vs
Cloudflare, Inc.（NET）与BLUE OWL CAPITAL INC.（OWL）财务数据对比。点击上方公司名可切换其他公司
BLUE OWL CAPITAL INC.的季度营收约是Cloudflare, Inc.的1.2倍（$755.6M vs $614.5M），BLUE OWL CAPITAL INC.净利率更高（6.3% vs -2.0%，领先8.3%），Cloudflare, Inc.同比增速更快（33.6% vs 19.7%），BLUE OWL CAPITAL INC.自由现金流更多（$359.1M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 21.3%）
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。
Blue Owl Capital Inc.是美国另类投资资产管理机构，于纽约证券交易所挂牌上市，股票代码为OWL，总部设在纽约市，在伦敦、迪拜、中国香港等全球多地设有办事处，专注为各类客户提供专业的另类资产管理解决方案。
NET vs OWL — 直观对比
营收规模更大
OWL
是对方的1.2倍
$614.5M
营收增速更快
NET
高出13.9%
19.7%
净利率更高
OWL
高出8.3%
-2.0%
自由现金流更多
OWL
多$253.9M
$105.2M
两年增速更快
NET
近两年复合增速
21.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $755.6M |
| 净利润 | $-12.1M | $47.7M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 22.2% |
| 净利率 | -2.0% | 6.3% |
| 营收同比 | 33.6% | 19.7% |
| 净利润同比 | 6.0% | 129.8% |
| 每股收益（稀释后） | $-0.03 | $0.07 |
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NETOWL
| Q4 25 | $614.5M | $755.6M | ||
| Q3 25 | $562.0M | $728.0M | ||
| Q2 25 | $512.3M | $703.1M | ||
| Q1 25 | $479.1M | $683.5M | ||
| Q4 24 | $459.9M | $631.4M | ||
| Q3 24 | $430.1M | $600.9M | ||
| Q2 24 | $401.0M | $549.8M | ||
| Q1 24 | $378.6M | $513.3M |
净利润NETOWL
| Q4 25 | $-12.1M | $47.7M | ||
| Q3 25 | $-1.3M | $6.3M | ||
| Q2 25 | $-50.4M | $17.4M | ||
| Q1 25 | $-38.5M | $7.4M | ||
| Q4 24 | $-12.8M | $20.7M | ||
| Q3 24 | $-15.3M | $29.8M | ||
| Q2 24 | $-15.1M | $33.9M | ||
| Q1 24 | $-35.5M | $25.1M |
毛利率NETOWL
| 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NETOWL
| Q4 25 | -8.0% | 22.2% | ||
| Q3 25 | -6.7% | 7.6% | ||
| Q2 25 | -13.1% | 12.0% | ||
| Q1 25 | -11.1% | 5.9% | ||
| Q4 24 | -7.5% | 11.7% | ||
| Q3 24 | -7.2% | 18.7% | ||
| Q2 24 | -8.7% | 28.4% | ||
| Q1 24 | -14.4% | 24.7% |
净利率NETOWL
| Q4 25 | -2.0% | 6.3% | ||
| Q3 25 | -0.2% | 0.9% | ||
| Q2 25 | -9.8% | 2.5% | ||
| Q1 25 | -8.0% | 1.1% | ||
| Q4 24 | -2.8% | 3.3% | ||
| Q3 24 | -3.6% | 5.0% | ||
| Q2 24 | -3.8% | 6.2% | ||
| Q1 24 | -9.4% | 4.9% |
每股收益（稀释后）NETOWL
| Q4 25 | $-0.03 | $0.07 | ||
| Q3 25 | $0.00 | $0.01 | ||
| Q2 25 | $-0.15 | $0.02 | ||
| Q1 25 | $-0.11 | $0.00 | ||
| Q4 24 | $-0.05 | $0.06 | ||
| Q3 24 | $-0.04 | $0.04 | ||
| Q2 24 | $-0.04 | $0.06 | ||
| Q1 24 | $-0.10 | $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 | $194.5M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $1.5B | $2.2B |
| 总资产 | $6.0B | $12.5B |
| 负债/权益比越低杠杆越低 | — | 1.51× |
8季度趋势，按日历期对齐
现金及短期投资NETOWL
| Q4 25 | $943.5M | $194.5M | ||
| Q3 25 | $1.1B | $137.3M | ||
| Q2 25 | $1.5B | $117.6M | ||
| Q1 25 | $204.5M | $97.6M | ||
