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MSA Safety Inc（MSA）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MSA Safety Inc的1.2倍（$614.5M vs $510.9M），MSA Safety Inc净利率更高（17.0% vs -2.0%，领先19.0%），Cloudflare, Inc.同比增速更快（33.6% vs 2.2%），MSA Safety Inc自由现金流更多（$106.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 11.2%）
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
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。
MSA vs NET — 直观对比
营收规模更大
NET
是对方的1.2倍
$510.9M
营收增速更快
NET
高出31.4%
2.2%
净利率更高
MSA
高出19.0%
-2.0%
自由现金流更多
MSA
多$799.0K
$105.2M
两年增速更快
NET
近两年复合增速
11.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $510.9M | $614.5M |
| 净利润 | $86.9M | $-12.1M |
| 毛利率 | 46.9% | 73.6% |
| 营业利润率 | 22.3% | -8.0% |
| 净利率 | 17.0% | -2.0% |
| 营收同比 | 2.2% | 33.6% |
| 净利润同比 | -1.2% | 6.0% |
| 每股收益（稀释后） | $2.22 | $-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MSANET
| Q4 25 | $510.9M | $614.5M | ||
| Q3 25 | $468.4M | $562.0M | ||
| Q2 25 | $474.1M | $512.3M | ||
| Q1 25 | $421.3M | $479.1M | ||
| Q4 24 | $499.7M | $459.9M | ||
| Q3 24 | $432.7M | $430.1M | ||
| Q2 24 | $462.5M | $401.0M | ||
| Q1 24 | $413.3M | $378.6M |
净利润MSANET
| Q4 25 | $86.9M | $-12.1M | ||
| Q3 25 | $69.6M | $-1.3M | ||
| Q2 25 | $62.8M | $-50.4M | ||
| Q1 25 | $59.6M | $-38.5M | ||
| Q4 24 | $87.9M | $-12.8M | ||
| Q3 24 | $66.6M | $-15.3M | ||
| Q2 24 | $72.2M | $-15.1M | ||
| Q1 24 | $58.1M | $-35.5M |
毛利率MSANET
| Q4 25 | 46.9% | 73.6% | ||
| Q3 25 | 46.5% | 74.0% | ||
| Q2 25 | 46.6% | 74.9% | ||
| Q1 25 | 45.9% | 75.9% | ||
| Q4 24 | 46.9% | 76.4% | ||
| Q3 24 | 47.9% | 77.7% | ||
| Q2 24 | 48.2% | 77.8% | ||
| Q1 24 | 47.3% | 77.5% |
营业利润率MSANET
| Q4 25 | 22.3% | -8.0% | ||
| Q3 25 | 20.1% | -6.7% | ||
| Q2 25 | 18.1% | -13.1% | ||
| Q1 25 | 18.5% | -11.1% | ||
| Q4 24 | 23.5% | -7.5% | ||
| Q3 24 | 21.1% | -7.2% | ||
| Q2 24 | 21.6% | -8.7% | ||
| Q1 24 | 19.4% | -14.4% |
净利率MSANET
| Q4 25 | 17.0% | -2.0% | ||
| Q3 25 | 14.9% | -0.2% | ||
| Q2 25 | 13.2% | -9.8% | ||
| Q1 25 | 14.1% | -8.0% | ||
| Q4 24 | 17.6% | -2.8% | ||
| Q3 24 | 15.4% | -3.6% | ||
| Q2 24 | 15.6% | -3.8% | ||
| Q1 24 | 14.1% | -9.4% |
每股收益（稀释后）MSANET
| Q4 25 | $2.22 | $-0.03 | ||
| Q3 25 | $1.77 | $0.00 | ||
| Q2 25 | $1.59 | $-0.15 | ||
| Q1 25 | $1.51 | $-0.11 | ||
| Q4 24 | $2.22 | $-0.05 | ||
| Q3 24 | $1.69 | $-0.04 | ||
| Q2 24 | $1.83 | $-0.04 | ||
| Q1 24 | $1.47 | $-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 | $165.1M | $943.5M |
| 总债务越低越好 | $580.9M | — |
| 股东权益账面价值 | $1.4B | $1.5B |
| 总资产 | $2.6B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.42× | — |
