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达美乐（DPZ）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
达美乐的季度营收约是Cloudflare, Inc.的1.9倍（$1.2B vs $614.5M），达美乐净利率更高（12.2% vs -2.0%，领先14.1%），Cloudflare, Inc.同比增速更快（33.6% vs 3.5%），达美乐自由现金流更多（$147.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 3.0%）
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
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。
DPZ vs NET — 直观对比
营收规模更大
DPZ
是对方的1.9倍
$614.5M
营收增速更快
NET
高出30.1%
3.5%
净利率更高
DPZ
高出14.1%
-2.0%
自由现金流更多
DPZ
多$41.8M
$105.2M
两年增速更快
NET
近两年复合增速
3.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $614.5M |
| 净利润 | $139.8M | $-12.1M |
| 毛利率 | 40.4% | 73.6% |
| 营业利润率 | 20.0% | -8.0% |
| 净利率 | 12.2% | -2.0% |
| 营收同比 | 3.5% | 33.6% |
| 净利润同比 | -6.6% | 6.0% |
| 每股收益（稀释后） | $4.13 | $-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DPZNET
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $1.1B | $479.1M | ||
| Q4 24 | $1.4B | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $1.1B | $401.0M |
净利润DPZNET
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $139.3M | $-1.3M | ||
| Q2 25 | $131.1M | $-50.4M | ||
| Q1 25 | $149.7M | $-38.5M | ||
| Q4 24 | $169.4M | $-12.8M | ||
| Q3 24 | $146.9M | $-15.3M | ||
| Q2 24 | $142.0M | $-15.1M |
毛利率DPZNET
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | 40.1% | 74.0% | ||
| Q2 25 | 40.3% | 74.9% | ||
| Q1 25 | 39.8% | 75.9% | ||
| Q4 24 | 39.2% | 76.4% | ||
| Q3 24 | 39.2% | 77.7% | ||
| Q2 24 | 39.8% | 77.8% |
营业利润率DPZNET
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | -8.0% | ||
| Q3 25 | 19.5% | -6.7% | ||
| Q2 25 | 19.7% | -13.1% | ||
| Q1 25 | 18.9% | -11.1% | ||
| Q4 24 | 19.0% | -7.5% | ||
| Q3 24 | 18.4% | -7.2% | ||
| Q2 24 | 17.9% | -8.7% |
净利率DPZNET
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | -2.0% | ||
| Q3 25 | 12.1% | -0.2% | ||
| Q2 25 | 11.4% | -9.8% | ||
| Q1 25 | 13.5% | -8.0% | ||
| Q4 24 | 11.7% | -2.8% | ||
| Q3 24 | 13.6% | -3.6% | ||
| Q2 24 | 12.9% | -3.8% |
每股收益（稀释后）DPZNET
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $-0.03 | ||
| Q3 25 | $4.08 | $0.00 | ||
| Q2 25 | $3.81 | $-0.15 | ||
| Q1 25 | $4.33 | $-0.11 | ||
| Q4 24 | $4.89 | $-0.05 | ||
| Q3 24 | $4.19 | $-0.04 | ||
| Q2 24 | $4.03 | $-0.04 |
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 | $232.9M | $943.5M |
| 总债务越低越好 | $4.9B | — |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $1.8B | $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DPZNET
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $943.5M | ||
| Q3 25 | $139.7M | $1.1B | ||
| Q2 25 | $272.9M | $1.5B | ||
| Q1 25 | $304.3M | $204.5M | ||
| Q4 24 | $186.1M | $147.7M | ||
| Q3 24 | $189.1M | $182.9M | ||
| Q2 24 | $283.7M | $157.0M |
总债务DPZNET
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $4.8B | — | ||
| Q2 25 | $3.8B | — | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $5.0B | — | ||
| Q2 24 | $5.0B | — |
股东权益DPZNET
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | $-4.0B | $1.3B | ||
| Q2 25 | $-4.0B | $1.2B | ||
| Q1 25 | $-3.9B | $1.4B | ||
| Q4 24 | $-4.0B | $1.0B | ||
| Q3 24 | $-4.0B | $973.1M | ||
| Q2 24 | $-3.9B | $881.5M |
总资产DPZNET
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $6.0B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.8B | $5.6B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $1.7B | $3.3B | ||
| Q3 24 | $1.8B | $3.1B | ||
| Q2 24 | $1.9B | $2.9B |
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 | $162.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 12.8% | 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 | 1.16× | — |
| 过去12个月自由现金流最近4个季度 | $642.6M | $287.5M |
8季度趋势，按日历期对齐
经营现金流DPZNET
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $190.4M | ||
| Q3 25 | $185.4M | $167.1M | ||
| Q2 25 | $187.8M | $99.8M | ||
| Q1 25 | $179.1M | $145.8M | ||
| Q4 24 | $178.0M | $127.3M | ||
| Q3 24 | $172.7M | $104.7M | ||
| Q2 24 | $150.7M | $74.8M |
自由现金流DPZNET
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $105.2M | ||
| Q3 25 | $164.0M | $82.5M | ||
| Q2 25 | $167.3M | $39.9M | ||
| Q1 25 | $164.3M | $59.9M | ||
| Q4 24 | $135.9M | $54.2M | ||
| Q3 24 | $145.6M | $54.5M | ||
| Q2 24 | $127.2M | $45.2M |
自由现金流率DPZNET
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 17.1% | ||
| Q3 25 | 14.3% | 14.7% | ||
| Q2 25 | 14.6% | 7.8% | ||
| Q1 25 | 14.8% | 12.5% | ||
| Q4 24 | 9.4% | 11.8% | ||
| Q3 24 | 13.5% | 12.7% | ||
| Q2 24 | 11.6% | 11.3% |
资本支出强度DPZNET
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 13.9% | ||
| Q3 25 | 1.9% | 15.1% | ||
| Q2 25 | 1.8% | 11.7% | ||
| Q1 25 | 1.3% | 17.9% | ||
| Q4 24 | 2.9% | 15.9% | ||
| Q3 24 | 2.5% | 11.7% | ||
| Q2 24 | 2.1% | 7.4% |
现金转化率DPZNET
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.43× | — | ||
| Q1 25 | 1.20× | — | ||
| Q4 24 | 1.05× | — | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.06× | — |
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
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
