vs
Datadog（DDOG）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Datadog的季度营收约是Cloudflare, Inc.的1.6倍（$953.2M vs $614.5M），Datadog净利率更高（4.9% vs -2.0%，领先6.9%），Cloudflare, Inc.同比增速更快（33.6% vs 29.2%），Datadog自由现金流更多（$318.2M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 24.9%）
Datadog是一家美国企业，为云级应用提供可观测性服务，旗下SaaS数据分析平台可实现对服务器、数据库、各类工具及服务的统一监控。公司成立并总部位于纽约，目前在纳斯达克证券交易所公开上市。
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。
DDOG vs NET — 直观对比
营收规模更大
DDOG
是对方的1.6倍
$614.5M
营收增速更快
NET
高出4.4%
29.2%
净利率更高
DDOG
高出6.9%
-2.0%
自由现金流更多
DDOG
多$213.0M
$105.2M
两年增速更快
NET
近两年复合增速
24.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $953.2M | $614.5M |
| 净利润 | $46.6M | $-12.1M |
| 毛利率 | 80.4% | 73.6% |
| 营业利润率 | 1.0% | -8.0% |
| 净利率 | 4.9% | -2.0% |
| 营收同比 | 29.2% | 33.6% |
| 净利润同比 | 2.1% | 6.0% |
| 每股收益（稀释后） | $0.13 | $-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DDOGNET
| Q4 25 | $953.2M | $614.5M | ||
| Q3 25 | $885.7M | $562.0M | ||
| Q2 25 | $826.8M | $512.3M | ||
| Q1 25 | $761.6M | $479.1M | ||
| Q4 24 | $737.7M | $459.9M | ||
| Q3 24 | $690.0M | $430.1M | ||
| Q2 24 | $645.3M | $401.0M | ||
| Q1 24 | $611.3M | $378.6M |
净利润DDOGNET
| Q4 25 | $46.6M | $-12.1M | ||
| Q3 25 | $33.9M | $-1.3M | ||
| Q2 25 | $2.6M | $-50.4M | ||
| Q1 25 | $24.6M | $-38.5M | ||
| Q4 24 | $45.6M | $-12.8M | ||
| Q3 24 | $51.7M | $-15.3M | ||
| Q2 24 | $43.8M | $-15.1M | ||
| Q1 24 | $42.6M | $-35.5M |
毛利率DDOGNET
| Q4 25 | 80.4% | 73.6% | ||
| Q3 25 | 80.1% | 74.0% | ||
| Q2 25 | 79.9% | 74.9% | ||
| Q1 25 | 79.3% | 75.9% | ||
| Q4 24 | 80.5% | 76.4% | ||
| Q3 24 | 80.0% | 77.7% | ||
| Q2 24 | 80.9% | 77.8% | ||
| Q1 24 | 82.0% | 77.5% |
营业利润率DDOGNET
| Q4 25 | 1.0% | -8.0% | ||
| Q3 25 | -0.7% | -6.7% | ||
| Q2 25 | -4.3% | -13.1% | ||
| Q1 25 | -1.6% | -11.1% | ||
| Q4 24 | 1.3% | -7.5% | ||
| Q3 24 | 2.9% | -7.2% | ||
| Q2 24 | 2.0% | -8.7% | ||
| Q1 24 | 2.0% | -14.4% |
净利率DDOGNET
| Q4 25 | 4.9% | -2.0% | ||
| Q3 25 | 3.8% | -0.2% | ||
| Q2 25 | 0.3% | -9.8% | ||
| Q1 25 | 3.2% | -8.0% | ||
| Q4 24 | 6.2% | -2.8% | ||
| Q3 24 | 7.5% | -3.6% | ||
| Q2 24 | 6.8% | -3.8% | ||
| Q1 24 | 7.0% | -9.4% |
每股收益（稀释后）DDOGNET
| Q4 25 | $0.13 | $-0.03 | ||
| Q3 25 | $0.10 | $0.00 | ||
| Q2 25 | $0.01 | $-0.15 | ||
| Q1 25 | $0.07 | $-0.11 | ||
| Q4 24 | $0.14 | $-0.05 | ||
| Q3 24 | $0.14 | $-0.04 | ||
| Q2 24 | $0.12 | $-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 | $401.3M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | $1.5B |
