vs
Criteo S.A.（CRTO）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Criteo S.A.的1.3倍（$614.5M vs $482.7M），Criteo S.A.净利率更高（4.4% vs -2.0%，领先6.4%），Cloudflare, Inc.同比增速更快（33.6% vs 2.4%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-36.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 1.4%）
Criteo S.A.是一家总部位于法国巴黎的广告服务商，专注于为客户提供在线展示广告服务，帮助品牌与媒体触达目标受众，是全球互联网广告领域的知名企业，深耕效果营销领域多年，服务众多跨境与本土客户。
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。
CRTO vs NET — 直观对比
营收规模更大
NET
是对方的1.3倍
$482.7M
营收增速更快
NET
高出31.2%
2.4%
净利率更高
CRTO
高出6.4%
-2.0%
自由现金流更多
NET
多$141.9M
$-36.6M
两年增速更快
NET
近两年复合增速
1.4%
损益表 — Q2 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $482.7M | $614.5M |
| 净利润 | $21.3M | $-12.1M |
| 毛利率 | 53.6% | 73.6% |
| 营业利润率 | 6.3% | -8.0% |
| 净利率 | 4.4% | -2.0% |
| 营收同比 | 2.4% | 33.6% |
| 净利润同比 | -21.3% | 6.0% |
| 每股收益（稀释后） | $0.39 | $-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CRTONET
| Q4 25 | — | $614.5M | ||
| Q3 25 | — | $562.0M | ||
| Q2 25 | $482.7M | $512.3M | ||
| Q1 25 | $451.4M | $479.1M | ||
| Q4 24 | $553.0M | $459.9M | ||
| Q3 24 | $458.9M | $430.1M | ||
| Q2 24 | $471.3M | $401.0M | ||
| Q1 24 | $450.1M | $378.6M |
净利润CRTONET
| Q4 25 | — | $-12.1M | ||
| Q3 25 | — | $-1.3M | ||
| Q2 25 | $21.3M | $-50.4M | ||
| Q1 25 | $37.9M | $-38.5M | ||
| Q4 24 | $71.1M | $-12.8M | ||
| Q3 24 | $6.2M | $-15.3M | ||
| Q2 24 | $27.0M | $-15.1M | ||
| Q1 24 | $7.2M | $-35.5M |
毛利率CRTONET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | 53.6% | 74.9% | ||
| Q1 25 | 52.5% | 75.9% | ||
| Q4 24 | 54.4% | 76.4% | ||
| Q3 24 | 50.5% | 77.7% | ||
| Q2 24 | 49.4% | 77.8% | ||
| Q1 24 | 48.3% | 77.5% |
营业利润率CRTONET
| Q4 25 | — | -8.0% | ||
| Q3 25 | — | -6.7% | ||
| Q2 25 | 6.3% | -13.1% | ||
| Q1 25 | 10.7% | -11.1% | ||
| Q4 24 | 17.1% | -7.5% | ||
| Q3 24 | 2.1% | -7.2% | ||
| Q2 24 | 7.8% | -8.7% | ||
| Q1 24 | 2.3% | -14.4% |
净利率CRTONET
| Q4 25 | — | -2.0% | ||
| Q3 25 | — | -0.2% | ||
| Q2 25 | 4.4% | -9.8% | ||
| Q1 25 | 8.4% | -8.0% | ||
| Q4 24 | 12.9% | -2.8% | ||
| Q3 24 | 1.4% | -3.6% | ||
| Q2 24 | 5.7% | -3.8% | ||
| Q1 24 | 1.6% | -9.4% |
每股收益（稀释后）CRTONET
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | $0.39 | $-0.15 | ||
| Q1 25 | $0.66 | $-0.11 | ||
| Q4 24 | $1.21 | $-0.05 | ||
| Q3 24 | $0.11 | $-0.04 | ||
| Q2 24 | $0.46 | $-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 | $223.6M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $1.5B |
| 总资产 | $2.1B | $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CRTONET
| Q4 25 | — | $943.5M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $223.6M | $1.5B | ||
| Q1 25 | $313.2M | $204.5M | ||
| Q4 24 | $316.9M | $147.7M | ||
| Q3 24 | $231.8M | $182.9M | ||
| Q2 24 | $233.2M | $157.0M | ||
| Q1 24 | $278.1M | $254.4M |
股东权益CRTONET
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $1.1B | $973.1M | ||
| Q2 24 | $1.0B | $881.5M | ||
| Q1 24 | $1.0B | $797.2M |
总资产CRTONET
| Q4 25 | — | $6.0B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | $2.1B | $5.6B | ||
| Q1 25 | $2.1B | $3.7B | ||
| Q4 24 | $2.3B | $3.3B | ||
| Q3 24 | $2.2B | $3.1B | ||
| Q2 24 | $2.2B | $2.9B | ||
| Q1 24 | $2.2B | $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 | $-1.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-36.6M | $105.2M |
| 自由现金流率自由现金流/营收 | -7.6% | 17.1% |
| 资本支出强度资本支出/营收 | 7.3% | 13.9% |
| 现金转化率经营现金流/净利润 | -0.07× | — |
| 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CRTONET
| Q4 25 | — | $190.4M | ||
| Q3 25 | — | $167.1M | ||
| Q2 25 | $-1.4M | $99.8M | ||
| Q1 25 | $62.3M | $145.8M | ||
| Q4 24 | $169.5M | $127.3M | ||
| Q3 24 | $57.5M | $104.7M | ||
| Q2 24 | $17.2M | $74.8M | ||
| Q1 24 | $14.0M | $73.6M |
自由现金流CRTONET
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | $-36.6M | $39.9M | ||
| Q1 25 | $45.3M | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | $-4.0M | $45.2M | ||
| Q1 24 | $173.0K | $41.5M |
自由现金流率CRTONET
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | -7.6% | 7.8% | ||
| Q1 25 | 10.0% | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | -0.9% | 11.3% | ||
| Q1 24 | 0.0% | 11.0% |
资本支出强度CRTONET
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | 7.3% | 11.7% | ||
| Q1 25 | 3.8% | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | 4.5% | 7.4% | ||
| Q1 24 | 3.1% | 8.5% |
现金转化率CRTONET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.07× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 9.21× | — | ||
| Q2 24 | 0.64× | — | ||
| Q1 24 | 1.93× | — |
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
CRTO
| Commerce Growth | $393.9M | 82% |
| Retail Media | $60.9M | 13% |
| Other | $27.9M | 6% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
