vs
Cloudflare, Inc.（NET）与Paycom（PAYC）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Paycom的1.1倍（$614.5M vs $544.3M），Paycom净利率更高（20.9% vs -2.0%，领先22.9%），Cloudflare, Inc.同比增速更快（33.6% vs 10.2%），Paycom自由现金流更多（$122.6M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 4.3%）
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。
Paycom Software Inc.（简称Paycom）是1998年成立的线上薪资与人力资源软件服务商，总部位于美国俄克拉荷马城，在全美多地设有办事处，是全球最早推出全线上薪资管理服务的供应商之一，2025年营收达20.52亿美元，较2024年的18.83亿美元稳步增长。
NET vs PAYC — 直观对比
营收规模更大
NET
是对方的1.1倍
$544.3M
营收增速更快
NET
高出23.4%
10.2%
净利率更高
PAYC
高出22.9%
-2.0%
自由现金流更多
PAYC
多$17.4M
$105.2M
两年增速更快
NET
近两年复合增速
4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $544.3M |
| 净利润 | $-12.1M | $113.8M |
| 毛利率 | 73.6% | 83.9% |
| 营业利润率 | -8.0% | 28.9% |
| 净利率 | -2.0% | 20.9% |
| 营收同比 | 33.6% | 10.2% |
| 净利润同比 | 6.0% | 0.2% |
| 每股收益（稀释后） | $-0.03 | $2.06 |
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NETPAYC
| Q4 25 | $614.5M | $544.3M | ||
| Q3 25 | $562.0M | $493.3M | ||
| Q2 25 | $512.3M | $483.6M | ||
| Q1 25 | $479.1M | $530.5M | ||
| Q4 24 | $459.9M | $493.9M | ||
| Q3 24 | $430.1M | $451.9M | ||
| Q2 24 | $401.0M | $437.5M | ||
| Q1 24 | $378.6M | $499.9M |
净利润NETPAYC
| Q4 25 | $-12.1M | $113.8M | ||
| Q3 25 | $-1.3M | $110.7M | ||
| Q2 25 | $-50.4M | $89.5M | ||
| Q1 25 | $-38.5M | $139.4M | ||
| Q4 24 | $-12.8M | $113.6M | ||
| Q3 24 | $-15.3M | $73.3M | ||
| Q2 24 | $-15.1M | $68.0M | ||
| Q1 24 | $-35.5M | $247.2M |
毛利率NETPAYC
| Q4 25 | 73.6% | 83.9% | ||
| Q3 25 | 74.0% | 82.7% | ||
| Q2 25 | 74.9% | 81.9% | ||
| Q1 25 | 75.9% | 84.1% | ||
| Q4 24 | 76.4% | 83.1% | ||
| Q3 24 | 77.7% | 80.5% | ||
| Q2 24 | 77.8% | 80.8% | ||
| Q1 24 | 77.5% | 84.3% |
营业利润率NETPAYC
| Q4 25 | -8.0% | 28.9% | ||
| Q3 25 | -6.7% | 22.8% | ||
| Q2 25 | -13.1% | 23.2% | ||
| Q1 25 | -11.1% | 34.9% | ||
| Q4 24 | -7.5% | 30.1% | ||
| Q3 24 | -7.2% | 23.2% | ||
| Q2 24 | -8.7% | 21.7% | ||
| Q1 24 | -14.4% | 57.2% |
净利率NETPAYC
| Q4 25 | -2.0% | 20.9% | ||
| Q3 25 | -0.2% | 22.4% | ||
| Q2 25 | -9.8% | 18.5% | ||
| Q1 25 | -8.0% | 26.3% | ||
| Q4 24 | -2.8% | 23.0% | ||
| Q3 24 | -3.6% | 16.2% | ||
| Q2 24 | -3.8% | 15.5% | ||
| Q1 24 | -9.4% | 49.4% |
每股收益（稀释后）NETPAYC
| Q4 25 | $-0.03 | $2.06 | ||
| Q3 25 | $0.00 | $1.96 | ||
| Q2 25 | $-0.15 | $1.58 | ||
| Q1 25 | $-0.11 | $2.48 | ||
| Q4 24 | $-0.05 | $2.04 | ||
| Q3 24 | $-0.04 | $1.31 | ||
| Q2 24 | $-0.04 | $1.20 | ||
| Q1 24 | $-0.10 | $4.37 |
