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BGC Group, Inc.（BGC）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
BGC Group, Inc.的季度营收约是Cloudflare, Inc.的1.0倍（$638.6M vs $614.5M），BGC Group, Inc.净利率更高（2.3% vs -2.0%，领先4.2%），BGC Group, Inc.同比增速更快（34.4% vs 33.6%），BGC Group, Inc.自由现金流更多（$175.1M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 18.7%）
BGC集团是一家总部位于纽约和伦敦的美国全球性金融服务企业，最初隶属于康托·菲茨杰拉德集团，2004年正式独立运营，业务范围覆盖全球金融市场相关服务领域。
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。
BGC vs NET — 直观对比
营收规模更大
BGC
是对方的1.0倍
$614.5M
营收增速更快
BGC
高出0.8%
33.6%
净利率更高
BGC
高出4.2%
-2.0%
自由现金流更多
BGC
多$69.9M
$105.2M
两年增速更快
NET
近两年复合增速
18.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $638.6M | $614.5M |
| 净利润 | $14.4M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 3.9% | -8.0% |
| 净利率 | 2.3% | -2.0% |
| 营收同比 | 34.4% | 33.6% |
| 净利润同比 | -43.0% | 6.0% |
| 每股收益（稀释后） | $0.03 | $-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BGCNET
| Q4 25 | $638.6M | $614.5M | ||
| Q3 25 | $620.8M | $562.0M | ||
| Q2 25 | $648.0M | $512.3M | ||
| Q1 25 | $534.6M | $479.1M | ||
| Q4 24 | $475.2M | $459.9M | ||
| Q3 24 | $448.9M | $430.1M | ||
| Q2 24 | $435.0M | $401.0M | ||
| Q1 24 | $453.6M | $378.6M |
净利润BGCNET
| Q4 25 | $14.4M | $-12.1M | ||
| Q3 25 | $27.9M | $-1.3M | ||
| Q2 25 | $57.5M | $-50.4M | ||
| Q1 25 | $55.2M | $-38.5M | ||
| Q4 24 | $25.2M | $-12.8M | ||
| Q3 24 | $14.7M | $-15.3M | ||
| Q2 24 | $37.8M | $-15.1M | ||
| Q1 24 | $49.2M | $-35.5M |
毛利率BGCNET
| 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BGCNET
| Q4 25 | 3.9% | -8.0% | ||
| Q3 25 | 5.4% | -6.7% | ||
| Q2 25 | 11.6% | -13.1% | ||
| Q1 25 | 15.0% | -11.1% | ||
| Q4 24 | 5.7% | -7.5% | ||
| Q3 24 | 4.4% | -7.2% | ||
| Q2 24 | 12.7% | -8.7% | ||
| Q1 24 | 15.7% | -14.4% |
净利率BGCNET
| Q4 25 | 2.3% | -2.0% | ||
| Q3 25 | 4.5% | -0.2% | ||
| Q2 25 | 8.9% | -9.8% | ||
| Q1 25 | 10.3% | -8.0% | ||
| Q4 24 | 5.3% | -2.8% | ||
| Q3 24 | 3.3% | -3.6% | ||
| Q2 24 | 8.7% | -3.8% | ||
| Q1 24 | 10.8% | -9.4% |
每股收益（稀释后）BGCNET
| Q4 25 | $0.03 | $-0.03 | ||
| Q3 25 | $0.06 | $0.00 | ||
| Q2 25 | $0.11 | $-0.15 | ||
| Q1 25 | $0.11 | $-0.11 | ||
| Q4 24 | $0.04 | $-0.05 | ||
| Q3 24 | $0.03 | $-0.04 | ||
| Q2 24 | $0.08 | $-0.04 | ||
| Q1 24 | $0.10 | $-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 | $851.5M | $943.5M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $972.5M | $1.5B |
| 总资产 | $4.4B | $6.0B |
| 负债/权益比越低杠杆越低 | 1.58× | — |
8季度趋势，按日历期对齐
现金及短期投资BGCNET
| Q4 25 | $851.5M | $943.5M | ||
| Q3 25 | $774.9M | $1.1B | ||
| Q2 25 | $827.8M | $1.5B | ||
| Q1 25 | $966.4M | $204.5M | ||
| Q4 24 | $711.6M | $147.7M | ||
