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Global Business Travel Group, Inc.（GBTG）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Global Business Travel Group, Inc.的季度营收约是Cloudflare, Inc.的1.3倍（$792.0M vs $614.5M），Global Business Travel Group, Inc.净利率更高（10.5% vs -2.0%，领先12.4%），Global Business Travel Group, Inc.同比增速更快（34.0% vs 33.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $13.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 13.9%）
环球商旅集团（GBTG）是专业的差旅管理服务商，致力于为各类企业及机构提供全链路商务出行解决方案。核心服务涵盖智能线上预订工具、移动端应用、差旅项目管控与咨询、高管专属出行服务、会议活动支持、差旅数据分析以及出行安全保障等，可满足不同规模客户的多元化商务出行管理需求。
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。
GBTG vs NET — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $792.0M | $614.5M |
| 净利润 | $83.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 3.7% | -8.0% |
| 净利率 | 10.5% | -2.0% |
| 营收同比 | 34.0% | 33.6% |
| 净利润同比 | 692.9% | 6.0% |
| 每股收益（稀释后） | $0.16 | $-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
| Q4 25 | $792.0M | $614.5M | ||
| Q3 25 | $674.0M | $562.0M | ||
| Q2 25 | $631.0M | $512.3M | ||
| Q1 25 | $621.0M | $479.1M | ||
| Q4 24 | $591.0M | $459.9M | ||
| Q3 24 | $597.0M | $430.1M | ||
| Q2 24 | $625.0M | $401.0M | ||
| Q1 24 | $610.0M | $378.6M |
| Q4 25 | $83.0M | $-12.1M | ||
| Q3 25 | $-62.0M | $-1.3M | ||
| Q2 25 | $15.0M | $-50.4M | ||
| Q1 25 | $75.0M | $-38.5M | ||
| Q4 24 | $-14.0M | $-12.8M | ||
| Q3 24 | $-128.0M | $-15.3M | ||
| Q2 24 | $27.0M | $-15.1M | ||
| Q1 24 | $-19.0M | $-35.5M |
| 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% |
| Q4 25 | 3.7% | -8.0% | ||
| Q3 25 | 1.8% | -6.7% | ||
| Q2 25 | 5.4% | -13.1% | ||
| Q1 25 | 8.9% | -11.1% | ||
| Q4 24 | 5.1% | -7.5% | ||
| Q3 24 | 4.5% | -7.2% | ||
| Q2 24 | 6.7% | -8.7% | ||
| Q1 24 | 2.6% | -14.4% |
| Q4 25 | 10.5% | -2.0% | ||
| Q3 25 | -9.2% | -0.2% | ||
| Q2 25 | 2.4% | -9.8% | ||
| Q1 25 | 12.1% | -8.0% | ||
| Q4 24 | -2.4% | -2.8% | ||
| Q3 24 | -21.4% | -3.6% | ||
| Q2 24 | 4.3% | -3.8% | ||
| Q1 24 | -3.1% | -9.4% |
| Q4 25 | $0.16 | $-0.03 | ||
| Q3 25 | $-0.13 | $0.00 | ||
| Q2 25 | $0.03 | $-0.15 | ||
| Q1 25 | $0.16 | $-0.11 | ||
| Q4 24 | $-0.04 | $-0.05 | ||
| Q3 24 | $-0.28 | $-0.04 | ||
| Q2 24 | $0.06 | $-0.04 | ||
| Q1 24 | $-0.04 | $-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 | $434.0M | $943.5M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.6B | $1.5B |
| 总资产 | $4.9B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.88× | — |
8季度趋势，按日历期对齐
| Q4 25 | $434.0M | $943.5M | ||
| Q3 25 | $427.0M | $1.1B | ||
| Q2 25 | $601.0M | $1.5B | ||
| Q1 25 | $552.0M | $204.5M | ||
| Q4 24 | $536.0M | $147.7M | ||
| Q3 24 | $524.0M | $182.9M | ||
| Q2 24 | $515.0M | $157.0M | ||
| Q1 24 | $475.0M | $254.4M |
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $973.1M | ||
| Q2 24 | $1.2B | $881.5M | ||
| Q1 24 | $1.2B | $797.2M |
| Q4 25 | $4.9B | $6.0B | ||
| Q3 25 | $4.8B | $5.8B | ||
| Q2 25 | $3.9B | $5.6B | ||
| Q1 25 | $3.8B | $3.7B | ||
| Q4 24 | $3.6B | $3.3B | ||
| Q3 24 | $3.8B | $3.1B | ||
| Q2 24 | $3.8B | $2.9B | ||
| Q1 24 | $3.8B | $2.8B |
| Q4 25 | 0.88× | — | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.32× | — | ||
| Q3 24 | 1.26× | — | ||
| 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 | $52.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $13.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 1.6% | 17.1% |
| 资本支出强度资本支出/营收 | 4.9% | 13.9% |
| 现金转化率经营现金流/净利润 | 0.63× | — |
| 过去12个月自由现金流最近4个季度 | $104.0M | $287.5M |
8季度趋势，按日历期对齐
| Q4 25 | $52.0M | $190.4M | ||
| Q3 25 | $71.0M | $167.1M | ||
| Q2 25 | $57.0M | $99.8M | ||
| Q1 25 | $53.0M | $145.8M | ||
| Q4 24 | $65.0M | $127.3M | ||
| Q3 24 | $85.0M | $104.7M | ||
| Q2 24 | $73.0M | $74.8M | ||
| Q1 24 | $49.0M | $73.6M |
| Q4 25 | $13.0M | $105.2M | ||
| Q3 25 | $38.0M | $82.5M | ||
| Q2 25 | $27.0M | $39.9M | ||
| Q1 25 | $26.0M | $59.9M | ||
| Q4 24 | $33.0M | $54.2M | ||
| Q3 24 | $59.0M | $54.5M | ||
| Q2 24 | $49.0M | $45.2M | ||
| Q1 24 | $24.0M | $41.5M |
| Q4 25 | 1.6% | 17.1% | ||
| Q3 25 | 5.6% | 14.7% | ||
| Q2 25 | 4.3% | 7.8% | ||
| Q1 25 | 4.2% | 12.5% | ||
| Q4 24 | 5.6% | 11.8% | ||
| Q3 24 | 9.9% | 12.7% | ||
| Q2 24 | 7.8% | 11.3% | ||
| Q1 24 | 3.9% | 11.0% |
| Q4 25 | 4.9% | 13.9% | ||
| Q3 25 | 4.9% | 15.1% | ||
| Q2 25 | 4.8% | 11.7% | ||
| Q1 25 | 4.3% | 17.9% | ||
| Q4 24 | 5.4% | 15.9% | ||
| Q3 24 | 4.4% | 11.7% | ||
| Q2 24 | 3.8% | 7.4% | ||
| Q1 24 | 4.1% | 8.5% |
| Q4 25 | 0.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.80× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.70× | — | ||
| Q1 24 | — | — |
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
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
