vs
Cloudflare, Inc.（NET）与NATIONAL HEALTHCARE CORP（NHC）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NATIONAL HEALTHCARE CORP的1.6倍（$614.5M vs $386.5M），NATIONAL HEALTHCARE CORP净利率更高（6.4% vs -2.0%，领先8.4%），Cloudflare, Inc.同比增速更快（33.6% vs 4.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $6.4M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 14.0%）
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。
HCA Healthcare是1968年成立的美国营利性医疗服务运营商，总部位于田纳西州纳什维尔。截至2020年5月，该公司在全美20个州及英国持有并运营186家医院，还有约2400个医疗服务网点，涵盖手术中心、独立急诊室、紧急护理中心及医师诊所，2024年位列美国财富500强第61位。
NET vs NHC — 直观对比
营收规模更大
NET
是对方的1.6倍
$386.5M
营收增速更快
NET
高出29.0%
4.6%
净利率更高
NHC
高出8.4%
-2.0%
自由现金流更多
NET
多$98.8M
$6.4M
两年增速更快
NET
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $386.5M |
| 净利润 | $-12.1M | $24.8M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 8.6% |
| 净利率 | -2.0% | 6.4% |
| 营收同比 | 33.6% | 4.6% |
| 净利润同比 | 6.0% | 308.6% |
| 每股收益（稀释后） | $-0.03 | $1.58 |
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NETNHC
| Q4 25 | $614.5M | $386.5M | ||
| Q3 25 | $562.0M | $382.7M | ||
| Q2 25 | $512.3M | $374.9M | ||
| Q1 25 | $479.1M | $373.7M | ||
| Q4 24 | $459.9M | $369.4M | ||
| Q3 24 | $430.1M | $340.2M | ||
| Q2 24 | $401.0M | $300.7M | ||
| Q1 24 | $378.6M | $297.2M |
净利润NETNHC
| Q4 25 | $-12.1M | $24.8M | ||
| Q3 25 | $-1.3M | $39.2M | ||
| Q2 25 | $-50.4M | $23.7M | ||
| Q1 25 | $-38.5M | $32.2M | ||
| Q4 24 | $-12.8M | $6.1M | ||
| Q3 24 | $-15.3M | $42.8M | ||
| Q2 24 | $-15.1M | $26.8M | ||
| Q1 24 | $-35.5M | $26.2M |
毛利率NETNHC
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.5% | — |
营业利润率NETNHC
| Q4 25 | -8.0% | 8.6% | ||
| Q3 25 | -6.7% | 7.9% | ||
| Q2 25 | -13.1% | 9.1% | ||
| Q1 25 | -11.1% | 8.2% | ||
| Q4 24 | -7.5% | 7.8% | ||
| Q3 24 | -7.2% | 6.7% | ||
| Q2 24 | -8.7% | 7.5% | ||
| Q1 24 | -14.4% | 5.3% |
净利率NETNHC
| Q4 25 | -2.0% | 6.4% | ||
| Q3 25 | -0.2% | 10.3% | ||
| Q2 25 | -9.8% | 6.3% | ||
| Q1 25 | -8.0% | 8.6% | ||
| Q4 24 | -2.8% | 1.6% | ||
| Q3 24 | -3.6% | 12.6% | ||
| Q2 24 | -3.8% | 8.9% | ||
| Q1 24 | -9.4% | 8.8% |
每股收益（稀释后）NETNHC
| Q4 25 | $-0.03 | $1.58 | ||
| Q3 25 | $0.00 | $2.50 | ||
| Q2 25 | $-0.15 | $1.52 | ||
| Q1 25 | $-0.11 | $2.07 | ||
| Q4 24 | $-0.05 | $0.38 | ||
| Q3 24 | $-0.04 | $2.73 | ||
| Q2 24 | $-0.04 | $1.73 | ||
| Q1 24 | $-0.10 | $1.69 |
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 | $943.5M | $92.8M |
| 总债务越低越好 | — | $40.0M |
| 股东权益账面价值 | $1.5B | $1.1B |
| 总资产 | $6.0B | $1.5B |
| 负债/权益比越低杠杆越低 | — | 0.04× |
8季度趋势，按日历期对齐
现金及短期投资NETNHC
| Q4 25 | $943.5M | $92.8M | ||
| Q3 25 | $1.1B | $130.6M | ||