| Q3 24 | $563.5M | $182.9M | ||
| Q2 24 | $571.7M | $157.0M | ||
| Q1 24 | $566.8M | $254.4M |
总债务BGCNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $945.0M | — |
股东权益BGCNET
| Q4 25 | $972.5M | $1.5B | ||
| Q3 25 | $965.3M | $1.3B | ||
| Q2 25 | $930.5M | $1.2B | ||
| Q1 25 | $963.8M | $1.4B | ||
| Q4 24 | $898.5M | $1.0B | ||
| Q3 24 | $860.1M | $973.1M | ||
| Q2 24 | $858.1M | $881.5M | ||
| Q1 24 | $912.1M | $797.2M |
总资产BGCNET
| Q4 25 | $4.4B | $6.0B | ||
| Q3 25 | $5.8B | $5.8B | ||
| Q2 25 | $4.9B | $5.6B | ||
| Q1 25 | $4.9B | $3.7B | ||
| Q4 24 | $3.6B | $3.3B | ||
| Q3 24 | $4.4B | $3.1B | ||
| Q2 24 | $4.3B | $2.9B | ||
| Q1 24 | $4.4B | $2.8B |
负债/权益比BGCNET
| Q4 25 | 1.58× | — | ||
| Q3 25 | 1.90× | — | ||
| Q2 25 | 1.97× | — | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.27× | — | ||
| Q3 24 | 1.68× | — | ||
| Q2 24 | 1.68× | — | ||
| Q1 24 | 1.04× | — |
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 | $180.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $175.1M | $105.2M |
| 自由现金流率自由现金流/营收 | 27.4% | 17.1% |
| 资本支出强度资本支出/营收 | 0.8% | 13.9% |
| 现金转化率经营现金流/净利润 | 12.55× | — |
| 过去12个月自由现金流最近4个季度 | $372.9M | $287.5M |
8季度趋势，按日历期对齐
经营现金流BGCNET
| Q4 25 | $180.4M | $190.4M | ||
| Q3 25 | $141.9M | $167.1M | ||
| Q2 25 | $71.2M | $99.8M | ||
| Q1 25 | $839.0K | $145.8M | ||
| Q4 24 | $251.9M | $127.3M | ||
| Q3 24 | $88.3M | $104.7M | ||
| Q2 24 | $-53.0M | $74.8M | ||
| Q1 24 | $28.1M | $73.6M |
自由现金流BGCNET
| Q4 25 | $175.1M | $105.2M | ||
| Q3 25 | $137.2M | $82.5M | ||
| Q2 25 | $65.0M | $39.9M | ||
| Q1 25 | $-4.4M | $59.9M | ||
| Q4 24 | $245.6M | $54.2M | ||
| Q3 24 | $78.8M | $54.5M | ||
| Q2 24 | $-63.5M | $45.2M | ||
| Q1 24 | $24.9M | $41.5M |
自由现金流率BGCNET
| Q4 25 | 27.4% | 17.1% | ||
| Q3 25 | 22.1% | 14.7% | ||
| Q2 25 | 10.0% | 7.8% | ||
| Q1 25 | -0.8% | 12.5% | ||
| Q4 24 | 51.7% | 11.8% | ||
| Q3 24 | 17.5% | 12.7% | ||
| Q2 24 | -14.6% | 11.3% | ||
| Q1 24 | 5.5% | 11.0% |
资本支出强度BGCNET
| Q4 25 | 0.8% | 13.9% | ||
| Q3 25 | 0.8% | 15.1% | ||
| Q2 25 | 1.0% | 11.7% | ||
| Q1 25 | 1.0% | 17.9% | ||
| Q4 24 | 1.3% | 15.9% | ||
| Q3 24 | 2.1% | 11.7% | ||
| Q2 24 | 2.4% | 7.4% | ||
| Q1 24 | 0.7% | 8.5% |
现金转化率BGCNET
| Q4 25 | 12.55× | — | ||
| Q3 25 | 5.09× | — | ||
| Q2 25 | 1.24× | — | ||
| Q1 25 | 0.02× | — | ||
| Q4 24 | 9.99× | — | ||
| Q3 24 | 5.99× | — | ||
| Q2 24 | -1.40× | — | ||
| Q1 24 | 0.57× | — |
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
BGC
| Commissions | $590.2M | 92% |
| Data Software And Post Trade | $36.7M | 6% |
| Fees From Related Parties | $4.6M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
