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Crown Castle（CCI）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Crown Castle的季度营收约是Cloudflare, Inc.的1.6倍（$1.0B vs $614.5M），Crown Castle净利率更高（77.2% vs -2.0%，领先79.2%），Cloudflare, Inc.同比增速更快（33.6% vs -4.8%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-43.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -4.5%）
Crown Castle Inc.是总部位于美国得克萨斯州休斯敦的房地产投资信托企业，同时是美国共享通信基础设施服务商，在全球设有100个办事处，旗下拥有超4万座信号塔、约8.5万英里光纤线路，为小基站及光纤系统提供网络支撑。
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。
CCI vs NET — 直观对比
营收规模更大
CCI
是对方的1.6倍
$614.5M
营收增速更快
NET
高出38.4%
-4.8%
净利率更高
CCI
高出79.2%
-2.0%
自由现金流更多
NET
多$148.2M
$-43.0M
两年增速更快
NET
近两年复合增速
-4.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $614.5M |
| 净利润 | $780.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | — | -8.0% |
| 净利率 | 77.2% | -2.0% |
| 营收同比 | -4.8% | 33.6% |
| 净利润同比 | 76.0% | 6.0% |
| 每股收益（稀释后） | $1.80 | $-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CCINET
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.1B | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $1.1B | $479.1M | ||
| Q4 24 | $1.1B | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $1.1B | $401.0M |
净利润CCINET
| Q1 26 | $780.0M | — | ||
| Q4 25 | $294.0M | $-12.1M | ||
| Q3 25 | $323.0M | $-1.3M | ||
| Q2 25 | $291.0M | $-50.4M | ||
| Q1 25 | $-464.0M | $-38.5M | ||
| Q4 24 | — | $-12.8M | ||
| Q3 24 | $303.0M | $-15.3M | ||
| Q2 24 | $251.0M | $-15.1M |
毛利率CCINET
| Q1 26 | — | — | ||
| Q4 25 | 97.4% | 73.6% | ||
| Q3 25 | 97.2% | 74.0% | ||
| Q2 25 | 97.5% | 74.9% | ||
| Q1 25 | 97.4% | 75.9% | ||
| Q4 24 | 97.7% | 76.4% | ||
| Q3 24 | 97.6% | 77.7% | ||
| Q2 24 | 97.7% | 77.8% |
营业利润率CCINET
| Q1 26 | — | — | ||
| Q4 25 | 48.8% | -8.0% | ||
| Q3 25 | 49.0% | -6.7% | ||
| Q2 25 | 47.7% | -13.1% | ||
| Q1 25 | 49.1% | -11.1% | ||
| Q4 24 | 51.0% | -7.5% | ||
| Q3 24 | 47.5% | -7.2% | ||
| Q2 24 | 44.7% | -8.7% |
净利率CCINET
| Q1 26 | 77.2% | — | ||
| Q4 25 | 27.5% | -2.0% | ||
| Q3 25 | 30.1% | -0.2% | ||
| Q2 25 | 27.5% | -9.8% | ||
| Q1 25 | -43.7% | -8.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | 27.1% | -3.6% | ||
| Q2 24 | 22.7% | -3.8% |
每股收益（稀释后）CCINET
| Q1 26 | $1.80 | — | ||
| Q4 25 | $0.67 | $-0.03 | ||
| Q3 25 | $0.74 | $0.00 | ||
| Q2 25 | $0.67 | $-0.15 | ||
| Q1 25 | $-1.07 | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $0.70 | $-0.04 | ||
| Q2 24 | $0.58 | $-0.04 |
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 | $55.0K | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $31.4M | $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CCINET
| Q1 26 | $55.0K | — | ||
