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GigaCloud Technology Inc（GCT）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GigaCloud Technology Inc的1.8倍（$614.5M vs $332.6M），GigaCloud Technology Inc净利率更高（11.2% vs -2.0%，领先13.1%），Cloudflare, Inc.同比增速更快（33.6% vs 9.7%），Cloudflare, Inc.自由现金流更多（$105.2M vs $77.1M），过去两年GigaCloud Technology Inc的营收复合增速更高（36.6% vs 27.4%）
GigaCloud Technology Inc是一家美国电商企业，主打家具、家电、健身器材等体积较大、规格不统一商品的B2B交易，旗下拥有线上B2B交易平台，业务覆盖撮合交易、全程物流直至终端配送环节。公司总部位于加利福尼亚州埃尔蒙特，自2022年8月起在纳斯达克挂牌上市。
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。
GCT vs NET — 直观对比
营收规模更大
NET
是对方的1.8倍
$332.6M
营收增速更快
NET
高出23.9%
9.7%
净利率更高
GCT
高出13.1%
-2.0%
自由现金流更多
NET
多$28.2M
$77.1M
两年增速更快
GCT
近两年复合增速
27.4%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $332.6M | $614.5M |
| 净利润 | $37.2M | $-12.1M |
| 毛利率 | 23.2% | 73.6% |
| 营业利润率 | 12.2% | -8.0% |
| 净利率 | 11.2% | -2.0% |
| 营收同比 | 9.7% | 33.6% |
| 净利润同比 | -8.6% | 6.0% |
| 每股收益（稀释后） | $0.99 | $-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GCTNET
| Q4 25 | — | $614.5M | ||
| Q3 25 | $332.6M | $562.0M | ||
| Q2 25 | $322.6M | $512.3M | ||
| Q1 25 | $271.9M | $479.1M | ||
| Q4 24 | $295.8M | $459.9M | ||
| Q3 24 | $303.3M | $430.1M | ||
| Q2 24 | $310.9M | $401.0M | ||
| Q1 24 | $251.1M | $378.6M |
净利润GCTNET
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $37.2M | $-1.3M | ||
| Q2 25 | $34.6M | $-50.4M | ||
| Q1 25 | $27.1M | $-38.5M | ||
| Q4 24 | $31.0M | $-12.8M | ||
| Q3 24 | $40.7M | $-15.3M | ||
| Q2 24 | $27.0M | $-15.1M | ||
| Q1 24 | $27.2M | $-35.5M |
毛利率GCTNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | 23.2% | 74.0% | ||
| Q2 25 | 23.9% | 74.9% | ||
| Q1 25 | 23.4% | 75.9% | ||
| Q4 24 | 22.0% | 76.4% | ||
| Q3 24 | 25.5% | 77.7% | ||
| Q2 24 | 24.6% | 77.8% | ||
| Q1 24 | 26.5% | 77.5% |
营业利润率GCTNET
| Q4 25 | — | -8.0% | ||
| Q3 25 | 12.2% | -6.7% | ||
| Q2 25 | 11.1% | -13.1% | ||
| Q1 25 | 10.4% | -11.1% | ||
| Q4 24 | 9.3% | -7.5% | ||
| Q3 24 | 13.4% | -7.2% | ||
| Q2 24 | 8.8% | -8.7% | ||
| Q1 24 | 13.9% | -14.4% |
净利率GCTNET
| Q4 25 | — | -2.0% | ||
| Q3 25 | 11.2% | -0.2% | ||
| Q2 25 | 10.7% | -9.8% | ||
| Q1 25 | 10.0% | -8.0% | ||
| Q4 24 | 10.5% | -2.8% | ||
| Q3 24 | 13.4% | -3.6% | ||
| Q2 24 | 8.7% | -3.8% | ||
| Q1 24 | 10.8% | -9.4% |
每股收益（稀释后）GCTNET
| Q4 25 | — | $-0.03 | ||
| Q3 25 | $0.99 | $0.00 | ||
| Q2 25 | $0.91 | $-0.15 | ||
| Q1 25 | $0.68 | $-0.11 | ||
| Q4 24 | $0.76 | $-0.05 | ||
| Q3 24 | $0.98 | $-0.04 | ||
| Q2 24 | $0.65 | $-0.04 | ||
| Q1 24 | $0.66 | $-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 | $365.9M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $457.3M | $1.5B |
