vs
Fastly, Inc.（FSLY）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Fastly, Inc.的3.6倍（$614.5M vs $172.6M），Cloudflare, Inc.净利率更高（-2.0% vs -9.0%，领先7.0%），Cloudflare, Inc.同比增速更快（33.6% vs 22.8%），Cloudflare, Inc.自由现金流更多（$105.2M vs $12.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 13.7%）
Fastly是总部位于美国旧金山的云计算服务商，主营内容分发网络（CDN）、图片优化、负载均衡服务，同时提供DDoS攻击防护、机器人流量治理、Web应用防火墙等云安全解决方案，助力企业提升网络访问效率与安全防护能力。
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。
FSLY vs NET — 直观对比
营收规模更大
NET
是对方的3.6倍
$172.6M
营收增速更快
NET
高出10.8%
22.8%
净利率更高
NET
高出7.0%
-9.0%
自由现金流更多
NET
多$93.0M
$12.2M
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 | $172.6M | $614.5M |
| 净利润 | $-15.5M | $-12.1M |
| 毛利率 | 61.4% | 73.6% |
| 营业利润率 | -8.7% | -8.0% |
| 净利率 | -9.0% | -2.0% |
| 营收同比 | 22.8% | 33.6% |
| 净利润同比 | 52.9% | 6.0% |
| 每股收益（稀释后） | $-0.10 | $-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FSLYNET
| Q4 25 | $172.6M | $614.5M | ||
| Q3 25 | $158.2M | $562.0M | ||
| Q2 25 | $148.7M | $512.3M | ||
| Q1 25 | $144.5M | $479.1M | ||
| Q4 24 | $140.6M | $459.9M | ||
| Q3 24 | $137.2M | $430.1M | ||
| Q2 24 | $132.4M | $401.0M | ||
| Q1 24 | $133.5M | $378.6M |
净利润FSLYNET
| Q4 25 | $-15.5M | $-12.1M | ||
| Q3 25 | $-29.5M | $-1.3M | ||
| Q2 25 | $-37.5M | $-50.4M | ||
| Q1 25 | $-39.1M | $-38.5M | ||
| Q4 24 | $-32.9M | $-12.8M | ||
| Q3 24 | $-38.0M | $-15.3M | ||
| Q2 24 | $-43.7M | $-15.1M | ||
| Q1 24 | $-43.4M | $-35.5M |
毛利率FSLYNET
| Q4 25 | 61.4% | 73.6% | ||
| Q3 25 | 58.4% | 74.0% | ||
| Q2 25 | 54.5% | 74.9% | ||
| Q1 25 | 53.2% | 75.9% | ||
| Q4 24 | 53.4% | 76.4% | ||
| Q3 24 | 54.5% | 77.7% | ||
| Q2 24 | 55.1% | 77.8% | ||
| Q1 24 | 54.8% | 77.5% |
营业利润率FSLYNET
| Q4 25 | -8.7% | -8.0% | ||
| Q3 25 | -18.2% | -6.7% | ||
| Q2 25 | -24.8% | -13.1% | ||
| Q1 25 | -26.4% | -11.1% | ||
| Q4 24 | -24.4% | -7.5% | ||
| Q3 24 | -29.6% | -7.2% | ||
| Q2 24 | -35.3% | -8.7% | ||
| Q1 24 | -34.6% | -14.4% |
净利率FSLYNET
| Q4 25 | -9.0% | -2.0% | ||
| Q3 25 | -18.6% | -0.2% | ||
| Q2 25 | -25.2% | -9.8% | ||
| Q1 25 | -27.1% | -8.0% | ||
| Q4 24 | -23.4% | -2.8% | ||
| Q3 24 | -27.7% | -3.6% | ||
| Q2 24 | -33.0% | -3.8% | ||
| Q1 24 | -32.5% | -9.4% |
每股收益（稀释后）FSLYNET
| Q4 25 | $-0.10 | $-0.03 | ||
| Q3 25 | $-0.20 | $0.00 | ||
| Q2 25 | $-0.26 | $-0.15 | ||
| Q1 25 | $-0.27 | $-0.11 | ||
| Q4 24 | $-0.23 | $-0.05 | ||
| Q3 24 | $-0.27 | $-0.04 | ||
| Q2 24 | $-0.32 | $-0.04 | ||
