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拉扎德（LAZ）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
拉扎德的季度营收约是Cloudflare, Inc.的1.5倍（$929.4M vs $614.5M），拉扎德净利率更高（5.4% vs -2.0%，领先7.3%），Cloudflare, Inc.同比增速更快（33.6% vs 10.8%），拉扎德自由现金流更多（$396.1M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 8.8%）
拉扎德公司是一家美国金融咨询与资产管理机构，业务覆盖投资银行、资产管理及其他金融服务，核心客户以机构客户为主。作为全球规模最大的独立投资银行，其主要行政办公室分布于纽约、巴黎及伦敦三地。
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。
LAZ vs NET — 直观对比
营收规模更大
LAZ
是对方的1.5倍
$614.5M
营收增速更快
NET
高出22.8%
10.8%
净利率更高
LAZ
高出7.3%
-2.0%
自由现金流更多
LAZ
多$290.9M
$105.2M
两年增速更快
NET
近两年复合增速
8.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $614.5M |
| 净利润 | $49.9M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 9.1% | -8.0% |
| 净利率 | 5.4% | -2.0% |
| 营收同比 | 10.8% | 33.6% |
| 净利润同比 | -42.2% | 6.0% |
| 每股收益（稀释后） | $0.44 | $-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LAZNET
| Q4 25 | $929.4M | $614.5M | ||
| Q3 25 | $770.8M | $562.0M | ||
| Q2 25 | $817.2M | $512.3M | ||
| Q1 25 | $669.2M | $479.1M | ||
| Q4 24 | $839.0M | $459.9M | ||
| Q3 24 | $807.4M | $430.1M | ||
| Q2 24 | $708.0M | $401.0M | ||
| Q1 24 | $785.5M | $378.6M |
净利润LAZNET
| Q4 25 | $49.9M | $-12.1M | ||
| Q3 25 | $71.2M | $-1.3M | ||
| Q2 25 | $55.3M | $-50.4M | ||
| Q1 25 | $60.4M | $-38.5M | ||
| Q4 24 | $86.3M | $-12.8M | ||
| Q3 24 | $107.9M | $-15.3M | ||
| Q2 24 | $49.9M | $-15.1M | ||
| Q1 24 | $35.8M | $-35.5M |
毛利率LAZNET
| 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% |
营业利润率LAZNET
| Q4 25 | 9.1% | -8.0% | ||
| Q3 25 | 12.3% | -6.7% | ||
| Q2 25 | 11.4% | -13.1% | ||
| Q1 25 | 8.2% | -11.1% | ||
| Q4 24 | 12.8% | -7.5% | ||
| Q3 24 | 20.0% | -7.2% | ||
| Q2 24 | 9.0% | -8.7% | ||
| Q1 24 | 6.9% | -14.4% |
净利率LAZNET
| Q4 25 | 5.4% | -2.0% | ||
| Q3 25 | 9.2% | -0.2% | ||
| Q2 25 | 6.8% | -9.8% | ||
| Q1 25 | 9.0% | -8.0% | ||
| Q4 24 | 10.3% | -2.8% | ||
| Q3 24 | 13.4% | -3.6% | ||
| Q2 24 | 7.0% | -3.8% | ||
| Q1 24 | 4.6% | -9.4% |
每股收益（稀释后）LAZNET
| Q4 25 | $0.44 | $-0.03 | ||
| Q3 25 | $0.65 | $0.00 | ||
| Q2 25 | $0.52 | $-0.15 | ||
| Q1 25 | $0.56 | $-0.11 | ||
| Q4 24 | $0.82 | $-0.05 | ||
| Q3 24 | $1.02 | $-0.04 | ||
| Q2 24 | $0.49 | $-0.04 | ||
| Q1 24 | $0.35 | $-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 | $1.5B | $943.5M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $873.7M | $1.5B |
| 总资产 | $4.9B | $6.0B |
| 负债/权益比越低杠杆越低 | 1.93× | — |
8季度趋势，按日历期对齐
现金及短期投资LAZNET
| Q4 25 | $1.5B | $943.5M | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $978.3M | $1.5B | ||
