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Cloudflare, Inc.（NET）与派拓网络（PANW）财务数据对比。点击上方公司名可切换其他公司
派拓网络的季度营收约是Cloudflare, Inc.的4.2倍（$2.6B vs $614.5M），派拓网络净利率更高（16.7% vs -2.0%，领先18.6%），Cloudflare, Inc.同比增速更快（33.6% vs 14.9%），派拓网络自由现金流更多（$384.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 14.3%）
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。
派拓网络（Palo Alto Networks）是总部位于美国加利福尼亚州圣克拉拉的跨国网络安全企业，核心产品包括高级防火墙及拓展其防护能力的云原生安全服务，为全球150多个国家的超7万家机构、含85家财富100强企业提供服务，旗下拥有知名威胁研究团队Unit 42，还举办Ignite网络安全行业峰会。
NET vs PANW — 直观对比
营收规模更大
PANW
是对方的4.2倍
$614.5M
营收增速更快
NET
高出18.7%
14.9%
净利率更高
PANW
高出18.6%
-2.0%
自由现金流更多
PANW
多$278.8M
$105.2M
两年增速更快
NET
近两年复合增速
14.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $2.6B |
| 净利润 | $-12.1M | $432.0M |
| 毛利率 | 73.6% | 73.6% |
| 营业利润率 | -8.0% | 15.3% |
| 净利率 | -2.0% | 16.7% |
| 营收同比 | 33.6% | 14.9% |
| 净利润同比 | 6.0% | 61.6% |
| 每股收益（稀释后） | $-0.03 | $0.61 |
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NETPANW
| Q1 26 | — | $2.6B | ||
| Q4 25 | $614.5M | $2.5B | ||
| Q3 25 | $562.0M | $2.5B | ||
| Q2 25 | $512.3M | $2.3B | ||
| Q1 25 | $479.1M | $2.3B | ||
| Q4 24 | $459.9M | $2.1B | ||
| Q3 24 | $430.1M | $2.2B | ||
| Q2 24 | $401.0M | $2.0B |
净利润NETPANW
| Q1 26 | — | $432.0M | ||
| Q4 25 | $-12.1M | $334.0M | ||
| Q3 25 | $-1.3M | $253.8M | ||
| Q2 25 | $-50.4M | $262.1M | ||
| Q1 25 | $-38.5M | $267.3M | ||
| Q4 24 | $-12.8M | $350.7M | ||
| Q3 24 | $-15.3M | $357.7M | ||
| Q2 24 | $-15.1M | $278.8M |
毛利率NETPANW
| Q1 26 | — | 73.6% | ||
| Q4 25 | 73.6% | 74.2% | ||
| Q3 25 | 74.0% | 73.2% | ||
| Q2 25 | 74.9% | 72.9% | ||
| Q1 25 | 75.9% | 73.5% | ||
| Q4 24 | 76.4% | 74.1% | ||
| Q3 24 | 77.7% | 73.8% | ||
| Q2 24 | 77.8% | 74.1% |
营业利润率NETPANW
| Q1 26 | — | 15.3% | ||
| Q4 25 | -8.0% | 12.5% | ||
| Q3 25 | -6.7% | 19.6% | ||
| Q2 25 | -13.1% | 9.6% | ||
| Q1 25 | -11.1% | 10.6% | ||
| Q4 24 | -7.5% | 13.4% | ||
| Q3 24 | -7.2% | 10.9% | ||
| Q2 24 | -8.7% | 8.9% |
净利率NETPANW
| Q1 26 | — | 16.7% | ||
| Q4 25 | -2.0% | 13.5% | ||
| Q3 25 | -0.2% | 10.0% | ||
| Q2 25 | -9.8% | 11.5% | ||
| Q1 25 | -8.0% | 11.8% | ||
| Q4 24 | -2.8% | 16.4% | ||
| Q3 24 | -3.6% | 16.3% | ||
| Q2 24 | -3.8% | 14.0% |
每股收益（稀释后）NETPANW
| Q1 26 | — | $0.61 | ||
| Q4 25 | $-0.03 | $0.47 | ||
| Q3 25 | $0.00 | $-0.14 | ||
| Q2 25 | $-0.15 | $0.37 | ||
| Q1 25 | $-0.11 | $0.38 | ||
| Q4 24 | $-0.05 | $0.99 | ||
| Q3 24 | $-0.04 | $1.04 | ||
| Q2 24 | $-0.04 | $0.79 |
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 | $4.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $9.4B |
