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卡骆驰（CROX）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
卡骆驰的季度营收约是Cloudflare, Inc.的1.6倍（$957.6M vs $614.5M），卡骆驰净利率更高（11.0% vs -2.0%，领先12.9%），Cloudflare, Inc.同比增速更快（33.6% vs -3.2%），卡骆驰自由现金流更多（$246.4M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 1.0%）
卡骆驰（Crocs）是总部位于美国科罗拉多州布鲁姆菲尔德的鞋履企业，主打生产、销售旗下同名品牌的泡沫鞋履产品。其标志性鞋款虽被品牌称为“木屐”，但和传统木屐不同，不含木质材料，凭借舒适轻便的特性受到全球消费者喜爱。
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。
CROX vs NET — 直观对比
营收规模更大
CROX
是对方的1.6倍
$614.5M
营收增速更快
NET
高出36.9%
-3.2%
净利率更高
CROX
高出12.9%
-2.0%
自由现金流更多
CROX
多$141.2M
$105.2M
两年增速更快
NET
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $957.6M | $614.5M |
| 净利润 | $105.2M | $-12.1M |
| 毛利率 | 54.7% | 73.6% |
| 营业利润率 | 15.3% | -8.0% |
| 净利率 | 11.0% | -2.0% |
| 营收同比 | -3.2% | 33.6% |
| 净利润同比 | -71.5% | 6.0% |
| 每股收益（稀释后） | $1.79 | $-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CROXNET
| Q4 25 | $957.6M | $614.5M | ||
| Q3 25 | $996.3M | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $937.3M | $479.1M | ||
| Q4 24 | $989.8M | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $1.1B | $401.0M | ||
| Q1 24 | $938.6M | $378.6M |
净利润CROXNET
| Q4 25 | $105.2M | $-12.1M | ||
| Q3 25 | $145.8M | $-1.3M | ||
| Q2 25 | $-492.3M | $-50.4M | ||
| Q1 25 | $160.1M | $-38.5M | ||
| Q4 24 | $368.9M | $-12.8M | ||
| Q3 24 | $199.8M | $-15.3M | ||
| Q2 24 | $228.9M | $-15.1M | ||
| Q1 24 | $152.5M | $-35.5M |
毛利率CROXNET
| Q4 25 | 54.7% | 73.6% | ||
| Q3 25 | 58.5% | 74.0% | ||
| Q2 25 | 61.7% | 74.9% | ||
| Q1 25 | 57.8% | 75.9% | ||
| Q4 24 | 57.9% | 76.4% | ||
| Q3 24 | 59.6% | 77.7% | ||
| Q2 24 | 61.4% | 77.8% | ||
| Q1 24 | 55.6% | 77.5% |
营业利润率CROXNET
| Q4 25 | 15.3% | -8.0% | ||
| Q3 25 | 20.8% | -6.7% | ||
| Q2 25 | -37.2% | -13.1% | ||
| Q1 25 | 23.8% | -11.1% | ||
| Q4 24 | 20.2% | -7.5% | ||
| Q3 24 | 25.4% | -7.2% | ||
| Q2 24 | 29.3% | -8.7% | ||
| Q1 24 | 24.1% | -14.4% |
净利率CROXNET
| Q4 25 | 11.0% | -2.0% | ||
| Q3 25 | 14.6% | -0.2% | ||
| Q2 25 | -42.8% | -9.8% | ||
| Q1 25 | 17.1% | -8.0% | ||
| Q4 24 | 37.3% | -2.8% | ||
| Q3 24 | 18.8% | -3.6% | ||
| Q2 24 | 20.6% | -3.8% | ||
| Q1 24 | 16.2% | -9.4% |
每股收益（稀释后）CROXNET
| Q4 25 | $1.79 | $-0.03 | ||
| Q3 25 | $2.70 | $0.00 | ||
| Q2 25 | $-8.82 | $-0.15 | ||
| Q1 25 | $2.83 | $-0.11 | ||
| Q4 24 | $6.25 | $-0.05 | ||
| Q3 24 | $3.36 | $-0.04 | ||
| Q2 24 | $3.77 | $-0.04 | ||
| Q1 24 | $2.50 | $-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 | $130.4M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.3B | $1.5B |
