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ETSY INC（ETSY）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
ETSY INC的季度营收约是Cloudflare, Inc.的1.4倍（$831.5M vs $614.5M），ETSY INC净利率更高（12.6% vs -2.0%，领先14.6%），Cloudflare, Inc.同比增速更快（33.6% vs 7.6%），ETSY INC自由现金流更多（$671.2M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 13.3%）
Etsy是美国电商企业，主打手工制品、复古商品及手工耗材交易，平台品类覆盖珠宝首饰、服饰、家居装饰、家具、玩具、艺术品等。平台规定复古商品需至少有20年历史，卖家可开设独立店铺，每件上架商品收取0.2美元挂牌费，2013年起平台也允许量产商品入驻销售。
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。
ETSY vs NET — 直观对比
营收规模更大
ETSY
是对方的1.4倍
$614.5M
营收增速更快
NET
高出26.0%
7.6%
净利率更高
ETSY
高出14.6%
-2.0%
自由现金流更多
ETSY
多$565.9M
$105.2M
两年增速更快
NET
近两年复合增速
13.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $831.5M | $614.5M |
| 净利润 | $104.7M | $-12.1M |
| 毛利率 | 54.8% | 73.6% |
| 营业利润率 | 59.6% | -8.0% |
| 净利率 | 12.6% | -2.0% |
| 营收同比 | 7.6% | 33.6% |
| 净利润同比 | 398.3% | 6.0% |
| 每股收益（稀释后） | $0.89 | $-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ETSYNET
| Q1 26 | $831.5M | — | ||
| Q4 25 | $881.6M | $614.5M | ||
| Q3 25 | $678.0M | $562.0M | ||
| Q2 25 | $672.7M | $512.3M | ||
| Q1 25 | $651.2M | $479.1M | ||
| Q4 24 | $852.2M | $459.9M | ||
| Q3 24 | $662.4M | $430.1M | ||
| Q2 24 | $647.8M | $401.0M |
净利润ETSYNET
| Q1 26 | $104.7M | — | ||
| Q4 25 | $110.7M | $-12.1M | ||
| Q3 25 | $75.5M | $-1.3M | ||
| Q2 25 | $28.8M | $-50.4M | ||
| Q1 25 | $-52.1M | $-38.5M | ||
| Q4 24 | $129.9M | $-12.8M | ||
| Q3 24 | $57.4M | $-15.3M | ||
| Q2 24 | $53.0M | $-15.1M |
毛利率ETSYNET
| Q1 26 | 54.8% | — | ||
| Q4 25 | 73.1% | 73.6% | ||
| Q3 25 | 71.3% | 74.0% | ||
| Q2 25 | 71.2% | 74.9% | ||
| Q1 25 | 70.5% | 75.9% | ||
| Q4 24 | 74.5% | 76.4% | ||
| Q3 24 | 72.0% | 77.7% | ||
| Q2 24 | 71.6% | 77.8% |
营业利润率ETSYNET
| Q1 26 | 59.6% | — | ||
| Q4 25 | 14.7% | -8.0% | ||
| Q3 25 | 12.2% | -6.7% | ||
| Q2 25 | 11.4% | -13.1% | ||
| Q1 25 | -3.4% | -11.1% | ||
| Q4 24 | 18.2% | -7.5% | ||
| Q3 24 | 13.1% | -7.2% | ||
| Q2 24 | 10.8% | -8.7% |
净利率ETSYNET
| Q1 26 | 12.6% | — | ||
| Q4 25 | 12.6% | -2.0% | ||
| Q3 25 | 11.1% | -0.2% | ||
| Q2 25 | 4.3% | -9.8% | ||
| Q1 25 | -8.0% | -8.0% | ||
| Q4 24 | 15.2% | -2.8% | ||
| Q3 24 | 8.7% | -3.6% | ||
| Q2 24 | 8.2% | -3.8% |
每股收益（稀释后）ETSYNET
| Q1 26 | $0.89 | — | ||
| Q4 25 | $1.00 | $-0.03 | ||
| Q3 25 | $0.63 | $0.00 | ||
| Q2 25 | $0.25 | $-0.15 | ||
| Q1 25 | $-0.49 | $-0.11 | ||
| Q4 24 | $1.01 | $-0.05 | ||
| Q3 24 | $0.45 | $-0.04 | ||