| Q1 24 | $-0.32 | $-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 | $361.8M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $929.6M | $1.5B |
| 总资产 | $1.5B | $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FSLYNET
| Q4 25 | $361.8M | $943.5M | ||
| Q3 25 | $342.9M | $1.1B | ||
| Q2 25 | $321.2M | $1.5B | ||
| Q1 25 | $307.3M | $204.5M | ||
| Q4 24 | $295.9M | $147.7M | ||
| Q3 24 | $308.2M | $182.9M | ||
| Q2 24 | $311.8M | $157.0M | ||
| Q1 24 | $329.5M | $254.4M |
股东权益FSLYNET
| Q4 25 | $929.6M | $1.5B | ||
| Q3 25 | $937.0M | $1.3B | ||
| Q2 25 | $942.6M | $1.2B | ||
| Q1 25 | $957.0M | $1.4B | ||
| Q4 24 | $965.3M | $1.0B | ||
| Q3 24 | $969.5M | $973.1M | ||
| Q2 24 | $981.2M | $881.5M | ||
| Q1 24 | $991.8M | $797.2M |
总资产FSLYNET
| Q4 25 | $1.5B | $6.0B | ||
| Q3 25 | $1.5B | $5.8B | ||
| Q2 25 | $1.5B | $5.6B | ||
| Q1 25 | $1.4B | $3.7B | ||
| Q4 24 | $1.5B | $3.3B | ||
| Q3 24 | $1.5B | $3.1B | ||
| Q2 24 | $1.5B | $2.9B | ||
| Q1 24 | $1.5B | $2.8B |
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 | $22.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $12.2M | $105.2M |
| 自由现金流率自由现金流/营收 | 7.1% | 17.1% |
| 资本支出强度资本支出/营收 | 5.9% | 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 | $65.8M | $287.5M |
8季度趋势，按日历期对齐
经营现金流FSLYNET
| Q4 25 | $22.4M | $190.4M | ||
| Q3 25 | $28.9M | $167.1M | ||
| Q2 25 | $25.8M | $99.8M | ||
| Q1 25 | $17.3M | $145.8M | ||
| Q4 24 | $5.2M | $127.3M | ||
| Q3 24 | $5.0M | $104.7M | ||
| Q2 24 | $-4.9M | $74.8M | ||
| Q1 24 | $11.1M | $73.6M |
自由现金流FSLYNET
| Q4 25 | $12.2M | $105.2M | ||
| Q3 25 | $22.9M | $82.5M | ||
| Q2 25 | $15.9M | $39.9M | ||
| Q1 25 | $14.7M | $59.9M | ||
| Q4 24 | $251.0K | $54.2M | ||
| Q3 24 | $3.0M | $54.5M | ||
| Q2 24 | $-6.7M | $45.2M | ||
| Q1 24 | $9.5M | $41.5M |
自由现金流率FSLYNET
| Q4 25 | 7.1% | 17.1% | ||
| Q3 25 | 14.5% | 14.7% | ||
| Q2 25 | 10.7% | 7.8% | ||
| Q1 25 | 10.2% | 12.5% | ||
| Q4 24 | 0.2% | 11.8% | ||
| Q3 24 | 2.2% | 12.7% | ||
| Q2 24 | -5.1% | 11.3% | ||
| Q1 24 | 7.1% | 11.0% |
资本支出强度FSLYNET
| Q4 25 | 5.9% | 13.9% | ||
| Q3 25 | 3.8% | 15.1% | ||
| Q2 25 | 6.6% | 11.7% | ||
| Q1 25 | 1.8% | 17.9% | ||
| Q4 24 | 3.5% | 15.9% | ||
| Q3 24 | 1.5% | 11.7% | ||
| Q2 24 | 1.3% | 7.4% | ||
| Q1 24 | 1.2% | 8.5% |
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
FSLY
| Network Services | $130.8M | 76% |
| Security | $35.4M | 21% |
| Other | $6.4M | 4% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
