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杜比实验室（DLB）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.的季度营收约是杜比实验室的1.8倍（$614.5M vs $346.7M），杜比实验室净利率更高（15.4% vs -2.0%，领先17.3%），Cloudflare, Inc.同比增速更快（33.6% vs -2.9%），Cloudflare, Inc.自由现金流更多（$105.2M vs $50.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -2.5%）
杜比实验室是一家美国科技企业，专注于音频降噪、音频编码压缩、空间音频及高动态范围（HDR）影像等技术的研发，旗下技术广泛授权给全球各地的消费电子制造商使用，助力终端产品为用户带来更出色的视听体验。
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。
DLB vs NET — 直观对比
营收规模更大
NET
是对方的1.8倍
$346.7M
营收增速更快
NET
高出36.5%
-2.9%
净利率更高
DLB
高出17.3%
-2.0%
自由现金流更多
NET
多$55.0M
$50.2M
两年增速更快
NET
近两年复合增速
-2.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $346.7M | $614.5M |
| 净利润 | $53.3M | $-12.1M |
| 毛利率 | 87.5% | 73.6% |
| 营业利润率 | 17.9% | -8.0% |
| 净利率 | 15.4% | -2.0% |
| 营收同比 | -2.9% | 33.6% |
| 净利润同比 | -21.4% | 6.0% |
| 每股收益（稀释后） | $0.55 | $-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DLBNET
| Q4 25 | $346.7M | $614.5M | ||
| Q3 25 | $307.0M | $562.0M | ||
| Q2 25 | $315.5M | $512.3M | ||
| Q1 25 | $369.6M | $479.1M | ||
| Q4 24 | $357.0M | $459.9M | ||
| Q3 24 | $304.8M | $430.1M | ||
| Q2 24 | $288.8M | $401.0M | ||
| Q1 24 | $364.5M | $378.6M |
净利润DLBNET
| Q4 25 | $53.3M | $-12.1M | ||
| Q3 25 | $49.3M | $-1.3M | ||
| Q2 25 | $46.1M | $-50.4M | ||
| Q1 25 | $91.8M | $-38.5M | ||
| Q4 24 | $67.8M | $-12.8M | ||
| Q3 24 | $58.6M | $-15.3M | ||
| Q2 24 | $38.4M | $-15.1M | ||
| Q1 24 | $97.8M | $-35.5M |
毛利率DLBNET
| Q4 25 | 87.5% | 73.6% | ||
| Q3 25 | 87.1% | 74.0% | ||
| Q2 25 | 86.1% | 74.9% | ||
| Q1 25 | 90.3% | 75.9% | ||
| Q4 24 | 88.6% | 76.4% | ||
| Q3 24 | 88.8% | 77.7% | ||
| Q2 24 | 87.7% | 77.8% | ||
| Q1 24 | 89.4% | 77.5% |
营业利润率DLBNET
| Q4 25 | 17.9% | -8.0% | ||
| Q3 25 | 9.7% | -6.7% | ||
| Q2 25 | 15.1% | -13.1% | ||
| Q1 25 | 29.2% | -11.1% | ||
| Q4 24 | 22.4% | -7.5% | ||
| Q3 24 | 15.2% | -7.2% | ||
| Q2 24 | 12.7% | -8.7% | ||
| Q1 24 | 29.9% | -14.4% |
净利率DLBNET
| Q4 25 | 15.4% | -2.0% | ||
| Q3 25 | 16.1% | -0.2% | ||
| Q2 25 | 14.6% | -9.8% | ||
| Q1 25 | 24.8% | -8.0% | ||
| Q4 24 | 19.0% | -2.8% | ||
| Q3 24 | 19.2% | -3.6% | ||
| Q2 24 | 13.3% | -3.8% | ||
| Q1 24 | 26.8% | -9.4% |
每股收益（稀释后）DLBNET
| Q4 25 | $0.55 | $-0.03 | ||
| Q3 25 | $0.50 | $0.00 | ||
| Q2 25 | $0.48 | $-0.15 | ||
| Q1 25 | $0.94 | $-0.11 | ||
| Q4 24 | $0.70 | $-0.05 | ||
| Q3 24 | $0.59 | $-0.04 | ||
| Q2 24 | $0.40 | $-0.04 | ||
| Q1 24 | $1.01 | $-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 | $644.6M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $1.5B |
| 总资产 | $3.2B | $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DLBNET