| Q2 25 | $1.5B | $111.0M | ||
| Q1 25 | $204.5M | $90.4M | ||
| Q4 24 | $147.7M | $76.1M | ||
| Q3 24 | $182.9M | $84.8M | ||
| Q2 24 | $157.0M | $136.2M | ||
| Q1 24 | $254.4M | $94.0M |
总债务NETNHC
| Q4 25 | — | $40.0M | ||
| Q3 25 | — | $73.1M | ||
| Q2 25 | — | $110.0M | ||
| Q1 25 | — | $134.0M | ||
| Q4 24 | — | $137.0M | ||
| Q3 24 | — | $147.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NETNHC
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.0B | $980.2M | ||
| Q3 24 | $973.1M | $983.5M | ||
| Q2 24 | $881.5M | $945.8M | ||
| Q1 24 | $797.2M | $924.7M |
总资产NETNHC
| Q4 25 | $6.0B | $1.5B | ||
| Q3 25 | $5.8B | $1.6B | ||
| Q2 25 | $5.6B | $1.6B | ||
| Q1 25 | $3.7B | $1.5B | ||
| Q4 24 | $3.3B | $1.5B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $2.9B | $1.3B | ||
| Q1 24 | $2.8B | $1.3B |
负债/权益比NETNHC
| Q4 25 | — | 0.04× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $16.8M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $6.4M |
| 自由现金流率自由现金流/营收 | 17.1% | 1.7% |
| 资本支出强度资本支出/营收 | 13.9% | 2.7% |
| 现金转化率经营现金流/净利润 | — | 0.68× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $148.6M |
8季度趋势，按日历期对齐
经营现金流NETNHC
| Q4 25 | $190.4M | $16.8M | ||
| Q3 25 | $167.1M | $66.2M | ||
| Q2 25 | $99.8M | $62.8M | ||
| Q1 25 | $145.8M | $39.3M | ||
| Q4 24 | $127.3M | $12.8M | ||
| Q3 24 | $104.7M | $34.2M | ||
| Q2 24 | $74.8M | $50.7M | ||
| Q1 24 | $73.6M | $9.6M |
自由现金流NETNHC
| Q4 25 | $105.2M | $6.4M | ||
| Q3 25 | $82.5M | $56.5M | ||
| Q2 25 | $39.9M | $52.6M | ||
| Q1 25 | $59.9M | $33.1M | ||
| Q4 24 | $54.2M | $4.6M | ||
| Q3 24 | $54.5M | $28.6M | ||
| Q2 24 | $45.2M | $42.8M | ||
| Q1 24 | $41.5M | $3.7M |
自由现金流率NETNHC
| Q4 25 | 17.1% | 1.7% | ||
| Q3 25 | 14.7% | 14.8% | ||
| Q2 25 | 7.8% | 14.0% | ||
| Q1 25 | 12.5% | 8.9% | ||
| Q4 24 | 11.8% | 1.3% | ||
| Q3 24 | 12.7% | 8.4% | ||
| Q2 24 | 11.3% | 14.2% | ||
| Q1 24 | 11.0% | 1.2% |
资本支出强度NETNHC
| Q4 25 | 13.9% | 2.7% | ||
| Q3 25 | 15.1% | 2.5% | ||
| Q2 25 | 11.7% | 2.7% | ||
| Q1 25 | 17.9% | 1.6% | ||
| Q4 24 | 15.9% | 2.2% | ||
| Q3 24 | 11.7% | 1.7% | ||
| Q2 24 | 7.4% | 2.6% | ||
| Q1 24 | 8.5% | 2.0% |
现金转化率NETNHC
| Q4 25 | — | 0.68× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | — | 2.65× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | 2.10× | ||
| Q3 24 | — | 0.80× | ||
| Q2 24 | — | 1.89× | ||
| Q1 24 | — | 0.37× |
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
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
NHC
| Inpatient Services Segment | $333.7M | 86% |
| Homecare Services Segment | $40.0M | 10% |
| Other | $11.2M | 3% |
| National | $1.6M | 0% |
