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Cloudflare, Inc.（NET）与Insulet Corporation（PODD）财务数据对比。点击上方公司名可切换其他公司
Insulet Corporation的季度营收约是Cloudflare, Inc.的1.3倍（$783.7M vs $614.5M），Insulet Corporation净利率更高（13.0% vs -2.0%，领先14.9%），Cloudflare, Inc.同比增速更快（33.6% vs 31.2%），Cloudflare, Inc.自由现金流更多（$105.2M vs $48.2M），过去两年Insulet Corporation的营收复合增速更高（33.2% vs 27.4%）
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。
Insulet Corporation是深耕糖尿病治疗领域的医疗器械企业，核心产品为胰岛素泵，通过持续皮下输注胰岛素的疗法为患者给药。其产品通常由泵主体、一次性胰岛素储药仓，以及包含皮下植入套管和连接管路的一次性输注套件构成，满足不同患者的治疗需求。
NET vs PODD — 直观对比
营收规模更大
PODD
是对方的1.3倍
$614.5M
营收增速更快
NET
高出2.4%
31.2%
净利率更高
PODD
高出14.9%
-2.0%
自由现金流更多
NET
多$57.0M
$48.2M
两年增速更快
PODD
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $783.7M |
| 净利润 | $-12.1M | $101.6M |
| 毛利率 | 73.6% | 72.6% |
| 营业利润率 | -8.0% | 18.7% |
| 净利率 | -2.0% | 13.0% |
| 营收同比 | 33.6% | 31.2% |
| 净利润同比 | 6.0% | 0.9% |
| 每股收益（稀释后） | $-0.03 | $1.42 |
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NETPODD
| Q4 25 | $614.5M | $783.7M | ||
| Q3 25 | $562.0M | $706.3M | ||
| Q2 25 | $512.3M | $649.1M | ||
| Q1 25 | $479.1M | $569.0M | ||
| Q4 24 | $459.9M | $597.5M | ||
| Q3 24 | $430.1M | $543.9M | ||
| Q2 24 | $401.0M | $488.5M | ||
| Q1 24 | $378.6M | $441.7M |
净利润NETPODD
| Q4 25 | $-12.1M | $101.6M | ||
| Q3 25 | $-1.3M | $87.6M | ||
| Q2 25 | $-50.4M | $22.5M | ||
| Q1 25 | $-38.5M | $35.4M | ||
| Q4 24 | $-12.8M | $100.7M | ||
| Q3 24 | $-15.3M | $77.5M | ||
| Q2 24 | $-15.1M | $188.6M | ||
| Q1 24 | $-35.5M | $51.5M |
毛利率NETPODD
| Q4 25 | 73.6% | 72.6% | ||
| Q3 25 | 74.0% | 72.2% | ||
| Q2 25 | 74.9% | 69.7% | ||
| Q1 25 | 75.9% | 71.9% | ||
| Q4 24 | 76.4% | 72.1% | ||
| Q3 24 | 77.7% | 69.3% | ||
| Q2 24 | 77.8% | 67.7% | ||
| Q1 24 | 77.5% | 69.5% |
营业利润率NETPODD
| Q4 25 | -8.0% | 18.7% | ||
| Q3 25 | -6.7% | 16.7% | ||
| Q2 25 | -13.1% | 18.7% | ||
| Q1 25 | -11.1% | 15.6% | ||
| Q4 24 | -7.5% | 18.3% | ||
| Q3 24 | -7.2% | 16.2% | ||
| Q2 24 | -8.7% | 11.2% | ||
| Q1 24 | -14.4% | 12.9% |
净利率NETPODD
| Q4 25 | -2.0% | 13.0% | ||
| Q3 25 | -0.2% | 12.4% | ||
| Q2 25 | -9.8% | 3.5% | ||
| Q1 25 | -8.0% | 6.2% | ||
| Q4 24 | -2.8% | 16.9% | ||
| Q3 24 | -3.6% | 14.2% | ||
| Q2 24 | -3.8% | 38.6% | ||
| Q1 24 | -9.4% | 11.7% |
每股收益（稀释后）NETPODD
| Q4 25 | $-0.03 | $1.42 | ||
| Q3 25 | $0.00 | $1.24 | ||
| Q2 25 | $-0.15 | $0.32 | ||
| Q1 25 | $-0.11 | $0.50 | ||
| Q4 24 | $-0.05 | $1.38 | ||
| Q3 24 | $-0.04 | $1.08 | ||
| Q2 24 | $-0.04 | $2.59 | ||
| Q1 24 | $-0.10 | $0.73 |
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 | — |
| 总债务越低越好 | — | $930.8M |
