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Cloudflare, Inc.（NET）与P3 Health Partners Inc.（PIII）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P3 Health Partners Inc.的1.6倍（$614.5M vs $384.8M），Cloudflare, Inc.净利率更高（-2.0% vs -19.6%，领先17.7%），Cloudflare, Inc.同比增速更快（33.6% vs 3.8%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -0.5%）
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。
P3 Health Partners Inc.是一家总部位于美国的人口健康管理与价值型医疗服务企业，与基层医疗机构及医疗系统合作，为包括联邦医保优势计划参保者在内的人群提供协同优质医疗服务，致力于提升诊疗效果、降低不必要的医疗开支。
NET vs PIII — 直观对比
营收规模更大
NET
是对方的1.6倍
$384.8M
营收增速更快
NET
高出29.8%
3.8%
净利率更高
NET
高出17.7%
-19.6%
两年增速更快
NET
近两年复合增速
-0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $384.8M |
| 净利润 | $-12.1M | $-75.5M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | -40.0% |
| 净利率 | -2.0% | -19.6% |
| 营收同比 | 33.6% | 3.8% |
| 净利润同比 | 6.0% | -28.8% |
| 每股收益（稀释后） | $-0.03 | $-23.08 |
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NETPIII
| Q4 25 | $614.5M | $384.8M | ||
| Q3 25 | $562.0M | $345.3M | ||
| Q2 25 | $512.3M | $355.8M | ||
| Q1 25 | $479.1M | $373.2M | ||
| Q4 24 | $459.9M | $370.7M | ||
| Q3 24 | $430.1M | $362.1M | ||
| Q2 24 | $401.0M | $379.2M | ||
| Q1 24 | $378.6M | $388.5M |
净利润NETPIII
| Q4 25 | $-12.1M | $-75.5M | ||
| Q3 25 | $-1.3M | $-31.6M | ||
| Q2 25 | $-50.4M | $-20.4M | ||
| Q1 25 | $-38.5M | $-20.5M | ||
| Q4 24 | $-12.8M | $-58.6M | ||
| Q3 24 | $-15.3M | $-46.5M | ||
| Q2 24 | $-15.1M | $-12.0M | ||
| Q1 24 | $-35.5M | $-18.7M |
毛利率NETPIII
| 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NETPIII
| Q4 25 | -8.0% | -40.0% | ||
| Q3 25 | -6.7% | -12.8% | ||
| Q2 25 | -13.1% | -9.6% | ||
| Q1 25 | -11.1% | -10.2% | ||
| Q4 24 | -7.5% | -37.4% | ||
| Q3 24 | -7.2% | -29.5% | ||
| Q2 24 | -8.7% | -8.3% | ||
| Q1 24 | -14.4% | -11.3% |
净利率NETPIII
| Q4 25 | -2.0% | -19.6% | ||
| Q3 25 | -0.2% | -9.1% | ||
| Q2 25 | -9.8% | -5.7% | ||
| Q1 25 | -8.0% | -5.5% | ||
| Q4 24 | -2.8% | -15.8% | ||
| Q3 24 | -3.6% | -12.8% | ||
| Q2 24 | -3.8% | -3.2% | ||
| Q1 24 | -9.4% | -4.8% |
每股收益（稀释后）NETPIII
| Q4 25 | $-0.03 | $-23.08 | ||
| Q3 25 | $0.00 | $-9.67 | ||
| Q2 25 | $-0.15 | $-6.23 | ||
| Q1 25 | $-0.11 | $-6.28 | ||
| Q4 24 | $-0.05 | $-23.13 | ||
| Q3 24 | $-0.04 | $-15.70 | ||
| Q2 24 | $-0.04 | $-7.37 | ||
| Q1 24 | $-0.10 | $-7.86 |
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 | $25.0M |
| 总债务越低越好 | — | $228.4M |
| 股东权益账面价值 | $1.5B | $-155.2M |
| 总资产 | $6.0B | $656.6M |
| 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NETPIII
| Q4 25 | $943.5M | $25.0M | ||
| Q3 25 | $1.1B | $37.7M | ||
| Q2 25 | $1.5B | $38.6M | ||
| Q1 25 | $204.5M | $40.1M | ||
| Q4 24 | $147.7M | $38.8M | ||
| Q3 24 | $182.9M | $63.0M | ||
| Q2 24 | $157.0M | $73.1M | ||
| Q1 24 | $254.4M | $27.3M |
总债务NETPIII
| Q4 25 | — | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M | ||
| Q1 24 | — | $118.1M |
股东权益NETPIII
| Q4 25 | $1.5B | $-155.2M | ||
| Q3 25 | $1.3B | $-18.7M | ||
| Q2 25 | $1.2B | $44.5M | ||
| Q1 25 | $1.4B | $63.3M | ||
| Q4 24 | $1.0B | $75.9M | ||
| Q3 24 | $973.1M | $120.5M | ||
| Q2 24 | $881.5M | $166.8M | ||
| Q1 24 | $797.2M | $146.6M |
总资产NETPIII
| Q4 25 | $6.0B | $656.6M | ||
| Q3 25 | $5.8B | $683.6M | ||
| Q2 25 | $5.6B | $731.6M | ||
| Q1 25 | $3.7B | $783.9M | ||
| Q4 24 | $3.3B | $783.4M | ||
| Q3 24 | $3.1B | $833.3M | ||
| Q2 24 | $2.9B | $892.8M | ||
| Q1 24 | $2.8B | $855.9M |
负债/权益比NETPIII
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× | ||
| Q1 24 | — | 0.81× |
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 | $-25.7M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | — |
| 自由现金流率自由现金流/营收 | 17.1% | — |
| 资本支出强度资本支出/营收 | 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 | $287.5M | — |
8季度趋势，按日历期对齐
经营现金流NETPIII
| Q4 25 | $190.4M | $-25.7M | ||
| Q3 25 | $167.1M | $-15.4M | ||
| Q2 25 | $99.8M | $-16.6M | ||
| Q1 25 | $145.8M | $-33.5M | ||
| Q4 24 | $127.3M | $-57.2M | ||
| Q3 24 | $104.7M | $-22.6M | ||
| Q2 24 | $74.8M | $-10.2M | ||
| Q1 24 | $73.6M | $-20.0M |
自由现金流NETPIII
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
自由现金流率NETPIII
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
资本支出强度NETPIII
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | 0.0% | ||
| Q3 24 | 11.7% | 0.0% | ||
| Q2 24 | 7.4% | 0.0% | ||
| Q1 24 | 8.5% | 0.0% |
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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
