vs
柯蒂斯-莱特（CW）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
柯蒂斯-莱特的季度营收约是Cloudflare, Inc.的1.5倍（$947.0M vs $614.5M），柯蒂斯-莱特净利率更高（14.5% vs -2.0%，领先16.4%），Cloudflare, Inc.同比增速更快（33.6% vs 14.9%），柯蒂斯-莱特自由现金流更多（$315.1M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 15.2%）
柯蒂斯-莱特公司是总部位于美国北卡罗来纳州戴维森的制造与服务提供商，在美国内外均设有工厂及业务网点。公司1929年由柯蒂斯、莱特及多家供应商合并成立，成立之初即为美国最大航空企业，二战期间为美军生产了超14.2万台航空发动机。
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。
CW vs NET — 直观对比
营收规模更大
CW
是对方的1.5倍
$614.5M
营收增速更快
NET
高出18.7%
14.9%
净利率更高
CW
高出16.4%
-2.0%
自由现金流更多
CW
多$209.9M
$105.2M
两年增速更快
NET
近两年复合增速
15.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $947.0M | $614.5M |
| 净利润 | $137.0M | $-12.1M |
| 毛利率 | 37.5% | 73.6% |
| 营业利润率 | 19.2% | -8.0% |
| 净利率 | 14.5% | -2.0% |
| 营收同比 | 14.9% | 33.6% |
| 净利润同比 | 16.2% | 6.0% |
| 每股收益（稀释后） | $3.69 | $-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CWNET
| Q4 25 | $947.0M | $614.5M | ||
| Q3 25 | $869.2M | $562.0M | ||
| Q2 25 | $876.6M | $512.3M | ||
| Q1 25 | $805.6M | $479.1M | ||
| Q4 24 | $824.3M | $459.9M | ||
| Q3 24 | $798.9M | $430.1M | ||
| Q2 24 | $784.8M | $401.0M | ||
| Q1 24 | $713.2M | $378.6M |
净利润CWNET
| Q4 25 | $137.0M | $-12.1M | ||
| Q3 25 | $124.8M | $-1.3M | ||
| Q2 25 | $121.1M | $-50.4M | ||
| Q1 25 | $101.3M | $-38.5M | ||
| Q4 24 | $117.9M | $-12.8M | ||
| Q3 24 | $111.2M | $-15.3M | ||
| Q2 24 | $99.5M | $-15.1M | ||
| Q1 24 | $76.5M | $-35.5M |
毛利率CWNET
| Q4 25 | 37.5% | 73.6% | ||
| Q3 25 | 37.7% | 74.0% | ||
| Q2 25 | 37.2% | 74.9% | ||
| Q1 25 | 36.3% | 75.9% | ||
| Q4 24 | 38.5% | 76.4% | ||
| Q3 24 | 37.3% | 77.7% | ||
| Q2 24 | 36.2% | 77.8% | ||
| Q1 24 | 35.6% | 77.5% |
营业利润率CWNET
| Q4 25 | 19.2% | -8.0% | ||
| Q3 25 | 19.1% | -6.7% | ||
| Q2 25 | 17.8% | -13.1% | ||
| Q1 25 | 16.0% | -11.1% | ||
| Q4 24 | 18.8% | -7.5% | ||
| Q3 24 | 18.1% | -7.2% | ||
| Q2 24 | 16.4% | -8.7% | ||
| Q1 24 | 14.0% | -14.4% |
净利率CWNET
| Q4 25 | 14.5% | -2.0% | ||
| Q3 25 | 14.4% | -0.2% | ||
| Q2 25 | 13.8% | -9.8% | ||
| Q1 25 | 12.6% | -8.0% | ||
| Q4 24 | 14.3% | -2.8% | ||
| Q3 24 | 13.9% | -3.6% | ||
| Q2 24 | 12.7% | -3.8% | ||
| Q1 24 | 10.7% | -9.4% |
每股收益（稀释后）CWNET
| Q4 25 | $3.69 | $-0.03 | ||
| Q3 25 | $3.31 | $0.00 | ||
| Q2 25 | $3.19 | $-0.15 | ||
| Q1 25 | $2.68 | $-0.11 | ||
| Q4 24 | $3.09 | $-0.05 | ||
| Q3 24 | $2.89 | $-0.04 | ||
| Q2 24 | $2.58 | $-0.04 | ||
| Q1 24 | $1.99 | $-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 | $957.9M | — |
| 股东权益账面价值 | $2.5B | $1.5B |
| 总资产 | $5.2B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.38× | — |
8季度趋势，按日历期对齐
现金及短期投资CWNET
| Q4 25 | — | $943.5M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | $226.5M | $204.5M | ||