| Q4 25 | $644.6M | $943.5M | ||
| Q3 25 | $702.6M | $1.1B | ||
| Q2 25 | $699.3M | $1.5B | ||
| Q1 25 | $626.6M | $204.5M | ||
| Q4 24 | $520.8M | $147.7M | ||
| Q3 24 | $482.0M | $182.9M | ||
| Q2 24 | $869.0M | $157.0M | ||
| Q1 24 | $825.4M | $254.4M |
股东权益DLBNET
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $2.6B | $1.3B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $2.5B | $1.0B | ||
| Q3 24 | $2.5B | $973.1M | ||
| Q2 24 | $2.4B | $881.5M | ||
| Q1 24 | $2.4B | $797.2M |
总资产DLBNET
| Q4 25 | $3.2B | $6.0B | ||
| Q3 25 | $3.2B | $5.8B | ||
| Q2 25 | $3.2B | $5.6B | ||
| Q1 25 | $3.2B | $3.7B | ||
| Q4 24 | $3.2B | $3.3B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.0B | $2.9B | ||
| Q1 24 | $3.0B | $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 | $54.8M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $50.2M | $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 | 1.3% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.03× | — |
| 过去12个月自由现金流最近4个季度 | $715.3M | $287.5M |
8季度趋势，按日历期对齐
经营现金流DLBNET
| Q4 25 | $54.8M | $190.4M | ||
| Q3 25 | $472.2M | $167.1M | ||
| Q2 25 | $67.7M | $99.8M | ||
| Q1 25 | $174.9M | $145.8M | ||
| Q4 24 | $106.8M | $127.3M | ||
| Q3 24 | $327.3M | $104.7M | ||
| Q2 24 | $21.3M | $74.8M | ||
| Q1 24 | $181.4M | $73.6M |
自由现金流DLBNET
| Q4 25 | $50.2M | $105.2M | ||
| Q3 25 | $435.9M | $82.5M | ||
| Q2 25 | $61.3M | $39.9M | ||
| Q1 25 | $168.0M | $59.9M | ||
| Q4 24 | $100.0M | $54.2M | ||
| Q3 24 | $297.2M | $54.5M | ||
| Q2 24 | $13.7M | $45.2M | ||
| Q1 24 | $172.5M | $41.5M |
自由现金流率DLBNET
| Q4 25 | 14.5% | 17.1% | ||
| Q3 25 | 142.0% | 14.7% | ||
| Q2 25 | 19.4% | 7.8% | ||
| Q1 25 | 45.5% | 12.5% | ||
| Q4 24 | 28.0% | 11.8% | ||
| Q3 24 | 97.5% | 12.7% | ||
| Q2 24 | 4.7% | 11.3% | ||
| Q1 24 | 47.3% | 11.0% |
资本支出强度DLBNET
| Q4 25 | 1.3% | 13.9% | ||
| Q3 25 | 11.8% | 15.1% | ||
| Q2 25 | 2.0% | 11.7% | ||
| Q1 25 | 1.9% | 17.9% | ||
| Q4 24 | 1.9% | 15.9% | ||
| Q3 24 | 9.8% | 11.7% | ||
| Q2 24 | 2.6% | 7.4% | ||
| Q1 24 | 2.4% | 8.5% |
现金转化率DLBNET
| Q4 25 | 1.03× | — | ||
| Q3 25 | 9.57× | — | ||
| Q2 25 | 1.47× | — | ||
| Q1 25 | 1.91× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 5.59× | — | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 1.85× | — |
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
DLB
| Licensing Brodcast Revenue | $100.3M | 29% |
| Licensing Mobile Revenue | $74.9M | 22% |
| Licensing Other Revenue | $70.2M | 20% |
| Licensing CE Revenue | $45.6M | 13% |
| Licensing PC Revenue | $28.7M | 8% |
| Products And Services | $26.9M | 8% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
