941年在威斯康星州拉辛建成全球首个车用风洞，二战期间为P-51野马战斗机供应后冷却器。
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。
MOD vs NET — 直观对比
营收规模更大
MOD
是对方的1.3倍
$614.5M
营收增速更快
NET
高出3.1%
30.5%
净利率更高
NET
高出3.9%
-5.9%
自由现金流更多
NET
多$122.3M
$-17.1M
两年增速更快
NET
近两年复合增速
15.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $805.0M | $614.5M |
| 净利润 | $-47.4M | $-12.1M |
| 毛利率 | 23.1% | 73.6% |
| 营业利润率 | 11.1% | -8.0% |
| 净利率 | -5.9% | -2.0% |
| 营收同比 | 30.5% | 33.6% |
| 净利润同比 | -215.6% | 6.0% |
| 每股收益（稀释后） | $-0.90 | $-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MODNET
| Q4 25 | $805.0M | $614.5M | ||
| Q3 25 | $738.9M | $562.0M | ||
| Q2 25 | $682.8M | $512.3M | ||
| Q1 25 | $647.2M | $479.1M | ||
| Q4 24 | $616.8M | $459.9M | ||
| Q3 24 | $658.0M | $430.1M | ||
| Q2 24 | $661.5M | $401.0M | ||
| Q1 24 | $603.5M | $378.6M |
净利润MODNET
| Q4 25 | $-47.4M | $-12.1M | ||
| Q3 25 | $44.4M | $-1.3M | ||
| Q2 25 | $51.2M | $-50.4M | ||
| Q1 25 | $49.6M | $-38.5M | ||
| Q4 24 | $41.0M | $-12.8M | ||
| Q3 24 | $46.1M | $-15.3M | ||
| Q2 24 | $47.3M | $-15.1M | ||
| Q1 24 | $25.8M | $-35.5M |
毛利率MODNET
| Q4 25 | 23.1% | 73.6% | ||
| Q3 25 | 22.3% | 74.0% | ||
| Q2 25 | 24.2% | 74.9% | ||
| Q1 25 | 25.6% | 75.9% | ||
| Q4 24 | 24.3% | 76.4% | ||
| Q3 24 | 25.2% | 77.7% | ||
| Q2 24 | 24.6% | 77.8% | ||
| Q1 24 | 22.4% | 77.5% |
营业利润率MODNET
| Q4 25 | 11.1% | -8.0% | ||
| Q3 25 | 9.9% | -6.7% | ||
| Q2 25 | 11.1% | -13.1% | ||
| Q1 25 | 11.5% | -11.1% | ||
| Q4 24 | 9.6% | -7.5% | ||
| Q3 24 | 11.4% | -7.2% | ||
| Q2 24 | 11.2% | -8.7% | ||
| Q1 24 | 7.8% | -14.4% |
净利率MODNET
| Q4 25 | -5.9% | -2.0% | ||
| Q3 25 | 6.0% | -0.2% | ||
| Q2 25 | 7.5% | -9.8% | ||
| Q1 25 | 7.7% | -8.0% | ||
| Q4 24 | 6.6% | -2.8% | ||
| Q3 24 | 7.0% | -3.6% | ||
| Q2 24 | 7.2% | -3.8% | ||
| Q1 24 | 4.3% | -9.4% |
每股收益（稀释后）MODNET
| Q4 25 | $-0.90 | $-0.03 | ||
| Q3 25 | $0.83 | $0.00 | ||
| Q2 25 | $0.95 | $-0.15 | ||
| Q1 25 | $0.92 | $-0.11 | ||
| Q4 24 | $0.76 | $-0.05 | ||
| Q3 24 | $0.86 | $-0.04 | ||
| Q2 24 | $0.88 | $-0.04 | ||
| Q1 24 | $0.48 | $-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 | $98.7M | $943.5M |
| 总债务越低越好 | $570.7M | — |
| 股东权益账面价值 | $1.1B | $1.5B |
| 总资产 | $2.5B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.51× | — |
8季度趋势，按日历期对齐
现金及短期投资MODNET
| Q4 25 | $98.7M | $943.5M | ||
| Q3 25 | $83.8M | $1.1B | ||
| Q2 25 | $124.5M | $1.5B | ||
| Q1 25 | $71.6M | $204.5M | ||
| Q4 24 | $83.8M | $147.7M | ||
