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Cboe Global Markets（CBOE）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cboe Global Markets的季度营收约是Cloudflare, Inc.的2.0倍（$1.2B vs $614.5M），Cboe Global Markets净利率更高（26.0% vs -2.0%，领先28.0%），Cloudflare, Inc.同比增速更快（33.6% vs 8.7%），Cboe Global Markets自由现金流更多（$332.1M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 12.2%）
Cboe Global Markets是总部位于美国芝加哥的金融交易所运营集团，旗下拥有并运营多类交易所及交易场所，业务覆盖股票、期权、期货、数字资产等多个交易领域，为全球市场参与者提供专业交易服务支持。
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。
CBOE vs NET — 直观对比
营收规模更大
CBOE
是对方的2.0倍
$614.5M
营收增速更快
NET
高出24.9%
8.7%
净利率更高
CBOE
高出28.0%
-2.0%
自由现金流更多
CBOE
多$226.9M
$105.2M
两年增速更快
NET
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $614.5M |
| 净利润 | $313.5M | $-12.1M |
| 毛利率 | 55.7% | 73.6% |
| 营业利润率 | 33.5% | -8.0% |
| 净利率 | 26.0% | -2.0% |
| 营收同比 | 8.7% | 33.6% |
| 净利润同比 | 59.5% | 6.0% |
| 每股收益（稀释后） | $2.97 | $-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CBOENET
| Q4 25 | $1.2B | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.2B | $512.3M | ||
| Q1 25 | $1.2B | $479.1M | ||
| Q4 24 | $1.1B | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $974.0M | $401.0M | ||
| Q1 24 | $957.2M | $378.6M |
净利润CBOENET
| Q4 25 | $313.5M | $-12.1M | ||
| Q3 25 | $300.8M | $-1.3M | ||
| Q2 25 | $235.1M | $-50.4M | ||
| Q1 25 | $250.6M | $-38.5M | ||
| Q4 24 | $196.5M | $-12.8M | ||
| Q3 24 | $218.5M | $-15.3M | ||
| Q2 24 | $140.4M | $-15.1M | ||
| Q1 24 | $209.5M | $-35.5M |
毛利率CBOENET
| Q4 25 | 55.7% | 73.6% | ||
| Q3 25 | 53.0% | 74.0% | ||
| Q2 25 | 50.0% | 74.9% | ||
| Q1 25 | 47.3% | 75.9% | ||
| Q4 24 | 47.4% | 76.4% | ||
| Q3 24 | 50.4% | 77.7% | ||
| Q2 24 | 52.8% | 77.8% | ||
| Q1 24 | 52.5% | 77.5% |
营业利润率CBOENET
| Q4 25 | 33.5% | -8.0% | ||
| Q3 25 | 32.4% | -6.7% | ||
| Q2 25 | 28.9% | -13.1% | ||
| Q1 25 | 29.6% | -11.1% | ||
| Q4 24 | 27.0% | -7.5% | ||
| Q3 24 | 29.1% | -7.2% | ||
| Q2 24 | 21.6% | -8.7% | ||
| Q1 24 | 29.5% | -14.4% |
净利率CBOENET
| Q4 25 | 26.0% | -2.0% | ||
| Q3 25 | 26.3% | -0.2% | ||
| Q2 25 | 20.0% | -9.8% | ||
| Q1 25 | 21.0% | -8.0% | ||
| Q4 24 | 17.7% | -2.8% | ||
| Q3 24 | 20.7% | -3.6% | ||
| Q2 24 | 14.4% | -3.8% | ||
| Q1 24 | 21.9% | -9.4% |
每股收益（稀释后）CBOENET
| Q4 25 | $2.97 | $-0.03 | ||
| Q3 25 | $2.85 | $0.00 | ||
| Q2 25 | $2.23 | $-0.15 | ||
| Q1 25 | $2.37 | $-0.11 | ||
| Q4 24 | $1.85 | $-0.05 | ||
| Q3 24 | $2.07 | $-0.04 | ||
| Q2 24 | $1.33 | $-0.04 | ||
| Q1 24 | $1.96 | $-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 | $2.3B | $943.5M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $5.1B | $1.5B |