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 | $370.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $1.7B |
| 总资产 | $6.0B | $7.6B |
| 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NETPAYC
| Q4 25 | $943.5M | $370.0M | ||
| Q3 25 | $1.1B | $375.0M | ||
| Q2 25 | $1.5B | $532.2M | ||
| Q1 25 | $204.5M | $520.8M | ||
| Q4 24 | $147.7M | $402.0M | ||
| Q3 24 | $182.9M | $325.8M | ||
| Q2 24 | $157.0M | $346.5M | ||
| Q1 24 | $254.4M | $371.3M |
股东权益NETPAYC
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $973.1M | $1.5B | ||
| Q2 24 | $881.5M | $1.4B | ||
| Q1 24 | $797.2M | $1.4B |
总资产NETPAYC
| Q4 25 | $6.0B | $7.6B | ||
| Q3 25 | $5.8B | $4.2B | ||
| Q2 25 | $5.6B | $4.0B | ||
| Q1 25 | $3.7B | $4.6B | ||
| Q4 24 | $3.3B | $5.9B | ||
| Q3 24 | $3.1B | $3.5B | ||
| Q2 24 | $2.9B | $4.3B | ||
| Q1 24 | $2.8B | $4.7B |
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 | $196.1M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $122.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 22.5% |
| 资本支出强度资本支出/营收 | 13.9% | 13.5% |
| 现金转化率经营现金流/净利润 | — | 1.72× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $408.0M |
8季度趋势，按日历期对齐
经营现金流NETPAYC
| Q4 25 | $190.4M | $196.1M | ||
| Q3 25 | $167.1M | $177.8M | ||
| Q2 25 | $99.8M | $122.5M | ||
| Q1 25 | $145.8M | $182.5M | ||
| Q4 24 | $127.3M | $160.4M | ||
| Q3 24 | $104.7M | $92.8M | ||
| Q2 24 | $74.8M | $132.1M | ||
| Q1 24 | $73.6M | $148.6M |
自由现金流NETPAYC
| Q4 25 | $105.2M | $122.6M | ||
| Q3 25 | $82.5M | $79.8M | ||
| Q2 25 | $39.9M | $60.8M | ||
| Q1 25 | $59.9M | $144.8M | ||
| Q4 24 | $54.2M | $109.0M | ||
| Q3 24 | $54.5M | $44.6M | ||
| Q2 24 | $45.2M | $86.5M | ||
| Q1 24 | $41.5M | $100.9M |
自由现金流率NETPAYC
| Q4 25 | 17.1% | 22.5% | ||
| Q3 25 | 14.7% | 16.2% | ||
| Q2 25 | 7.8% | 12.6% | ||
| Q1 25 | 12.5% | 27.3% | ||
| Q4 24 | 11.8% | 22.1% | ||
| Q3 24 | 12.7% | 9.9% | ||
| Q2 24 | 11.3% | 19.8% | ||
| Q1 24 | 11.0% | 20.2% |
资本支出强度NETPAYC
| Q4 25 | 13.9% | 13.5% | ||
| Q3 25 | 15.1% | 19.9% | ||
| Q2 25 | 11.7% | 12.8% | ||
| Q1 25 | 17.9% | 7.1% | ||
| Q4 24 | 15.9% | 10.4% | ||
| Q3 24 | 11.7% | 10.7% | ||
| Q2 24 | 7.4% | 10.4% | ||
| Q1 24 | 8.5% | 9.5% |
现金转化率NETPAYC
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | — | 1.37× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.94× | ||
| Q1 24 | — | 0.60× |
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% |
PAYC
| Recurring | $510.3M | 94% |
| Interest On Funds Held For Clients | $27.2M | 5% |
| Implementation And Other | $6.8M | 1% |
