vs
奥飞娱乐（MAX）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.的季度营收约是奥飞娱乐的2.0倍（$614.5M vs $310.0M），奥飞娱乐净利率更高（4.5% vs -2.0%，领先6.5%），Cloudflare, Inc.同比增速更快（33.6% vs 17.3%），过去两年奥飞娱乐的营收复合增速更高（31.9% vs 27.4%）
奥飞娱乐股份有限公司由蔡东青于1993年创立，是一家中国跨国综合企业集团，主营动漫、玩具、传媒资产与娱乐业务，2016年由原奥飞动漫更名而来。集团拥有国漫平台有妖气，还在美国设有影视公司奥飞影业，并宣布将在美国设立动漫业务部门。
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。
MAX vs NET — 直观对比
营收规模更大
NET
是对方的2.0倍
$310.0M
营收增速更快
NET
高出16.3%
17.3%
净利率更高
MAX
高出6.5%
-2.0%
两年增速更快
MAX
近两年复合增速
27.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $310.0M | $614.5M |
| 净利润 | $14.0M | $-12.1M |
| 毛利率 | 15.1% | 73.6% |
| 营业利润率 | 7.2% | -8.0% |
| 净利率 | 4.5% | -2.0% |
| 营收同比 | 17.3% | 33.6% |
| 净利润同比 | 701.8% | 6.0% |
| 每股收益（稀释后） | — | $-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MAXNET
| Q1 26 | $310.0M | — | ||
| Q4 25 | $291.2M | $614.5M | ||
| Q3 25 | $306.5M | $562.0M | ||
| Q2 25 | $251.6M | $512.3M | ||
| Q1 25 | $264.3M | $479.1M | ||
| Q4 24 | $300.6M | $459.9M | ||
| Q3 24 | $259.1M | $430.1M | ||
| Q2 24 | $178.3M | $401.0M |
净利润MAXNET
| Q1 26 | $14.0M | — | ||
| Q4 25 | $31.4M | $-12.1M | ||
| Q3 25 | $14.9M | $-1.3M | ||
| Q2 25 | $-18.7M | $-50.4M | ||
| Q1 25 | $-1.9M | $-38.5M | ||
| Q4 24 | $4.6M | $-12.8M | ||
| Q3 24 | $9.5M | $-15.3M | ||
| Q2 24 | $3.6M | $-15.1M |
毛利率MAXNET
| Q1 26 | 15.1% | — | ||
| Q4 25 | 15.4% | 73.6% | ||
| Q3 25 | 14.2% | 74.0% | ||
| Q2 25 | 15.0% | 74.9% | ||
| Q1 25 | 15.8% | 75.9% | ||
| Q4 24 | 16.3% | 76.4% | ||
| Q3 24 | 15.1% | 77.7% | ||
| Q2 24 | 17.8% | 77.8% |
营业利润率MAXNET
| Q1 26 | 7.2% | — | ||
| Q4 25 | 7.7% | -8.0% | ||
| Q3 25 | 6.4% | -6.7% | ||
| Q2 25 | -8.0% | -13.1% | ||
| Q1 25 | 0.0% | -11.1% | ||
| Q4 24 | 6.1% | -7.5% | ||
| Q3 24 | 6.0% | -7.2% | ||
| Q2 24 | 3.6% | -8.7% |
净利率MAXNET
| Q1 26 | 4.5% | — | ||
| Q4 25 | 10.8% | -2.0% | ||
| Q3 25 | 4.9% | -0.2% | ||
| Q2 25 | -7.4% | -9.8% | ||
| Q1 25 | -0.7% | -8.0% | ||
| Q4 24 | 1.5% | -2.8% | ||
| Q3 24 | 3.7% | -3.6% | ||
| Q2 24 | 2.0% | -3.8% |
每股收益（稀释后）MAXNET
| Q1 26 | — | — | ||
| Q4 25 | $0.50 | $-0.03 | ||
| Q3 25 | $0.26 | $0.00 | ||
| Q2 25 | $-0.33 | $-0.15 | ||
| Q1 25 | $-0.04 | $-0.11 | ||
| Q4 24 | $0.09 | $-0.05 | ||
| Q3 24 | $0.17 | $-0.04 | ||
| Q2 24 | $0.07 | $-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 | $26.1M | $943.5M |
| 总债务越低越好 | $163.5M | — |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $367.7M | $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MAXNET
| Q1 26 | $26.1M | — | ||
| Q4 25 | $46.9M | $943.5M | ||