| Q2 24 | $0.41 | $-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 | $1.4B | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $2.7B | $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ETSYNET
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $943.5M | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $649.2M | $204.5M | ||
| Q4 24 | $811.2M | $147.7M | ||
| Q3 24 | $818.9M | $182.9M | ||
| Q2 24 | $759.2M | $157.0M |
总债务ETSYNET
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
股东权益ETSYNET
| Q1 26 | — | — | ||
| Q4 25 | $-1.1B | $1.5B | ||
| Q3 25 | $-1.1B | $1.3B | ||
| Q2 25 | $-1.1B | $1.2B | ||
| Q1 25 | $-910.3M | $1.4B | ||
| Q4 24 | $-758.9M | $1.0B | ||
| Q3 24 | $-624.3M | $973.1M | ||
| Q2 24 | $-635.0M | $881.5M |
总资产ETSYNET
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.8B | $6.0B | ||
| Q3 25 | $2.7B | $5.8B | ||
| Q2 25 | $2.6B | $5.6B | ||
| Q1 25 | $2.1B | $3.7B | ||
| Q4 24 | $2.4B | $3.3B | ||
| Q3 24 | $2.4B | $3.1B | ||
| Q2 24 | $2.4B | $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 | $725.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $671.2M | $105.2M |
| 自由现金流率自由现金流/营收 | 80.7% | 17.1% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 现金转化率经营现金流/净利润 | 6.93× | — |
| 过去12个月自由现金流最近4个季度 | $1.3B | $287.5M |
8季度趋势，按日历期对齐
经营现金流ETSYNET
| Q1 26 | $725.0M | — | ||
| Q4 25 | $317.1M | $190.4M | ||
| Q3 25 | $219.0M | $167.1M | ||
| Q2 25 | $108.1M | $99.8M | ||
| Q1 25 | $49.2M | $145.8M | ||
| Q4 24 | $315.0M | $127.3M | ||
| Q3 24 | $217.4M | $104.7M | ||
| Q2 24 | $151.1M | $74.8M |
自由现金流ETSYNET
| Q1 26 | $671.2M | — | ||
| Q4 25 | $315.9M | $105.2M | ||
| Q3 25 | $215.0M | $82.5M | ||
| Q2 25 | $101.3M | $39.9M | ||
| Q1 25 | $45.9M | $59.9M | ||
| Q4 24 | $310.9M | $54.2M | ||
| Q3 24 | $213.2M | $54.5M | ||
| Q2 24 | $147.4M | $45.2M |
自由现金流率ETSYNET
| Q1 26 | 80.7% | — | ||
| Q4 25 | 35.8% | 17.1% | ||
| Q3 25 | 31.7% | 14.7% | ||
| Q2 25 | 15.1% | 7.8% | ||
| Q1 25 | 7.1% | 12.5% | ||
| Q4 24 | 36.5% | 11.8% | ||
| Q3 24 | 32.2% | 12.7% | ||
| Q2 24 | 22.8% | 11.3% |
资本支出强度ETSYNET
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 13.9% | ||
| Q3 25 | 0.6% | 15.1% | ||
| Q2 25 | 1.0% | 11.7% | ||
| Q1 25 | 0.5% | 17.9% | ||
| Q4 24 | 0.5% | 15.9% | ||
| Q3 24 | 0.6% | 11.7% | ||
| Q2 24 | 0.6% | 7.4% |
现金转化率ETSYNET
| Q1 26 | 6.93× | — | ||
| Q4 25 | 2.86× | — | ||
| Q3 25 | 2.90× | — | ||
| Q2 25 | 3.75× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 3.79× | — | ||
| Q2 24 | 2.85× | — |
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
ETSY
暂无分部数据
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
