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Cloudflare, Inc.（NET）与Gentherm Inc（THRM）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Gentherm Inc的1.6倍（$614.5M vs $382.8M），Gentherm Inc净利率更高（0.8% vs -2.0%，领先2.7%），Cloudflare, Inc.同比增速更快（33.6% vs 8.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $6.7M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 3.7%）
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。
金瑟公司（原阿梅里贡）是一家美国热管理技术企业，为汽车行业研发出了全球首款热电调温座椅系统——气候控制座椅系统。该系统于1999年率先被福特汽车采纳，作为选装配置搭载在2000款林肯领航员上，如今已应用于福特、通用、丰田（雷克萨斯）、起亚、现代、日产（英菲尼迪）等车企的50余款车型。
NET vs THRM — 直观对比
营收规模更大
NET
是对方的1.6倍
$382.8M
营收增速更快
NET
高出25.1%
8.5%
净利率更高
THRM
高出2.7%
-2.0%
自由现金流更多
NET
多$98.5M
$6.7M
两年增速更快
NET
近两年复合增速
3.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $382.8M |
| 净利润 | $-12.1M | $3.0M |
| 毛利率 | 73.6% | 23.7% |
| 营业利润率 | -8.0% | 4.6% |
| 净利率 | -2.0% | 0.8% |
| 营收同比 | 33.6% | 8.5% |
| 净利润同比 | 6.0% | -80.5% |
| 每股收益（稀释后） | $-0.03 | $0.08 |
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NETTHRM
| Q4 25 | $614.5M | $382.8M | ||
| Q3 25 | $562.0M | $386.9M | ||
| Q2 25 | $512.3M | $375.1M | ||
| Q1 25 | $479.1M | $353.9M | ||
| Q4 24 | $459.9M | $352.9M | ||
| Q3 24 | $430.1M | $371.5M | ||
| Q2 24 | $401.0M | $375.7M | ||
| Q1 24 | $378.6M | $356.0M |
净利润NETTHRM
| Q4 25 | $-12.1M | $3.0M | ||
| Q3 25 | $-1.3M | $14.9M | ||
| Q2 25 | $-50.4M | $477.0K | ||
| Q1 25 | $-38.5M | $-128.0K | ||
| Q4 24 | $-12.8M | $15.3M | ||
| Q3 24 | $-15.3M | $16.0M | ||
| Q2 24 | $-15.1M | $18.9M | ||
| Q1 24 | $-35.5M | $14.8M |
毛利率NETTHRM
| Q4 25 | 73.6% | 23.7% | ||
| Q3 25 | 74.0% | 24.6% | ||
| Q2 25 | 74.9% | 23.9% | ||
| Q1 25 | 75.9% | 24.4% | ||
| Q4 24 | 76.4% | 24.4% | ||
| Q3 24 | 77.7% | 25.5% | ||
| Q2 24 | 77.8% | 25.7% | ||
| Q1 24 | 77.5% | 24.9% |
营业利润率NETTHRM
| Q4 25 | -8.0% | 4.6% | ||
| Q3 25 | -6.7% | 6.2% | ||
| Q2 25 | -13.1% | 6.4% | ||
| Q1 25 | -11.1% | 4.8% | ||
| Q4 24 | -7.5% | 6.7% | ||
| Q3 24 | -7.2% | 8.7% | ||
| Q2 24 | -8.7% | 8.8% | ||
| Q1 24 | -14.4% | 5.1% |
净利率NETTHRM
| Q4 25 | -2.0% | 0.8% | ||
| Q3 25 | -0.2% | 3.9% | ||
| Q2 25 | -9.8% | 0.1% | ||
| Q1 25 | -8.0% | -0.0% | ||
| Q4 24 | -2.8% | 4.3% | ||
| Q3 24 | -3.6% | 4.3% | ||
| Q2 24 | -3.8% | 5.0% | ||
| Q1 24 | -9.4% | 4.2% |
每股收益（稀释后）NETTHRM
| Q4 25 | $-0.03 | $0.08 | ||
| Q3 25 | $0.00 | $0.49 | ||
| Q2 25 | $-0.15 | $0.02 | ||
| Q1 25 | $-0.11 | $0.00 | ||
| Q4 24 | $-0.05 | $0.48 | ||
| Q3 24 | $-0.04 | $0.51 | ||
| Q2 24 | $-0.04 | $0.60 | ||
| Q1 24 | $-0.10 | $0.47 |
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 | $160.8M |
| 总债务越低越好 | — | $189.0M |
| 股东权益账面价值 | $1.5B | $720.3M |
| 总资产 | $6.0B | $1.4B |
| 负债/权益比越低杠杆越低 | — | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资NETTHRM
| Q4 25 | $943.5M | $160.8M | ||
| Q3 25 | $1.1B | $154.3M | ||
| Q2 25 | $1.5B | $128.3M | ||
