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莫德纳（MRNA）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
莫德纳的季度营收约是Cloudflare, Inc.的1.7倍（$1.0B vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -19.7%，领先17.7%），Cloudflare, Inc.同比增速更快（33.6% vs -45.4%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-880.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -45.0%）
莫德纳是一家总部位于美国马萨诸塞州剑桥市的生物制药企业，深耕RNA治疗领域，核心业务聚焦mRNA疫苗研发。其疫苗通过信使RNA（mRNA）分子拷贝传递蛋白合成指令以触发人体免疫反应，公司名称由“修饰”“RNA”与“现代”三个词组合而来。
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。
MRNA vs NET — 直观对比
营收规模更大
MRNA
是对方的1.7倍
$614.5M
营收增速更快
NET
高出79.0%
-45.4%
净利率更高
NET
高出17.7%
-19.7%
自由现金流更多
NET
多$985.2M
$-880.0M
两年增速更快
NET
近两年复合增速
-45.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $614.5M |
| 净利润 | $-200.0M | $-12.1M |
| 毛利率 | 79.6% | 73.6% |
| 营业利润率 | -25.6% | -8.0% |
| 净利率 | -19.7% | -2.0% |
| 营收同比 | -45.4% | 33.6% |
| 净利润同比 | -1638.5% | 6.0% |
| 每股收益（稀释后） | $-0.51 | $-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MRNANET
| Q4 25 | — | $614.5M | ||
| Q3 25 | $1.0B | $562.0M | ||
| Q2 25 | — | $512.3M | ||
| Q1 25 | — | $479.1M | ||
| Q4 24 | $966.0M | $459.9M | ||
| Q3 24 | $1.9B | $430.1M | ||
| Q2 24 | — | $401.0M | ||
| Q1 24 | — | $378.6M |
净利润MRNANET
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $-200.0M | $-1.3M | ||
| Q2 25 | — | $-50.4M | ||
| Q1 25 | — | $-38.5M | ||
| Q4 24 | $-1.1B | $-12.8M | ||
| Q3 24 | $13.0M | $-15.3M | ||
| Q2 24 | — | $-15.1M | ||
| Q1 24 | — | $-35.5M |
毛利率MRNANET
| Q4 25 | — | 73.6% | ||
| Q3 25 | 79.6% | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | 23.5% | 76.4% | ||
| Q3 24 | 72.4% | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率MRNANET
| Q4 25 | — | -8.0% | ||
| Q3 25 | -25.6% | -6.7% | ||
| Q2 25 | — | -13.1% | ||
| Q1 25 | — | -11.1% | ||
| Q4 24 | -129.0% | -7.5% | ||
| Q3 24 | -3.8% | -7.2% | ||
| Q2 24 | — | -8.7% | ||
| Q1 24 | — | -14.4% |
净利率MRNANET
| Q4 25 | — | -2.0% | ||
| Q3 25 | -19.7% | -0.2% | ||
| Q2 25 | — | -9.8% | ||
| Q1 25 | — | -8.0% | ||
| Q4 24 | -115.9% | -2.8% | ||
| Q3 24 | 0.7% | -3.6% | ||
| Q2 24 | — | -3.8% | ||
| Q1 24 | — | -9.4% |
每股收益（稀释后）MRNANET
| Q4 25 | — | $-0.03 | ||
| Q3 25 | $-0.51 | $0.00 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | $-2.91 | $-0.05 | ||
| Q3 24 | $0.03 | $-0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-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 | $1.1B | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.3B | $1.5B |
| 总资产 | $12.1B | $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MRNANET
| Q4 25 | — | $943.5M | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | $1.9B | $147.7M | ||
| Q3 24 | $1.6B | $182.9M | ||
| Q2 24 | — | $157.0M | ||
| Q1 24 | — | $254.4M |
股东权益MRNANET
| Q4 25 | — | $1.5B | ||
| Q3 25 | $9.3B | $1.3B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $10.9B | $1.0B | ||
| Q3 24 | $11.9B | $973.1M | ||
| Q2 24 | — | $881.5M | ||
| Q1 24 | — | $797.2M |
总资产MRNANET
| Q4 25 | — | $6.0B | ||
| Q3 25 | $12.1B | $5.8B | ||
| Q2 25 | — | $5.6B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $14.1B | $3.3B | ||
| Q3 24 | $15.8B | $3.1B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $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 | $-847.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-880.0M | $105.2M |
| 自由现金流率自由现金流/营收 | -86.6% | 17.1% |
| 资本支出强度资本支出/营收 | 3.2% | 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 | $-1.9B | $287.5M |
8季度趋势，按日历期对齐
经营现金流MRNANET
| Q4 25 | — | $190.4M | ||
| Q3 25 | $-847.0M | $167.1M | ||
| Q2 25 | — | $99.8M | ||
| Q1 25 | — | $145.8M | ||
| Q4 24 | $825.0M | $127.3M | ||
| Q3 24 | $-1.6B | $104.7M | ||
| Q2 24 | — | $74.8M | ||
| Q1 24 | — | $73.6M |
自由现金流MRNANET
| Q4 25 | — | $105.2M | ||
| Q3 25 | $-880.0M | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | $303.0M | $54.2M | ||
| Q3 24 | $-1.7B | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率MRNANET
| Q4 25 | — | 17.1% | ||
| Q3 25 | -86.6% | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | 31.4% | 11.8% | ||
| Q3 24 | -92.2% | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度MRNANET
| Q4 25 | — | 13.9% | ||
| Q3 25 | 3.2% | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | 54.0% | 15.9% | ||
| Q3 24 | 8.1% | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率MRNANET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -120.46× | — | ||
| 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
MRNA
| COVID19 | $971.0M | 96% |
| Other Revenue | $20.0M | 2% |
| Grant | $14.0M | 1% |
| Collaboration Arrangement Including Arrangements With Affiliate | $7.0M | 1% |
| License And Royalty | $2.0M | 0% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