| Q4 24 | $147.7M | $152.1M | ||
| Q3 24 | $182.9M | $115.9M | ||
| Q2 24 | $157.0M | $436.8M | ||
| Q1 24 | $254.4M | $155.8M |
总债务NETOWL
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.1B |
股东权益NETOWL
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.3B | $2.3B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.0B | $2.1B | ||
| Q3 24 | $973.1M | $2.0B | ||
| Q2 24 | $881.5M | $1.7B | ||
| Q1 24 | $797.2M | $1.6B |
总资产NETOWL
| Q4 25 | $6.0B | $12.5B | ||
| Q3 25 | $5.8B | $12.5B | ||
| Q2 25 | $5.6B | $12.3B | ||
| Q1 25 | $3.7B | $12.3B | ||
| Q4 24 | $3.3B | $11.0B | ||
| Q3 24 | $3.1B | $10.8B | ||
| Q2 24 | $2.9B | $9.7B | ||
| Q1 24 | $2.8B | $9.0B |
负债/权益比NETOWL
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | — | 1.37× | ||
| Q4 24 | — | 1.22× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | — | 1.26× |
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 | $382.9M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $359.1M |
| 自由现金流率自由现金流/营收 | 17.1% | 47.5% |
| 资本支出强度资本支出/营收 | 13.9% | 3.1% |
| 现金转化率经营现金流/净利润 | — | 8.03× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $1.2B |
8季度趋势，按日历期对齐
经营现金流NETOWL
| Q4 25 | $190.4M | $382.9M | ||
| Q3 25 | $167.1M | $433.1M | ||
| Q2 25 | $99.8M | $422.5M | ||
| Q1 25 | $145.8M | $17.6M | ||
| Q4 24 | $127.3M | $324.0M | ||
| Q3 24 | $104.7M | $326.0M | ||
| Q2 24 | $74.8M | $302.3M | ||
| Q1 24 | $73.6M | $47.2M |
自由现金流NETOWL
| Q4 25 | $105.2M | $359.1M | ||
| Q3 25 | $82.5M | $422.5M | ||
| Q2 25 | $39.9M | $412.5M | ||
| Q1 25 | $59.9M | $4.2M | ||
| Q4 24 | $54.2M | $310.1M | ||
| Q3 24 | $54.5M | $314.8M | ||
| Q2 24 | $45.2M | $269.4M | ||
| Q1 24 | $41.5M | $41.1M |
自由现金流率NETOWL
| Q4 25 | 17.1% | 47.5% | ||
| Q3 25 | 14.7% | 58.0% | ||
| Q2 25 | 7.8% | 58.7% | ||
| Q1 25 | 12.5% | 0.6% | ||
| Q4 24 | 11.8% | 49.1% | ||
| Q3 24 | 12.7% | 52.4% | ||
| Q2 24 | 11.3% | 49.0% | ||
| Q1 24 | 11.0% | 8.0% |
资本支出强度NETOWL
| Q4 25 | 13.9% | 3.1% | ||
| Q3 25 | 15.1% | 1.5% | ||
| Q2 25 | 11.7% | 1.4% | ||
| Q1 25 | 17.9% | 2.0% | ||
| Q4 24 | 15.9% | 2.2% | ||
| Q3 24 | 11.7% | 1.9% | ||
| Q2 24 | 7.4% | 6.0% | ||
| Q1 24 | 8.5% | 1.2% |
现金转化率NETOWL
| Q4 25 | — | 8.03× | ||
| Q3 25 | — | 68.64× | ||
| Q2 25 | — | 24.25× | ||
| Q1 25 | — | 2.37× | ||
| Q4 24 | — | 15.62× | ||
| Q3 24 | — | 10.94× | ||
| Q2 24 | — | 8.91× | ||
| Q1 24 | — | 1.88× |
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% |
OWL
| Credit Platform | $455.0M | 60% |
| GP Strategic Capital Platform | $157.0M | 21% |
| Administrative Service | $87.6M | 12% |
| IPI Partners LLC | $33.8M | 4% |
| Other | $22.2M | 3% |
