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Cloudflare, Inc.（NET）与如新（NUS）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是如新的1.7倍（$614.5M vs $370.3M），如新净利率更高（3.9% vs -2.0%，领先5.9%），Cloudflare, Inc.同比增速更快（33.6% vs -16.9%），Cloudflare, Inc.自由现金流更多（$105.2M vs $5.9M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -5.8%）
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。
如新企业集团是一家美国多层次直销企业，主打研发并销售个人护理产品与营养膳食补充产品，旗下拥有Nu Skin及Pharmanex两大品牌，目前已在全球54个市场开展业务，依托约120万独立销售代表的销售网络覆盖全球市场。
NET vs NUS — 直观对比
营收规模更大
NET
是对方的1.7倍
$370.3M
营收增速更快
NET
高出50.5%
-16.9%
净利率更高
NUS
高出5.9%
-2.0%
自由现金流更多
NET
多$99.4M
$5.9M
两年增速更快
NET
近两年复合增速
-5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $370.3M |
| 净利润 | $-12.1M | $14.5M |
| 毛利率 | 73.6% | 70.7% |
| 营业利润率 | -8.0% | 6.3% |
| 净利率 | -2.0% | 3.9% |
| 营收同比 | 33.6% | -16.9% |
| 净利润同比 | 6.0% | 140.1% |
| 每股收益（稀释后） | $-0.03 | $0.27 |
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NETNUS
| Q4 25 | $614.5M | $370.3M | ||
| Q3 25 | $562.0M | $364.2M | ||
| Q2 25 | $512.3M | $386.1M | ||
| Q1 25 | $479.1M | $364.5M | ||
| Q4 24 | $459.9M | $445.6M | ||
| Q3 24 | $430.1M | $430.1M | ||
| Q2 24 | $401.0M | $439.1M | ||
| Q1 24 | $378.6M | $417.3M |
净利润NETNUS
| Q4 25 | $-12.1M | $14.5M | ||
| Q3 25 | $-1.3M | $17.1M | ||
| Q2 25 | $-50.4M | $21.1M | ||
| Q1 25 | $-38.5M | $107.5M | ||
| Q4 24 | $-12.8M | $-36.1M | ||
| Q3 24 | $-15.3M | $8.3M | ||
| Q2 24 | $-15.1M | $-118.3M | ||
| Q1 24 | $-35.5M | $-533.0K |
毛利率NETNUS
| Q4 25 | 73.6% | 70.7% | ||
| Q3 25 | 74.0% | 70.5% | ||
| Q2 25 | 74.9% | 68.8% | ||
| Q1 25 | 75.9% | 67.8% | ||
| Q4 24 | 76.4% | 62.7% | ||
| Q3 24 | 77.7% | 70.1% | ||
| Q2 24 | 77.8% | 70.0% | ||
| Q1 24 | 77.5% | 70.5% |
营业利润率NETNUS
| Q4 25 | -8.0% | 6.3% | ||
| Q3 25 | -6.7% | 5.9% | ||
| Q2 25 | -13.1% | 8.0% | ||
| Q1 25 | -11.1% | -2.7% | ||
| Q4 24 | -7.5% | -11.9% | ||
| Q3 24 | -7.2% | 4.2% | ||
| Q2 24 | -8.7% | -28.6% | ||
| Q1 24 | -14.4% | 2.1% |
净利率NETNUS
| Q4 25 | -2.0% | 3.9% | ||
| Q3 25 | -0.2% | 4.7% | ||
| Q2 25 | -9.8% | 5.5% | ||
| Q1 25 | -8.0% | 29.5% | ||
| Q4 24 | -2.8% | -8.1% | ||
| Q3 24 | -3.6% | 1.9% | ||
| Q2 24 | -3.8% | -26.9% | ||
| Q1 24 | -9.4% | -0.1% |
每股收益（稀释后）NETNUS
| Q4 25 | $-0.03 | $0.27 | ||
| Q3 25 | $0.00 | $0.34 | ||
| Q2 25 | $-0.15 | $0.43 | ||
| Q1 25 | $-0.11 | $2.14 | ||
| Q4 24 | $-0.05 | $-0.73 | ||
| Q3 24 | $-0.04 | $0.17 | ||
| Q2 24 | $-0.04 | $-2.38 | ||
| Q1 24 | $-0.10 | $-0.01 |
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 | $239.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $805.2M |
