vs
null（JACK）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null的1.8倍（$614.5M vs $349.5M），null净利率更高（-0.7% vs -2.0%，领先1.3%），Cloudflare, Inc.同比增速更快（33.6% vs -25.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $7.3M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -18.6%）
杰克盒子是源自美国的连锁快餐品牌，1951年由罗伯特·O·彼得森在加利福尼亚州圣迭戈创立，总部也设于此。品牌目前拥有超过2200家门店，业务主要覆盖美国西海岸，在西海岸以外的多个大都市区域以及关岛也设有门店。2017年12月前该公司曾运营Qdoba墨西哥烧烤连锁品牌，后该品牌被阿波罗全球管理收购。
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。
JACK vs NET — 直观对比
营收规模更大
NET
是对方的1.8倍
$349.5M
营收增速更快
NET
高出59.1%
-25.5%
净利率更高
JACK
高出1.3%
-2.0%
自由现金流更多
NET
多$97.9M
$7.3M
两年增速更快
NET
近两年复合增速
-18.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $349.5M | $614.5M |
| 净利润 | $-2.5M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 13.3% | -8.0% |
| 净利率 | -0.7% | -2.0% |
| 营收同比 | -25.5% | 33.6% |
| 净利润同比 | -107.3% | 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JACKNET
| Q1 26 | $349.5M | — | ||
| Q4 25 | — | $614.5M | ||
| Q3 25 | — | $562.0M | ||
| Q2 25 | $336.7M | $512.3M | ||
| Q1 25 | $371.1M | $479.1M | ||
| Q4 24 | — | $459.9M | ||
| Q3 24 | — | $430.1M | ||
| Q2 24 | $365.3M | $401.0M |
净利润JACKNET
| Q1 26 | $-2.5M | — | ||
| Q4 25 | — | $-12.1M | ||
| Q3 25 | — | $-1.3M | ||
| Q2 25 | $-142.2M | $-50.4M | ||
| Q1 25 | $33.7M | $-38.5M | ||
| Q4 24 | — | $-12.8M | ||
| Q3 24 | — | $-15.3M | ||
| Q2 24 | $25.0M | $-15.1M |
毛利率JACKNET
| Q1 26 | — | — | ||
| 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% |
营业利润率JACKNET
| Q1 26 | 13.3% | — | ||
| Q4 25 | — | -8.0% | ||
| Q3 25 | — | -6.7% | ||
| Q2 25 | -46.7% | -13.1% | ||
| Q1 25 | 19.0% | -11.1% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | — | -7.2% | ||
| Q2 24 | 14.8% | -8.7% |
净利率JACKNET
| Q1 26 | -0.7% | — | ||
| Q4 25 | — | -2.0% | ||
| Q3 25 | — | -0.2% | ||
| Q2 25 | -42.2% | -9.8% | ||
| Q1 25 | 9.1% | -8.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | — | -3.6% | ||
| Q2 24 | 6.8% | -3.8% |
每股收益（稀释后）JACKNET
| Q1 26 | $-0.13 | — | ||
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | $-7.47 | $-0.15 | ||
| Q1 25 | $1.75 | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | $1.26 | $-0.04 |
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 | — | $943.5M |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $-936.0M | $1.5B |
| 总资产 | $2.0B | $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JACKNET
| Q1 26 | — | — | ||
| Q4 25 | — | $943.5M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | — | $147.7M | ||
| Q3 24 | — | $182.9M | ||
| Q2 24 | — | $157.0M |
总债务JACKNET
| Q1 26 | $1.6B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $1.7B | — |
股东权益JACKNET
| Q1 26 | $-936.0M | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | $-976.2M | $1.2B | ||
| Q1 25 | $-827.1M | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $973.1M | ||
| Q2 24 | $-702.6M | $881.5M |
总资产JACKNET
| Q1 26 | $2.0B | — | ||
| Q4 25 | — | $6.0B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | $2.6B | $5.6B | ||
| Q1 25 | $2.8B | $3.7B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | $2.9B | $2.9B |
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 | $30.5M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $7.3M | $105.2M |
| 自由现金流率自由现金流/营收 | 2.1% | 17.1% |
| 资本支出强度资本支出/营收 | 6.6% | 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 | $34.8M | $287.5M |
8季度趋势，按日历期对齐
经营现金流JACKNET
| Q1 26 | $30.5M | — | ||
| Q4 25 | — | $190.4M | ||
| Q3 25 | — | $167.1M | ||
| Q2 25 | $-36.8M | $99.8M | ||
| Q1 25 | $105.7M | $145.8M | ||
| Q4 24 | — | $127.3M | ||
| Q3 24 | — | $104.7M | ||
| Q2 24 | $16.7M | $74.8M |
自由现金流JACKNET
| Q1 26 | $7.3M | — | ||
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | $-63.2M | $39.9M | ||
| Q1 25 | $84.4M | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | $6.4M | $45.2M |
自由现金流率JACKNET
| Q1 26 | 2.1% | — | ||
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | -18.8% | 7.8% | ||
| Q1 25 | 22.7% | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | 1.8% | 11.3% |
资本支出强度JACKNET
| Q1 26 | 6.6% | — | ||
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | 7.9% | 11.7% | ||
| Q1 25 | 5.7% | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | 2.8% | 7.4% |
现金转化率JACKNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.14× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.67× | — |
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
JACK
| Restaurant Sales | $131.9M | 38% |
| Franchise | $97.4M | 28% |
| Royaltyand Other | $58.9M | 17% |
| Advertising | $56.6M | 16% |
| Technology Service | $4.7M | 1% |
| Franchise Fees | $1.7M | 0% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
