vs
CrossAmerica Partners LP（CAPL）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
CrossAmerica Partners LP的季度营收约是Cloudflare, Inc.的1.4倍（$866.3M vs $614.5M），CrossAmerica Partners LP净利率更高（1.2% vs -2.0%，领先3.1%），Cloudflare, Inc.同比增速更快（33.6% vs -8.3%），Cloudflare, Inc.自由现金流更多（$105.2M vs $22.4M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -4.1%）
塔峰资本合伙人（TowerBrook Capital Partners）是一家总部位于伦敦和纽约的投资管理公司，2005年从索罗斯基金管理分拆独立。该机构主打私募股权及结构性机会投资，曾收购奢侈品品牌Jimmy Choo控股权，截至2025年其管理规模超250亿美元，官网公示在管投资项目共110个。
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。
CAPL vs NET — 直观对比
营收规模更大
CAPL
是对方的1.4倍
$614.5M
营收增速更快
NET
高出41.9%
-8.3%
净利率更高
CAPL
高出3.1%
-2.0%
自由现金流更多
NET
多$82.9M
$22.4M
两年增速更快
NET
近两年复合增速
-4.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $866.3M | $614.5M |
| 净利润 | $10.2M | $-12.1M |
| 毛利率 | 12.4% | 73.6% |
| 营业利润率 | 3.0% | -8.0% |
| 净利率 | 1.2% | -2.0% |
| 营收同比 | -8.3% | 33.6% |
| 净利润同比 | -39.6% | 6.0% |
| 每股收益（稀释后） | $0.24 | $-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CAPLNET
| Q4 25 | $866.3M | $614.5M | ||
| Q3 25 | $971.8M | $562.0M | ||
| Q2 25 | $961.9M | $512.3M | ||
| Q1 25 | $862.5M | $479.1M | ||
| Q4 24 | $944.2M | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $1.1B | $401.0M | ||
| Q1 24 | $941.5M | $378.6M |
净利润CAPLNET
| Q4 25 | $10.2M | $-12.1M | ||
| Q3 25 | $13.6M | $-1.3M | ||
| Q2 25 | $25.2M | $-50.4M | ||
| Q1 25 | $-7.1M | $-38.5M | ||
| Q4 24 | $16.9M | $-12.8M | ||
| Q3 24 | $10.7M | $-15.3M | ||
| Q2 24 | $12.4M | $-15.1M | ||
| Q1 24 | $-17.5M | $-35.5M |
毛利率CAPLNET
| Q4 25 | 12.4% | 73.6% | ||
| Q3 25 | 10.8% | 74.0% | ||
| Q2 25 | 10.5% | 74.9% | ||
| Q1 25 | 10.4% | 75.9% | ||
| Q4 24 | 10.7% | 76.4% | ||
| Q3 24 | 10.3% | 77.7% | ||
| Q2 24 | 9.2% | 77.8% | ||
| Q1 24 | 8.6% | 77.5% |
营业利润率CAPLNET
| Q4 25 | 3.0% | -8.0% | ||
| Q3 25 | 2.9% | -6.7% | ||
| Q2 25 | 4.3% | -13.1% | ||
| Q1 25 | 0.2% | -11.1% | ||
| Q4 24 | 3.0% | -7.5% | ||
| Q3 24 | 2.5% | -7.2% | ||
| Q2 24 | 2.5% | -8.7% | ||
| Q1 24 | -1.4% | -14.4% |
净利率CAPLNET
| Q4 25 | 1.2% | -2.0% | ||
| Q3 25 | 1.4% | -0.2% | ||
| Q2 25 | 2.6% | -9.8% | ||
| Q1 25 | -0.8% | -8.0% | ||
| Q4 24 | 1.8% | -2.8% | ||
| Q3 24 | 1.0% | -3.6% | ||
| Q2 24 | 1.1% | -3.8% | ||
| Q1 24 | -1.9% | -9.4% |
每股收益（稀释后）CAPLNET
| Q4 25 | $0.24 | $-0.03 | ||
| Q3 25 | $0.34 | $0.00 | ||
| Q2 25 | $0.64 | $-0.15 | ||
| Q1 25 | $-0.20 | $-0.11 | ||
| Q4 24 | $0.42 | $-0.05 | ||
| Q3 24 | $0.27 | $-0.04 | ||
| Q2 24 | $0.31 | $-0.04 | ||
| Q1 24 | $-0.48 | $-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 | $3.1M | $943.5M |
