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LAMAR ADVERTISING CO（LAMR）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LAMAR ADVERTISING CO的1.0倍（$614.5M vs $595.9M），LAMAR ADVERTISING CO净利率更高（25.6% vs -2.0%，领先27.5%），Cloudflare, Inc.同比增速更快（33.6% vs 2.8%），LAMAR ADVERTISING CO自由现金流更多（$208.3M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 9.4%）
拉马尔广告是一家知名户外广告服务商，1902年由查尔斯·W·拉马尔与J.M.科伊创立，总部位于美国路易斯安那州巴吞鲁日。公司业务覆盖美国与加拿大，在两地设有超200个运营网点，旗下在美国境内拥有超过36.3万个广告展示位，涵盖广告牌、标识标牌、公共交通展示载体等品类，2014年转型为房地产投资信托。
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。
LAMR vs NET — 直观对比
营收规模更大
NET
是对方的1.0倍
$595.9M
营收增速更快
NET
高出30.8%
2.8%
净利率更高
LAMR
高出27.5%
-2.0%
自由现金流更多
LAMR
多$103.1M
$105.2M
两年增速更快
NET
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $595.9M | $614.5M |
| 净利润 | $152.3M | $-12.1M |
| 毛利率 | 67.7% | 73.6% |
| 营业利润率 | 32.9% | -8.0% |
| 净利率 | 25.6% | -2.0% |
| 营收同比 | 2.8% | 33.6% |
| 净利润同比 | 12801.3% | 6.0% |
| 每股收益（稀释后） | $1.50 | $-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LAMRNET
| Q4 25 | $595.9M | $614.5M | ||
| Q3 25 | $585.5M | $562.0M | ||
| Q2 25 | $579.3M | $512.3M | ||
| Q1 25 | $505.4M | $479.1M | ||
| Q4 24 | $579.6M | $459.9M | ||
| Q3 24 | $564.1M | $430.1M | ||
| Q2 24 | $565.3M | $401.0M | ||
| Q1 24 | $498.1M | $378.6M |
净利润LAMRNET
| Q4 25 | $152.3M | $-12.1M | ||
| Q3 25 | $141.8M | $-1.3M | ||
| Q2 25 | $154.4M | $-50.4M | ||
| Q1 25 | $138.8M | $-38.5M | ||
| Q4 24 | $-1.2M | $-12.8M | ||
| Q3 24 | $147.5M | $-15.3M | ||
| Q2 24 | $137.4M | $-15.1M | ||
| Q1 24 | $78.2M | $-35.5M |
毛利率LAMRNET
| Q4 25 | 67.7% | 73.6% | ||
| Q3 25 | 67.9% | 74.0% | ||
| Q2 25 | 67.8% | 74.9% | ||
| Q1 25 | 64.4% | 75.9% | ||
| Q4 24 | 67.8% | 76.4% | ||
| Q3 24 | 67.6% | 77.7% | ||
| Q2 24 | 67.6% | 77.8% | ||
| Q1 24 | 64.7% | 77.5% |
营业利润率LAMRNET
| Q4 25 | 32.9% | -8.0% | ||
| Q3 25 | 32.3% | -6.7% | ||
| Q2 25 | 34.1% | -13.1% | ||
| Q1 25 | 37.8% | -11.1% | ||
| Q4 24 | 6.3% | -7.5% | ||
| Q3 24 | 33.1% | -7.2% | ||
| Q2 24 | 32.6% | -8.7% | ||
| Q1 24 | 25.0% | -14.4% |
净利率LAMRNET
| Q4 25 | 25.6% | -2.0% | ||
| Q3 25 | 24.2% | -0.2% | ||
| Q2 25 | 26.6% | -9.8% | ||
| Q1 25 | 27.5% | -8.0% | ||
| Q4 24 | -0.2% | -2.8% | ||
| Q3 24 | 26.1% | -3.6% | ||
| Q2 24 | 24.3% | -3.8% | ||
| Q1 24 | 15.7% | -9.4% |
每股收益（稀释后）LAMRNET
| Q4 25 | $1.50 | $-0.03 | ||
| Q3 25 | $1.40 | $0.00 | ||
| Q2 25 | $1.52 | $-0.15 | ||
| Q1 25 | $1.35 | $-0.11 | ||
| Q4 24 | $-0.02 | $-0.05 | ||
| Q3 24 | $1.44 | $-0.04 | ||
| Q2 24 | $1.34 | $-0.04 | ||
| Q1 24 | $0.76 | $-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 | $64.8M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.0B | $1.5B |
