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Cloudflare, Inc.（NET）与Surgery Partners, Inc.（SGRY）财务数据对比。点击上方公司名可切换其他公司
Surgery Partners, Inc.的季度营收约是Cloudflare, Inc.的1.4倍（$885.0M vs $614.5M），Surgery Partners, Inc.净利率更高（-1.7% vs -2.0%，领先0.3%），Cloudflare, Inc.同比增速更快（33.6% vs 2.4%），Cloudflare, Inc.自由现金流更多（$105.2M vs $90.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 11.1%）
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。
Surgery Partners, Inc.（NASDAQ代码：SGRY）旗下的United Surgical Partners International（USPI）是美国领先的日间手术护理服务商，总部位于得克萨斯州达拉斯，由唐·斯廷于1998年创立，专注于为患者提供便捷、高效的门诊外科医疗服务，运营多家合规手术中心，覆盖美国多地医疗需求场景。
NET vs SGRY — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $885.0M |
| 净利润 | $-12.1M | $-15.0M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 12.5% |
| 净利率 | -2.0% | -1.7% |
| 营收同比 | 33.6% | 2.4% |
| 净利润同比 | 6.0% | 86.2% |
| 每股收益（稀释后） | $-0.03 | $-0.11 |
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
| Q4 25 | $614.5M | $885.0M | ||
| Q3 25 | $562.0M | $821.5M | ||
| Q2 25 | $512.3M | $826.2M | ||
| Q1 25 | $479.1M | $776.0M | ||
| Q4 24 | $459.9M | $864.4M | ||
| Q3 24 | $430.1M | $770.4M | ||
| Q2 24 | $401.0M | $762.1M | ||
| Q1 24 | $378.6M | $717.4M |
| Q4 25 | $-12.1M | $-15.0M | ||
| Q3 25 | $-1.3M | $-22.7M | ||
| Q2 25 | $-50.4M | $-2.5M | ||
| Q1 25 | $-38.5M | $-37.7M | ||
| Q4 24 | $-12.8M | $-108.5M | ||
| Q3 24 | $-15.3M | $-31.7M | ||
| Q2 24 | $-15.1M | $-15.5M | ||
| Q1 24 | $-35.5M | $-12.4M |
| 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% | — |
| Q4 25 | -8.0% | 12.5% | ||
| Q3 25 | -6.7% | 12.9% | ||
| Q2 25 | -13.1% | 13.5% | ||
| Q1 25 | -11.1% | 8.0% | ||
| Q4 24 | -7.5% | 14.7% | ||
| Q3 24 | -7.2% | 7.9% | ||
| Q2 24 | -8.7% | 11.1% | ||
| Q1 24 | -14.4% | 10.6% |
| Q4 25 | -2.0% | -1.7% | ||
| Q3 25 | -0.2% | -2.8% | ||
| Q2 25 | -9.8% | -0.3% | ||
| Q1 25 | -8.0% | -4.9% | ||
| Q4 24 | -2.8% | -12.6% | ||
| Q3 24 | -3.6% | -4.1% | ||
| Q2 24 | -3.8% | -2.0% | ||
| Q1 24 | -9.4% | -1.7% |
| Q4 25 | $-0.03 | $-0.11 | ||
| Q3 25 | $0.00 | $-0.18 | ||
| Q2 25 | $-0.15 | $-0.02 | ||
| Q1 25 | $-0.11 | $-0.30 | ||
| Q4 24 | $-0.05 | $-0.86 | ||
| Q3 24 | $-0.04 | $-0.25 | ||
| Q2 24 | $-0.04 | $-0.12 | ||
| Q1 24 | $-0.10 | $-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 | $943.5M | $239.9M |
| 总债务越低越好 | — | $3.6B |
| 股东权益账面价值 | $1.5B | $1.7B |
| 总资产 | $6.0B | $8.1B |
| 负债/权益比越低杠杆越低 | — | 2.10× |
8季度趋势，按日历期对齐
| Q4 25 | $943.5M | $239.9M | ||
| Q3 25 | $1.1B | $203.4M | ||
| Q2 25 | $1.5B | $250.1M | ||
| Q1 25 | $204.5M | $229.3M | ||
| Q4 24 | $147.7M | $269.5M | ||
| Q3 24 | $182.9M | $221.8M | ||
| Q2 24 | $157.0M | $213.5M | ||
| Q1 24 | $254.4M | $185.2M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.5B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.8B |
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.0B | $1.8B | ||
| Q3 24 | $973.1M | $1.9B | ||
| Q2 24 | $881.5M | $2.0B | ||
| Q1 24 | $797.2M | $2.0B |
| Q4 25 | $6.0B | $8.1B | ||
| Q3 25 | $5.8B | $7.9B | ||
| Q2 25 | $5.6B | $8.0B | ||
| Q1 25 | $3.7B | $7.9B | ||
| Q4 24 | $3.3B | $7.9B | ||
| Q3 24 | $3.1B | $7.5B | ||
| Q2 24 | $2.9B | $7.5B | ||
| Q1 24 | $2.8B | $7.0B |
| Q4 25 | — | 2.10× | ||
| Q3 25 | — | 2.00× | ||
| Q2 25 | — | 1.98× | ||
| Q1 25 | — | 1.98× | ||
| Q4 24 | — | 1.83× | ||
| Q3 24 | — | 1.63× | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 1.42× |
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 | $103.4M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $90.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 10.2% |
| 资本支出强度资本支出/营收 | 13.9% | 1.4% |
| 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 | $195.6M |
8季度趋势，按日历期对齐
| Q4 25 | $190.4M | $103.4M | ||
| Q3 25 | $167.1M | $83.6M | ||
| Q2 25 | $99.8M | $81.3M | ||
| Q1 25 | $145.8M | $6.0M | ||
| Q4 24 | $127.3M | $111.4M | ||
| Q3 24 | $104.7M | $65.2M | ||
| Q2 24 | $74.8M | $82.8M | ||
| Q1 24 | $73.6M | $40.7M |
| Q4 25 | $105.2M | $90.6M | ||
| Q3 25 | $82.5M | $63.8M | ||
| Q2 25 | $39.9M | $57.9M | ||
| Q1 25 | $59.9M | $-16.7M | ||
| Q4 24 | $54.2M | $89.1M | ||
| Q3 24 | $54.5M | $45.0M | ||
| Q2 24 | $45.2M | $55.9M | ||
| Q1 24 | $41.5M | $19.7M |
| Q4 25 | 17.1% | 10.2% | ||
| Q3 25 | 14.7% | 7.8% | ||
| Q2 25 | 7.8% | 7.0% | ||
| Q1 25 | 12.5% | -2.2% | ||
| Q4 24 | 11.8% | 10.3% | ||
| Q3 24 | 12.7% | 5.8% | ||
| Q2 24 | 11.3% | 7.3% | ||
| Q1 24 | 11.0% | 2.7% |
| Q4 25 | 13.9% | 1.4% | ||
| Q3 25 | 15.1% | 2.4% | ||
| Q2 25 | 11.7% | 2.8% | ||
| Q1 25 | 17.9% | 2.9% | ||
| Q4 24 | 15.9% | 2.6% | ||
| Q3 24 | 11.7% | 2.6% | ||
| Q2 24 | 7.4% | 3.5% | ||
| Q1 24 | 8.5% | 2.9% |
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% |
SGRY
| Private Insurance | $460.5M | 52% |
| Government Revenue | $368.6M | 42% |
| Other | $19.8M | 2% |
| Self Pay Revenue | $19.6M | 2% |
| Other Patient Service Revenue Sources | $16.5M | 2% |
