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晨星（MORN）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
晨星的季度营收约是Cloudflare, Inc.的1.0倍（$644.8M vs $614.5M），Cloudflare, Inc.同比增速更快（33.6% vs 10.8%），Cloudflare, Inc.自由现金流更多（$105.2M vs $53.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 6.2%）
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
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。
MORN vs NET — 直观对比
营收规模更大
MORN
是对方的1.0倍
$614.5M
营收增速更快
NET
高出22.8%
10.8%
自由现金流更多
NET
多$51.6M
$53.6M
两年增速更快
NET
近两年复合增速
6.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $644.8M | $614.5M |
| 净利润 | — | $-12.1M |
| 毛利率 | 62.9% | 73.6% |
| 营业利润率 | 24.2% | -8.0% |
| 净利率 | — | -2.0% |
| 营收同比 | 10.8% | 33.6% |
| 净利润同比 | — | 6.0% |
| 每股收益（稀释后） | $2.73 | $-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MORNNET
| Q1 26 | $644.8M | — | ||
| Q4 25 | $641.1M | $614.5M | ||
| Q3 25 | $617.4M | $562.0M | ||
| Q2 25 | $605.1M | $512.3M | ||
| Q1 25 | $581.9M | $479.1M | ||
| Q4 24 | $591.0M | $459.9M | ||
| Q3 24 | $569.4M | $430.1M | ||
| Q2 24 | $571.9M | $401.0M |
净利润MORNNET
| Q1 26 | — | — | ||
| Q4 25 | $115.1M | $-12.1M | ||
| Q3 25 | $91.6M | $-1.3M | ||
| Q2 25 | $89.0M | $-50.4M | ||
| Q1 25 | $78.5M | $-38.5M | ||
| Q4 24 | $116.9M | $-12.8M | ||
| Q3 24 | $119.7M | $-15.3M | ||
| Q2 24 | $69.1M | $-15.1M |
毛利率MORNNET
| Q1 26 | 62.9% | — | ||
| Q4 25 | 61.1% | 73.6% | ||
| Q3 25 | 60.9% | 74.0% | ||
| Q2 25 | 61.9% | 74.9% | ||
| Q1 25 | 60.2% | 75.9% | ||
| Q4 24 | 60.7% | 76.4% | ||
| Q3 24 | 60.9% | 77.7% | ||
| Q2 24 | 61.1% | 77.8% |
营业利润率MORNNET
| Q1 26 | 24.2% | — | ||
| Q4 25 | 24.9% | -8.0% | ||
| Q3 25 | 20.7% | -6.7% | ||
| Q2 25 | 20.7% | -13.1% | ||
| Q1 25 | 19.6% | -11.1% | ||
| Q4 24 | 28.5% | -7.5% | ||
| Q3 24 | 20.3% | -7.2% | ||
| Q2 24 | 19.0% | -8.7% |
净利率MORNNET
| Q1 26 | — | — | ||
| Q4 25 | 18.0% | -2.0% | ||
| Q3 25 | 14.8% | -0.2% | ||
| Q2 25 | 14.7% | -9.8% | ||
| Q1 25 | 13.5% | -8.0% | ||
| Q4 24 | 19.8% | -2.8% | ||
| Q3 24 | 21.0% | -3.6% | ||
| Q2 24 | 12.1% | -3.8% |
每股收益（稀释后）MORNNET
| Q1 26 | $2.73 | — | ||
| Q4 25 | $2.79 | $-0.03 | ||
| Q3 25 | $2.17 | $0.00 | ||
| Q2 25 | $2.09 | $-0.15 | ||
| Q1 25 | $1.82 | $-0.11 | ||
| Q4 24 | $2.72 | $-0.05 | ||
| Q3 24 | $2.77 | $-0.04 | ||
| Q2 24 | $1.60 | $-0.04 |
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 | $492.8M | $943.5M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $1.0B | $1.5B |
| 总资产 | $4.0B | $6.0B |
| 负债/权益比越低杠杆越低 | 1.68× | — |
8季度趋势，按日历期对齐
现金及短期投资MORNNET
| Q1 26 | $492.8M | — | ||