| Q3 24 | $78.6M | $182.9M | ||
| Q2 24 | $72.9M | $157.0M | ||
| Q1 24 | $60.1M | $254.4M |
总债务MODNET
| Q4 25 | $570.7M | — | ||
| Q3 25 | $525.8M | — | ||
| Q2 25 | $482.1M | — | ||
| Q1 25 | $296.7M | — | ||
| Q4 24 | $330.0M | — | ||
| Q3 24 | $359.1M | — | ||
| Q2 24 | $405.7M | — | ||
| Q1 24 | $399.9M | — |
股东权益MODNET
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $910.2M | $1.4B | ||
| Q4 24 | $855.1M | $1.0B | ||
| Q3 24 | $858.8M | $973.1M | ||
| Q2 24 | $788.4M | $881.5M | ||
| Q1 24 | $747.6M | $797.2M |
总资产MODNET
| Q4 25 | $2.5B | $6.0B | ||
| Q3 25 | $2.4B | $5.8B | ||
| Q2 25 | $2.2B | $5.6B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $1.8B | $3.3B | ||
| Q3 24 | $1.9B | $3.1B | ||
| Q2 24 | $1.9B | $2.9B | ||
| Q1 24 | $1.9B | $2.8B |
负债/权益比MODNET
| Q4 25 | 0.51× | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.53× | — |
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 | $24.7M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-17.1M | $105.2M |
| 自由现金流率自由现金流/营收 | -2.1% | 17.1% |
| 资本支出强度资本支出/营收 | 5.2% | 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 | $-20.3M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MODNET
| Q4 25 | $24.7M | $190.4M | ||
| Q3 25 | $1.4M | $167.1M | ||
| Q2 25 | $27.7M | $99.8M | ||
| Q1 25 | $54.8M | $145.8M | ||
| Q4 24 | $60.7M | $127.3M | ||
| Q3 24 | $57.3M | $104.7M | ||
| Q2 24 | $40.5M | $74.8M | ||
| Q1 24 | $39.6M | $73.6M |
自由现金流MODNET
| Q4 25 | $-17.1M | $105.2M | ||
| Q3 25 | $-30.5M | $82.5M | ||
| Q2 25 | $200.0K | $39.9M | ||
| Q1 25 | $27.1M | $59.9M | ||
| Q4 24 | $44.7M | $54.2M | ||
| Q3 24 | $43.8M | $54.5M | ||
| Q2 24 | $13.7M | $45.2M | ||
| Q1 24 | $-4.3M | $41.5M |
自由现金流率MODNET
| Q4 25 | -2.1% | 17.1% | ||
| Q3 25 | -4.1% | 14.7% | ||
| Q2 25 | 0.0% | 7.8% | ||
| Q1 25 | 4.2% | 12.5% | ||
| Q4 24 | 7.2% | 11.8% | ||
| Q3 24 | 6.7% | 12.7% | ||
| Q2 24 | 2.1% | 11.3% | ||
| Q1 24 | -0.7% | 11.0% |
资本支出强度MODNET
| Q4 25 | 5.2% | 13.9% | ||
| Q3 25 | 4.3% | 15.1% | ||
| Q2 25 | 4.0% | 11.7% | ||
| Q1 25 | 4.3% | 17.9% | ||
| Q4 24 | 2.6% | 15.9% | ||
| Q3 24 | 2.1% | 11.7% | ||
| Q2 24 | 4.1% | 7.4% | ||
| Q1 24 | 7.3% | 8.5% |
现金转化率MODNET
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.48× | — | ||
| Q3 24 | 1.24× | — | ||
| Q2 24 | 0.86× | — | ||
| Q1 24 | 1.53× | — |
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
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
