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Fidelity National Financial, Inc.（FNF）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Fidelity National Financial, Inc.的1.1倍（$614.5M vs $544.0M），Cloudflare, Inc.净利率更高（-2.0% vs -21.5%，领先19.5%），Cloudflare, Inc.同比增速更快（33.6% vs 10.3%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 13.7%）
富达国民金融是美国财富500强企业，主要面向房地产与抵押贷款行业提供产权保险及交割服务，2019年其产权及房地产业务相关年度营收约为84.69亿美元，是全球领先的产权保险服务供应商。
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。
FNF vs NET — 直观对比
营收规模更大
NET
是对方的1.1倍
$544.0M
营收增速更快
NET
高出23.3%
10.3%
净利率更高
NET
高出19.5%
-21.5%
两年增速更快
NET
近两年复合增速
13.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $544.0M | $614.5M |
| 净利润 | $-117.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 82.9% | -8.0% |
| 净利率 | -21.5% | -2.0% |
| 营收同比 | 10.3% | 33.6% |
| 净利润同比 | -126.0% | 6.0% |
| 每股收益（稀释后） | $-0.44 | $-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FNFNET
| Q4 25 | $544.0M | $614.5M | ||
| Q3 25 | $553.0M | $562.0M | ||
| Q2 25 | $547.0M | $512.3M | ||
| Q1 25 | $455.0M | $479.1M | ||
| Q4 24 | $493.0M | $459.9M | ||
| Q3 24 | $506.0M | $430.1M | ||
| Q2 24 | $504.0M | $401.0M | ||
| Q1 24 | $421.0M | $378.6M |
净利润FNFNET
| Q4 25 | $-117.0M | $-12.1M | ||
| Q3 25 | $358.0M | $-1.3M | ||
| Q2 25 | $278.0M | $-50.4M | ||
| Q1 25 | $83.0M | $-38.5M | ||
| Q4 24 | $450.0M | $-12.8M | ||
| Q3 24 | $266.0M | $-15.3M | ||
| Q2 24 | $306.0M | $-15.1M | ||
| Q1 24 | $248.0M | $-35.5M |
毛利率FNFNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率FNFNET
| Q4 25 | 82.9% | -8.0% | ||
| Q3 25 | 81.9% | -6.7% | ||
| Q2 25 | 69.8% | -13.1% | ||
| Q1 25 | 24.4% | -11.1% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | 61.9% | -7.2% | ||
| Q2 24 | 90.9% | -8.7% | ||
| Q1 24 | 78.6% | -14.4% |
净利率FNFNET
| Q4 25 | -21.5% | -2.0% | ||
| Q3 25 | 64.7% | -0.2% | ||
| Q2 25 | 50.8% | -9.8% | ||
| Q1 25 | 18.2% | -8.0% | ||
| Q4 24 | 91.3% | -2.8% | ||
| Q3 24 | 52.6% | -3.6% | ||
| Q2 24 | 60.7% | -3.8% | ||
| Q1 24 | 58.9% | -9.4% |
每股收益（稀释后）FNFNET
| Q4 25 | $-0.44 | $-0.03 | ||
| Q3 25 | $1.33 | $0.00 | ||
| Q2 25 | $1.02 | $-0.15 | ||
| Q1 25 | $0.30 | $-0.11 | ||
| Q4 24 | $1.65 | $-0.05 | ||
| Q3 24 | $0.97 | $-0.04 | ||
| Q2 24 | $1.12 | $-0.04 | ||
| Q1 24 | $0.91 | $-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 | $2.6B | $943.5M |
| 总债务越低越好 | $4.4B | — |
| 股东权益账面价值 | $7.4B | $1.5B |
| 总资产 | $109.0B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.59× | — |
8季度趋势，按日历期对齐
现金及短期投资FNFNET
| Q4 25 | $2.6B | $943.5M | ||
| Q3 25 | $3.5B | $1.1B | ||
| Q2 25 | $3.3B | $1.5B | ||
| Q1 25 | $4.5B | $204.5M | ||
| Q4 24 | $3.5B | $147.7M | ||
| Q3 24 | $5.0B | $182.9M | ||
| Q2 24 | $4.9B | $157.0M | ||
| Q1 24 | $3.5B | $254.4M |
总债务FNFNET
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.4B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $3.9B | — |
股东权益FNFNET
| Q4 25 | $7.4B | $1.5B | ||
| Q3 25 | $8.4B | $1.3B | ||
| Q2 25 | $7.9B | $1.2B | ||
| Q1 25 | $7.9B | $1.4B | ||
| Q4 24 | $7.8B | $1.0B | ||
| Q3 24 | $8.1B | $973.1M | ||
| Q2 24 | $7.3B | $881.5M | ||
| Q1 24 | $7.1B | $797.2M |
总资产FNFNET
| Q4 25 | $109.0B | $6.0B | ||
| Q3 25 | $106.6B | $5.8B | ||
| Q2 25 | $102.3B | $5.6B | ||
| Q1 25 | $98.2B | $3.7B | ||
| Q4 24 | $95.4B | $3.3B | ||
| Q3 24 | $94.7B | $3.1B | ||
| Q2 24 | $88.8B | $2.9B | ||
| Q1 24 | $84.5B | $2.8B |
负债/权益比FNFNET
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 0.55× | — |
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 | $1.5B | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 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 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流FNFNET
| Q4 25 | $1.5B | $190.4M | ||
| Q3 25 | $1.3B | $167.1M | ||
| Q2 25 | $1.9B | $99.8M | ||
| Q1 25 | $1.1B | $145.8M | ||
| Q4 24 | $1.5B | $127.3M | ||
| Q3 24 | $2.4B | $104.7M | ||
| Q2 24 | $1.4B | $74.8M | ||
| Q1 24 | $1.6B | $73.6M |
自由现金流FNFNET
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率FNFNET
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度FNFNET
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率FNFNET
| Q4 25 | — | — | ||
| Q3 25 | 3.66× | — | ||
| Q2 25 | 6.82× | — | ||
| Q1 25 | 13.43× | — | ||
| Q4 24 | 3.32× | — | ||
| Q3 24 | 8.89× | — | ||
| Q2 24 | 4.45× | — | ||
| Q1 24 | 6.42× | — |
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
FNF
| Escrow Fees | $241.0M | 44% |
| Other Title Related Fees And Income | $182.0M | 33% |
| Service Link Excluding Title Premiums Escrow Fees And Subservicing Fees | $87.0M | 16% |
| Insurance Contracts Home Warranty | $31.0M | 6% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