| Q4 25 | $99.0M | $943.5M | ||
| Q3 25 | $57.0M | $1.1B | ||
| Q2 25 | $94.0M | $1.5B | ||
| Q1 25 | $60.0M | $204.5M | ||
| Q4 24 | $100.0M | $147.7M | ||
| Q3 24 | $194.0M | $182.9M | ||
| Q2 24 | $155.0M | $157.0M |
总债务CCINET
| Q1 26 | — | — | ||
| Q4 25 | $21.6B | — | ||
| Q3 25 | $21.6B | — | ||
| Q2 25 | $22.0B | — | ||
| Q1 25 | $22.9B | — | ||
| Q4 24 | $23.5B | — | ||
| Q3 24 | $23.5B | — | ||
| Q2 24 | $22.9B | — |
股东权益CCINET
| Q1 26 | — | — | ||
| Q4 25 | $-1.6B | $1.5B | ||
| Q3 25 | $-1.5B | $1.3B | ||
| Q2 25 | $-1.4B | $1.2B | ||
| Q1 25 | $-1.3B | $1.4B | ||
| Q4 24 | $-133.0M | $1.0B | ||
| Q3 24 | $5.3B | $973.1M | ||
| Q2 24 | $5.7B | $881.5M |
总资产CCINET
| Q1 26 | $31.4M | — | ||
| Q4 25 | $31.5B | $6.0B | ||
| Q3 25 | $31.5B | $5.8B | ||
| Q2 25 | $31.6B | $5.6B | ||
| Q1 25 | $31.8B | $3.7B | ||
| Q4 24 | $32.7B | $3.3B | ||
| Q3 24 | $38.0B | $3.1B | ||
| Q2 24 | $38.2B | $2.9B |
负债/权益比CCINET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.43× | — | ||
| Q2 24 | 4.04× | — |
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 | — | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-43.0M | $105.2M |
| 自由现金流率自由现金流/营收 | -4.3% | 17.1% |
| 资本支出强度资本支出/营收 | 14.9% | 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 | $4.3B | $287.5M |
8季度趋势，按日历期对齐
经营现金流CCINET
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $190.4M | ||
| Q3 25 | $714.0M | $167.1M | ||
| Q2 25 | $832.0M | $99.8M | ||
| Q1 25 | $641.0M | $145.8M | ||
| Q4 24 | $2.9B | $127.3M | ||
| Q3 24 | $699.0M | $104.7M | ||
| Q2 24 | $768.0M | $74.8M |
自由现金流CCINET
| Q1 26 | $-43.0M | — | ||
| Q4 25 | $2.9B | $105.2M | ||
| Q3 25 | $671.0M | $82.5M | ||
| Q2 25 | $792.0M | $39.9M | ||
| Q1 25 | $601.0M | $59.9M | ||
| Q4 24 | $2.8B | $54.2M | ||
| Q3 24 | $661.0M | $54.5M | ||
| Q2 24 | $729.0M | $45.2M |
自由现金流率CCINET
| Q1 26 | -4.3% | — | ||
| Q4 25 | 268.4% | 17.1% | ||
| Q3 25 | 62.6% | 14.7% | ||
| Q2 25 | 74.7% | 7.8% | ||
| Q1 25 | 56.6% | 12.5% | ||
| Q4 24 | 247.3% | 11.8% | ||
| Q3 24 | 59.0% | 12.7% | ||
| Q2 24 | 65.9% | 11.3% |
资本支出强度CCINET
| Q1 26 | 14.9% | — | ||
| Q4 25 | 17.0% | 13.9% | ||
| Q3 25 | 4.0% | 15.1% | ||
| Q2 25 | 3.8% | 11.7% | ||
| Q1 25 | 3.8% | 17.9% | ||
| Q4 24 | 15.7% | 15.9% | ||
| Q3 24 | 3.4% | 11.7% | ||
| Q2 24 | 3.5% | 7.4% |
现金转化率CCINET
| Q1 26 | — | — | ||
| Q4 25 | 10.40× | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.86× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.31× | — | ||
| Q2 24 | 3.06× | — |
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
CCI
| Site rental | $961.0M | 95% |
| Services and other | $49.0M | 5% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
