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Churchill Downs Inc（CHDN）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Churchill Downs Inc的季度营收约是Cloudflare, Inc.的1.1倍（$663.0M vs $614.5M），Churchill Downs Inc净利率更高（12.5% vs -2.0%，领先14.5%），Cloudflare, Inc.同比增速更快（33.6% vs 3.1%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -13.7%）
丘吉尔唐斯股份有限公司是丘吉尔唐斯赛马场的母公司，起家于美国肯塔基州路易斯维尔的单一赛马场，现已发展为业务覆盖美国多州的上市企业，旗下拥有赛马场、赌场、线上投注平台等多元业务板块。
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。
CHDN vs NET — 直观对比
营收规模更大
CHDN
是对方的1.1倍
$614.5M
营收增速更快
NET
高出30.5%
3.1%
净利率更高
CHDN
高出14.5%
-2.0%
两年增速更快
NET
近两年复合增速
-13.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $663.0M | $614.5M |
| 净利润 | $83.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 21.6% | -8.0% |
| 净利率 | 12.5% | -2.0% |
| 营收同比 | 3.1% | 33.6% |
| 净利润同比 | 7.8% | 6.0% |
| 每股收益（稀释后） | $1.16 | $-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CHDNNET
| Q1 26 | $663.0M | — | ||
| Q4 25 | $665.9M | $614.5M | ||
| Q3 25 | $683.0M | $562.0M | ||
| Q2 25 | $934.4M | $512.3M | ||
| Q1 25 | $642.6M | $479.1M | ||
| Q4 24 | $624.2M | $459.9M | ||
| Q3 24 | $628.5M | $430.1M | ||
| Q2 24 | $890.7M | $401.0M |
净利润CHDNNET
| Q1 26 | $83.0M | — | ||
| Q4 25 | $51.3M | $-12.1M | ||
| Q3 25 | $38.1M | $-1.3M | ||
| Q2 25 | $216.9M | $-50.4M | ||
| Q1 25 | $76.7M | $-38.5M | ||
| Q4 24 | $71.7M | $-12.8M | ||
| Q3 24 | $65.4M | $-15.3M | ||
| Q2 24 | $209.3M | $-15.1M |
毛利率CHDNNET
| Q1 26 | — | — | ||
| 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% |
营业利润率CHDNNET
| Q1 26 | 21.6% | — | ||
| Q4 25 | 18.5% | -8.0% | ||
| Q3 25 | 14.3% | -6.7% | ||
| Q2 25 | 35.1% | -13.1% | ||
| Q1 25 | 20.9% | -11.1% | ||
| Q4 24 | 20.3% | -7.5% | ||
| Q3 24 | 20.0% | -7.2% | ||
| Q2 24 | 37.0% | -8.7% |
净利率CHDNNET
| Q1 26 | 12.5% | — | ||
| Q4 25 | 7.7% | -2.0% | ||
| Q3 25 | 5.6% | -0.2% | ||
| Q2 25 | 23.2% | -9.8% | ||
| Q1 25 | 11.9% | -8.0% | ||
| Q4 24 | 11.5% | -2.8% | ||
| Q3 24 | 10.4% | -3.6% | ||
| Q2 24 | 23.5% | -3.8% |
每股收益（稀释后）CHDNNET
| Q1 26 | $1.16 | — | ||
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-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 | $200.0M | $943.5M |
| 总债务越低越好 | $840.0M | — |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $7.5B | $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CHDNNET
| Q1 26 | $200.0M | — | ||
| Q4 25 | $200.6M | $943.5M | ||
| Q3 25 | $180.5M | $1.1B | ||
| Q2 25 | $182.4M | $1.5B | ||
| Q1 25 | $174.2M | $204.5M | ||
| Q4 24 | $175.5M | $147.7M | ||
| Q3 24 | $152.7M | $182.9M | ||
| Q2 24 | $140.3M | $157.0M |
总债务CHDNNET
| Q1 26 | $840.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CHDNNET
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $1.0B | $1.3B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $973.1M | ||
| Q2 24 | $1.0B | $881.5M |
总资产CHDNNET
| Q1 26 | $7.5B | — | ||
| Q4 25 | $7.5B | $6.0B | ||
| Q3 25 | $7.5B | $5.8B | ||
| Q2 25 | $7.4B | $5.6B | ||
| Q1 25 | $7.3B | $3.7B | ||
| Q4 24 | $7.3B | $3.3B | ||
| Q3 24 | $7.2B | $3.1B | ||
| Q2 24 | $7.2B | $2.9B |
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 | $295.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 现金转化率经营现金流/净利润 | 3.55× | — |
| 过去12个月自由现金流最近4个季度 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流CHDNNET
| Q1 26 | $295.0M | — | ||
| Q4 25 | — | $190.4M | ||
| Q3 25 | $187.7M | $167.1M | ||
| Q2 25 | — | $99.8M | ||
| Q1 25 | $246.5M | $145.8M | ||
| Q4 24 | — | $127.3M | ||
| Q3 24 | $169.4M | $104.7M | ||
| Q2 24 | — | $74.8M |
自由现金流CHDNNET
| Q1 26 | — | — | ||
| Q4 25 | — | $105.2M | ||
| Q3 25 | $166.3M | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | $233.9M | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | $154.4M | $54.5M | ||
| Q2 24 | — | $45.2M |
自由现金流率CHDNNET
| Q1 26 | — | — | ||
| Q4 25 | — | 17.1% | ||
| Q3 25 | 24.3% | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | 36.4% | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | 24.6% | 12.7% | ||
| Q2 24 | — | 11.3% |
资本支出强度CHDNNET
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | 13.9% | ||
| Q3 25 | 3.1% | 15.1% | ||
| Q2 25 | 2.0% | 11.7% | ||
| Q1 25 | 2.0% | 17.9% | ||
| Q4 24 | 5.4% | 15.9% | ||
| Q3 24 | 2.4% | 11.7% | ||
| Q2 24 | 2.5% | 7.4% |
现金转化率CHDNNET
| Q1 26 | 3.55× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.93× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | — | ||
| Q2 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
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