| 总资产 | $6.6B | $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DDOGNET
| Q4 25 | $401.3M | $943.5M | ||
| Q3 25 | $540.6M | $1.1B | ||
| Q2 25 | $489.0M | $1.5B | ||
| Q1 25 | $1.1B | $204.5M | ||
| Q4 24 | $1.2B | $147.7M | ||
| Q3 24 | $337.4M | $182.9M | ||
| Q2 24 | $411.0M | $157.0M | ||
| Q1 24 | $282.2M | $254.4M |
股东权益DDOGNET
| Q4 25 | $3.7B | $1.5B | ||
| Q3 25 | $3.4B | $1.3B | ||
| Q2 25 | $3.2B | $1.2B | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.7B | $1.0B | ||
| Q3 24 | $2.6B | $973.1M | ||
| Q2 24 | $2.4B | $881.5M | ||
| Q1 24 | $2.2B | $797.2M |
总资产DDOGNET
| Q4 25 | $6.6B | $6.0B | ||
| Q3 25 | $6.1B | $5.8B | ||
| Q2 25 | $5.8B | $5.6B | ||
| Q1 25 | $6.0B | $3.7B | ||
| Q4 24 | $5.8B | $3.3B | ||
| Q3 24 | $4.6B | $3.1B | ||
| Q2 24 | $4.4B | $2.9B | ||
| Q1 24 | $4.1B | $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 | $327.1M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $318.2M | $105.2M |
| 自由现金流率自由现金流/营收 | 33.4% | 17.1% |
| 资本支出强度资本支出/营收 | 0.9% | 13.9% |
| 现金转化率经营现金流/净利润 | 7.02× | — |
| 过去12个月自由现金流最近4个季度 | $1.0B | $287.5M |
8季度趋势，按日历期对齐
经营现金流DDOGNET
| Q4 25 | $327.1M | $190.4M | ||
| Q3 25 | $251.5M | $167.1M | ||
| Q2 25 | $200.1M | $99.8M | ||
| Q1 25 | $271.5M | $145.8M | ||
| Q4 24 | $265.2M | $127.3M | ||
| Q3 24 | $228.7M | $104.7M | ||
| Q2 24 | $164.4M | $74.8M | ||
| Q1 24 | $212.3M | $73.6M |
自由现金流DDOGNET
| Q4 25 | $318.2M | $105.2M | ||
| Q3 25 | $234.7M | $82.5M | ||
| Q2 25 | $184.9M | $39.9M | ||
| Q1 25 | $262.8M | $59.9M | ||
| Q4 24 | $257.5M | $54.2M | ||
| Q3 24 | $220.3M | $54.5M | ||
| Q2 24 | $160.0M | $45.2M | ||
| Q1 24 | $198.1M | $41.5M |
自由现金流率DDOGNET
| Q4 25 | 33.4% | 17.1% | ||
| Q3 25 | 26.5% | 14.7% | ||
| Q2 25 | 22.4% | 7.8% | ||
| Q1 25 | 34.5% | 12.5% | ||
| Q4 24 | 34.9% | 11.8% | ||
| Q3 24 | 31.9% | 12.7% | ||
| Q2 24 | 24.8% | 11.3% | ||
| Q1 24 | 32.4% | 11.0% |
资本支出强度DDOGNET
| Q4 25 | 0.9% | 13.9% | ||
| Q3 25 | 1.9% | 15.1% | ||
| Q2 25 | 1.8% | 11.7% | ||
| Q1 25 | 1.1% | 17.9% | ||
| Q4 24 | 1.1% | 15.9% | ||
| Q3 24 | 1.2% | 11.7% | ||
| Q2 24 | 0.7% | 7.4% | ||
| Q1 24 | 2.3% | 8.5% |
现金转化率DDOGNET
| Q4 25 | 7.02× | — | ||
| Q3 25 | 7.42× | — | ||
| Q2 25 | 75.58× | — | ||
| Q1 25 | 11.02× | — | ||
| Q4 24 | 5.82× | — | ||
| Q3 24 | 4.42× | — | ||
| Q2 24 | 3.75× | — | ||
| Q1 24 | 4.98× | — |
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
DDOG
| North America | $678.7M | 71% |
| International | $274.5M | 29% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
