vs
Shift4 Payments, Inc.（FOUR）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Shift4 Payments, Inc.的季度营收约是Cloudflare, Inc.的1.9倍（$1.2B vs $614.5M），Shift4 Payments, Inc.净利率更高（3.4% vs -2.0%，领先5.3%），Shift4 Payments, Inc.同比增速更快（34.0% vs 33.6%），Shift4 Payments, Inc.自由现金流更多（$222.5M vs $105.2M），过去两年Shift4 Payments, Inc.的营收复合增速更高（29.6% vs 27.4%）
Shift4 Payments是美国支付处理服务商，总部位于宾夕法尼亚州阿伦敦，1999年由贾里德·艾萨克曼创立。公司为零售、酒店、休闲、餐饮等行业超20万家商户提供支付处理服务，主营移动支付软硬件等商业技术，2020年于纽约证券交易所挂牌上市。
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。
FOUR vs NET — 直观对比
营收规模更大
FOUR
是对方的1.9倍
$614.5M
营收增速更快
FOUR
高出0.4%
33.6%
净利率更高
FOUR
高出5.3%
-2.0%
自由现金流更多
FOUR
多$117.3M
$105.2M
两年增速更快
FOUR
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $614.5M |
| 净利润 | $40.2M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 10.8% | -8.0% |
| 净利率 | 3.4% | -2.0% |
| 营收同比 | 34.0% | 33.6% |
| 净利润同比 | -65.3% | 6.0% |
| 每股收益（稀释后） | — | $-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FOURNET
| Q4 25 | $1.2B | $614.5M | ||
| Q3 25 | $1.2B | $562.0M | ||
| Q2 25 | $966.2M | $512.3M | ||
| Q1 25 | $848.3M | $479.1M | ||
| Q4 24 | $887.0M | $459.9M | ||
| Q3 24 | $909.2M | $430.1M | ||
| Q2 24 | $827.0M | $401.0M | ||
| Q1 24 | $707.4M | $378.6M |
净利润FOURNET
| Q4 25 | $40.2M | $-12.1M | ||
| Q3 25 | $28.1M | $-1.3M | ||
| Q2 25 | $34.0M | $-50.4M | ||
| Q1 25 | $16.7M | $-38.5M | ||
| Q4 24 | $116.0M | $-12.8M | ||
| Q3 24 | $53.8M | $-15.3M | ||
| Q2 24 | $39.2M | $-15.1M | ||
| Q1 24 | $20.6M | $-35.5M |
毛利率FOURNET
| 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FOURNET
| Q4 25 | 10.8% | -8.0% | ||
| Q3 25 | 9.7% | -6.7% | ||
| Q2 25 | 8.6% | -13.1% | ||
| Q1 25 | 3.0% | -11.1% | ||
| Q4 24 | 9.7% | -7.5% | ||
| Q3 24 | 8.8% | -7.2% | ||
| Q2 24 | 7.2% | -8.7% | ||
| Q1 24 | 3.0% | -14.4% |
净利率FOURNET
| Q4 25 | 3.4% | -2.0% | ||
| Q3 25 | 2.4% | -0.2% | ||
| Q2 25 | 3.5% | -9.8% | ||
| Q1 25 | 2.0% | -8.0% | ||
| Q4 24 | 13.1% | -2.8% | ||
| Q3 24 | 5.9% | -3.6% | ||
| Q2 24 | 4.7% | -3.8% | ||
| Q1 24 | 2.9% | -9.4% |
每股收益（稀释后）FOURNET
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-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 | $964.0M | $943.5M |
| 总债务越低越好 | $4.5B | — |
| 股东权益账面价值 | $1.4B | $1.5B |
| 总资产 | $8.7B | $6.0B |
| 负债/权益比越低杠杆越低 | 3.15× | — |
8季度趋势，按日历期对齐
现金及短期投资FOURNET
| Q4 25 | $964.0M | $943.5M | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $3.0B | $1.5B | ||
| Q1 25 | $1.2B | $204.5M | ||
| Q4 24 | $1.2B | $147.7M | ||
| Q3 24 | $1.4B | $182.9M | ||
