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Barnes & Noble Education, Inc.（BNED）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Barnes & Noble Education, Inc.的1.0倍（$614.5M vs $598.2M），Barnes & Noble Education, Inc.净利率更高（4.2% vs -2.0%，领先6.1%），Cloudflare, Inc.同比增速更快（33.6% vs 6.9%），Cloudflare, Inc.自由现金流更多（$105.2M vs $61.9M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 20.0%）
巴诺教育旗下的巴诺书店是美国门店数量最多的图书零售商，目前在美国各地经营着七百多家线下实体门店，是美国本土颇具影响力的线下图书零售企业，深耕图书零售领域多年。
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。
BNED vs NET — 直观对比
营收规模更大
NET
是对方的1.0倍
$598.2M
营收增速更快
NET
高出26.7%
6.9%
净利率更高
BNED
高出6.1%
-2.0%
自由现金流更多
NET
多$43.3M
$61.9M
两年增速更快
NET
近两年复合增速
20.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $598.2M | $614.5M |
| 净利润 | $25.0M | $-12.1M |
| 毛利率 | 21.7% | 73.6% |
| 营业利润率 | 6.8% | -8.0% |
| 净利率 | 4.2% | -2.0% |
| 营收同比 | 6.9% | 33.6% |
| 净利润同比 | -49.7% | 6.0% |
| 每股收益（稀释后） | $0.72 | $-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BNEDNET
| Q4 25 | $598.2M | $614.5M | ||
| Q3 25 | $274.2M | $562.0M | ||
| Q2 25 | $233.0M | $512.3M | ||
| Q1 25 | $419.7M | $479.1M | ||
| Q4 24 | $559.7M | $459.9M | ||
| Q3 24 | $250.9M | $430.1M | ||
| Q2 24 | $192.7M | $401.0M | ||
| Q1 24 | $415.4M | $378.6M |
净利润BNEDNET
| Q4 25 | $25.0M | $-12.1M | ||
| Q3 25 | $-18.3M | $-1.3M | ||
| Q2 25 | $-23.0M | $-50.4M | ||
| Q1 25 | $17.9M | $-38.5M | ||
| Q4 24 | $43.2M | $-12.8M | ||
| Q3 24 | $-103.9M | $-15.3M | ||
| Q2 24 | $-41.9M | $-15.1M | ||
| Q1 24 | $-9.3M | $-35.5M |
毛利率BNEDNET
| Q4 25 | 21.7% | 73.6% | ||
| Q3 25 | 20.2% | 74.0% | ||
| Q2 25 | 30.3% | 74.9% | ||
| Q1 25 | 22.3% | 75.9% | ||
| Q4 24 | 23.0% | 76.4% | ||
| Q3 24 | 17.9% | 77.7% | ||
| Q2 24 | 28.7% | 77.8% | ||
| Q1 24 | 24.2% | 77.5% |
营业利润率BNEDNET
| Q4 25 | 6.8% | -8.0% | ||
| Q3 25 | -8.4% | -6.7% | ||
| Q2 25 | -4.9% | -13.1% | ||
| Q1 25 | 4.5% | -11.1% | ||
| Q4 24 | 8.4% | -7.5% | ||
| Q3 24 | -15.4% | -7.2% | ||
| Q2 24 | -16.3% | -8.7% | ||
| Q1 24 | 0.4% | -14.4% |
净利率BNEDNET
| Q4 25 | 4.2% | -2.0% | ||
| Q3 25 | -6.7% | -0.2% | ||
| Q2 25 | -9.9% | -9.8% | ||
| Q1 25 | 4.3% | -8.0% | ||
| Q4 24 | 7.7% | -2.8% | ||
| Q3 24 | -41.4% | -3.6% | ||
| Q2 24 | -21.7% | -3.8% | ||
| Q1 24 | -2.2% | -9.4% |
每股收益（稀释后）BNEDNET
| Q4 25 | $0.72 | $-0.03 | ||
| Q3 25 | $-0.54 | $0.00 | ||
| Q2 25 | $2.97 | $-0.15 | ||
| Q1 25 | $0.59 | $-0.11 | ||
| Q4 24 | $1.63 | $-0.05 | ||
| Q3 24 | $-7.69 | $-0.04 | ||
| Q2 24 | $-15.68 | $-0.04 | ||
| Q1 24 | $-3.49 | $-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 | $11.7M | $943.5M |
| 总债务越低越好 | $122.5M | — |
| 股东权益账面价值 | $283.2M | $1.5B |
| 总资产 | $1.1B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
