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Cloudflare, Inc.（NET）与UWM Holdings Corp（UWMC）财务数据对比。点击上方公司名可切换其他公司
UWM Holdings Corp的季度营收约是Cloudflare, Inc.的1.5倍（$945.2M vs $614.5M），UWM Holdings Corp净利率更高（2.1% vs -2.0%，领先4.0%），UWM Holdings Corp同比增速更快（68.7% vs 33.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $82.0M），过去两年UWM Holdings Corp的营收复合增速更高（28.8% 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。
UWM控股（前身为联合海岸金融服务）是总部位于美国密歇根州庞蒂亚克的批发抵押贷款机构，专门为独立贷款经纪人提供贷款承销服务，据2024年公开数据显示，该公司是目前美国规模最大的抵押贷款放贷机构。
NET vs UWMC — 直观对比
营收规模更大
UWMC
是对方的1.5倍
$614.5M
营收增速更快
UWMC
高出35.1%
33.6%
净利率更高
UWMC
高出4.0%
-2.0%
自由现金流更多
NET
多$23.2M
$82.0M
两年增速更快
UWMC
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $945.2M |
| 净利润 | $-12.1M | $19.4M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 17.9% |
| 净利率 | -2.0% | 2.1% |
| 营收同比 | 33.6% | 68.7% |
| 净利润同比 | 6.0% | 117.6% |
| 每股收益（稀释后） | $-0.03 | $0.14 |
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NETUWMC
| Q4 25 | $614.5M | $945.2M | ||
| Q3 25 | $562.0M | $843.3M | ||
| Q2 25 | $512.3M | $758.7M | ||
| Q1 25 | $479.1M | $613.4M | ||
| Q4 24 | $459.9M | $560.2M | ||
| Q3 24 | $430.1M | $526.4M | ||
| Q2 24 | $401.0M | $507.1M | ||
| Q1 24 | $378.6M | $570.0M |
净利润NETUWMC
| Q4 25 | $-12.1M | $19.4M | ||
| Q3 25 | $-1.3M | $-1.3M | ||
| Q2 25 | $-50.4M | $22.9M | ||
| Q1 25 | $-38.5M | $-13.7M | ||
| Q4 24 | $-12.8M | $8.9M | ||
| Q3 24 | $-15.3M | $-6.3M | ||
| Q2 24 | $-15.1M | $3.0M | ||
| Q1 24 | $-35.5M | $8.7M |
毛利率NETUWMC
| 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NETUWMC
| Q4 25 | -8.0% | 17.9% | ||
| Q3 25 | -6.7% | 1.5% | ||
| Q2 25 | -13.1% | 43.4% | ||
| Q1 25 | -11.1% | -42.5% | ||
| Q4 24 | -7.5% | 7.6% | ||
| Q3 24 | -7.2% | 6.1% | ||
| Q2 24 | -8.7% | 15.2% | ||
| Q1 24 | -14.4% | 32.3% |
净利率NETUWMC
| Q4 25 | -2.0% | 2.1% | ||
| Q3 25 | -0.2% | -0.1% | ||
| Q2 25 | -9.8% | 3.0% | ||
| Q1 25 | -8.0% | -2.2% | ||
| Q4 24 | -2.8% | 1.6% | ||
| Q3 24 | -3.6% | -1.2% | ||
| Q2 24 | -3.8% | 0.6% | ||
| Q1 24 | -9.4% | 1.5% |
每股收益（稀释后）NETUWMC
| Q4 25 | $-0.03 | $0.14 | ||
| Q3 25 | $0.00 | $-0.01 | ||
| Q2 25 | $-0.15 | $0.11 | ||
| Q1 25 | $-0.11 | $-0.12 | ||
| Q4 24 | $-0.05 | $0.07 | ||
| Q3 24 | $-0.04 | $-0.06 | ||
| Q2 24 | $-0.04 | $0.03 | ||
| Q1 24 | $-0.10 | $0.09 |
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 | $503.4M |
| 总债务越低越好 | — | $3.0B |
| 股东权益账面价值 | $1.5B | $1.6B |
| 总资产 | $6.0B | $16.9B |
| 负债/权益比越低杠杆越低 | — | 1.87× |
8季度趋势，按日历期对齐
现金及短期投资NETUWMC
| Q4 25 | $943.5M | $503.4M | ||
| Q3 25 | $1.1B | $870.7M | ||
| Q2 25 | $1.5B | $490.0M | ||
