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Cloudflare, Inc.（NET）与OneWater Marine Inc.（ONEW）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OneWater Marine Inc.的1.6倍（$614.5M vs $380.6M），Cloudflare, Inc.净利率更高（-2.0% vs -2.0%，领先0.1%），Cloudflare, Inc.同比增速更快（33.6% vs 1.3%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -16.2%）
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。
OneWater Marine Inc.是美国头部休闲船舶零售企业，主营全新及二手船只、游艇、船舶零配件销售，同时提供船只维修保养、配套融资等服务，通过覆盖北美多州的经销商网络服务个人及商业休闲船艇客户。
NET vs ONEW — 直观对比
营收规模更大
NET
是对方的1.6倍
$380.6M
营收增速更快
NET
高出32.3%
1.3%
净利率更高
NET
高出0.1%
-2.0%
两年增速更快
NET
近两年复合增速
-16.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $380.6M |
| 净利润 | $-12.1M | $-7.7M |
| 毛利率 | 73.6% | 23.5% |
| 营业利润率 | -8.0% | — |
| 净利率 | -2.0% | -2.0% |
| 营收同比 | 33.6% | 1.3% |
| 净利润同比 | 6.0% | — |
| 每股收益（稀释后） | $-0.03 | $-0.47 |
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NETONEW
| Q1 26 | — | $380.6M | ||
| Q4 25 | $614.5M | $380.6M | ||
| Q3 25 | $562.0M | $460.1M | ||
| Q2 25 | $512.3M | $552.9M | ||
| Q1 25 | $479.1M | $483.5M | ||
| Q4 24 | $459.9M | $375.8M | ||
| Q3 24 | $430.1M | $377.9M | ||
| Q2 24 | $401.0M | $542.4M |
净利润NETONEW
| Q1 26 | — | $-7.7M | ||
| Q4 25 | $-12.1M | $-7.7M | ||
| Q3 25 | $-1.3M | $-113.0M | ||
| Q2 25 | $-50.4M | $10.7M | ||
| Q1 25 | $-38.5M | $-368.0K | ||
| Q4 24 | $-12.8M | $-12.0M | ||
| Q3 24 | $-15.3M | $-9.2M | ||
| Q2 24 | $-15.1M | $14.7M |
毛利率NETONEW
| Q1 26 | — | 23.5% | ||
| Q4 25 | 73.6% | 23.5% | ||
| Q3 25 | 74.0% | 22.6% | ||
| Q2 25 | 74.9% | 23.3% | ||
| Q1 25 | 75.9% | 22.8% | ||
| Q4 24 | 76.4% | 22.4% | ||
| Q3 24 | 77.7% | 24.0% | ||
| Q2 24 | 77.8% | 24.4% |
营业利润率NETONEW
| Q1 26 | — | — | ||
| Q4 25 | -8.0% | -1.4% | ||
| Q3 25 | -6.7% | -28.3% | ||
| Q2 25 | -13.1% | 5.5% | ||
| Q1 25 | -11.1% | 3.4% | ||
| Q4 24 | -7.5% | -0.5% | ||
| Q3 24 | -7.2% | 1.2% | ||
| Q2 24 | -8.7% | 7.4% |
净利率NETONEW
| Q1 26 | — | -2.0% | ||
| Q4 25 | -2.0% | -2.0% | ||
| Q3 25 | -0.2% | -24.5% | ||
| Q2 25 | -9.8% | 1.9% | ||
| Q1 25 | -8.0% | -0.1% | ||
| Q4 24 | -2.8% | -3.2% | ||
| Q3 24 | -3.6% | -2.4% | ||
| Q2 24 | -3.8% | 2.7% |
每股收益（稀释后）NETONEW
| Q1 26 | — | $-0.47 | ||
| 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 | — |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $277.5M |
| 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NETONEW
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — |
股东权益NETONEW
| Q1 26 | — | $277.5M | ||
| Q4 25 | $1.5B | $277.5M | ||
| Q3 25 | $1.3B | $285.0M | ||
| Q2 25 | $1.2B | $393.2M | ||
| Q1 25 | $1.4B | $381.6M | ||
| Q4 24 | $1.0B | $354.8M | ||
| Q3 24 | $973.1M | $360.8M | ||
| Q2 24 | $881.5M | $368.6M |
总资产NETONEW
| Q1 26 | — | $1.4B | ||
| Q4 25 | $6.0B | $1.4B | ||
| Q3 25 | $5.8B | $1.4B | ||
| Q2 25 | $5.6B | $1.5B | ||
| Q1 25 | $3.7B | $1.6B | ||
| Q4 24 | $3.3B | $1.6B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $2.9B | $1.6B |
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NETONEW
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $-76.3M | ||
| Q3 25 | $167.1M | $9.9M | ||
| Q2 25 | $99.8M | $90.8M | ||
| Q1 25 | $145.8M | $28.5M | ||
| Q4 24 | $127.3M | $-37.4M | ||
| Q3 24 | $104.7M | $27.3M | ||
| Q2 24 | $74.8M | $93.8M |
自由现金流NETONEW
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $-78.2M | ||
| Q3 25 | $82.5M | $7.2M | ||
| Q2 25 | $39.9M | $88.9M | ||
| Q1 25 | $59.9M | $23.7M | ||
| Q4 24 | $54.2M | $-40.0M | ||
| Q3 24 | $54.5M | $23.2M | ||
| Q2 24 | $45.2M | $86.9M |
自由现金流率NETONEW
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | -20.6% | ||
| Q3 25 | 14.7% | 1.6% | ||
| Q2 25 | 7.8% | 16.1% | ||
| Q1 25 | 12.5% | 4.9% | ||
| Q4 24 | 11.8% | -10.7% | ||
| Q3 24 | 12.7% | 6.1% | ||
| Q2 24 | 11.3% | 16.0% |
资本支出强度NETONEW
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 0.5% | ||
| Q3 25 | 15.1% | 0.6% | ||
| Q2 25 | 11.7% | 0.4% | ||
| Q1 25 | 17.9% | 1.0% | ||
| Q4 24 | 15.9% | 0.7% | ||
| Q3 24 | 11.7% | 1.1% | ||
| Q2 24 | 7.4% | 1.3% |
现金转化率NETONEW
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 8.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.39× |
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% |
ONEW
| New boat | $233.3M | 61% |
| Pre-owned boat | $70.4M | 19% |
| Service, parts & other | $68.0M | 18% |
| Finance & insurance income | $8.9M | 2% |
