vs
Cloudflare, Inc.（NET）与OPENLANE, Inc.（OPLN）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OPENLANE, Inc.的1.2倍（$614.5M vs $494.3M），OPENLANE, Inc.净利率更高（12.0% vs -2.0%，领先14.0%），Cloudflare, Inc.同比增速更快（33.6% vs 8.6%），OPENLANE, Inc.自由现金流更多（$110.8M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 7.2%）
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。
OPENLANE Inc.是全球领先的数字化汽车批发交易平台运营商，连接汽车经销商、车队运营商、金融机构等卖家与专业买家，提供二手车、租赁到期车辆等的透明高效交易服务，业务覆盖北美、欧洲等全球主要市场。
NET vs OPLN — 直观对比
营收规模更大
NET
是对方的1.2倍
$494.3M
营收增速更快
NET
高出25.0%
8.6%
净利率更高
OPLN
高出14.0%
-2.0%
自由现金流更多
OPLN
多$5.6M
$105.2M
两年增速更快
NET
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $494.3M |
| 净利润 | $-12.1M | $59.5M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 8.6% |
| 净利率 | -2.0% | 12.0% |
| 营收同比 | 33.6% | 8.6% |
| 净利润同比 | 6.0% | 13.8% |
| 每股收益（稀释后） | $-0.03 | $-1.54 |
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NETOPLN
| Q4 25 | $614.5M | $494.3M | ||
| Q3 25 | $562.0M | $498.4M | ||
| Q2 25 | $512.3M | $481.7M | ||
| Q1 25 | $479.1M | $460.1M | ||
| Q4 24 | $459.9M | $455.0M | ||
| Q3 24 | $430.1M | $459.8M | ||
| Q2 24 | $401.0M | $443.8M | ||
| Q1 24 | $378.6M | $429.9M |
净利润NETOPLN
| Q4 25 | $-12.1M | $59.5M | ||
| Q3 25 | $-1.3M | $47.9M | ||
| Q2 25 | $-50.4M | $33.4M | ||
| Q1 25 | $-38.5M | $36.9M | ||
| Q4 24 | $-12.8M | $52.3M | ||
| Q3 24 | $-15.3M | $28.4M | ||
| Q2 24 | $-15.1M | $10.7M | ||
| Q1 24 | $-35.5M | $18.5M |
毛利率NETOPLN
| 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NETOPLN
| Q4 25 | -8.0% | 8.6% | ||
| Q3 25 | -6.7% | 11.0% | ||
| Q2 25 | -13.1% | 9.8% | ||
| Q1 25 | -11.1% | 11.2% | ||
| Q4 24 | -7.5% | 17.4% | ||
| Q3 24 | -7.2% | 9.2% | ||
| Q2 24 | -8.7% | 5.4% | ||
| Q1 24 | -14.4% | 8.6% |
净利率NETOPLN
| Q4 25 | -2.0% | 12.0% | ||
| Q3 25 | -0.2% | 9.6% | ||
| Q2 25 | -9.8% | 6.9% | ||
| Q1 25 | -8.0% | 8.0% | ||
| Q4 24 | -2.8% | 11.5% | ||
| Q3 24 | -3.6% | 6.2% | ||
| Q2 24 | -3.8% | 2.4% | ||
| Q1 24 | -9.4% | 4.3% |
每股收益（稀释后）NETOPLN
| Q4 25 | $-0.03 | $-1.54 | ||
| Q3 25 | $0.00 | $0.25 | ||
| Q2 25 | $-0.15 | $0.15 | ||
| Q1 25 | $-0.11 | $0.18 | ||
| Q4 24 | $-0.05 | $0.28 | ||
| Q3 24 | $-0.04 | $0.12 | ||
| Q2 24 | $-0.04 | $0.00 | ||
| Q1 24 | $-0.10 | $0.05 |
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 | $141.5M |
| 总债务越低越好 | — | $550.0M |
| 股东权益账面价值 | $1.5B | $1.2B |
| 总资产 | $6.0B | $4.7B |
| 负债/权益比越低杠杆越低 | — | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资NETOPLN