| 总资产 | $9.3B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.28× | — |
8季度趋势，按日历期对齐
现金及短期投资CBOENET
| Q4 25 | $2.3B | $943.5M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $1.2B | $204.5M | ||
| Q4 24 | $1.0B | $147.7M | ||
| Q3 24 | $763.2M | $182.9M | ||
| Q2 24 | $698.3M | $157.0M | ||
| Q1 24 | $595.1M | $254.4M |
总债务CBOENET
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益CBOENET
| Q4 25 | $5.1B | $1.5B | ||
| Q3 25 | $4.9B | $1.3B | ||
| Q2 25 | $4.7B | $1.2B | ||
| Q1 25 | $4.5B | $1.4B | ||
| Q4 24 | $4.3B | $1.0B | ||
| Q3 24 | $4.2B | $973.1M | ||
| Q2 24 | $4.0B | $881.5M | ||
| Q1 24 | $4.0B | $797.2M |
总资产CBOENET
| Q4 25 | $9.3B | $6.0B | ||
| Q3 25 | $9.1B | $5.8B | ||
| Q2 25 | $9.0B | $5.6B | ||
| Q1 25 | $8.7B | $3.7B | ||
| Q4 24 | $7.8B | $3.3B | ||
| Q3 24 | $8.7B | $3.1B | ||
| Q2 24 | $9.3B | $2.9B | ||
| Q1 24 | $8.2B | $2.8B |
负债/权益比CBOENET
| Q4 25 | 0.28× | — | ||
| Q3 25 | 0.30× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.36× | — |
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 | $352.1M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | $105.2M |
| 自由现金流率自由现金流/营收 | 27.6% | 17.1% |
| 资本支出强度资本支出/营收 | 1.7% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.12× | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | $287.5M |
8季度趋势，按日历期对齐
经营现金流CBOENET
| Q4 25 | $352.1M | $190.4M | ||
| Q3 25 | $153.9M | $167.1M | ||
| Q2 25 | $333.7M | $99.8M | ||
| Q1 25 | $912.9M | $145.8M | ||
| Q4 24 | $-710.4M | $127.3M | ||
| Q3 24 | $-578.5M | $104.7M | ||
| Q2 24 | $1.5B | $74.8M | ||
| Q1 24 | $895.6M | $73.6M |
自由现金流CBOENET
| Q4 25 | $332.1M | $105.2M | ||
| Q3 25 | $137.9M | $82.5M | ||
| Q2 25 | $313.4M | $39.9M | ||
| Q1 25 | $898.2M | $59.9M | ||
| Q4 24 | $-734.2M | $54.2M | ||
| Q3 24 | $-590.5M | $54.5M | ||
| Q2 24 | $1.5B | $45.2M | ||
| Q1 24 | $888.3M | $41.5M |
自由现金流率CBOENET
| Q4 25 | 27.6% | 17.1% | ||
| Q3 25 | 12.1% | 14.7% | ||
| Q2 25 | 26.7% | 7.8% | ||
| Q1 25 | 75.2% | 12.5% | ||
| Q4 24 | -66.3% | 11.8% | ||
| Q3 24 | -55.9% | 12.7% | ||
| Q2 24 | 151.6% | 11.3% | ||
| Q1 24 | 92.8% | 11.0% |
资本支出强度CBOENET
| Q4 25 | 1.7% | 13.9% | ||
| Q3 25 | 1.4% | 15.1% | ||
| Q2 25 | 1.7% | 11.7% | ||
| Q1 25 | 1.2% | 17.9% | ||
| Q4 24 | 2.1% | 15.9% | ||
| Q3 24 | 1.1% | 11.7% | ||
| Q2 24 | 1.8% | 7.4% | ||
| Q1 24 | 0.8% | 8.5% |
现金转化率CBOENET
| Q4 25 | 1.12× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 1.42× | — | ||
| Q1 25 | 3.64× | — | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | — | ||
| Q2 24 | 10.64× | — | ||
| Q1 24 | 4.27× | — |
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
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
