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游戏驿站（GME）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
游戏驿站的季度营收约是Cloudflare, Inc.的1.3倍（$821.0M vs $614.5M），游戏驿站净利率更高（9.4% vs -2.0%，领先11.4%），Cloudflare, Inc.同比增速更快（33.6% vs -4.6%），游戏驿站自由现金流更多（$107.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -32.3%）
游戏驿站（GameStop Corp.）是美国知名电子游戏、消费电子及游戏周边零售企业，总部位于得克萨斯州格雷普韦恩，是全球规模最大的电子游戏零售商。截至2025年2月，公司在美、加、澳及欧洲地区共运营3203家门店，旗下拥有EB Games、ThinkGeek等多个零售品牌，前身为1984年于达拉斯成立的Babbage's。
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。
GME vs NET — 直观对比
营收规模更大
GME
是对方的1.3倍
$614.5M
营收增速更快
NET
高出38.2%
-4.6%
净利率更高
GME
高出11.4%
-2.0%
自由现金流更多
GME
多$1.8M
$105.2M
两年增速更快
NET
近两年复合增速
-32.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $821.0M | $614.5M |
| 净利润 | $77.1M | $-12.1M |
| 毛利率 | 33.3% | 73.6% |
| 营业利润率 | 5.0% | -8.0% |
| 净利率 | 9.4% | -2.0% |
| 营收同比 | -4.6% | 33.6% |
| 净利润同比 | 343.1% | 6.0% |
| 每股收益（稀释后） | $0.13 | $-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GMENET
| Q4 25 | $821.0M | $614.5M | ||
| Q3 25 | $972.2M | $562.0M | ||
| Q2 25 | $732.4M | $512.3M | ||
| Q1 25 | $1.3B | $479.1M | ||
| Q4 24 | $860.3M | $459.9M | ||
| Q3 24 | $798.3M | $430.1M | ||
| Q2 24 | $881.8M | $401.0M | ||
| Q1 24 | $1.8B | $378.6M |
净利润GMENET
| Q4 25 | $77.1M | $-12.1M | ||
| Q3 25 | $168.6M | $-1.3M | ||
| Q2 25 | $44.8M | $-50.4M | ||
| Q1 25 | $131.4M | $-38.5M | ||
| Q4 24 | $17.4M | $-12.8M | ||
| Q3 24 | $14.8M | $-15.3M | ||
| Q2 24 | $-32.3M | $-15.1M | ||
| Q1 24 | $63.1M | $-35.5M |
毛利率GMENET
| Q4 25 | 33.3% | 73.6% | ||
| Q3 25 | 29.1% | 74.0% | ||
| Q2 25 | 34.5% | 74.9% | ||
| Q1 25 | 28.3% | 75.9% | ||
| Q4 24 | 29.9% | 76.4% | ||
| Q3 24 | 31.2% | 77.7% | ||
| Q2 24 | 27.7% | 77.8% | ||
| Q1 24 | 23.4% | 77.5% |
营业利润率GMENET
| Q4 25 | 5.0% | -8.0% | ||
| Q3 25 | 6.8% | -6.7% | ||
| Q2 25 | -1.5% | -13.1% | ||
| Q1 25 | 6.2% | -11.1% | ||
| Q4 24 | -3.9% | -7.5% | ||
| Q3 24 | -2.8% | -7.2% | ||
| Q2 24 | -5.7% | -8.7% | ||
| Q1 24 | 3.1% | -14.4% |
净利率GMENET
| Q4 25 | 9.4% | -2.0% | ||
| Q3 25 | 17.3% | -0.2% | ||
| Q2 25 | 6.1% | -9.8% | ||
| Q1 25 | 10.2% | -8.0% | ||
| Q4 24 | 2.0% | -2.8% | ||
| Q3 24 | 1.9% | -3.6% | ||
| Q2 24 | -3.7% | -3.8% | ||
| Q1 24 | 3.5% | -9.4% |
每股收益（稀释后）GMENET
| Q4 25 | $0.13 | $-0.03 | ||
| Q3 25 | $0.31 | $0.00 | ||
| Q2 25 | $0.09 | $-0.15 | ||
| Q1 25 | $0.36 | $-0.11 | ||
| Q4 24 | $0.04 | $-0.05 | ||
| Q3 24 | $0.04 | $-0.04 | ||
| Q2 24 | $-0.11 | $-0.04 | ||
| Q1 24 | $0.21 | $-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 | $8.8B | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.3B | $1.5B |
| 总资产 | $10.6B | $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GMENET