| Q1 25 | $204.5M | $485.0M | ||
| Q4 24 | $147.7M | $507.3M | ||
| Q3 24 | $182.9M | $636.3M | ||
| Q2 24 | $157.0M | $680.2M | ||
| Q1 24 | $254.4M | $605.6M |
总债务NETUWMC
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $2.0B |
股东权益NETUWMC
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.3B | $1.6B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.0B | $2.1B | ||
| Q3 24 | $973.1M | $2.2B | ||
| Q2 24 | $881.5M | $2.3B | ||
| Q1 24 | $797.2M | $2.5B |
总资产NETUWMC
| Q4 25 | $6.0B | $16.9B | ||
| Q3 25 | $5.8B | $17.0B | ||
| Q2 25 | $5.6B | $13.9B | ||
| Q1 25 | $3.7B | $14.0B | ||
| Q4 24 | $3.3B | $15.7B | ||
| Q3 24 | $3.1B | $15.1B | ||
| Q2 24 | $2.9B | $12.9B | ||
| Q1 24 | $2.8B | $12.8B |
负债/权益比NETUWMC
| Q4 25 | — | 1.87× | ||
| Q3 25 | — | 2.38× | ||
| Q2 25 | — | 1.59× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | — | 1.36× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | 0.86× | ||
| 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 | $103.8M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $82.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 8.7% |
| 资本支出强度资本支出/营收 | 13.9% | 2.3% |
| 现金转化率经营现金流/净利润 | — | 5.34× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $-2.7B |
8季度趋势，按日历期对齐
经营现金流NETUWMC
| Q4 25 | $190.4M | $103.8M | ||
| Q3 25 | $167.1M | $-3.1B | ||
| Q2 25 | $99.8M | $-265.9M | ||
| Q1 25 | $145.8M | $593.9M | ||
| Q4 24 | $127.3M | $-543.3M | ||
| Q3 24 | $104.7M | $-2.2B | ||
| Q2 24 | $74.8M | $-1.3B | ||
| Q1 24 | $73.6M | $-2.2B |
自由现金流NETUWMC
| Q4 25 | $105.2M | $82.0M | ||
| Q3 25 | $82.5M | $-3.1B | ||
| Q2 25 | $39.9M | $-290.1M | ||
| Q1 25 | $59.9M | $576.1M | ||
| Q4 24 | $54.2M | $-551.6M | ||
| Q3 24 | $54.5M | $-2.2B | ||
| Q2 24 | $45.2M | $-1.3B | ||
| Q1 24 | $41.5M | $-2.2B |
自由现金流率NETUWMC
| Q4 25 | 17.1% | 8.7% | ||
| Q3 25 | 14.7% | -366.4% | ||
| Q2 25 | 7.8% | -38.2% | ||
| Q1 25 | 12.5% | 93.9% | ||
| Q4 24 | 11.8% | -98.5% | ||
| Q3 24 | 12.7% | -416.1% | ||
| Q2 24 | 11.3% | -262.1% | ||
| Q1 24 | 11.0% | -387.7% |
资本支出强度NETUWMC
| Q4 25 | 13.9% | 2.3% | ||
| Q3 25 | 15.1% | 1.2% | ||
| Q2 25 | 11.7% | 3.2% | ||
| Q1 25 | 17.9% | 2.9% | ||
| Q4 24 | 15.9% | 1.5% | ||
| Q3 24 | 11.7% | 2.3% | ||
| Q2 24 | 7.4% | 2.4% | ||
| Q1 24 | 8.5% | 1.2% |
现金转化率NETUWMC
| Q4 25 | — | 5.34× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -11.61× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -60.91× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -431.86× | ||
| Q1 24 | — | -252.32× |
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% |
UWMC
暂无分部数据
