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QWEST CORP（CTBB）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
QWEST CORP的季度营收约是Cloudflare, Inc.的1.8倍（$1.1B vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -187.5%，领先185.5%），Cloudflare, Inc.同比增速更快（33.6% vs -15.0%），QWEST CORP自由现金流更多（$160.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -8.6%）
奎斯特公司（以CenturyLink QC名义运营）是一家隶属于 lumen Technologies 的地区性贝尔运营公司。其前身为1911年成立的山地电话电报公司，先后更名为山地贝尔、美国西部通讯，2000年改为现名，业务整合了原Malheur Bell、西北贝尔、太平洋西北贝尔的运营资源。
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。
CTBB vs NET — 直观对比
营收规模更大
CTBB
是对方的1.8倍
$614.5M
营收增速更快
NET
高出48.7%
-15.0%
净利率更高
NET
高出185.5%
-187.5%
自由现金流更多
CTBB
多$54.8M
$105.2M
两年增速更快
NET
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $614.5M |
| 净利润 | $-2.1B | $-12.1M |
| 毛利率 | 67.9% | 73.6% |
| 营业利润率 | -183.2% | -8.0% |
| 净利率 | -187.5% | -2.0% |
| 营收同比 | -15.0% | 33.6% |
| 净利润同比 | -627.9% | 6.0% |
| 每股收益（稀释后） | — | $-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CTBBNET
| Q4 25 | $1.1B | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $1.2B | $479.1M | ||
| Q4 24 | $1.3B | $459.9M | ||
| Q3 24 | $1.3B | $430.1M | ||
| Q2 24 | $1.3B | $401.0M | ||
| Q1 24 | $1.3B | $378.6M |
净利润CTBBNET
| Q4 25 | $-2.1B | $-12.1M | ||
| Q3 25 | $176.0M | $-1.3M | ||
| Q2 25 | $277.0M | $-50.4M | ||
| Q1 25 | $284.0M | $-38.5M | ||
| Q4 24 | $391.0M | $-12.8M | ||
| Q3 24 | $365.0M | $-15.3M | ||
| Q2 24 | $378.0M | $-15.1M | ||
| Q1 24 | $353.0M | $-35.5M |
毛利率CTBBNET
| Q4 25 | 67.9% | 73.6% | ||
| Q3 25 | 65.3% | 74.0% | ||
| Q2 25 | 68.2% | 74.9% | ||
| Q1 25 | 69.3% | 75.9% | ||
| Q4 24 | 71.2% | 76.4% | ||
| Q3 24 | 69.9% | 77.7% | ||
| Q2 24 | 71.6% | 77.8% | ||
| Q1 24 | 71.9% | 77.5% |
营业利润率CTBBNET
| Q4 25 | -183.2% | -8.0% | ||
| Q3 25 | 22.3% | -6.7% | ||
| Q2 25 | 33.1% | -13.1% | ||
| Q1 25 | 33.7% | -11.1% | ||
| Q4 24 | 40.7% | -7.5% | ||
| Q3 24 | 38.5% | -7.2% | ||
| Q2 24 | 40.3% | -8.7% | ||
| Q1 24 | 37.6% | -14.4% |
净利率CTBBNET
| Q4 25 | -187.5% | -2.0% | ||
| Q3 25 | 16.1% | -0.2% | ||
| Q2 25 | 24.3% | -9.8% | ||
| Q1 25 | 24.7% | -8.0% | ||
| Q4 24 | 30.2% | -2.8% | ||
| Q3 24 | 28.2% | -3.6% | ||
| Q2 24 | 28.7% | -3.8% | ||
| Q1 24 | 26.8% | -9.4% |
每股收益（稀释后）CTBBNET
| 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 | ||
| Q1 24 | — | $-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 | $39.0M | $943.5M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $10.9B | $1.5B |
| 总资产 | $15.8B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.15× | — |
8季度趋势，按日历期对齐
现金及短期投资CTBBNET
| Q4 25 | $39.0M | $943.5M | ||
| Q3 25 | $36.0M | $1.1B | ||
| Q2 25 | $25.0M | $1.5B | ||