| Q4 25 | $8.8B | $943.5M | ||
| Q3 25 | $8.7B | $1.1B | ||
| Q2 25 | $6.4B | $1.5B | ||
| Q1 25 | $4.8B | $204.5M | ||
| Q4 24 | $4.6B | $147.7M | ||
| Q3 24 | $4.2B | $182.9M | ||
| Q2 24 | $1.1B | $157.0M | ||
| Q1 24 | $1.2B | $254.4M |
总债务GMENET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $16.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $28.5M | — |
股东权益GMENET
| Q4 25 | $5.3B | $1.5B | ||
| Q3 25 | $5.2B | $1.3B | ||
| Q2 25 | $5.0B | $1.2B | ||
| Q1 25 | $4.9B | $1.4B | ||
| Q4 24 | $4.8B | $1.0B | ||
| Q3 24 | $4.4B | $973.1M | ||
| Q2 24 | $1.3B | $881.5M | ||
| Q1 24 | $1.3B | $797.2M |
总资产GMENET
| Q4 25 | $10.6B | $6.0B | ||
| Q3 25 | $10.3B | $5.8B | ||
| Q2 25 | $7.5B | $5.6B | ||
| Q1 25 | $5.9B | $3.7B | ||
| Q4 24 | $6.2B | $3.3B | ||
| Q3 24 | $5.5B | $3.1B | ||
| Q2 24 | $2.6B | $2.9B | ||
| Q1 24 | $2.7B | $2.8B |
负债/权益比GMENET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.02× | — |
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 | $111.3M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $107.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 13.0% | 17.1% |
| 资本支出强度资本支出/营收 | 0.5% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.44× | — |
| 过去12个月自由现金流最近4个季度 | $568.7M | $287.5M |
8季度趋势，按日历期对齐
经营现金流GMENET
| Q4 25 | $111.3M | $190.4M | ||
| Q3 25 | $117.4M | $167.1M | ||
| Q2 25 | $192.5M | $99.8M | ||
| Q1 25 | $162.3M | $145.8M | ||
| Q4 24 | $24.6M | $127.3M | ||
| Q3 24 | $68.6M | $104.7M | ||
| Q2 24 | $-109.8M | $74.8M | ||
| Q1 24 | $-11.0M | $73.6M |
自由现金流GMENET
| Q4 25 | $107.0M | $105.2M | ||
| Q3 25 | $113.3M | $82.5M | ||
| Q2 25 | $189.6M | $39.9M | ||
| Q1 25 | $158.8M | $59.9M | ||
| Q4 24 | $20.0M | $54.2M | ||
| Q3 24 | $65.5M | $54.5M | ||
| Q2 24 | $-114.7M | $45.2M | ||
| Q1 24 | $-18.7M | $41.5M |
自由现金流率GMENET
| Q4 25 | 13.0% | 17.1% | ||
| Q3 25 | 11.7% | 14.7% | ||
| Q2 25 | 25.9% | 7.8% | ||
| Q1 25 | 12.4% | 12.5% | ||
| Q4 24 | 2.3% | 11.8% | ||
| Q3 24 | 8.2% | 12.7% | ||
| Q2 24 | -13.0% | 11.3% | ||
| Q1 24 | -1.0% | 11.0% |
资本支出强度GMENET
| Q4 25 | 0.5% | 13.9% | ||
| Q3 25 | 0.4% | 15.1% | ||
| Q2 25 | 0.4% | 11.7% | ||
| Q1 25 | 0.3% | 17.9% | ||
| Q4 24 | 0.5% | 15.9% | ||
| Q3 24 | 0.4% | 11.7% | ||
| Q2 24 | 0.6% | 7.4% | ||
| Q1 24 | 0.4% | 8.5% |
现金转化率GMENET
| Q4 25 | 1.44× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 4.30× | — | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 4.64× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.17× | — |
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
GME
| Hardware And Accessories | $367.4M | 45% |
| Collectibles | $256.1M | 31% |
| Software | $197.5M | 24% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
