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dLocal Ltd（DLO）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dLocal Ltd的1.8倍（$614.5M vs $337.9M），dLocal Ltd净利率更高（16.5% vs -2.0%，领先18.4%），dLocal Ltd同比增速更快（65.2% vs 33.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $99.8M）
dLocal是一家总部位于乌拉圭的金融科技企业，专注于提供跨境支付解决方案，搭建全球商户与新兴市场之间的支付链路，助力国际商户顺畅接入新兴市场本地支付网络，高效开展跨境业务。
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。
DLO vs NET — 直观对比
营收规模更大
NET
是对方的1.8倍
$337.9M
营收增速更快
DLO
高出31.6%
33.6%
净利率更高
DLO
高出18.4%
-2.0%
自由现金流更多
NET
多$5.4M
$99.8M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $337.9M | $614.5M |
| 净利润 | $55.6M | $-12.1M |
| 毛利率 | 34.3% | 73.6% |
| 营业利润率 | 18.6% | -8.0% |
| 净利率 | 16.5% | -2.0% |
| 营收同比 | 65.2% | 33.6% |
| 净利润同比 | 87.3% | 6.0% |
| 每股收益（稀释后） | $0.18 | $-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DLONET
| Q4 25 | $337.9M | $614.5M | ||
| Q3 25 | $282.5M | $562.0M | ||
| Q2 25 | — | $512.3M | ||
| Q1 25 | — | $479.1M | ||
| Q4 24 | $204.5M | $459.9M | ||
| Q3 24 | $185.8M | $430.1M | ||
| Q2 24 | — | $401.0M | ||
| Q1 24 | — | $378.6M |
净利润DLONET
| Q4 25 | $55.6M | $-12.1M | ||
| Q3 25 | $141.3M | $-1.3M | ||
| Q2 25 | — | $-50.4M | ||
| Q1 25 | — | $-38.5M | ||
| Q4 24 | $29.7M | $-12.8M | ||
| Q3 24 | $90.8M | $-15.3M | ||
| Q2 24 | — | $-15.1M | ||
| Q1 24 | — | $-35.5M |
毛利率DLONET
| Q4 25 | 34.3% | 73.6% | ||
| Q3 25 | 36.5% | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | 40.9% | 76.4% | ||
| Q3 24 | 42.1% | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率DLONET
| Q4 25 | 18.6% | -8.0% | ||
| Q3 25 | 19.7% | -6.7% | ||
| Q2 25 | — | -13.1% | ||
| Q1 25 | — | -11.1% | ||
| Q4 24 | 20.7% | -7.5% | ||
| Q3 24 | 22.1% | -7.2% | ||
| Q2 24 | — | -8.7% | ||
| Q1 24 | — | -14.4% |
净利率DLONET
| Q4 25 | 16.5% | -2.0% | ||
| Q3 25 | 50.0% | -0.2% | ||
| Q2 25 | — | -9.8% | ||
| Q1 25 | — | -8.0% | ||
| Q4 24 | 14.5% | -2.8% | ||
| Q3 24 | 48.9% | -3.6% | ||
| Q2 24 | — | -3.8% | ||
| Q1 24 | — | -9.4% |
每股收益（稀释后）DLONET
| Q4 25 | $0.18 | $-0.03 | ||
| Q3 25 | $0.17 | $0.00 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | $0.09 | $-0.05 | ||
| Q3 24 | $0.09 | $-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 | $719.9M | $943.5M |
| 总债务越低越好 | $86.7M | — |
| 股东权益账面价值 | $569.4M | $1.5B |
| 总资产 | $1.5B | $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DLONET
| Q4 25 | $719.9M | $943.5M | ||
| Q3 25 | $604.5M | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | $425.2M | $147.7M | ||
| Q3 24 | $560.5M | $182.9M | ||
| Q2 24 | — | $157.0M | ||
| Q1 24 | — | $254.4M |
总债务DLONET
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DLONET
| Q4 25 | $569.4M | $1.5B | ||
| Q3 25 | $504.7M | $1.3B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $489.0M | $1.0B | ||
| Q3 24 | $457.0M | $973.1M | ||
| Q2 24 | — | $881.5M | ||
| Q1 24 | — | $797.2M |
总资产DLONET
| Q4 25 | $1.5B | $6.0B | ||
| Q3 25 | $1.4B | $5.8B | ||
| Q2 25 | — | $5.6B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $1.2B | $3.3B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $2.8B |
负债/权益比DLONET
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $100.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $99.8M | $105.2M |
| 自由现金流率自由现金流/营收 | 29.5% | 17.1% |
| 资本支出强度资本支出/营收 | 0.2% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.80× | — |
| 过去12个月自由现金流最近4个季度 | $378.7M | $287.5M |
8季度趋势，按日历期对齐
经营现金流DLONET
| Q4 25 | $100.4M | $190.4M | ||
| Q3 25 | $315.0M | $167.1M | ||
| Q2 25 | — | $99.8M | ||
| Q1 25 | — | $145.8M | ||
| Q4 24 | $-141.1M | $127.3M | ||
| Q3 24 | $108.3M | $104.7M | ||
| Q2 24 | — | $74.8M | ||
| Q1 24 | — | $73.6M |
自由现金流DLONET
| Q4 25 | $99.8M | $105.2M | ||
| Q3 25 | $313.4M | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | $-141.6M | $54.2M | ||
| Q3 24 | $107.1M | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率DLONET
| Q4 25 | 29.5% | 17.1% | ||
| Q3 25 | 110.9% | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | -69.2% | 11.8% | ||
| Q3 24 | 57.6% | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度DLONET
| Q4 25 | 0.2% | 13.9% | ||
| Q3 25 | 0.6% | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | 0.2% | 15.9% | ||
| Q3 24 | 0.7% | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率DLONET
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
DLO
暂无分部数据
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
