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Cloudflare, Inc.（NET）与Paymentus Holdings, Inc.（PAY）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Paymentus Holdings, Inc.的1.9倍（$614.5M vs $330.5M），Paymentus Holdings, Inc.净利率更高（6.3% vs -2.0%，领先8.2%），Cloudflare, Inc.同比增速更快（33.6% vs 28.1%），Cloudflare, Inc.自由现金流更多（$105.2M vs $45.0M），过去两年Paymentus Holdings, Inc.的营收复合增速更高（33.7% vs 27.4%）
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。
Paymentus Holdings, Inc.是领先的云原生账单支付与客户互动技术服务商，面向公用事业、金融服务、政府、医疗、电信等领域企业提供集成数字支付解决方案、账单自动化工具和自助服务门户，核心业务覆盖北美市场。
NET vs PAY — 直观对比
营收规模更大
NET
是对方的1.9倍
$330.5M
营收增速更快
NET
高出5.5%
28.1%
净利率更高
PAY
高出8.2%
-2.0%
自由现金流更多
NET
多$60.2M
$45.0M
两年增速更快
PAY
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $330.5M |
| 净利润 | $-12.1M | $20.7M |
| 毛利率 | 73.6% | 25.4% |
| 营业利润率 | -8.0% | 7.3% |
| 净利率 | -2.0% | 6.3% |
| 营收同比 | 33.6% | 28.1% |
| 净利润同比 | 6.0% | 57.2% |
| 每股收益（稀释后） | $-0.03 | $0.16 |
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NETPAY
| Q4 25 | $614.5M | $330.5M | ||
| Q3 25 | $562.0M | $310.7M | ||
| Q2 25 | $512.3M | $280.1M | ||
| Q1 25 | $479.1M | $275.2M | ||
| Q4 24 | $459.9M | $257.9M | ||
| Q3 24 | $430.1M | $231.6M | ||
| Q2 24 | $401.0M | $197.4M | ||
| Q1 24 | $378.6M | $184.9M |
净利润NETPAY
| Q4 25 | $-12.1M | $20.7M | ||
| Q3 25 | $-1.3M | $17.7M | ||
| Q2 25 | $-50.4M | $14.7M | ||
| Q1 25 | $-38.5M | $13.8M | ||
| Q4 24 | $-12.8M | $13.1M | ||
| Q3 24 | $-15.3M | $14.4M | ||
| Q2 24 | $-15.1M | $9.4M | ||
| Q1 24 | $-35.5M | $7.2M |
毛利率NETPAY
| Q4 25 | 73.6% | 25.4% | ||
| Q3 25 | 74.0% | 24.1% | ||
| Q2 25 | 74.9% | 25.5% | ||
| Q1 25 | 75.9% | 24.0% | ||
| Q4 24 | 76.4% | 25.6% | ||
| Q3 24 | 77.7% | 26.2% | ||
| Q2 24 | 77.8% | 29.8% | ||
| Q1 24 | 77.5% | 28.5% |
营业利润率NETPAY
| Q4 25 | -8.0% | 7.3% | ||
| Q3 25 | -6.7% | 6.4% | ||
| Q2 25 | -13.1% | 5.7% | ||
| Q1 25 | -11.1% | 5.7% | ||
| Q4 24 | -7.5% | 5.5% | ||
| Q3 24 | -7.2% | 5.2% | ||
| Q2 24 | -8.7% | 5.2% | ||
| Q1 24 | -14.4% | 4.5% |
净利率NETPAY
| Q4 25 | -2.0% | 6.3% | ||
| Q3 25 | -0.2% | 5.7% | ||
| Q2 25 | -9.8% | 5.3% | ||
| Q1 25 | -8.0% | 5.0% | ||
| Q4 24 | -2.8% | 5.1% | ||
| Q3 24 | -3.6% | 6.2% | ||
| Q2 24 | -3.8% | 4.7% | ||
| Q1 24 | -9.4% | 3.9% |
每股收益（稀释后）NETPAY
| Q4 25 | $-0.03 | $0.16 | ||
| Q3 25 | $0.00 | $0.14 | ||
| Q2 25 | $-0.15 | $0.11 | ||
| Q1 25 | $-0.11 | $0.11 | ||
| Q4 24 | $-0.05 | $0.11 | ||
| Q3 24 | $-0.04 | $0.11 | ||
| Q2 24 | $-0.04 | $0.07 | ||
| Q1 24 | $-0.10 | $0.06 |
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 | $320.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $560.4M |