| Q4 24 | $385.0M | $147.7M | ||
| Q3 24 | — | $182.9M | ||
| Q2 24 | — | $157.0M | ||
| Q1 24 | $338.0M | $254.4M |
总债务CWNET
| Q4 25 | $957.9M | — | ||
| Q3 25 | $968.6M | — | ||
| Q2 25 | $958.4M | — | ||
| Q1 25 | $958.6M | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.1B | — |
股东权益CWNET
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $2.5B | $1.3B | ||
| Q2 25 | $2.7B | $1.2B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $2.4B | $1.0B | ||
| Q3 24 | $2.5B | $973.1M | ||
| Q2 24 | $2.5B | $881.5M | ||
| Q1 24 | $2.4B | $797.2M |
总资产CWNET
| Q4 25 | $5.2B | $6.0B | ||
| Q3 25 | $5.1B | $5.8B | ||
| Q2 25 | $5.2B | $5.6B | ||
| Q1 25 | $5.0B | $3.7B | ||
| Q4 24 | $5.0B | $3.3B | ||
| Q3 24 | $4.9B | $3.1B | ||
| Q2 24 | $4.7B | $2.9B | ||
| Q1 24 | $4.6B | $2.8B |
负债/权益比CWNET
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.37× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.43× | — | ||
| Q1 24 | 0.44× | — |
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 | $352.7M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $315.1M | $105.2M |
| 自由现金流率自由现金流/营收 | 33.3% | 17.1% |
| 资本支出强度资本支出/营收 | 4.0% | 13.9% |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $553.7M | $287.5M |
8季度趋势，按日历期对齐
经营现金流CWNET
| Q4 25 | $352.7M | $190.4M | ||
| Q3 25 | $192.8M | $167.1M | ||
| Q2 25 | $136.6M | $99.8M | ||
| Q1 25 | $-38.8M | $145.8M | ||
| Q4 24 | $301.3M | $127.3M | ||
| Q3 24 | $177.3M | $104.7M | ||
| Q2 24 | $111.3M | $74.8M | ||
| Q1 24 | $-45.6M | $73.6M |
自由现金流CWNET
| Q4 25 | $315.1M | $105.2M | ||
| Q3 25 | $175.9M | $82.5M | ||
| Q2 25 | $117.2M | $39.9M | ||
| Q1 25 | $-54.5M | $59.9M | ||
| Q4 24 | $278.0M | $54.2M | ||
| Q3 24 | $162.7M | $54.5M | ||
| Q2 24 | $100.3M | $45.2M | ||
| Q1 24 | $-57.7M | $41.5M |
自由现金流率CWNET
| Q4 25 | 33.3% | 17.1% | ||
| Q3 25 | 20.2% | 14.7% | ||
| Q2 25 | 13.4% | 7.8% | ||
| Q1 25 | -6.8% | 12.5% | ||
| Q4 24 | 33.7% | 11.8% | ||
| Q3 24 | 20.4% | 12.7% | ||
| Q2 24 | 12.8% | 11.3% | ||
| Q1 24 | -8.1% | 11.0% |
资本支出强度CWNET
| Q4 25 | 4.0% | 13.9% | ||
| Q3 25 | 1.9% | 15.1% | ||
| Q2 25 | 2.2% | 11.7% | ||
| Q1 25 | 2.0% | 17.9% | ||
| Q4 24 | 2.8% | 15.9% | ||
| Q3 24 | 1.8% | 11.7% | ||
| Q2 24 | 1.4% | 7.4% | ||
| Q1 24 | 1.7% | 8.5% |
现金转化率CWNET
| Q4 25 | 2.57× | — | ||
| Q3 25 | 1.54× | — | ||
| Q2 25 | 1.13× | — | ||
| Q1 25 | -0.38× | — | ||
| Q4 24 | 2.56× | — | ||
| Q3 24 | 1.59× | — | ||
| Q2 24 | 1.12× | — | ||
| Q1 24 | -0.60× | — |
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
CW
| Naval Power | $417.4M | 44% |
| Defense Electronics | $268.3M | 28% |
| Aerospace Industrial | $262.4M | 28% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