| 总资产 | $1.1B | $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GCTNET
| Q4 25 | — | $943.5M | ||
| Q3 25 | $365.9M | $1.1B | ||
| Q2 25 | $303.0M | $1.5B | ||
| Q1 25 | $286.8M | $204.5M | ||
| Q4 24 | $302.4M | $147.7M | ||
| Q3 24 | $259.8M | $182.9M | ||
| Q2 24 | $207.8M | $157.0M | ||
| Q1 24 | $195.3M | $254.4M |
股东权益GCTNET
| Q4 25 | — | $1.5B | ||
| Q3 25 | $457.3M | $1.3B | ||
| Q2 25 | $431.4M | $1.2B | ||
| Q1 25 | $412.9M | $1.4B | ||
| Q4 24 | $405.2M | $1.0B | ||
| Q3 24 | $400.4M | $973.1M | ||
| Q2 24 | $358.4M | $881.5M | ||
| Q1 24 | $317.8M | $797.2M |
总资产GCTNET
| Q4 25 | — | $6.0B | ||
| Q3 25 | $1.1B | $5.8B | ||
| Q2 25 | $1.1B | $5.6B | ||
| Q1 25 | $1.1B | $3.7B | ||
| Q4 24 | $1.1B | $3.3B | ||
| Q3 24 | $1.1B | $3.1B | ||
| Q2 24 | $1.1B | $2.9B | ||
| Q1 24 | $977.6M | $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 | $78.3M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $77.1M | $105.2M |
| 自由现金流率自由现金流/营收 | 23.2% | 17.1% |
| 资本支出强度资本支出/营收 | 0.4% | 13.9% |
| 现金转化率经营现金流/净利润 | 2.10× | — |
| 过去12个月自由现金流最近4个季度 | $188.1M | $287.5M |
8季度趋势，按日历期对齐
经营现金流GCTNET
| Q4 25 | — | $190.4M | ||
| Q3 25 | $78.3M | $167.1M | ||
| Q2 25 | $38.6M | $99.8M | ||
| Q1 25 | $9.4M | $145.8M | ||
| Q4 24 | $68.4M | $127.3M | ||
| Q3 24 | $55.2M | $104.7M | ||
| Q2 24 | $19.1M | $74.8M | ||
| Q1 24 | $15.3M | $73.6M |
自由现金流GCTNET
| Q4 25 | — | $105.2M | ||
| Q3 25 | $77.1M | $82.5M | ||
| Q2 25 | $37.0M | $39.9M | ||
| Q1 25 | $7.0M | $59.9M | ||
| Q4 24 | $66.9M | $54.2M | ||
| Q3 24 | $51.4M | $54.5M | ||
| Q2 24 | $12.9M | $45.2M | ||
| Q1 24 | $11.3M | $41.5M |
自由现金流率GCTNET
| Q4 25 | — | 17.1% | ||
| Q3 25 | 23.2% | 14.7% | ||
| Q2 25 | 11.5% | 7.8% | ||
| Q1 25 | 2.6% | 12.5% | ||
| Q4 24 | 22.6% | 11.8% | ||
| Q3 24 | 16.9% | 12.7% | ||
| Q2 24 | 4.2% | 11.3% | ||
| Q1 24 | 4.5% | 11.0% |
资本支出强度GCTNET
| Q4 25 | — | 13.9% | ||
| Q3 25 | 0.4% | 15.1% | ||
| Q2 25 | 0.5% | 11.7% | ||
| Q1 25 | 0.9% | 17.9% | ||
| Q4 24 | 0.5% | 15.9% | ||
| Q3 24 | 1.3% | 11.7% | ||
| Q2 24 | 2.0% | 7.4% | ||
| Q1 24 | 1.6% | 8.5% |
现金转化率GCTNET
| Q4 25 | — | — | ||
| Q3 25 | 2.10× | — | ||
| Q2 25 | 1.12× | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 2.21× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 0.71× | — | ||
| Q1 24 | 0.56× | — |
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
GCT
| Services | $108.4M | 33% |
| Transferred Over Time | $89.8M | 27% |
| Product Sales To B | $50.1M | 15% |
| Last Mile Delivery Service | $49.2M | 15% |
| Warehousing Service | $14.2M | 4% |
| Ocean Transportation Service | $9.0M | 3% |
| Platform Commission | $4.9M | 1% |
| Drayage Service | $3.2M | 1% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
