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美商海盗船（CRSR）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是美商海盗船的1.4倍（$614.5M vs $436.9M），美商海盗船净利率更高（5.9% vs -2.0%，领先7.9%），Cloudflare, Inc.同比增速更快（33.6% vs 5.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $32.9M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 13.8%）
美商海盗船是源自美国的电脑外设与电竞硬件品牌，总部位于加利福尼亚州米尔皮塔斯。公司创立于1994年，原名海盗船微系统，后更名为海盗船组件、海盗船内存，2007年重新在特拉华州注册。主打产品涵盖高速内存模块、电源、闪存、CPU显卡与机箱散热、电竞外设、电脑机箱等各类电脑相关产品。
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。
CRSR vs NET — 直观对比
营收规模更大
NET
是对方的1.4倍
$436.9M
营收增速更快
NET
高出28.0%
5.6%
净利率更高
CRSR
高出7.9%
-2.0%
自由现金流更多
NET
多$72.3M
$32.9M
两年增速更快
NET
近两年复合增速
13.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $436.9M | $614.5M |
| 净利润 | $25.8M | $-12.1M |
| 毛利率 | 33.1% | 73.6% |
| 营业利润率 | 6.2% | -8.0% |
| 净利率 | 5.9% | -2.0% |
| 营收同比 | 5.6% | 33.6% |
| 净利润同比 | 1028.2% | 6.0% |
| 每股收益（稀释后） | $0.23 | $-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CRSRNET
| Q4 25 | $436.9M | $614.5M | ||
| Q3 25 | $345.8M | $562.0M | ||
| Q2 25 | $320.1M | $512.3M | ||
| Q1 25 | $369.8M | $479.1M | ||
| Q4 24 | $413.6M | $459.9M | ||
| Q3 24 | $304.2M | $430.1M | ||
| Q2 24 | $261.3M | $401.0M | ||
| Q1 24 | $337.3M | $378.6M |
净利润CRSRNET
| Q4 25 | $25.8M | $-12.1M | ||
| Q3 25 | $-10.6M | $-1.3M | ||
| Q2 25 | $-20.9M | $-50.4M | ||
| Q1 25 | $-10.5M | $-38.5M | ||
| Q4 24 | $2.3M | $-12.8M | ||
| Q3 24 | $-51.7M | $-15.3M | ||
| Q2 24 | $-24.2M | $-15.1M | ||
| Q1 24 | $-11.6M | $-35.5M |
毛利率CRSRNET
| Q4 25 | 33.1% | 73.6% | ||
| Q3 25 | 26.9% | 74.0% | ||
| Q2 25 | 26.8% | 74.9% | ||
| Q1 25 | 27.7% | 75.9% | ||
| Q4 24 | 26.2% | 76.4% | ||
| Q3 24 | 22.9% | 77.7% | ||
| Q2 24 | 24.1% | 77.8% | ||
| Q1 24 | 25.7% | 77.5% |
营业利润率CRSRNET
| Q4 25 | 6.2% | -8.0% | ||
| Q3 25 | -1.6% | -6.7% | ||
| Q2 25 | -5.3% | -13.1% | ||
| Q1 25 | -0.6% | -11.1% | ||
| Q4 24 | 1.4% | -7.5% | ||
| Q3 24 | -6.9% | -7.2% | ||
| Q2 24 | -9.5% | -8.7% | ||
| Q1 24 | -3.0% | -14.4% |
净利率CRSRNET
| Q4 25 | 5.9% | -2.0% | ||
| Q3 25 | -3.1% | -0.2% | ||
| Q2 25 | -6.5% | -9.8% | ||
| Q1 25 | -2.8% | -8.0% | ||
| Q4 24 | 0.6% | -2.8% | ||
| Q3 24 | -17.0% | -3.6% | ||
| Q2 24 | -9.3% | -3.8% | ||
| Q1 24 | -3.4% | -9.4% |
每股收益（稀释后）CRSRNET
| Q4 25 | $0.23 | $-0.03 | ||
| Q3 25 | $-0.09 | $0.00 | ||
| Q2 25 | $-0.16 | $-0.15 | ||
| Q1 25 | $-0.10 | $-0.11 | ||
| Q4 24 | $0.01 | $-0.05 | ||
| Q3 24 | $-0.56 | $-0.04 | ||
| Q2 24 | $-0.28 | $-0.04 | ||
| Q1 24 | $-0.12 | $-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 | — | $943.5M |
| 总债务越低越好 | $121.3M | — |
| 股东权益账面价值 | $633.6M | $1.5B |
| 总资产 | $1.3B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资CRSRNET
| Q4 25 | — | $943.5M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | — | $147.7M | ||