现金及短期投资BNEDNET
| Q4 25 | $11.7M | $943.5M | ||
| Q3 25 | $7.3M | $1.1B | ||
| Q2 25 | $9.1M | $1.5B | ||
| Q1 25 | $9.2M | $204.5M | ||
| Q4 24 | $11.6M | $147.7M | ||
| Q3 24 | $8.2M | $182.9M | ||
| Q2 24 | $10.5M | $157.0M | ||
| Q1 24 | $8.1M | $254.4M |
总债务BNEDNET
| Q4 25 | $122.5M | — | ||
| Q3 25 | $170.0M | — | ||
| Q2 25 | $103.1M | — | ||
| Q1 25 | $141.2M | — | ||
| Q4 24 | $177.6M | — | ||
| Q3 24 | $221.9M | — | ||
| Q2 24 | $196.3M | — | ||
| Q1 24 | $30.2M | — |
股东权益BNEDNET
| Q4 25 | $283.2M | $1.5B | ||
| Q3 25 | $256.5M | $1.3B | ||
| Q2 25 | $272.2M | $1.2B | ||
| Q1 25 | $292.9M | $1.4B | ||
| Q4 24 | $211.4M | $1.0B | ||
| Q3 24 | $149.8M | $973.1M | ||
| Q2 24 | $80.4M | $881.5M | ||
| Q1 24 | $121.5M | $797.2M |
总资产BNEDNET
| Q4 25 | $1.1B | $6.0B | ||
| Q3 25 | $950.8M | $5.8B | ||
| Q2 25 | $790.3M | $5.6B | ||
| Q1 25 | $1.1B | $3.7B | ||
| Q4 24 | $1.0B | $3.3B | ||
| Q3 24 | $973.2M | $3.1B | ||
| Q2 24 | $909.9M | $2.9B | ||
| Q1 24 | $1.2B | $2.8B |
负债/权益比BNEDNET
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 2.44× | — | ||
| Q1 24 | 0.25× | — |
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 | $66.2M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $61.9M | $105.2M |
| 自由现金流率自由现金流/营收 | 10.4% | 17.1% |
| 资本支出强度资本支出/营收 | 0.7% | 13.9% |
| 现金转化率经营现金流/净利润 | 2.65× | — |
| 过去12个月自由现金流最近4个季度 | $-4.6M | $287.5M |
8季度趋势，按日历期对齐
经营现金流BNEDNET
| Q4 25 | $66.2M | $190.4M | ||
| Q3 25 | $-67.6M | $167.1M | ||
| Q2 25 | $52.6M | $99.8M | ||
| Q1 25 | $-41.9M | $145.8M | ||
| Q4 24 | $47.4M | $127.3M | ||
| Q3 24 | $-143.5M | $104.7M | ||
| Q2 24 | $81.7M | $74.8M | ||
| Q1 24 | $-35.8M | $73.6M |
自由现金流BNEDNET
| Q4 25 | $61.9M | $105.2M | ||
| Q3 25 | $-71.3M | $82.5M | ||
| Q2 25 | $49.5M | $39.9M | ||
| Q1 25 | $-44.7M | $59.9M | ||
| Q4 24 | $44.4M | $54.2M | ||
| Q3 24 | $-147.5M | $54.5M | ||
| Q2 24 | $79.1M | $45.2M | ||
| Q1 24 | $-39.0M | $41.5M |
自由现金流率BNEDNET
| Q4 25 | 10.4% | 17.1% | ||
| Q3 25 | -26.0% | 14.7% | ||
| Q2 25 | 21.3% | 7.8% | ||
| Q1 25 | -10.7% | 12.5% | ||
| Q4 24 | 7.9% | 11.8% | ||
| Q3 24 | -58.8% | 12.7% | ||
| Q2 24 | 41.1% | 11.3% | ||
| Q1 24 | -9.4% | 11.0% |
资本支出强度BNEDNET
| Q4 25 | 0.7% | 13.9% | ||
| Q3 25 | 1.4% | 15.1% | ||
| Q2 25 | 1.3% | 11.7% | ||
| Q1 25 | 0.7% | 17.9% | ||
| Q4 24 | 0.5% | 15.9% | ||
| Q3 24 | 1.6% | 11.7% | ||
| Q2 24 | 1.4% | 7.4% | ||
| Q1 24 | 0.8% | 8.5% |
现金转化率BNEDNET
| Q4 25 | 2.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -2.34× | — | ||
| Q4 24 | 1.10× | — | ||
| 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
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