| Q4 25 | $528.7M | $943.5M | ||
| Q3 25 | $40.3M | $1.1B | ||
| Q2 25 | $38.1M | $1.5B | ||
| Q1 25 | $47.7M | $204.5M | ||
| Q4 24 | $551.0M | $147.7M | ||
| Q3 24 | $48.8M | $182.9M | ||
| Q2 24 | $48.0M | $157.0M |
总债务MORNNET
| Q1 26 | $1.7B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $848.9M | — | ||
| Q2 25 | $838.8M | — | ||
| Q1 25 | $803.7M | — | ||
| Q4 24 | $698.6M | — | ||
| Q3 24 | $864.7M | — | ||
| Q2 24 | $899.6M | — |
股东权益MORNNET
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | $1.6B | $1.0B | ||
| Q3 24 | $1.6B | $973.1M | ||
| Q2 24 | $1.4B | $881.5M |
总资产MORNNET
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.6B | $6.0B | ||
| Q3 25 | $3.6B | $5.8B | ||
| Q2 25 | $3.6B | $5.6B | ||
| Q1 25 | $3.6B | $3.7B | ||
| Q4 24 | $3.5B | $3.3B | ||
| Q3 24 | $3.6B | $3.1B | ||
| Q2 24 | $3.4B | $2.9B |
负债/权益比MORNNET
| Q1 26 | 1.68× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.63× | — |
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 | — | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $53.6M | $105.2M |
| 自由现金流率自由现金流/营收 | 8.3% | 17.1% |
| 资本支出强度资本支出/营收 | 5.9% | 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 | $437.4M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MORNNET
| Q1 26 | — | — | ||
| Q4 25 | $204.0M | $190.4M | ||
| Q3 25 | $195.7M | $167.1M | ||
| Q2 25 | $99.0M | $99.8M | ||
| Q1 25 | $91.0M | $145.8M | ||
| Q4 24 | $153.4M | $127.3M | ||
| Q3 24 | $191.9M | $104.7M | ||
| Q2 24 | $152.7M | $74.8M |
自由现金流MORNNET
| Q1 26 | $53.6M | — | ||
| Q4 25 | $161.3M | $105.2M | ||
| Q3 25 | $160.1M | $82.5M | ||
| Q2 25 | $62.4M | $39.9M | ||
| Q1 25 | $58.8M | $59.9M | ||
| Q4 24 | $112.8M | $54.2M | ||
| Q3 24 | $155.8M | $54.5M | ||
| Q2 24 | $120.8M | $45.2M |
自由现金流率MORNNET
| Q1 26 | 8.3% | — | ||
| Q4 25 | 25.2% | 17.1% | ||
| Q3 25 | 25.9% | 14.7% | ||
| Q2 25 | 10.3% | 7.8% | ||
| Q1 25 | 10.1% | 12.5% | ||
| Q4 24 | 19.1% | 11.8% | ||
| Q3 24 | 27.4% | 12.7% | ||
| Q2 24 | 21.1% | 11.3% |
资本支出强度MORNNET
| Q1 26 | 5.9% | — | ||
| Q4 25 | 6.7% | 13.9% | ||
| Q3 25 | 5.8% | 15.1% | ||
| Q2 25 | 6.0% | 11.7% | ||
| Q1 25 | 5.5% | 17.9% | ||
| Q4 24 | 6.9% | 15.9% | ||
| Q3 24 | 6.3% | 11.7% | ||
| Q2 24 | 5.6% | 7.4% |
现金转化率MORNNET
| Q1 26 | — | — | ||
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.14× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.16× | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 2.21× | — |
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
MORN
暂无分部数据
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