| 总资产 | $6.0B | $667.9M |
| 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NETPAY
| Q4 25 | $943.5M | $320.9M | ||
| Q3 25 | $1.1B | $287.9M | ||
| Q2 25 | $1.5B | $266.4M | ||
| Q1 25 | $204.5M | $245.8M | ||
| Q4 24 | $147.7M | $205.9M | ||
| Q3 24 | $182.9M | $187.5M | ||
| Q2 24 | $157.0M | $188.8M | ||
| Q1 24 | $254.4M | $180.1M |
股东权益NETPAY
| Q4 25 | $1.5B | $560.4M | ||
| Q3 25 | $1.3B | $537.4M | ||
| Q2 25 | $1.2B | $516.7M | ||
| Q1 25 | $1.4B | $500.4M | ||
| Q4 24 | $1.0B | $485.6M | ||
| Q3 24 | $973.1M | $468.8M | ||
| Q2 24 | $881.5M | $451.6M | ||
| Q1 24 | $797.2M | $439.4M |
总资产NETPAY
| Q4 25 | $6.0B | $667.9M | ||
| Q3 25 | $5.8B | $644.4M | ||
| Q2 25 | $5.6B | $609.5M | ||
| Q1 25 | $3.7B | $590.9M | ||
| Q4 24 | $3.3B | $576.2M | ||
| Q3 24 | $3.1B | $552.9M | ||
| Q2 24 | $2.9B | $527.7M | ||
| Q1 24 | $2.8B | $514.0M |
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 | $45.1M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $45.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 13.6% |
| 资本支出强度资本支出/营收 | 13.9% | 0.0% |
| 现金转化率经营现金流/净利润 | — | 2.18× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $161.8M |
8季度趋势，按日历期对齐
经营现金流NETPAY
| Q4 25 | $190.4M | $45.1M | ||
| Q3 25 | $167.1M | $35.1M | ||
| Q2 25 | $99.8M | $31.5M | ||
| Q1 25 | $145.8M | $50.4M | ||
| Q4 24 | $127.3M | $27.9M | ||
| Q3 24 | $104.7M | $6.7M | ||
| Q2 24 | $74.8M | $18.0M | ||
| Q1 24 | $73.6M | $11.0M |
自由现金流NETPAY
| Q4 25 | $105.2M | $45.0M | ||
| Q3 25 | $82.5M | $35.0M | ||
| Q2 25 | $39.9M | $31.4M | ||
| Q1 25 | $59.9M | $50.4M | ||
| Q4 24 | $54.2M | $27.8M | ||
| Q3 24 | $54.5M | $6.7M | ||
| Q2 24 | $45.2M | $17.8M | ||
| Q1 24 | $41.5M | $10.8M |
自由现金流率NETPAY
| Q4 25 | 17.1% | 13.6% | ||
| Q3 25 | 14.7% | 11.3% | ||
| Q2 25 | 7.8% | 11.2% | ||
| Q1 25 | 12.5% | 18.3% | ||
| Q4 24 | 11.8% | 10.8% | ||
| Q3 24 | 12.7% | 2.9% | ||
| Q2 24 | 11.3% | 9.0% | ||
| Q1 24 | 11.0% | 5.9% |
资本支出强度NETPAY
| Q4 25 | 13.9% | 0.0% | ||
| Q3 25 | 15.1% | 0.0% | ||
| Q2 25 | 11.7% | 0.0% | ||
| Q1 25 | 17.9% | 0.0% | ||
| Q4 24 | 15.9% | 0.0% | ||
| Q3 24 | 11.7% | 0.0% | ||
| Q2 24 | 7.4% | 0.1% | ||
| Q1 24 | 8.5% | 0.1% |
现金转化率NETPAY
| Q4 25 | — | 2.18× | ||
| Q3 25 | — | 1.98× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | — | 2.12× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 1.93× | ||
| Q1 24 | — | 1.52× |
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% |
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
