vs
Cloudflare, Inc.（NET）与UNITED THERAPEUTICS Corp（UTHR）财务数据对比。点击上方公司名可切换其他公司
UNITED THERAPEUTICS Corp的季度营收约是Cloudflare, Inc.的1.3倍（$790.2M vs $614.5M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs -2.0%，领先48.1%），Cloudflare, Inc.同比增速更快（33.6% vs 7.4%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 8.0%）
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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
NET vs UTHR — 直观对比
营收规模更大
UTHR
是对方的1.3倍
$614.5M
营收增速更快
NET
高出26.2%
7.4%
净利率更高
UTHR
高出48.1%
-2.0%
自由现金流更多
UTHR
多$68.1M
$105.2M
两年增速更快
NET
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $790.2M |
| 净利润 | $-12.1M | $364.3M |
| 毛利率 | 73.6% | 86.9% |
| 营业利润率 | -8.0% | 45.1% |
| 净利率 | -2.0% | 46.1% |
| 营收同比 | 33.6% | 7.4% |
| 净利润同比 | 6.0% | 20.9% |
| 每股收益（稀释后） | $-0.03 | $7.66 |
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NETUTHR
| Q4 25 | $614.5M | $790.2M | ||
| Q3 25 | $562.0M | $799.5M | ||
| Q2 25 | $512.3M | $798.6M | ||
| Q1 25 | $479.1M | $794.4M | ||
| Q4 24 | $459.9M | $735.9M | ||
| Q3 24 | $430.1M | $748.9M | ||
| Q2 24 | $401.0M | $714.9M | ||
| Q1 24 | $378.6M | $677.7M |
净利润NETUTHR
| Q4 25 | $-12.1M | $364.3M | ||
| Q3 25 | $-1.3M | $338.7M | ||
| Q2 25 | $-50.4M | $309.5M | ||
| Q1 25 | $-38.5M | $322.2M | ||
| Q4 24 | $-12.8M | $301.3M | ||
| Q3 24 | $-15.3M | $309.1M | ||
| Q2 24 | $-15.1M | $278.1M | ||
| Q1 24 | $-35.5M | $306.6M |
毛利率NETUTHR
| Q4 25 | 73.6% | 86.9% | ||
| Q3 25 | 74.0% | 87.4% | ||
| Q2 25 | 74.9% | 89.0% | ||
| Q1 25 | 75.9% | 88.4% | ||
| Q4 24 | 76.4% | 89.7% | ||
| Q3 24 | 77.7% | 88.9% | ||
| Q2 24 | 77.8% | 89.1% | ||
| Q1 24 | 77.5% | 89.2% |
营业利润率NETUTHR
| Q4 25 | -8.0% | 45.1% | ||
| Q3 25 | -6.7% | 48.6% | ||
| Q2 25 | -13.1% | 45.6% | ||
| Q1 25 | -11.1% | 48.2% | ||
| Q4 24 | -7.5% | 48.6% | ||
| Q3 24 | -7.2% | 45.8% | ||
| Q2 24 | -8.7% | 44.7% | ||
| Q1 24 | -14.4% | 52.6% |
净利率NETUTHR
| Q4 25 | -2.0% | 46.1% | ||
| Q3 25 | -0.2% | 42.4% | ||
| Q2 25 | -9.8% | 38.8% | ||
| Q1 25 | -8.0% | 40.6% | ||
| Q4 24 | -2.8% | 40.9% | ||
| Q3 24 | -3.6% | 41.3% | ||
| Q2 24 | -3.8% | 38.9% | ||
| Q1 24 | -9.4% | 45.2% |
每股收益（稀释后）NETUTHR
| Q4 25 | $-0.03 | $7.66 | ||
| Q3 25 | $0.00 | $7.16 | ||
| Q2 25 | $-0.15 | $6.41 | ||
| Q1 25 | $-0.11 | $6.63 | ||
| Q4 24 | $-0.05 | $6.23 | ||
| Q3 24 | $-0.04 | $6.39 | ||
| Q2 24 | $-0.04 | $5.85 | ||