| 总资产 | $6.0B | $1.4B |
| 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NETNUS
| Q4 25 | $943.5M | $239.8M | ||
| Q3 25 | $1.1B | $253.0M | ||
| Q2 25 | $1.5B | $265.4M | ||
| Q1 25 | $204.5M | $213.6M | ||
| Q4 24 | $147.7M | $198.0M | ||
| Q3 24 | $182.9M | $237.8M | ||
| Q2 24 | $157.0M | $232.9M | ||
| Q1 24 | $254.4M | $221.2M |
股东权益NETNUS
| Q4 25 | $1.5B | $805.2M | ||
| Q3 25 | $1.3B | $799.8M | ||
| Q2 25 | $1.2B | $787.8M | ||
| Q1 25 | $1.4B | $754.0M | ||
| Q4 24 | $1.0B | $651.5M | ||
| Q3 24 | $973.1M | $706.9M | ||
| Q2 24 | $881.5M | $686.2M | ||
| Q1 24 | $797.2M | $810.2M |
总资产NETNUS
| Q4 25 | $6.0B | $1.4B | ||
| Q3 25 | $5.8B | $1.4B | ||
| Q2 25 | $5.6B | $1.4B | ||
| Q1 25 | $3.7B | $1.4B | ||
| Q4 24 | $3.3B | $1.5B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $2.9B | $1.6B | ||
| Q1 24 | $2.8B | $1.7B |
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 | $16.6M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $5.9M |
| 自由现金流率自由现金流/营收 | 17.1% | 1.6% |
| 资本支出强度资本支出/营收 | 13.9% | 2.9% |
| 现金转化率经营现金流/净利润 | — | 1.15× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $46.0M |
8季度趋势，按日历期对齐
经营现金流NETNUS
| Q4 25 | $190.4M | $16.6M | ||
| Q3 25 | $167.1M | $27.5M | ||
| Q2 25 | $99.8M | $35.8M | ||
| Q1 25 | $145.8M | $389.0K | ||
| Q4 24 | $127.3M | $25.8M | ||
| Q3 24 | $104.7M | $31.4M | ||
| Q2 24 | $74.8M | $51.2M | ||
| Q1 24 | $73.6M | $3.3M |
自由现金流NETNUS
| Q4 25 | $105.2M | $5.9M | ||
| Q3 25 | $82.5M | $17.6M | ||
| Q2 25 | $39.9M | $35.8M | ||
| Q1 25 | $59.9M | $-13.2M | ||
| Q4 24 | $54.2M | $13.2M | ||
| Q3 24 | $54.5M | $22.8M | ||
| Q2 24 | $45.2M | $43.1M | ||
| Q1 24 | $41.5M | $-9.0M |
自由现金流率NETNUS
| Q4 25 | 17.1% | 1.6% | ||
| Q3 25 | 14.7% | 4.8% | ||
| Q2 25 | 7.8% | 9.3% | ||
| Q1 25 | 12.5% | -3.6% | ||
| Q4 24 | 11.8% | 3.0% | ||
| Q3 24 | 12.7% | 5.3% | ||
| Q2 24 | 11.3% | 9.8% | ||
| Q1 24 | 11.0% | -2.1% |
资本支出强度NETNUS
| Q4 25 | 13.9% | 2.9% | ||
| Q3 25 | 15.1% | 2.7% | ||
| Q2 25 | 11.7% | 0.0% | ||
| Q1 25 | 17.9% | 3.7% | ||
| Q4 24 | 15.9% | 2.8% | ||
| Q3 24 | 11.7% | 2.0% | ||
| Q2 24 | 7.4% | 1.9% | ||
| Q1 24 | 8.5% | 2.9% |
现金转化率NETNUS
| Q4 25 | — | 1.15× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.79× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
NUS
| Other | $161.9M | 44% |
| Mainland China Segment | $52.0M | 14% |
| Southeast Asia Pacific Segment | $50.5M | 14% |
| Europe And Africa Segment | $41.8M | 11% |
| Hong Kong Taiwan Segment | $29.6M | 8% |
| South Korea Segment | $28.4M | 8% |
| Rhyz Other Segment | $6.1M | 2% |