| Q4 25 | $943.5M | $141.5M | ||
| Q3 25 | $1.1B | $119.3M | ||
| Q2 25 | $1.5B | $119.1M | ||
| Q1 25 | $204.5M | $220.5M | ||
| Q4 24 | $147.7M | $143.0M | ||
| Q3 24 | $182.9M | $132.1M | ||
| Q2 24 | $157.0M | $60.9M | ||
| Q1 24 | $254.4M | $105.2M |
总债务NETOPLN
| Q4 25 | — | $550.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $230.7M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NETOPLN
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $973.1M | $1.3B | ||
| Q2 24 | $881.5M | $1.3B | ||
| Q1 24 | $797.2M | $1.3B |
总资产NETOPLN
| Q4 25 | $6.0B | $4.7B | ||
| Q3 25 | $5.8B | $4.8B | ||
| Q2 25 | $5.6B | $4.6B | ||
| Q1 25 | $3.7B | $4.8B | ||
| Q4 24 | $3.3B | $4.6B | ||
| Q3 24 | $3.1B | $4.6B | ||
| Q2 24 | $2.9B | $4.6B | ||
| Q1 24 | $2.8B | $4.8B |
负债/权益比NETOPLN
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.17× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $125.5M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $110.8M |
| 自由现金流率自由现金流/营收 | 17.1% | 22.4% |
| 资本支出强度资本支出/营收 | 13.9% | 3.0% |
| 现金转化率经营现金流/净利润 | — | 2.11× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $336.5M |
8季度趋势，按日历期对齐
经营现金流NETOPLN
| Q4 25 | $190.4M | $125.5M | ||
| Q3 25 | $167.1M | $72.2M | ||
| Q2 25 | $99.8M | $71.6M | ||
| Q1 25 | $145.8M | $122.6M | ||
| Q4 24 | $127.3M | $32.7M | ||
| Q3 24 | $104.7M | $122.4M | ||
| Q2 24 | $74.8M | $37.5M | ||
| Q1 24 | $73.6M | $100.2M |
自由现金流NETOPLN
| Q4 25 | $105.2M | $110.8M | ||
| Q3 25 | $82.5M | $57.6M | ||
| Q2 25 | $39.9M | $57.4M | ||
| Q1 25 | $59.9M | $110.7M | ||
| Q4 24 | $54.2M | $18.7M | ||
| Q3 24 | $54.5M | $109.3M | ||
| Q2 24 | $45.2M | $24.5M | ||
| Q1 24 | $41.5M | $87.3M |
自由现金流率NETOPLN
| Q4 25 | 17.1% | 22.4% | ||
| Q3 25 | 14.7% | 11.6% | ||
| Q2 25 | 7.8% | 11.9% | ||
| Q1 25 | 12.5% | 24.1% | ||
| Q4 24 | 11.8% | 4.1% | ||
| Q3 24 | 12.7% | 23.8% | ||
| Q2 24 | 11.3% | 5.5% | ||
| Q1 24 | 11.0% | 20.3% |
资本支出强度NETOPLN
| Q4 25 | 13.9% | 3.0% | ||
| Q3 25 | 15.1% | 2.9% | ||
| Q2 25 | 11.7% | 2.9% | ||
| Q1 25 | 17.9% | 2.6% | ||
| Q4 24 | 15.9% | 3.1% | ||
| Q3 24 | 11.7% | 2.8% | ||
| Q2 24 | 7.4% | 2.9% | ||
| Q1 24 | 8.5% | 3.0% |
现金转化率NETOPLN
| Q4 25 | — | 2.11× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 3.32× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | — | 4.31× | ||
| Q2 24 | — | 3.50× | ||
| Q1 24 | — | 5.42× |
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% |
OPLN
| Marketplace | $384.7M | 78% |
| Finance | $109.6M | 22% |