| Q1 24 | $-0.10 | $6.17 |
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 | $2.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $7.1B |
| 总资产 | $6.0B | $7.9B |
| 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NETUTHR
| Q4 25 | $943.5M | $2.9B | ||
| Q3 25 | $1.1B | $2.8B | ||
| Q2 25 | $1.5B | $3.0B | ||
| Q1 25 | $204.5M | $3.3B | ||
| Q4 24 | $147.7M | $3.3B | ||
| Q3 24 | $182.9M | $3.3B | ||
| Q2 24 | $157.0M | $3.0B | ||
| Q1 24 | $254.4M | $2.7B |
股东权益NETUTHR
| Q4 25 | $1.5B | $7.1B | ||
| Q3 25 | $1.3B | $6.6B | ||
| Q2 25 | $1.2B | $7.2B | ||
| Q1 25 | $1.4B | $6.8B | ||
| Q4 24 | $1.0B | $6.4B | ||
| Q3 24 | $973.1M | $6.1B | ||
| Q2 24 | $881.5M | $5.7B | ||
| Q1 24 | $797.2M | $5.3B |
总资产NETUTHR
| Q4 25 | $6.0B | $7.9B | ||
| Q3 25 | $5.8B | $7.4B | ||
| Q2 25 | $5.6B | $7.9B | ||
| Q1 25 | $3.7B | $7.7B | ||
| Q4 24 | $3.3B | $7.4B | ||
| Q3 24 | $3.1B | $7.1B | ||
| Q2 24 | $2.9B | $6.7B | ||
| Q1 24 | $2.8B | $6.5B |
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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $173.3M |
| 自由现金流率自由现金流/营收 | 17.1% | 21.9% |
| 资本支出强度资本支出/营收 | 13.9% | 21.9% |
| 现金转化率经营现金流/净利润 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $1.0B |
8季度趋势，按日历期对齐
经营现金流NETUTHR
| Q4 25 | $190.4M | $346.2M | ||
| Q3 25 | $167.1M | $562.1M | ||
| Q2 25 | $99.8M | $191.7M | ||
| Q1 25 | $145.8M | $461.2M | ||
| Q4 24 | $127.3M | $341.2M | ||
| Q3 24 | $104.7M | $377.2M | ||
| Q2 24 | $74.8M | $232.2M | ||
| Q1 24 | $73.6M | $376.5M |
自由现金流NETUTHR
| Q4 25 | $105.2M | $173.3M | ||
| Q3 25 | $82.5M | $351.6M | ||
| Q2 25 | $39.9M | $129.5M | ||
| Q1 25 | $59.9M | $386.3M | ||
| Q4 24 | $54.2M | $254.5M | ||
| Q3 24 | $54.5M | $300.7M | ||
| Q2 24 | $45.2M | $187.1M | ||
| Q1 24 | $41.5M | $338.3M |
自由现金流率NETUTHR
| Q4 25 | 17.1% | 21.9% | ||
| Q3 25 | 14.7% | 44.0% | ||
| Q2 25 | 7.8% | 16.2% | ||
| Q1 25 | 12.5% | 48.6% | ||
| Q4 24 | 11.8% | 34.6% | ||
| Q3 24 | 12.7% | 40.2% | ||
| Q2 24 | 11.3% | 26.2% | ||
| Q1 24 | 11.0% | 49.9% |
资本支出强度NETUTHR
| Q4 25 | 13.9% | 21.9% | ||
| Q3 25 | 15.1% | 26.3% | ||
| Q2 25 | 11.7% | 7.8% | ||
| Q1 25 | 17.9% | 9.4% | ||
| Q4 24 | 15.9% | 11.8% | ||
| Q3 24 | 11.7% | 10.2% | ||
| Q2 24 | 7.4% | 6.3% | ||
| Q1 24 | 8.5% | 5.6% |
现金转化率NETUTHR
| Q4 25 | — | 0.95× | ||
| Q3 25 | — | 1.66× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