| Q2 24 | $205.0M | $157.0M | ||
| Q1 24 | $522.9M | $254.4M |
总债务FOURNET
| Q4 25 | $4.5B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FOURNET
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $805.2M | $1.4B | ||
| Q4 24 | $806.6M | $1.0B | ||
| Q3 24 | $811.8M | $973.1M | ||
| Q2 24 | $700.8M | $881.5M | ||
| Q1 24 | $674.5M | $797.2M |
总资产FOURNET
| Q4 25 | $8.7B | $6.0B | ||
| Q3 25 | $9.0B | $5.8B | ||
| Q2 25 | $7.0B | $5.6B | ||
| Q1 25 | $5.0B | $3.7B | ||
| Q4 24 | $5.0B | $3.3B | ||
| Q3 24 | $5.0B | $3.1B | ||
| Q2 24 | $3.5B | $2.9B | ||
| Q1 24 | $3.4B | $2.8B |
负债/权益比FOURNET
| Q4 25 | 3.15× | — | ||
| Q3 25 | 2.83× | — | ||
| Q2 25 | 2.34× | — | ||
| Q1 25 | 3.53× | — | ||
| Q4 24 | 3.52× | — | ||
| 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 | $223.7M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $222.5M | $105.2M |
| 自由现金流率自由现金流/营收 | 18.7% | 17.1% |
| 资本支出强度资本支出/营收 | 0.1% | 13.9% |
| 现金转化率经营现金流/净利润 | 5.56× | — |
| 过去12个月自由现金流最近4个季度 | $624.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流FOURNET
| Q4 25 | $223.7M | $190.4M | ||
| Q3 25 | $171.8M | $167.1M | ||
| Q2 25 | $141.9M | $99.8M | ||
| Q1 25 | $96.6M | $145.8M | ||
| Q4 24 | $145.4M | $127.3M | ||
| Q3 24 | $182.1M | $104.7M | ||
| Q2 24 | $116.1M | $74.8M | ||
| Q1 24 | $56.7M | $73.6M |
自由现金流FOURNET
| Q4 25 | $222.5M | $105.2M | ||
| Q3 25 | $165.4M | $82.5M | ||
| Q2 25 | $141.0M | $39.9M | ||
| Q1 25 | $95.1M | $59.9M | ||
| Q4 24 | $143.8M | $54.2M | ||
| Q3 24 | $180.1M | $54.5M | ||
| Q2 24 | $113.9M | $45.2M | ||
| Q1 24 | $55.4M | $41.5M |
自由现金流率FOURNET
| Q4 25 | 18.7% | 17.1% | ||
| Q3 25 | 14.1% | 14.7% | ||
| Q2 25 | 14.6% | 7.8% | ||
| Q1 25 | 11.2% | 12.5% | ||
| Q4 24 | 16.2% | 11.8% | ||
| Q3 24 | 19.8% | 12.7% | ||
| Q2 24 | 13.8% | 11.3% | ||
| Q1 24 | 7.8% | 11.0% |
资本支出强度FOURNET
| Q4 25 | 0.1% | 13.9% | ||
| Q3 25 | 0.5% | 15.1% | ||
| Q2 25 | 0.1% | 11.7% | ||
| Q1 25 | 0.2% | 17.9% | ||
| Q4 24 | 0.2% | 15.9% | ||
| Q3 24 | 0.2% | 11.7% | ||
| Q2 24 | 0.3% | 7.4% | ||
| Q1 24 | 0.2% | 8.5% |
现金转化率FOURNET
| Q4 25 | 5.56× | — | ||
| Q3 25 | 6.11× | — | ||
| Q2 25 | 4.17× | — | ||
| Q1 25 | 5.78× | — | ||
| Q4 24 | 1.25× | — | ||
| Q3 24 | 3.38× | — | ||
| Q2 24 | 2.96× | — | ||
| Q1 24 | 2.75× | — |
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
FOUR
| Payments Based Revenue | $788.8M | 66% |
| Other | $255.0M | 21% |
| Subscription And Other Revenues | $144.8M | 12% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
