vs
鲍德温（BWIN）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.的季度营收约是鲍德温的1.8倍（$614.5M vs $347.3M），Cloudflare, Inc.净利率更高（-2.0% vs -7.5%，领先5.5%），Cloudflare, Inc.同比增速更快（33.6% vs 5.3%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-68.9M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -4.4%）
鲍德温钢琴是美国知名钢琴品牌，曾是美国最大的键盘乐器制造商，主打 slogan 为「美国人最喜爱的钢琴」。2001年起成为吉普森品牌旗下子公司，2008年12月停止美国本土生产，将钢琴制造生产线迁至中国。
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。
BWIN vs NET — 直观对比
营收规模更大
NET
是对方的1.8倍
$347.3M
营收增速更快
NET
高出28.3%
5.3%
净利率更高
NET
高出5.5%
-7.5%
自由现金流更多
NET
多$174.2M
$-68.9M
两年增速更快
NET
近两年复合增速
-4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $347.3M | $614.5M |
| 净利润 | $-25.9M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | -3.8% | -8.0% |
| 净利率 | -7.5% | -2.0% |
| 营收同比 | 5.3% | 33.6% |
| 净利润同比 | -28.3% | 6.0% |
| 每股收益（稀释后） | $-0.38 | $-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BWINNET
| Q4 25 | $347.3M | $614.5M | ||
| Q3 25 | $365.4M | $562.0M | ||
| Q2 25 | $378.8M | $512.3M | ||
| Q1 25 | $413.4M | $479.1M | ||
| Q4 24 | $329.9M | $459.9M | ||
| Q3 24 | $338.9M | $430.1M | ||
| Q2 24 | $339.8M | $401.0M | ||
| Q1 24 | $380.4M | $378.6M |
净利润BWINNET
| Q4 25 | $-25.9M | $-12.1M | ||
| Q3 25 | $-18.7M | $-1.3M | ||
| Q2 25 | $-3.2M | $-50.4M | ||
| Q1 25 | $13.9M | $-38.5M | ||
| Q4 24 | $-20.2M | $-12.8M | ||
| Q3 24 | $-8.4M | $-15.3M | ||
| Q2 24 | $-17.6M | $-15.1M | ||
| Q1 24 | $21.6M | $-35.5M |
毛利率BWINNET
| 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BWINNET
| Q4 25 | -3.8% | -8.0% | ||
| Q3 25 | 0.9% | -6.7% | ||
| Q2 25 | 7.4% | -13.1% | ||
| Q1 25 | 13.6% | -11.1% | ||
| Q4 24 | -1.7% | -7.5% | ||
| Q3 24 | 4.5% | -7.2% | ||
| Q2 24 | 4.8% | -8.7% | ||
| Q1 24 | 9.0% | -14.4% |
净利率BWINNET
| Q4 25 | -7.5% | -2.0% | ||
| Q3 25 | -5.1% | -0.2% | ||
| Q2 25 | -0.8% | -9.8% | ||
| Q1 25 | 3.4% | -8.0% | ||
| Q4 24 | -6.2% | -2.8% | ||
| Q3 24 | -2.5% | -3.6% | ||
| Q2 24 | -5.2% | -3.8% | ||
| Q1 24 | 5.7% | -9.4% |
每股收益（稀释后）BWINNET
| Q4 25 | $-0.38 | $-0.03 | ||
| Q3 25 | $-0.27 | $0.00 | ||
| Q2 25 | $-0.05 | $-0.15 | ||
| Q1 25 | $0.20 | $-0.11 | ||
| Q4 24 | $-0.31 | $-0.05 | ||
| Q3 24 | $-0.13 | $-0.04 | ||
| Q2 24 | $-0.28 | $-0.04 | ||
| Q1 24 | $0.33 | $-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 | $123.7M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $600.2M | $1.5B |
| 总资产 | $3.9B | $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BWINNET
| Q4 25 | $123.7M | $943.5M | ||
| Q3 25 | $89.7M | $1.1B | ||
| Q2 25 | $105.7M | $1.5B | ||
| Q1 25 | $81.8M | $204.5M | ||
| Q4 24 | $90.0M | $147.7M | ||
| Q3 24 | $181.8M | $182.9M | ||
| Q2 24 | $208.3M | $157.0M | ||
| Q1 24 | $112.1M | $254.4M |
股东权益BWINNET
| Q4 25 | $600.2M | $1.5B | ||
| Q3 25 | $619.7M | $1.3B | ||
| Q2 25 | $630.8M | $1.2B | ||
| Q1 25 | $619.6M | $1.4B | ||
| Q4 24 | $583.2M | $1.0B | ||
| Q3 24 | $595.4M | $973.1M | ||
| Q2 24 | $590.9M | $881.5M | ||
| Q1 24 | $597.9M | $797.2M |
总资产BWINNET
| Q4 25 | $3.9B | $6.0B | ||
| Q3 25 | $3.8B | $5.8B | ||
| Q2 25 | $3.7B | $5.6B | ||
| Q1 25 | $3.5B | $3.7B | ||
| Q4 24 | $3.5B | $3.3B | ||
| Q3 24 | $3.5B | $3.1B | ||
| Q2 24 | $3.7B | $2.9B | ||
| Q1 24 | $3.5B | $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 | $-29.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-68.9M | $105.2M |
| 自由现金流率自由现金流/营收 | -19.9% | 17.1% |
| 资本支出强度资本支出/营收 | 11.4% | 13.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-137.8M | $287.5M |
8季度趋势，按日历期对齐
经营现金流BWINNET
| Q4 25 | $-29.4M | $190.4M | ||
| Q3 25 | $41.0M | $167.1M | ||
| Q2 25 | $-16.7M | $99.8M | ||
| Q1 25 | $-64.0M | $145.8M | ||
| Q4 24 | $51.5M | $127.3M | ||
| Q3 24 | $32.4M | $104.7M | ||
| Q2 24 | $18.3M | $74.8M | ||
| Q1 24 | $3.0M | $73.6M |
自由现金流BWINNET
| Q4 25 | $-68.9M | $105.2M | ||
| Q3 25 | $32.2M | $82.5M | ||
| Q2 25 | $-28.1M | $39.9M | ||
| Q1 25 | $-72.9M | $59.9M | ||
| Q4 24 | $10.4M | $54.2M | ||
| Q3 24 | $22.2M | $54.5M | ||
| Q2 24 | $7.8M | $45.2M | ||
| Q1 24 | $-5.1M | $41.5M |
自由现金流率BWINNET
| Q4 25 | -19.9% | 17.1% | ||
| Q3 25 | 8.8% | 14.7% | ||
| Q2 25 | -7.4% | 7.8% | ||
| Q1 25 | -17.6% | 12.5% | ||
| Q4 24 | 3.2% | 11.8% | ||
| Q3 24 | 6.6% | 12.7% | ||
| Q2 24 | 2.3% | 11.3% | ||
| Q1 24 | -1.4% | 11.0% |
资本支出强度BWINNET
| Q4 25 | 11.4% | 13.9% | ||
| Q3 25 | 2.4% | 15.1% | ||
| Q2 25 | 3.0% | 11.7% | ||
| Q1 25 | 2.2% | 17.9% | ||
| Q4 24 | 12.4% | 15.9% | ||
| Q3 24 | 3.0% | 11.7% | ||
| Q2 24 | 3.1% | 7.4% | ||
| Q1 24 | 2.1% | 8.5% |
现金转化率BWINNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.59× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.14× | — |
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
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
