vs
Cloudflare, Inc.（NET）与OPPENHEIMER HOLDINGS INC（OPY）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OPPENHEIMER HOLDINGS INC的1.3倍（$614.5M vs $472.6M），OPPENHEIMER HOLDINGS INC净利率更高（15.7% vs -2.0%，领先17.7%），Cloudflare, Inc.同比增速更快（33.6% vs 25.9%），OPPENHEIMER HOLDINGS INC自由现金流更多（$183.6M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 15.7%）
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。
奥本海默控股是一家美国跨国独立投资银行与金融服务企业，面向全球客户提供投资银行、财务咨询、资本市场、资产管理及财富管理等相关产品与服务，目前总部设于纽约市宽街85号。
NET vs OPY — 直观对比
营收规模更大
NET
是对方的1.3倍
$472.6M
营收增速更快
NET
高出7.7%
25.9%
净利率更高
OPY
高出17.7%
-2.0%
自由现金流更多
OPY
多$78.3M
$105.2M
两年增速更快
NET
近两年复合增速
15.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $472.6M |
| 净利润 | $-12.1M | $74.4M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 22.4% |
| 净利率 | -2.0% | 15.7% |
| 营收同比 | 33.6% | 25.9% |
| 净利润同比 | 6.0% | 593.1% |
| 每股收益（稀释后） | $-0.03 | $6.51 |
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NETOPY
| Q4 25 | $614.5M | $472.6M | ||
| Q3 25 | $562.0M | $424.4M | ||
| Q2 25 | $512.3M | $373.2M | ||
| Q1 25 | $479.1M | $367.8M | ||
| Q4 24 | $459.9M | $375.4M | ||
| Q3 24 | $430.1M | $373.4M | ||
| Q2 24 | $401.0M | $330.6M | ||
| Q1 24 | $378.6M | $353.1M |
净利润NETOPY
| Q4 25 | $-12.1M | $74.4M | ||
| Q3 25 | $-1.3M | $21.7M | ||
| Q2 25 | $-50.4M | $21.7M | ||
| Q1 25 | $-38.5M | $30.7M | ||
| Q4 24 | $-12.8M | $10.7M | ||
| Q3 24 | $-15.3M | $24.5M | ||
| Q2 24 | $-15.1M | $10.3M | ||
| Q1 24 | $-35.5M | $26.1M |
毛利率NETOPY
| 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NETOPY
| Q4 25 | -8.0% | 22.4% | ||
| Q3 25 | -6.7% | 7.5% | ||
| Q2 25 | -13.1% | 8.6% | ||
| Q1 25 | -11.1% | 11.2% | ||
| Q4 24 | -7.5% | 4.5% | ||
| Q3 24 | -7.2% | 9.5% | ||
| Q2 24 | -8.7% | 4.8% | ||
| Q1 24 | -14.4% | 10.6% |
净利率NETOPY
| Q4 25 | -2.0% | 15.7% | ||
| Q3 25 | -0.2% | 5.1% | ||
| Q2 25 | -9.8% | 5.8% | ||
| Q1 25 | -8.0% | 8.3% | ||
| Q4 24 | -2.8% | 2.9% | ||
| Q3 24 | -3.6% | 6.6% | ||
| Q2 24 | -3.8% | 3.1% | ||
| Q1 24 | -9.4% | 7.4% |
每股收益（稀释后）NETOPY
| Q4 25 | $-0.03 | $6.51 | ||
| Q3 25 | $0.00 | $1.90 | ||
| Q2 25 | $-0.15 | $1.91 | ||
| Q1 25 | $-0.11 | $2.72 | ||
| Q4 24 | $-0.05 | $0.92 | ||
| Q3 24 | $-0.04 | $2.16 | ||
| Q2 24 | $-0.04 | $0.92 | ||
| Q1 24 | $-0.10 | $2.37 |
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 | $38.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $983.8M |
| 总资产 | $6.0B | $3.7B |
| 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NETOPY
| Q4 25 | $943.5M | $38.4M | ||
| Q3 25 | $1.1B | $38.3M | ||
| Q2 25 | $1.5B | $37.6M | ||
| Q1 25 | $204.5M | $36.7M | ||
| Q4 24 | $147.7M | $33.1M | ||
| Q3 24 | $182.9M | $32.2M | ||
| Q2 24 | $157.0M | $33.2M | ||