| Q1 25 | $204.5M | $163.1M | ||
| Q4 24 | $147.7M | $134.1M | ||
| Q3 24 | $182.9M | $150.6M | ||
| Q2 24 | $157.0M | $123.5M | ||
| Q1 24 | $254.4M | $125.1M |
总债务NETTHRM
| Q4 25 | — | $189.0M | ||
| Q3 25 | — | $189.0M | ||
| Q2 25 | — | $209.0M | ||
| Q1 25 | — | $262.0M | ||
| Q4 24 | — | $220.1M | ||
| Q3 24 | — | $222.1M | ||
| Q2 24 | — | $222.1M | ||
| Q1 24 | — | $222.2M |
股东权益NETTHRM
| Q4 25 | $1.5B | $720.3M | ||
| Q3 25 | $1.3B | $717.9M | ||
| Q2 25 | $1.2B | $699.7M | ||
| Q1 25 | $1.4B | $646.5M | ||
| Q4 24 | $1.0B | $616.9M | ||
| Q3 24 | $973.1M | $660.7M | ||
| Q2 24 | $881.5M | $640.3M | ||
| Q1 24 | $797.2M | $647.1M |
总资产NETTHRM
| Q4 25 | $6.0B | $1.4B | ||
| Q3 25 | $5.8B | $1.4B | ||
| Q2 25 | $5.6B | $1.4B | ||
| Q1 25 | $3.7B | $1.3B | ||
| Q4 24 | $3.3B | $1.2B | ||
| Q3 24 | $3.1B | $1.3B | ||
| Q2 24 | $2.9B | $1.2B | ||
| Q1 24 | $2.8B | $1.3B |
负债/权益比NETTHRM
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.35× | ||
| Q1 24 | — | 0.34× |
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 | $29.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $6.7M |
| 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% | 5.8% |
| 现金转化率经营现金流/净利润 | — | 9.70× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $61.1M |
8季度趋势，按日历期对齐
经营现金流NETTHRM
| Q4 25 | $190.4M | $29.0M | ||
| Q3 25 | $167.1M | $56.1M | ||
| Q2 25 | $99.8M | $45.0M | ||
| Q1 25 | $145.8M | $-13.3M | ||
| Q4 24 | $127.3M | $36.6M | ||
| Q3 24 | $104.7M | $46.3M | ||
| Q2 24 | $74.8M | $37.1M | ||
| Q1 24 | $73.6M | $-10.3M |
自由现金流NETTHRM
| Q4 25 | $105.2M | $6.7M | ||
| Q3 25 | $82.5M | $46.5M | ||
| Q2 25 | $39.9M | $36.2M | ||
| Q1 25 | $59.9M | $-28.2M | ||
| Q4 24 | $54.2M | $13.6M | ||
| Q3 24 | $54.5M | $26.6M | ||
| Q2 24 | $45.2M | $17.8M | ||
| Q1 24 | $41.5M | $-21.6M |
自由现金流率NETTHRM
| Q4 25 | 17.1% | 1.7% | ||
| Q3 25 | 14.7% | 12.0% | ||
| Q2 25 | 7.8% | 9.6% | ||
| Q1 25 | 12.5% | -8.0% | ||
| Q4 24 | 11.8% | 3.9% | ||
| Q3 24 | 12.7% | 7.2% | ||
| Q2 24 | 11.3% | 4.7% | ||
| Q1 24 | 11.0% | -6.1% |
资本支出强度NETTHRM
| Q4 25 | 13.9% | 5.8% | ||
| Q3 25 | 15.1% | 2.5% | ||
| Q2 25 | 11.7% | 2.4% | ||
| Q1 25 | 17.9% | 4.2% | ||
| Q4 24 | 15.9% | 6.5% | ||
| Q3 24 | 11.7% | 5.3% | ||
| Q2 24 | 7.4% | 5.2% | ||
| Q1 24 | 8.5% | 3.2% |
现金转化率NETTHRM
| Q4 25 | — | 9.70× | ||
| Q3 25 | — | 3.75× | ||
| Q2 25 | — | 94.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.39× | ||
| Q3 24 | — | 2.90× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | -0.70× |
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% |
THRM
| Climate Control Seats | $200.9M | 52% |
| Lumbar And Massage Comfort Solutions | $58.5M | 15% |
| Climate Control Interiors | $50.3M | 13% |
| Other Automotive | $27.6M | 7% |
| Valve Systems | $24.1M | 6% |
| Medical Segments | $13.9M | 4% |
| Climate And Comfort Electronics | $7.4M | 2% |