| 总资产 | $6.9B | $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LAMRNET
| Q4 25 | $64.8M | $943.5M | ||
| Q3 25 | $22.0M | $1.1B | ||
| Q2 25 | $55.7M | $1.5B | ||
| Q1 25 | $36.1M | $204.5M | ||
| Q4 24 | $49.5M | $147.7M | ||
| Q3 24 | $29.5M | $182.9M | ||
| Q2 24 | $77.9M | $157.0M | ||
| Q1 24 | $36.4M | $254.4M |
股东权益LAMRNET
| Q4 25 | $1.0B | $1.5B | ||
| Q3 25 | $1.0B | $1.3B | ||
| Q2 25 | $906.9M | $1.2B | ||
| Q1 25 | $1.0B | $1.4B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $1.2B | $973.1M | ||
| Q2 24 | $1.2B | $881.5M | ||
| Q1 24 | $1.2B | $797.2M |
总资产LAMRNET
| Q4 25 | $6.9B | $6.0B | ||
| Q3 25 | $6.8B | $5.8B | ||
| Q2 25 | $6.7B | $5.6B | ||
| Q1 25 | $6.5B | $3.7B | ||
| Q4 24 | $6.6B | $3.3B | ||
| Q3 24 | $6.5B | $3.1B | ||
| Q2 24 | $6.6B | $2.9B | ||
| Q1 24 | $6.5B | $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 | $271.2M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $208.3M | $105.2M |
| 自由现金流率自由现金流/营收 | 35.0% | 17.1% |
| 资本支出强度资本支出/营收 | 10.5% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.78× | — |
| 过去12个月自由现金流最近4个季度 | $683.2M | $287.5M |
8季度趋势，按日历期对齐
经营现金流LAMRNET
| Q4 25 | $271.2M | $190.4M | ||
| Q3 25 | $235.7M | $167.1M | ||
| Q2 25 | $229.5M | $99.8M | ||
| Q1 25 | $127.7M | $145.8M | ||
| Q4 24 | $279.3M | $127.3M | ||
| Q3 24 | $227.4M | $104.7M | ||
| Q2 24 | $256.3M | $74.8M | ||
| Q1 24 | $110.6M | $73.6M |
自由现金流LAMRNET
| Q4 25 | $208.3M | $105.2M | ||
| Q3 25 | $185.8M | $82.5M | ||
| Q2 25 | $191.3M | $39.9M | ||
| Q1 25 | $97.9M | $59.9M | ||
| Q4 24 | $236.3M | $54.2M | ||
| Q3 24 | $197.3M | $54.5M | ||
| Q2 24 | $233.7M | $45.2M | ||
| Q1 24 | $81.1M | $41.5M |
自由现金流率LAMRNET
| Q4 25 | 35.0% | 17.1% | ||
| Q3 25 | 31.7% | 14.7% | ||
| Q2 25 | 33.0% | 7.8% | ||
| Q1 25 | 19.4% | 12.5% | ||
| Q4 24 | 40.8% | 11.8% | ||
| Q3 24 | 35.0% | 12.7% | ||
| Q2 24 | 41.3% | 11.3% | ||
| Q1 24 | 16.3% | 11.0% |
资本支出强度LAMRNET
| Q4 25 | 10.5% | 13.9% | ||
| Q3 25 | 8.5% | 15.1% | ||
| Q2 25 | 6.6% | 11.7% | ||
| Q1 25 | 5.9% | 17.9% | ||
| Q4 24 | 7.4% | 15.9% | ||
| Q3 24 | 5.3% | 11.7% | ||
| Q2 24 | 4.0% | 7.4% | ||
| Q1 24 | 5.9% | 8.5% |
现金转化率LAMRNET
| Q4 25 | 1.78× | — | ||
| Q3 25 | 1.66× | — | ||
| Q2 25 | 1.49× | — | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.87× | — | ||
| Q1 24 | 1.41× | — |
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
LAMR
| Reportable Segment Aggregation Before Other Operating Segment | $531.9M | 89% |
| Transit Advertising | $42.0M | 7% |
| Logo Advertising | $22.1M | 4% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