| Q1 24 | $254.4M | $27.7M |
总债务NETOPY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | $112.8M | ||
| Q2 24 | — | $112.8M | ||
| Q1 24 | — | $112.7M |
股东权益NETOPY
| Q4 25 | $1.5B | $983.8M | ||
| Q3 25 | $1.3B | $920.3M | ||
| Q2 25 | $1.2B | $896.9M | ||
| Q1 25 | $1.4B | $872.3M | ||
| Q4 24 | $1.0B | $850.4M | ||
| Q3 24 | $973.1M | $837.8M | ||
| Q2 24 | $881.5M | $812.1M | ||
| Q1 24 | $797.2M | $801.5M |
总资产NETOPY
| Q4 25 | $6.0B | $3.7B | ||
| Q3 25 | $5.8B | $3.8B | ||
| Q2 25 | $5.6B | $3.7B | ||
| Q1 25 | $3.7B | $3.6B | ||
| Q4 24 | $3.3B | $3.4B | ||
| Q3 24 | $3.1B | $3.4B | ||
| Q2 24 | $2.9B | $3.3B | ||
| Q1 24 | $2.8B | $3.3B |
负债/权益比NETOPY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.14× |
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 | $188.8M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $183.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 38.8% |
| 资本支出强度资本支出/营收 | 13.9% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.54× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $191.3M |
8季度趋势，按日历期对齐
经营现金流NETOPY
| Q4 25 | $190.4M | $188.8M | ||
| Q3 25 | $167.1M | $63.4M | ||
| Q2 25 | $99.8M | $40.1M | ||
| Q1 25 | $145.8M | $-91.7M | ||
| Q4 24 | $127.3M | $-108.2M | ||
| Q3 24 | $104.7M | $11.4M | ||
| Q2 24 | $74.8M | $-115.3M | ||
| Q1 24 | $73.6M | $-79.0M |
自由现金流NETOPY
| Q4 25 | $105.2M | $183.6M | ||
| Q3 25 | $82.5M | $62.2M | ||
| Q2 25 | $39.9M | $38.9M | ||
| Q1 25 | $59.9M | $-93.4M | ||
| Q4 24 | $54.2M | $-113.3M | ||
| Q3 24 | $54.5M | $11.2M | ||
| Q2 24 | $45.2M | $-116.7M | ||
| Q1 24 | $41.5M | $-79.3M |
自由现金流率NETOPY
| Q4 25 | 17.1% | 38.8% | ||
| Q3 25 | 14.7% | 14.7% | ||
| Q2 25 | 7.8% | 10.4% | ||
| Q1 25 | 12.5% | -25.4% | ||
| Q4 24 | 11.8% | -30.2% | ||
| Q3 24 | 12.7% | 3.0% | ||
| Q2 24 | 11.3% | -35.3% | ||
| Q1 24 | 11.0% | -22.5% |
资本支出强度NETOPY
| Q4 25 | 13.9% | 1.1% | ||
| Q3 25 | 15.1% | 0.3% | ||
| Q2 25 | 11.7% | 0.3% | ||
| Q1 25 | 17.9% | 0.5% | ||
| Q4 24 | 15.9% | 1.4% | ||
| Q3 24 | 11.7% | 0.1% | ||
| Q2 24 | 7.4% | 0.4% | ||
| Q1 24 | 8.5% | 0.1% |
现金转化率NETOPY
| Q4 25 | — | 2.54× | ||
| Q3 25 | — | 2.92× | ||
| Q2 25 | — | 1.85× | ||
| Q1 25 | — | -2.99× | ||
| Q4 24 | — | -10.08× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | -11.23× | ||
| Q1 24 | — | -3.03× |
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% |
OPY
| Advisory Fees | $166.6M | 35% |
| Capital Markets Segment | $155.5M | 33% |
| Other | $57.2M | 12% |
| Commissions From Sales And Trading | $52.9M | 11% |
| Bank Deposit Sweep Income | $27.7M | 6% |
| Mutual Fund Income | $8.9M | 2% |
| Investment Banking Capital Markets | $3.3M | 1% |
