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Alexandria Real Estate Equities（ARE）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Alexandria Real Estate Equities的季度营收约是Cloudflare, Inc.的1.1倍（$671.0M vs $614.5M），Alexandria Real Estate Equities净利率更高（59.4% vs -2.0%，领先61.3%），Cloudflare, Inc.同比增速更快（33.6% vs -11.5%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -6.4%）
Alexandria Real Estate Equities（NYSE:ARE）是标普500成分股中的城市办公类房地产投资信托，作为业内首创、运营经验最丰富的先行企业，专注于在顶级创新集群区域开发、运营生命科学、科技及农业科技协作型产业园区。截至2020年12月末，公司总市值达319亿美元，北美地区资产总面积达4970万平方英尺。
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。
ARE vs NET — 直观对比
营收规模更大
ARE
是对方的1.1倍
$614.5M
营收增速更快
NET
高出45.1%
-11.5%
净利率更高
ARE
高出61.3%
-2.0%
两年增速更快
NET
近两年复合增速
-6.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $671.0M | $614.5M |
| 净利润 | $398.4M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | — | -8.0% |
| 净利率 | 59.4% | -2.0% |
| 营收同比 | -11.5% | 33.6% |
| 净利润同比 | 740.6% | 6.0% |
| 每股收益（稀释后） | $2.10 | $-0.03 |
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ARENET
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | $614.5M | ||
| Q3 25 | $751.9M | $562.0M | ||
| Q2 25 | $762.0M | $512.3M | ||
| Q1 25 | $758.2M | $479.1M | ||
| Q4 24 | $788.9M | $459.9M | ||
| Q3 24 | $791.6M | $430.1M | ||
| Q2 24 | $766.7M | $401.0M |
净利润ARENET
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $-12.1M | ||
| Q3 25 | $-232.8M | $-1.3M | ||
| Q2 25 | $-107.0M | $-50.4M | ||
| Q1 25 | $-8.9M | $-38.5M | ||
| Q4 24 | $-62.2M | $-12.8M | ||
| Q3 24 | $167.9M | $-15.3M | ||
| Q2 24 | $46.7M | $-15.1M |
毛利率ARENET
| Q1 26 | — | — | ||
| 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% |
营业利润率ARENET
| Q1 26 | — | — | ||
| Q4 25 | — | -8.0% | ||
| Q3 25 | — | -6.7% | ||
| Q2 25 | — | -13.1% | ||
| Q1 25 | — | -11.1% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | — | -7.2% | ||
| Q2 24 | — | -8.7% |
净利率ARENET
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | -2.0% | ||
| Q3 25 | -31.0% | -0.2% | ||
| Q2 25 | -14.0% | -9.8% | ||
| Q1 25 | -1.2% | -8.0% | ||
| Q4 24 | -7.9% | -2.8% | ||
| Q3 24 | 21.2% | -3.6% | ||
| Q2 24 | 6.1% | -3.8% |
每股收益（稀释后）ARENET
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $-0.03 | ||
| Q3 25 | $-1.38 | $0.00 | ||
| Q2 25 | $-0.64 | $-0.15 | ||
| Q1 25 | $-0.07 | $-0.11 | ||
| Q4 24 | $-0.38 | $-0.05 | ||
| Q3 24 | $0.96 | $-0.04 | ||
| Q2 24 | $0.25 | $-0.04 |
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 | $418.7M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $19.4B | $1.5B |
| 总资产 | $34.2B | $6.0B |
| 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ARENET
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | $943.5M | ||
| Q3 25 | $579.5M | $1.1B | ||
| Q2 25 | $520.5M | $1.5B | ||
| Q1 25 | $476.4M | $204.5M | ||
| Q4 24 | $552.1M | $147.7M | ||
| Q3 24 | $562.6M | $182.9M | ||
| Q2 24 | $561.0M | $157.0M |
总债务ARENET
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | — | ||
| Q3 25 | $13.6B | — | ||
| Q2 25 | $13.3B | — | ||
| Q1 25 | $13.1B | — | ||
| Q4 24 | $12.2B | — | ||
| Q3 24 | $12.7B | — | ||
| Q2 24 | $12.4B | — |
股东权益ARENET
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $1.5B | ||
| Q3 25 | $16.6B | $1.3B | ||
| Q2 25 | $17.2B | $1.2B | ||
| Q1 25 | $17.5B | $1.4B | ||
| Q4 24 | $17.9B | $1.0B | ||
| Q3 24 | $18.2B | $973.1M | ||
| Q2 24 | $18.3B | $881.5M |
总资产ARENET
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $6.0B | ||
| Q3 25 | $37.4B | $5.8B | ||
| Q2 25 | $37.6B | $5.6B | ||
| Q1 25 | $37.6B | $3.7B | ||
| Q4 24 | $37.5B | $3.3B | ||
| Q3 24 | $38.5B | $3.1B | ||
| Q2 24 | $37.8B | $2.9B |
负债/权益比ARENET
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.68× | — |
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 | $475.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | 76.0% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.19× | — |
| 过去12个月自由现金流最近4个季度 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流ARENET
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $190.4M | ||
| Q3 25 | $433.5M | $167.1M | ||
| Q2 25 | $460.2M | $99.8M | ||
| Q1 25 | $207.9M | $145.8M | ||
| Q4 24 | $274.2M | $127.3M | ||
| Q3 24 | $477.4M | $104.7M | ||
| Q2 24 | $411.8M | $74.8M |
自由现金流ARENET
| Q1 26 | — | — | ||
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M |
自由现金流率ARENET
| Q1 26 | — | — | ||
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% |
资本支出强度ARENET
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% |
现金转化率ARENET
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.84× | — | ||
| Q2 24 | 8.82× | — |
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
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