| Q3 24 | — | $182.9M | ||
| Q2 24 | — | $157.0M | ||
| Q1 24 | — | $254.4M |
总债务CRSRNET
| Q4 25 | $121.3M | — | ||
| Q3 25 | $122.9M | — | ||
| Q2 25 | $124.4M | — | ||
| Q1 25 | $148.7M | — | ||
| Q4 24 | $173.5M | — | ||
| Q3 24 | $177.2M | — | ||
| Q2 24 | $180.3M | — | ||
| Q1 24 | $183.3M | — |
股东权益CRSRNET
| Q4 25 | $633.6M | $1.5B | ||
| Q3 25 | $600.2M | $1.3B | ||
| Q2 25 | $603.9M | $1.2B | ||
| Q1 25 | $608.8M | $1.4B | ||
| Q4 24 | $604.3M | $1.0B | ||
| Q3 24 | $598.5M | $973.1M | ||
| Q2 24 | $642.7M | $881.5M | ||
| Q1 24 | $663.5M | $797.2M |
总资产CRSRNET
| Q4 25 | $1.3B | $6.0B | ||
| Q3 25 | $1.2B | $5.8B | ||
| Q2 25 | $1.2B | $5.6B | ||
| Q1 25 | $1.2B | $3.7B | ||
| Q4 24 | $1.2B | $3.3B | ||
| Q3 24 | $1.2B | $3.1B | ||
| Q2 24 | $1.2B | $2.9B | ||
| Q1 24 | $1.3B | $2.8B |
负债/权益比CRSRNET
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.21× | — | ||
| Q1 25 | 0.24× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.30× | — | ||
| Q2 24 | 0.28× | — | ||
| Q1 24 | 0.28× | — |
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 | $38.2M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $32.9M | $105.2M |
| 自由现金流率自由现金流/营收 | 7.5% | 17.1% |
| 资本支出强度资本支出/营收 | 1.2% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.48× | — |
| 过去12个月自由现金流最近4个季度 | $34.7M | $287.5M |
8季度趋势，按日历期对齐
经营现金流CRSRNET
| Q4 25 | $38.2M | $190.4M | ||
| Q3 25 | $-37.0M | $167.1M | ||
| Q2 25 | $30.2M | $99.8M | ||
| Q1 25 | $18.8M | $145.8M | ||
| Q4 24 | $55.6M | $127.3M | ||
| Q3 24 | $25.1M | $104.7M | ||
| Q2 24 | $-18.5M | $74.8M | ||
| Q1 24 | $-26.3M | $73.6M |
自由现金流CRSRNET
| Q4 25 | $32.9M | $105.2M | ||
| Q3 25 | $-41.3M | $82.5M | ||
| Q2 25 | $27.5M | $39.9M | ||
| Q1 25 | $15.7M | $59.9M | ||
| Q4 24 | $54.1M | $54.2M | ||
| Q3 24 | $21.8M | $54.5M | ||
| Q2 24 | $-21.0M | $45.2M | ||
| Q1 24 | $-28.8M | $41.5M |
自由现金流率CRSRNET
| Q4 25 | 7.5% | 17.1% | ||
| Q3 25 | -12.0% | 14.7% | ||
| Q2 25 | 8.6% | 7.8% | ||
| Q1 25 | 4.2% | 12.5% | ||
| Q4 24 | 13.1% | 11.8% | ||
| Q3 24 | 7.2% | 12.7% | ||
| Q2 24 | -8.0% | 11.3% | ||
| Q1 24 | -8.6% | 11.0% |
资本支出强度CRSRNET
| Q4 25 | 1.2% | 13.9% | ||
| Q3 25 | 1.3% | 15.1% | ||
| Q2 25 | 0.8% | 11.7% | ||
| Q1 25 | 0.8% | 17.9% | ||
| Q4 24 | 0.4% | 15.9% | ||
| Q3 24 | 1.1% | 11.7% | ||
| Q2 24 | 1.0% | 7.4% | ||
| Q1 24 | 0.7% | 8.5% |
现金转化率CRSRNET
| Q4 25 | 1.48× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 24.30× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
CRSR
| Gamer And Creator Peripherals | $164.9M | 38% |
| Memory Products | $156.1M | 36% |
| Inventory Costs | $85.6M | 20% |
| Other Segment Items | $16.9M | 4% |
| Other | $13.3M | 3% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