| Q3 25 | $38.8M | $1.1B | ||
| Q2 25 | $85.4M | $1.5B | ||
| Q1 25 | $63.6M | $204.5M | ||
| Q4 24 | $43.3M | $147.7M | ||
| Q3 24 | $32.3M | $182.9M | ||
| Q2 24 | $28.7M | $157.0M |
总债务MAXNET
| Q1 26 | $163.5M | — | ||
| Q4 25 | $153.4M | — | ||
| Q3 25 | $155.7M | — | ||
| Q2 25 | $158.0M | — | ||
| Q1 25 | $160.2M | — | ||
| Q4 24 | $162.4M | — | ||
| Q3 24 | $164.7M | — | ||
| Q2 24 | $166.9M | — |
股东权益MAXNET
| Q1 26 | — | — | ||
| Q4 25 | $4.2M | $1.5B | ||
| Q3 25 | $-29.8M | $1.3B | ||
| Q2 25 | $-3.8M | $1.2B | ||
| Q1 25 | $7.9M | $1.4B | ||
| Q4 24 | $2.4M | $1.0B | ||
| Q3 24 | $-8.4M | $973.1M | ||
| Q2 24 | $-24.4M | $881.5M |
总资产MAXNET
| Q1 26 | $367.7M | — | ||
| Q4 25 | $383.8M | $6.0B | ||
| Q3 25 | $266.2M | $5.8B | ||
| Q2 25 | $249.4M | $5.6B | ||
| Q1 25 | $240.0M | $3.7B | ||
| Q4 24 | $262.4M | $3.3B | ||
| Q3 24 | $236.1M | $3.1B | ||
| Q2 24 | $198.2M | $2.9B |
负债/权益比MAXNET
| Q1 26 | — | — | ||
| Q4 25 | 36.88× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 20.23× | — | ||
| Q4 24 | 68.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | — | 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 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流MAXNET
| Q1 26 | — | — | ||
| Q4 25 | $-7.4M | $190.4M | ||
| Q3 25 | $23.6M | $167.1M | ||
| Q2 25 | $25.7M | $99.8M | ||
| Q1 25 | $23.7M | $145.8M | ||
| Q4 24 | $14.5M | $127.3M | ||
| Q3 24 | $8.1M | $104.7M | ||
| Q2 24 | $21.6M | $74.8M |
自由现金流MAXNET
| Q1 26 | — | — | ||
| Q4 25 | $-7.5M | $105.2M | ||
| Q3 25 | $23.6M | $82.5M | ||
| Q2 25 | $25.5M | $39.9M | ||
| Q1 25 | $23.6M | $59.9M | ||
| Q4 24 | $14.5M | $54.2M | ||
| Q3 24 | $8.0M | $54.5M | ||
| Q2 24 | $21.5M | $45.2M |
自由现金流率MAXNET
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | 17.1% | ||
| Q3 25 | 7.7% | 14.7% | ||
| Q2 25 | 10.2% | 7.8% | ||
| Q1 25 | 8.9% | 12.5% | ||
| Q4 24 | 4.8% | 11.8% | ||
| Q3 24 | 3.1% | 12.7% | ||
| Q2 24 | 12.0% | 11.3% |
资本支出强度MAXNET
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | 13.9% | ||
| Q3 25 | 0.0% | 15.1% | ||
| Q2 25 | 0.1% | 11.7% | ||
| Q1 25 | 0.0% | 17.9% | ||
| Q4 24 | 0.0% | 15.9% | ||
| Q3 24 | 0.0% | 11.7% | ||
| Q2 24 | 0.1% | 7.4% |
现金转化率MAXNET
| Q1 26 | — | — | ||
| Q4 25 | -0.24× | — | ||
| Q3 25 | 1.58× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.13× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 5.97× | — |
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
MAX
暂无分部数据
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
