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Cloudflare, Inc.（NET）与网易（NTES）财务数据对比。点击上方公司名可切换其他公司
网易的季度营收约是Cloudflare, Inc.的6.5倍（$4.0B vs $614.5M）。网易净利率更高（31.0% vs -2.0%，领先33.0%）。网易自由现金流更多（$1.8B vs $105.2M）。过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 9.7%）
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。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
NET vs NTES — 直观对比
营收规模更大
NTES
是对方的6.5倍
$614.5M
净利率更高
NTES
高出33.0%
-2.0%
自由现金流更多
NTES
多$1.7B
$105.2M
两年增速更快
NET
近两年复合增速
9.7%
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $4.0B |
| 净利润 | $-12.1M | $1.2B |
| 毛利率 | 73.6% | 64.1% |
| 营业利润率 | -8.0% | 28.3% |
| 净利率 | -2.0% | 31.0% |
| 营收同比 | 33.6% | — |
| 净利润同比 | 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NETNTES
| Q4 25 | $614.5M | — | ||
| Q3 25 | $562.0M | $4.0B | ||
| Q2 25 | $512.3M | $3.9B | ||
| Q1 25 | $479.1M | $4.0B | ||
| Q4 24 | $459.9M | — | ||
| Q3 24 | $430.1M | $3.7B | ||
| Q2 24 | $401.0M | $3.5B | ||
| Q1 24 | $378.6M | $3.7B |
净利润NETNTES
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $1.2B | ||
| Q2 25 | $-50.4M | $1.3B | ||
| Q1 25 | $-38.5M | $1.5B | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | $955.7M | ||
| Q2 24 | $-15.1M | $939.6M | ||
| Q1 24 | $-35.5M | $1.1B |
毛利率NETNTES
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | 64.1% | ||
| Q2 25 | 74.9% | 64.7% | ||
| Q1 25 | 75.9% | 64.1% | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | 62.9% | ||
| Q2 24 | 77.8% | 62.9% | ||
| Q1 24 | 77.5% | 63.4% |
营业利润率NETNTES
| Q4 25 | -8.0% | — | ||
| Q3 25 | -6.7% | 28.3% | ||
| Q2 25 | -13.1% | 32.5% | ||
| Q1 25 | -11.1% | 36.2% | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | -7.2% | 27.3% | ||
| Q2 24 | -8.7% | 27.4% | ||
| Q1 24 | -14.4% | 28.4% |
净利率NETNTES
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | 31.0% | ||
| Q2 25 | -9.8% | 32.6% | ||
| Q1 25 | -8.0% | 36.6% | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | 25.6% | ||
| Q2 24 | -3.8% | 26.8% | ||
| Q1 24 | -9.4% | 29.1% |
每股收益（稀释后）NETNTES
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.15 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $-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 | $943.5M | $31.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $160.8B |
| 总资产 | $6.0B | $214.5B |
| 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NETNTES
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | $31.3B | ||
| Q2 25 | $1.5B | $54.4B | ||
| Q1 25 | $204.5M | $41.7B | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | $20.2B | ||
| Q2 24 | $157.0M | $19.0B | ||
| Q1 24 | $254.4M | $43.0B |
股东权益NETNTES
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | $160.8B | ||
| Q2 25 | $1.2B | $154.0B | ||
| Q1 25 | $1.4B | $147.8B | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $973.1M | $135.6B | ||
| Q2 24 | $881.5M | $134.2B | ||
| Q1 24 | $797.2M | $130.5B |
总资产NETNTES
| Q4 25 | $6.0B | — | ||
| Q3 25 | $5.8B | $214.5B | ||
| Q2 25 | $5.6B | $208.5B | ||
| Q1 25 | $3.7B | $200.9B | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.1B | $184.9B | ||
| Q2 24 | $2.9B | $183.3B | ||
| Q1 24 | $2.8B | $195.1B |
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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $1.8B |
| 自由现金流率自由现金流/营收 | 17.1% | 44.7% |
| 资本支出强度资本支出/营收 | 13.9% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.47× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $6.3B |
8季度趋势，按日历期对齐
经营现金流NETNTES
| Q4 25 | $190.4M | — | ||
| Q3 25 | $167.1M | $1.8B | ||
| Q2 25 | $99.8M | $1.5B | ||
| Q1 25 | $145.8M | $1.7B | ||
| Q4 24 | $127.3M | — | ||
| Q3 24 | $104.7M | $1.5B | ||
| Q2 24 | $74.8M | $898.8M | ||
| Q1 24 | $73.6M | $1.3B |
自由现金流NETNTES
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $1.8B | ||
| Q2 25 | $39.9M | $1.5B | ||
| Q1 25 | $59.9M | $1.6B | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | $1.5B | ||
| Q2 24 | $45.2M | $875.6M | ||
| Q1 24 | $41.5M | $1.3B |
自由现金流率NETNTES
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | 44.7% | ||
| Q2 25 | 7.8% | 38.3% | ||
| Q1 25 | 12.5% | 40.4% | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | 38.9% | ||
| Q2 24 | 11.3% | 25.0% | ||
| Q1 24 | 11.0% | 34.0% |
资本支出强度NETNTES
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | 1.0% | ||
| Q2 25 | 11.7% | 0.7% | ||
| Q1 25 | 17.9% | 1.6% | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | 1.4% | ||
| Q2 24 | 7.4% | 0.7% | ||
| Q1 24 | 8.5% | 1.5% |
现金转化率NETNTES
| Q4 25 | — | — | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.58× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 1.22× |
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
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
