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勃肯（BIRK）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是勃肯的1.2倍（$614.5M vs $526.3M），勃肯净利率更高（19.3% vs -2.0%，领先21.2%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 26.8%）
勃肯是源自德国的知名鞋履制造商，1774年成立，总部位于莱茵兰-普法尔茨州维德河畔诺伊施塔特。品牌标志性产品采用麂皮、黄麻层叠打造的弧形软木鞋垫，可贴合穿着者脚型，尤以舒适凉鞋品类闻名，创立初衷是为替代当时普遍的平底鞋，推出兼具支撑性与贴合度的鞋款。
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。
BIRK vs NET — 直观对比
营收规模更大
NET
是对方的1.2倍
$526.3M
净利率更高
BIRK
高出21.2%
-2.0%
两年增速更快
NET
近两年复合增速
26.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $526.3M | $614.5M |
| 净利润 | $101.4M | $-12.1M |
| 毛利率 | 62.8% | 73.6% |
| 营业利润率 | 23.0% | -8.0% |
| 净利率 | 19.3% | -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BIRKNET
| Q4 25 | — | $614.5M | ||
| Q3 25 | $526.3M | $562.0M | ||
| Q2 25 | $685.8M | $512.3M | ||
| Q1 25 | $620.3M | $479.1M | ||
| Q4 24 | $390.7M | $459.9M | ||
| Q3 24 | $455.8M | $430.1M | ||
| Q2 24 | $609.9M | $401.0M | ||
| Q1 24 | $519.7M | $378.6M |
净利润BIRKNET
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $101.4M | $-1.3M | ||
| Q2 25 | $139.6M | $-50.4M | ||
| Q1 25 | $113.5M | $-38.5M | ||
| Q4 24 | $21.7M | $-12.8M | ||
| Q3 24 | — | $-15.3M | ||
| Q2 24 | $80.6M | $-15.1M | ||
| Q1 24 | $77.4M | $-35.5M |
毛利率BIRKNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | 62.8% | 74.0% | ||
| Q2 25 | 60.5% | 74.9% | ||
| Q1 25 | 57.7% | 75.9% | ||
| Q4 24 | 60.3% | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | 59.5% | 77.8% | ||
| Q1 24 | 56.3% | 77.5% |
营业利润率BIRKNET
| Q4 25 | — | -8.0% | ||
| Q3 25 | 23.0% | -6.7% | ||
| Q2 25 | 31.2% | -13.1% | ||
| Q1 25 | 30.5% | -11.1% | ||
| Q4 24 | 17.7% | -7.5% | ||
| Q3 24 | — | -7.2% | ||
| Q2 24 | 27.5% | -8.7% | ||
| Q1 24 | 27.5% | -14.4% |
净利率BIRKNET
| Q4 25 | — | -2.0% | ||
| Q3 25 | 19.3% | -0.2% | ||
| Q2 25 | 20.3% | -9.8% | ||
| Q1 25 | 18.3% | -8.0% | ||
| Q4 24 | 5.6% | -2.8% | ||
| Q3 24 | — | -3.6% | ||
| Q2 24 | 13.2% | -3.8% | ||
| Q1 24 | 14.9% | -9.4% |
每股收益（稀释后）BIRKNET
| 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 | $355.4M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.9B | $1.5B |
| 总资产 | $5.3B | $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BIRKNET
| Q4 25 | — | $943.5M | ||
| Q3 25 | $355.4M | $1.1B | ||
| Q2 25 | $282.8M | $1.5B | ||
| Q1 25 | $254.2M | $204.5M | ||
| Q4 24 | $322.5M | $147.7M | ||
| Q3 24 | $384.3M | $182.9M | ||
| Q2 24 | $436.7M | $157.0M | ||
| Q1 24 | $189.8M | $254.4M |
股东权益BIRKNET
| Q4 25 | — | $1.5B | ||
| Q3 25 | $2.9B | $1.3B | ||
| Q2 25 | $2.8B | $1.2B | ||
| Q1 25 | $3.0B | $1.4B | ||
| Q4 24 | $3.0B | $1.0B | ||
| Q3 24 | $2.8B | $973.1M | ||
| Q2 24 | $2.8B | $881.5M | ||
| Q1 24 | $2.7B | $797.2M |
总资产BIRKNET
| Q4 25 | — | $6.0B | ||
| Q3 25 | $5.3B | $5.8B | ||
| Q2 25 | $5.3B | $5.6B | ||
| Q1 25 | $5.4B | $3.7B | ||
| Q4 24 | $5.4B | $3.3B | ||
| Q3 24 | $5.3B | $3.1B | ||
| Q2 24 | $5.4B | $2.9B | ||
| Q1 24 | $5.2B | $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 | $415.0M | $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 | 4.09× | — |
| 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BIRKNET
| Q4 25 | — | $190.4M | ||
| Q3 25 | $415.0M | $167.1M | ||
| Q2 25 | — | $99.8M | ||
| Q1 25 | — | $145.8M | ||
| Q4 24 | $-12.6M | $127.3M | ||
| Q3 24 | $463.0M | $104.7M | ||
| Q2 24 | — | $74.8M | ||
| Q1 24 | — | $73.6M |
自由现金流BIRKNET
| 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BIRKNET
| 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BIRKNET
| 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BIRKNET
| Q4 25 | — | — | ||
| Q3 25 | 4.09× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.58× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
BIRK
暂无分部数据
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