| 股东权益账面价值 | $1.5B | $1.5B |
| 总资产 | $6.0B | $3.2B |
| 负债/权益比越低杠杆越低 | — | 0.61× |
8季度趋势，按日历期对齐
现金及短期投资NETPODD
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
总债务NETPODD
| Q4 25 | — | $930.8M | ||
| Q3 25 | — | $934.9M | ||
| Q2 25 | — | $939.0M | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
股东权益NETPODD
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $973.1M | $1.1B | ||
| Q2 24 | $881.5M | $998.4M | ||
| Q1 24 | $797.2M | $790.7M |
总资产NETPODD
| Q4 25 | $6.0B | $3.2B | ||
| Q3 25 | $5.8B | $3.0B | ||
| Q2 25 | $5.6B | $3.5B | ||
| Q1 25 | $3.7B | $3.5B | ||
| Q4 24 | $3.3B | $3.1B | ||
| Q3 24 | $3.1B | $3.0B | ||
| Q2 24 | $2.9B | $2.9B | ||
| Q1 24 | $2.8B | $2.6B |
负债/权益比NETPODD
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.68× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 1.21× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.72× |
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 | $183.3M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $48.2M |
| 自由现金流率自由现金流/营收 | 17.1% | 6.2% |
| 资本支出强度资本支出/营收 | 13.9% | 17.2% |
| 现金转化率经营现金流/净利润 | — | 1.80× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $377.7M |
8季度趋势，按日历期对齐
经营现金流NETPODD
| Q4 25 | $190.4M | $183.3M | ||
| Q3 25 | $167.1M | $125.7M | ||
| Q2 25 | $99.8M | $196.5M | ||
| Q1 25 | $145.8M | $63.8M | ||
| Q4 24 | $127.3M | $147.7M | ||
| Q3 24 | $104.7M | $98.5M | ||
| Q2 24 | $74.8M | $96.5M | ||
| Q1 24 | $73.6M | $87.6M |
自由现金流NETPODD
| Q4 25 | $105.2M | $48.2M | ||
| Q3 25 | $82.5M | $100.1M | ||
| Q2 25 | $39.9M | $177.9M | ||
| Q1 25 | $59.9M | $51.5M | ||
| Q4 24 | $54.2M | $94.1M | ||
| Q3 24 | $54.5M | $71.8M | ||
| Q2 24 | $45.2M | $74.0M | ||
| Q1 24 | $41.5M | $65.5M |
自由现金流率NETPODD
| Q4 25 | 17.1% | 6.2% | ||
| Q3 25 | 14.7% | 14.2% | ||
| Q2 25 | 7.8% | 27.4% | ||
| Q1 25 | 12.5% | 9.1% | ||
| Q4 24 | 11.8% | 15.7% | ||
| Q3 24 | 12.7% | 13.2% | ||
| Q2 24 | 11.3% | 15.1% | ||
| Q1 24 | 11.0% | 14.8% |
资本支出强度NETPODD
| Q4 25 | 13.9% | 17.2% | ||
| Q3 25 | 15.1% | 3.6% | ||
| Q2 25 | 11.7% | 2.9% | ||
| Q1 25 | 17.9% | 2.2% | ||
| Q4 24 | 15.9% | 9.0% | ||
| Q3 24 | 11.7% | 4.9% | ||
| Q2 24 | 7.4% | 4.6% | ||
| Q1 24 | 8.5% | 5.0% |
现金转化率NETPODD
| Q4 25 | — | 1.80× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 8.73× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 1.47× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 1.70× |
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% |
PODD
| U.S.Omnipod | $567.8M | 72% |
| International Omnipod | $214.0M | 27% |
| Drug Delivery | $1.9M | 0% |