| 总资产 | $6.0B | $25.0B |
| 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NETPANW
| Q1 26 | — | $4.5B | ||
| Q4 25 | $943.5M | $4.2B | ||
| Q3 25 | $1.1B | $2.9B | ||
| Q2 25 | $1.5B | $3.3B | ||
| Q1 25 | $204.5M | $3.2B | ||
| Q4 24 | $147.7M | $3.4B | ||
| Q3 24 | $182.9M | $2.6B | ||
| Q2 24 | $157.0M | $2.9B |
股东权益NETPANW
| Q1 26 | — | $9.4B | ||
| Q4 25 | $1.5B | $8.7B | ||
| Q3 25 | $1.3B | $7.8B | ||
| Q2 25 | $1.2B | $7.2B | ||
| Q1 25 | $1.4B | $6.4B | ||
| Q4 24 | $1.0B | $5.9B | ||
| Q3 24 | $973.1M | $5.2B | ||
| Q2 24 | $881.5M | $4.5B |
总资产NETPANW
| Q1 26 | — | $25.0B | ||
| Q4 25 | $6.0B | $23.5B | ||
| Q3 25 | $5.8B | $23.6B | ||
| Q2 25 | $5.6B | $22.0B | ||
| Q1 25 | $3.7B | $21.0B | ||
| Q4 24 | $3.3B | $20.4B | ||
| Q3 24 | $3.1B | $20.0B | ||
| Q2 24 | $2.9B | $17.9B |
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 | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $384.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 14.8% |
| 资本支出强度资本支出/营收 | 13.9% | 6.6% |
| 现金转化率经营现金流/净利润 | — | 1.28× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $3.6B |
8季度趋势，按日历期对齐
经营现金流NETPANW
| Q1 26 | — | $554.0M | ||
| Q4 25 | $190.4M | $1.8B | ||
| Q3 25 | $167.1M | $1.0B | ||
| Q2 25 | $99.8M | $628.7M | ||
| Q1 25 | $145.8M | $556.9M | ||
| Q4 24 | $127.3M | $1.5B | ||
| Q3 24 | $104.7M | $512.7M | ||
| Q2 24 | $74.8M | $528.9M |
自由现金流NETPANW
| Q1 26 | — | $384.0M | ||
| Q4 25 | $105.2M | $1.7B | ||
| Q3 25 | $82.5M | $934.5M | ||
| Q2 25 | $39.9M | $560.4M | ||
| Q1 25 | $59.9M | $509.4M | ||
| Q4 24 | $54.2M | $1.5B | ||
| Q3 24 | $54.5M | $465.3M | ||
| Q2 24 | $45.2M | $491.5M |
自由现金流率NETPANW
| Q1 26 | — | 14.8% | ||
| Q4 25 | 17.1% | 68.2% | ||
| Q3 25 | 14.7% | 36.8% | ||
| Q2 25 | 7.8% | 24.5% | ||
| Q1 25 | 12.5% | 22.6% | ||
| Q4 24 | 11.8% | 68.5% | ||
| Q3 24 | 12.7% | 21.3% | ||
| Q2 24 | 11.3% | 24.8% |
资本支出强度NETPANW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 13.9% | 3.4% | ||
| Q3 25 | 15.1% | 3.4% | ||
| Q2 25 | 11.7% | 3.0% | ||
| Q1 25 | 17.9% | 2.1% | ||
| Q4 24 | 15.9% | 2.1% | ||
| Q3 24 | 11.7% | 2.2% | ||
| Q2 24 | 7.4% | 1.9% |
现金转化率NETPANW
| Q1 26 | — | 1.28× | ||
| Q4 25 | — | 5.30× | ||
| Q3 25 | — | 4.02× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | — | 2.08× | ||
| Q4 24 | — | 4.30× | ||
| Q3 24 | — | 1.43× | ||
| Q2 24 | — | 1.90× |
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% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