8季度趋势，按日历期对齐
现金及短期投资MSANET
| Q4 25 | $165.1M | $943.5M | ||
| Q3 25 | $170.0M | $1.1B | ||
| Q2 25 | $147.0M | $1.5B | ||
| Q1 25 | $170.6M | $204.5M | ||
| Q4 24 | $164.6M | $147.7M | ||
| Q3 24 | $154.4M | $182.9M | ||
| Q2 24 | $146.8M | $157.0M | ||
| Q1 24 | $148.3M | $254.4M |
总债务MSANET
| Q4 25 | $580.9M | — | ||
| Q3 25 | $628.6M | — | ||
| Q2 25 | $679.3M | — | ||
| Q1 25 | $502.1M | — | ||
| Q4 24 | $508.0M | — | ||
| Q3 24 | $554.7M | — | ||
| Q2 24 | $588.2M | — | ||
| Q1 24 | $596.2M | — |
股东权益MSANET
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $973.1M | ||
| Q2 24 | $1.0B | $881.5M | ||
| Q1 24 | $994.8M | $797.2M |
总资产MSANET
| Q4 25 | $2.6B | $6.0B | ||
| Q3 25 | $2.6B | $5.8B | ||
| Q2 25 | $2.6B | $5.6B | ||
| Q1 25 | $2.2B | $3.7B | ||
| Q4 24 | $2.2B | $3.3B | ||
| Q3 24 | $2.2B | $3.1B | ||
| Q2 24 | $2.2B | $2.9B | ||
| Q1 24 | $2.2B | $2.8B |
负债/权益比MSANET
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.60× | — |
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 | $122.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $106.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 20.8% | 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 | 1.41× | — |
| 过去12个月自由现金流最近4个季度 | $295.4M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MSANET
| Q4 25 | $122.4M | $190.4M | ||
| Q3 25 | $112.5M | $167.1M | ||
| Q2 25 | $67.2M | $99.8M | ||
| Q1 25 | $61.8M | $145.8M | ||
| Q4 24 | $107.9M | $127.3M | ||
| Q3 24 | $84.3M | $104.7M | ||
| Q2 24 | $53.3M | $74.8M | ||
| Q1 24 | $50.9M | $73.6M |
自由现金流MSANET
| Q4 25 | $106.0M | $105.2M | ||
| Q3 25 | $100.5M | $82.5M | ||
| Q2 25 | $37.9M | $39.9M | ||
| Q1 25 | $51.0M | $59.9M | ||
| Q4 24 | $93.5M | $54.2M | ||
| Q3 24 | $70.1M | $54.5M | ||
| Q2 24 | $39.0M | $45.2M | ||
| Q1 24 | $39.7M | $41.5M |
自由现金流率MSANET
| Q4 25 | 20.8% | 17.1% | ||
| Q3 25 | 21.4% | 14.7% | ||
| Q2 25 | 8.0% | 7.8% | ||
| Q1 25 | 12.1% | 12.5% | ||
| Q4 24 | 18.7% | 11.8% | ||
| Q3 24 | 16.2% | 12.7% | ||
| Q2 24 | 8.4% | 11.3% | ||
| Q1 24 | 9.6% | 11.0% |
资本支出强度MSANET
| Q4 25 | 3.2% | 13.9% | ||
| Q3 25 | 2.6% | 15.1% | ||
| Q2 25 | 6.2% | 11.7% | ||
| Q1 25 | 2.6% | 17.9% | ||
| Q4 24 | 2.9% | 15.9% | ||
| Q3 24 | 3.3% | 11.7% | ||
| Q2 24 | 3.1% | 7.4% | ||
| Q1 24 | 2.7% | 8.5% |
现金转化率MSANET
| Q4 25 | 1.41× | — | ||
| Q3 25 | 1.62× | — | ||
| Q2 25 | 1.07× | — | ||
| Q1 25 | 1.04× | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 0.74× | — | ||
| Q1 24 | 0.88× | — |
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
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