| 总资产 | $4.2B | $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CROXNET
| Q4 25 | $130.4M | $943.5M | ||
| Q3 25 | $154.0M | $1.1B | ||
| Q2 25 | $200.6M | $1.5B | ||
| Q1 25 | $166.5M | $204.5M | ||
| Q4 24 | $180.5M | $147.7M | ||
| Q3 24 | $186.1M | $182.9M | ||
| Q2 24 | $167.7M | $157.0M | ||
| Q1 24 | $159.3M | $254.4M |
股东权益CROXNET
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.7B | $973.1M | ||
| Q2 24 | $1.7B | $881.5M | ||
| Q1 24 | $1.6B | $797.2M |
总资产CROXNET
| Q4 25 | $4.2B | $6.0B | ||
| Q3 25 | $4.3B | $5.8B | ||
| Q2 25 | $4.5B | $5.6B | ||
| Q1 25 | $5.1B | $3.7B | ||
| Q4 24 | $4.8B | $3.3B | ||
| Q3 24 | $4.7B | $3.1B | ||
| Q2 24 | $4.7B | $2.9B | ||
| Q1 24 | $4.8B | $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 | $252.5M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $246.4M | $105.2M |
| 自由现金流率自由现金流/营收 | 25.7% | 17.1% |
| 资本支出强度资本支出/营收 | 0.6% | 13.9% |
| 现金转化率经营现金流/净利润 | 2.40× | — |
| 过去12个月自由现金流最近4个季度 | $659.2M | $287.5M |
8季度趋势，按日历期对齐
经营现金流CROXNET
| Q4 25 | $252.5M | $190.4M | ||
| Q3 25 | $239.3M | $167.1M | ||
| Q2 25 | $285.8M | $99.8M | ||
| Q1 25 | $-67.2M | $145.8M | ||
| Q4 24 | $321.9M | $127.3M | ||
| Q3 24 | $296.9M | $104.7M | ||
| Q2 24 | $401.2M | $74.8M | ||
| Q1 24 | $-27.6M | $73.6M |
自由现金流CROXNET
| Q4 25 | $246.4M | $105.2M | ||
| Q3 25 | $226.2M | $82.5M | ||
| Q2 25 | $269.2M | $39.9M | ||
| Q1 25 | $-82.6M | $59.9M | ||
| Q4 24 | $303.4M | $54.2M | ||
| Q3 24 | $278.8M | $54.5M | ||
| Q2 24 | $384.2M | $45.2M | ||
| Q1 24 | $-43.3M | $41.5M |
自由现金流率CROXNET
| Q4 25 | 25.7% | 17.1% | ||
| Q3 25 | 22.7% | 14.7% | ||
| Q2 25 | 23.4% | 7.8% | ||
| Q1 25 | -8.8% | 12.5% | ||
| Q4 24 | 30.7% | 11.8% | ||
| Q3 24 | 26.3% | 12.7% | ||
| Q2 24 | 34.6% | 11.3% | ||
| Q1 24 | -4.6% | 11.0% |
资本支出强度CROXNET
| Q4 25 | 0.6% | 13.9% | ||
| Q3 25 | 1.3% | 15.1% | ||
| Q2 25 | 1.4% | 11.7% | ||
| Q1 25 | 1.6% | 17.9% | ||
| Q4 24 | 1.9% | 15.9% | ||
| Q3 24 | 1.7% | 11.7% | ||
| Q2 24 | 1.5% | 7.4% | ||
| Q1 24 | 1.7% | 8.5% |
现金转化率CROXNET
| Q4 25 | 2.40× | — | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.42× | — | ||
| Q4 24 | 0.87× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | -0.18× | — |
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
CROX
| Sales Channel Directly To Consumer | $333.2M | 35% |
| Other | $332.1M | 35% |
| HEYDUDE Brand Segment | $189.3M | 20% |
| Sales Channel Through Intermediary Wholesale | $103.1M | 11% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
