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布鲁克菲尔德资产管理（BAM）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
布鲁克菲尔德资产管理的季度营收约是Cloudflare, Inc.的1.8倍（$1.1B vs $614.5M），布鲁克菲尔德资产管理净利率更高（56.7% vs -2.0%，领先58.6%）
布鲁克菲尔德资产管理有限公司是加美两地的另类资产管理机构，2022年12月从布鲁克菲尔德集团的资管业务分拆成立，在全球范围内管理不动产、基础设施、可再生能源、私募股权及信贷市场等领域的投资。
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。
BAM vs NET — 直观对比
营收规模更大
BAM
是对方的1.8倍
$614.5M
净利率更高
BAM
高出58.6%
-2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $614.5M |
| 净利润 | $615.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 84.2% | -8.0% |
| 净利率 | 56.7% | -2.0% |
| 营收同比 | — | 33.6% |
| 净利润同比 | — | 6.0% |
| 每股收益（稀释后） | — | $-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BAMNET
| Q4 25 | $1.1B | $614.5M | ||
| Q3 25 | $974.0M | $562.0M | ||
| Q2 25 | $931.0M | $512.3M | ||
| Q1 25 | $954.0M | $479.1M | ||
| Q4 24 | — | $459.9M | ||
| Q3 24 | $873.0M | $430.1M | ||
| Q2 24 | $821.0M | $401.0M | ||
| Q1 24 | $786.0M | $378.6M |
净利润BAMNET
| Q4 25 | $615.0M | $-12.1M | ||
| Q3 25 | $692.0M | $-1.3M | ||
| Q2 25 | $584.0M | $-50.4M | ||
| Q1 25 | $507.0M | $-38.5M | ||
| Q4 24 | — | $-12.8M | ||
| Q3 24 | $537.0M | $-15.3M | ||
| Q2 24 | $124.0M | $-15.1M | ||
| Q1 24 | $373.0M | $-35.5M |
毛利率BAMNET
| 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BAMNET
| Q4 25 | 84.2% | -8.0% | ||
| Q3 25 | 79.1% | -6.7% | ||
| Q2 25 | 70.8% | -13.1% | ||
| Q1 25 | 61.0% | -11.1% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | 72.5% | -7.2% | ||
| Q2 24 | 80.4% | -8.7% | ||
| Q1 24 | 56.5% | -14.4% |
净利率BAMNET
| Q4 25 | 56.7% | -2.0% | ||
| Q3 25 | 71.0% | -0.2% | ||
| Q2 25 | 62.7% | -9.8% | ||
| Q1 25 | 53.1% | -8.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | 61.5% | -3.6% | ||
| Q2 24 | 15.1% | -3.8% | ||
| Q1 24 | 47.5% | -9.4% |
每股收益（稀释后）BAMNET
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-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 | $1.6B | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.9B | $1.5B |
| 总资产 | $17.0B | $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BAMNET
| Q4 25 | $1.6B | $943.5M | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $480.0M | $1.5B | ||
| Q1 25 | $332.0M | $204.5M | ||
| Q4 24 | — | $147.7M | ||
| Q3 24 | — | $182.9M | ||
| Q2 24 | $10.0M | $157.0M | ||
| Q1 24 | — | $254.4M |
股东权益BAMNET
| Q4 25 | $8.9B | $1.5B | ||
| Q3 25 | $8.5B | $1.3B | ||
| Q2 25 | $8.5B | $1.2B | ||
| Q1 25 | $8.5B | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $9.0B | $973.1M | ||
| Q2 24 | $3.2B | $881.5M | ||
| Q1 24 | $2.2B | $797.2M |
总资产BAMNET
| Q4 25 | $17.0B | $6.0B | ||
| Q3 25 | $16.5B | $5.8B | ||
| Q2 25 | $16.1B | $5.6B | ||
| Q1 25 | $15.0B | $3.7B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | $4.2B | $2.9B | ||
| Q1 24 | — | $2.8B |
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 | $562.0M | $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 | — | 13.9% |
| 现金转化率经营现金流/净利润 | 0.91× | — |
| 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BAMNET
| Q4 25 | $562.0M | $190.4M | ||
| Q3 25 | $745.0M | $167.1M | ||
| Q2 25 | $529.0M | $99.8M | ||
| Q1 25 | $265.0M | $145.8M | ||
| Q4 24 | — | $127.3M | ||
| Q3 24 | $567.0M | $104.7M | ||
| Q2 24 | $159.0M | $74.8M | ||
| Q1 24 | $516.0M | $73.6M |
自由现金流BAMNET
| 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 | ||
| Q1 24 | — | $41.5M |
自由现金流率BAMNET
| 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% | ||
| Q1 24 | — | 11.0% |
资本支出强度BAMNET
| 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% | ||
| Q1 24 | — | 8.5% |
现金转化率BAMNET
| Q4 25 | 0.91× | — | ||
| Q3 25 | 1.08× | — | ||
| Q2 25 | 0.91× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.06× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.38× | — |
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
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