| Q1 25 | $908.6M | $204.5M | ||
| Q4 24 | $1.3B | $147.7M | ||
| Q3 24 | $1.2B | $182.9M | ||
| Q2 24 | $847.6M | $157.0M | ||
| Q1 24 | $923.2M | $254.4M |
总债务LAZNET
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
股东权益LAZNET
| Q4 25 | $873.7M | $1.5B | ||
| Q3 25 | $841.5M | $1.3B | ||
| Q2 25 | $741.6M | $1.2B | ||
| Q1 25 | $603.0M | $1.4B | ||
| Q4 24 | $636.2M | $1.0B | ||
| Q3 24 | $624.3M | $973.1M | ||
| Q2 24 | $458.7M | $881.5M | ||
| Q1 24 | $392.7M | $797.2M |
总资产LAZNET
| Q4 25 | $4.9B | $6.0B | ||
| Q3 25 | $4.6B | $5.8B | ||
| Q2 25 | $4.5B | $5.6B | ||
| Q1 25 | $4.2B | $3.7B | ||
| Q4 24 | $4.8B | $3.3B | ||
| Q3 24 | $4.8B | $3.1B | ||
| Q2 24 | $4.5B | $2.9B | ||
| Q1 24 | $4.6B | $2.8B |
负债/权益比LAZNET
| Q4 25 | 1.93× | — | ||
| Q3 25 | 2.01× | — | ||
| Q2 25 | 2.28× | — | ||
| Q1 25 | 2.80× | — | ||
| Q4 24 | 2.65× | — | ||
| Q3 24 | 2.97× | — | ||
| Q2 24 | 4.04× | — | ||
| Q1 24 | 4.71× | — |
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 | $399.7M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $396.1M | $105.2M |
| 自由现金流率自由现金流/营收 | 42.6% | 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 | 8.02× | — |
| 过去12个月自由现金流最近4个季度 | $487.4M | $287.5M |
8季度趋势，按日历期对齐
经营现金流LAZNET
| Q4 25 | $399.7M | $190.4M | ||
| Q3 25 | $287.5M | $167.1M | ||
| Q2 25 | $49.7M | $99.8M | ||
| Q1 25 | $-217.5M | $145.8M | ||
| Q4 24 | $362.9M | $127.3M | ||
| Q3 24 | $293.7M | $104.7M | ||
| Q2 24 | $176.2M | $74.8M | ||
| Q1 24 | $-90.0M | $73.6M |
自由现金流LAZNET
| Q4 25 | $396.1M | $105.2M | ||
| Q3 25 | $284.6M | $82.5M | ||
| Q2 25 | $38.0M | $39.9M | ||
| Q1 25 | $-231.3M | $59.9M | ||
| Q4 24 | $348.0M | $54.2M | ||
| Q3 24 | $276.2M | $54.5M | ||
| Q2 24 | $169.8M | $45.2M | ||
| Q1 24 | $-96.6M | $41.5M |
自由现金流率LAZNET
| Q4 25 | 42.6% | 17.1% | ||
| Q3 25 | 36.9% | 14.7% | ||
| Q2 25 | 4.6% | 7.8% | ||
| Q1 25 | -34.6% | 12.5% | ||
| Q4 24 | 41.5% | 11.8% | ||
| Q3 24 | 34.2% | 12.7% | ||
| Q2 24 | 24.0% | 11.3% | ||
| Q1 24 | -12.3% | 11.0% |
资本支出强度LAZNET
| Q4 25 | 0.4% | 13.9% | ||
| Q3 25 | 0.4% | 15.1% | ||
| Q2 25 | 1.4% | 11.7% | ||
| Q1 25 | 2.1% | 17.9% | ||
| Q4 24 | 1.8% | 15.9% | ||
| Q3 24 | 2.2% | 11.7% | ||
| Q2 24 | 0.9% | 7.4% | ||
| Q1 24 | 0.8% | 8.5% |
现金转化率LAZNET
| Q4 25 | 8.02× | — | ||
| Q3 25 | 4.03× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | -3.60× | — | ||
| Q4 24 | 4.20× | — | ||
| Q3 24 | 2.72× | — | ||
| Q2 24 | 3.53× | — | ||
| Q1 24 | -2.52× | — |
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
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