| 总债务越低越好 | $687.2M | — |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $964.7M | $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CAPLNET
| Q4 25 | $3.1M | $943.5M | ||
| Q3 25 | $5.8M | $1.1B | ||
| Q2 25 | $9.7M | $1.5B | ||
| Q1 25 | $6.7M | $204.5M | ||
| Q4 24 | $3.4M | $147.7M | ||
| Q3 24 | $7.8M | $182.9M | ||
| Q2 24 | $5.5M | $157.0M | ||
| Q1 24 | $6.3M | $254.4M |
总债务CAPLNET
| Q4 25 | $687.2M | — | ||
| Q3 25 | $700.8M | — | ||
| Q2 25 | $722.7M | — | ||
| Q1 25 | $774.1M | — | ||
| Q4 24 | $763.9M | — | ||
| Q3 24 | $769.2M | — | ||
| Q2 24 | $786.7M | — | ||
| Q1 24 | $795.8M | — |
股东权益CAPLNET
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $973.1M | ||
| Q2 24 | — | $881.5M | ||
| Q1 24 | — | $797.2M |
总资产CAPLNET
| Q4 25 | $964.7M | $6.0B | ||
| Q3 25 | $998.9M | $5.8B | ||
| Q2 25 | $1.0B | $5.6B | ||
| Q1 25 | $1.1B | $3.7B | ||
| Q4 24 | $1.1B | $3.3B | ||
| Q3 24 | $1.1B | $3.1B | ||
| Q2 24 | $1.2B | $2.9B | ||
| Q1 24 | $1.2B | $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 | $29.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $22.4M | $105.2M |
| 自由现金流率自由现金流/营收 | 2.6% | 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 | 2.89× | — |
| 过去12个月自由现金流最近4个季度 | $55.8M | $287.5M |
8季度趋势，按日历期对齐
经营现金流CAPLNET
| Q4 25 | $29.4M | $190.4M | ||
| Q3 25 | $24.4M | $167.1M | ||
| Q2 25 | $22.6M | $99.8M | ||
| Q1 25 | $15.0M | $145.8M | ||
| Q4 24 | $11.1M | $127.3M | ||
| Q3 24 | $41.9M | $104.7M | ||
| Q2 24 | $28.9M | $74.8M | ||
| Q1 24 | $5.8M | $73.6M |
自由现金流CAPLNET
| Q4 25 | $22.4M | $105.2M | ||
| Q3 25 | $17.7M | $82.5M | ||
| Q2 25 | $10.8M | $39.9M | ||
| Q1 25 | $4.9M | $59.9M | ||
| Q4 24 | $3.9M | $54.2M | ||
| Q3 24 | $34.2M | $54.5M | ||
| Q2 24 | $23.6M | $45.2M | ||
| Q1 24 | $-289.0K | $41.5M |
自由现金流率CAPLNET
| Q4 25 | 2.6% | 17.1% | ||
| Q3 25 | 1.8% | 14.7% | ||
| Q2 25 | 1.1% | 7.8% | ||
| Q1 25 | 0.6% | 12.5% | ||
| Q4 24 | 0.4% | 11.8% | ||
| Q3 24 | 3.2% | 12.7% | ||
| Q2 24 | 2.1% | 11.3% | ||
| Q1 24 | -0.0% | 11.0% |
资本支出强度CAPLNET
| Q4 25 | 0.8% | 13.9% | ||
| Q3 25 | 0.7% | 15.1% | ||
| Q2 25 | 1.2% | 11.7% | ||
| Q1 25 | 1.2% | 17.9% | ||
| Q4 24 | 0.8% | 15.9% | ||
| Q3 24 | 0.7% | 11.7% | ||
| Q2 24 | 0.5% | 7.4% | ||
| Q1 24 | 0.6% | 8.5% |
现金转化率CAPLNET
| Q4 25 | 2.89× | — | ||
| Q3 25 | 1.79× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 3.92× | — | ||
| Q2 24 | 2.33× | — | ||
| 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
CAPL
| Retail Segment | $505.3M | 58% |
| Wholesale | $360.9M | 42% |
| Other | $1.2M | 0% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