| Q1 25 | $40.0M | $204.5M | ||
| Q4 24 | $26.0M | $147.7M | ||
| Q3 24 | $22.0M | $182.9M | ||
| Q2 24 | $18.0M | $157.0M | ||
| Q1 24 | $14.0M | $254.4M |
总债务CTBBNET
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
股东权益CTBBNET
| Q4 25 | $10.9B | $1.5B | ||
| Q3 25 | $13.0B | $1.3B | ||
| Q2 25 | $12.8B | $1.2B | ||
| Q1 25 | $12.5B | $1.4B | ||
| Q4 24 | $12.2B | $1.0B | ||
| Q3 24 | $11.9B | $973.1M | ||
| Q2 24 | $11.5B | $881.5M | ||
| Q1 24 | $11.1B | $797.2M |
总资产CTBBNET
| Q4 25 | $15.8B | $6.0B | ||
| Q3 25 | $17.9B | $5.8B | ||
| Q2 25 | $17.8B | $5.6B | ||
| Q1 25 | $17.6B | $3.7B | ||
| Q4 24 | $17.4B | $3.3B | ||
| Q3 24 | $17.0B | $3.1B | ||
| Q2 24 | $16.6B | $2.9B | ||
| Q1 24 | $16.4B | $2.8B |
负债/权益比CTBBNET
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.13× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.17× | — | ||
| Q1 24 | 0.17× | — |
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 | $402.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $160.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 14.5% | 17.1% |
| 资本支出强度资本支出/营收 | 22.0% | 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 | $938.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流CTBBNET
| Q4 25 | $402.0M | $190.4M | ||
| Q3 25 | $427.0M | $167.1M | ||
| Q2 25 | $480.0M | $99.8M | ||
| Q1 25 | $453.0M | $145.8M | ||
| Q4 24 | $548.0M | $127.3M | ||
| Q3 24 | $627.0M | $104.7M | ||
| Q2 24 | $548.0M | $74.8M | ||
| Q1 24 | $471.0M | $73.6M |
自由现金流CTBBNET
| Q4 25 | $160.0M | $105.2M | ||
| Q3 25 | $252.0M | $82.5M | ||
| Q2 25 | $276.0M | $39.9M | ||
| Q1 25 | $250.0M | $59.9M | ||
| Q4 24 | $277.0M | $54.2M | ||
| Q3 24 | $396.0M | $54.5M | ||
| Q2 24 | $280.0M | $45.2M | ||
| Q1 24 | $194.0M | $41.5M |
自由现金流率CTBBNET
| Q4 25 | 14.5% | 17.1% | ||
| Q3 25 | 23.1% | 14.7% | ||
| Q2 25 | 24.2% | 7.8% | ||
| Q1 25 | 21.7% | 12.5% | ||
| Q4 24 | 21.4% | 11.8% | ||
| Q3 24 | 30.6% | 12.7% | ||
| Q2 24 | 21.3% | 11.3% | ||
| Q1 24 | 14.7% | 11.0% |
资本支出强度CTBBNET
| Q4 25 | 22.0% | 13.9% | ||
| Q3 25 | 16.0% | 15.1% | ||
| Q2 25 | 17.9% | 11.7% | ||
| Q1 25 | 17.6% | 17.9% | ||
| Q4 24 | 20.9% | 15.9% | ||
| Q3 24 | 17.9% | 11.7% | ||
| Q2 24 | 20.4% | 7.4% | ||
| Q1 24 | 21.0% | 8.5% |
现金转化率CTBBNET
| Q4 25 | — | — | ||
| Q3 25 | 2.43× | — | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | 1.60× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 1.72× | — | ||
| Q2 24 | 1.45× | — | ||
| Q1 24 | 1.33× | — |
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
CTBB
| Nonrelated Party | $665.0M | 60% |
| Other | $436.0M | 40% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
