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Cloudflare, Inc.（NET）与必能宝（PBI）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是必能宝的1.3倍（$614.5M vs $477.6M），必能宝净利率更高（5.7% vs -2.0%，领先7.7%），Cloudflare, Inc.同比增速更快（33.6% vs -7.5%），必能宝自由现金流更多（$201.4M 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。
必能宝（Pitney Bowes）是全球知名科技与物流服务商，提供电商配送、邮寄处理、订单履约及客户信息管理解决方案，服务零售、金融、医疗、政府等领域的各类大中小企业客户，助力企业优化物流配送与客户运营效率。
NET vs PBI — 直观对比
营收规模更大
NET
是对方的1.3倍
$477.6M
营收增速更快
NET
高出41.1%
-7.5%
净利率更高
PBI
高出7.7%
-2.0%
自由现金流更多
PBI
多$96.2M
$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 | $477.6M |
| 净利润 | $-12.1M | $27.3M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 8.0% |
| 净利率 | -2.0% | 5.7% |
| 营收同比 | 33.6% | -7.5% |
| 净利润同比 | 6.0% | 173.1% |
| 每股收益（稀释后） | $-0.03 | $0.18 |
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NETPBI
| Q4 25 | $614.5M | $477.6M | ||
| Q3 25 | $562.0M | $459.7M | ||
| Q2 25 | $512.3M | $461.9M | ||
| Q1 25 | $479.1M | $493.4M | ||
| Q4 24 | $459.9M | $516.1M | ||
| Q3 24 | $430.1M | $499.5M | ||
| Q2 24 | $401.0M | $489.7M | ||
| Q1 24 | $378.6M | $521.3M |
净利润NETPBI
| Q4 25 | $-12.1M | $27.3M | ||
| Q3 25 | $-1.3M | $52.0M | ||
| Q2 25 | $-50.4M | $30.0M | ||
| Q1 25 | $-38.5M | $35.4M | ||
| Q4 24 | $-12.8M | $-37.4M | ||
| Q3 24 | $-15.3M | $-138.5M | ||
| Q2 24 | $-15.1M | $-24.9M | ||
| Q1 24 | $-35.5M | $-2.9M |
毛利率NETPBI
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | 53.8% | ||
| Q3 24 | 77.7% | 52.4% | ||
| Q2 24 | 77.8% | 51.1% | ||
| Q1 24 | 77.5% | 52.3% |
营业利润率NETPBI
| Q4 25 | -8.0% | 8.0% | ||
| Q3 25 | -6.7% | 14.8% | ||
| Q2 25 | -13.1% | 8.5% | ||
| Q1 25 | -11.1% | 9.5% | ||
| Q4 24 | -7.5% | -9.3% | ||
| Q3 24 | -7.2% | -8.8% | ||
| Q2 24 | -8.7% | -1.6% | ||
| Q1 24 | -14.4% | 9.1% |
净利率NETPBI
| Q4 25 | -2.0% | 5.7% | ||
| Q3 25 | -0.2% | 11.3% | ||
| Q2 25 | -9.8% | 6.5% | ||
| Q1 25 | -8.0% | 7.2% | ||
| Q4 24 | -2.8% | -7.2% | ||
| Q3 24 | -3.6% | -27.7% | ||
| Q2 24 | -3.8% | -5.1% | ||
| Q1 24 | -9.4% | -0.6% |
每股收益（稀释后）NETPBI
| Q4 25 | $-0.03 | $0.18 | ||
| Q3 25 | $0.00 | $0.30 | ||
| Q2 25 | $-0.15 | $0.17 | ||
| Q1 25 | $-0.11 | $0.19 | ||
| Q4 24 | $-0.05 | $-0.21 | ||
| Q3 24 | $-0.04 | $-0.75 | ||
| Q2 24 | $-0.04 | $-0.14 | ||
| Q1 24 | $-0.10 | $-0.02 |
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 | $297.1M |
| 总债务越低越好 | — | $2.0B |
| 股东权益账面价值 | $1.5B | $-802.4M |
| 总资产 | $6.0B | $3.2B |
| 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NETPBI
| Q4 25 | $943.5M | $297.1M | ||
| Q3 25 | $1.1B | $336.0M | ||
| Q2 25 | $1.5B | $300.8M | ||
| Q1 25 | $204.5M | $340.0M | ||
| Q4 24 | $147.7M | $486.1M | ||
| Q3 24 | $182.9M | $575.5M | ||
| Q2 24 | $157.0M | $612.0M | ||
| Q1 24 | $254.4M | $538.0M |
总债务NETPBI
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.1B |
股东权益NETPBI
| Q4 25 | $1.5B | $-802.4M | ||
| Q3 25 | $1.3B | $-661.5M | ||
| Q2 25 | $1.2B | $-536.8M | ||
| Q1 25 | $1.4B | $-535.9M | ||
| Q4 24 | $1.0B | $-578.4M | ||
| Q3 24 | $973.1M | $-518.9M | ||
| Q2 24 | $881.5M | $-427.9M | ||
| Q1 24 | $797.2M | $-392.4M |
总资产NETPBI
| Q4 25 | $6.0B | $3.2B | ||
| Q3 25 | $5.8B | $3.3B | ||
| Q2 25 | $5.6B | $3.2B | ||
| Q1 25 | $3.7B | $3.3B | ||
| Q4 24 | $3.3B | $3.4B | ||
| Q3 24 | $3.1B | $3.6B | ||
| Q2 24 | $2.9B | $4.1B | ||
| Q1 24 | $2.8B | $4.1B |
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 | $221.7M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $201.4M |
| 自由现金流率自由现金流/营收 | 17.1% | 42.2% |
| 资本支出强度资本支出/营收 | 13.9% | 4.2% |
| 现金转化率经营现金流/净利润 | — | 8.11× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $317.0M |
8季度趋势，按日历期对齐
经营现金流NETPBI
| Q4 25 | $190.4M | $221.7M | ||
| Q3 25 | $167.1M | $66.8M | ||
| Q2 25 | $99.8M | $111.4M | ||
| Q1 25 | $145.8M | $-16.7M | ||
| Q4 24 | $127.3M | $134.5M | ||
| Q3 24 | $104.7M | $14.7M | ||
| Q2 24 | $74.8M | $92.6M | ||
| Q1 24 | $73.6M | $-12.6M |
自由现金流NETPBI
| Q4 25 | $105.2M | $201.4M | ||
| Q3 25 | $82.5M | $51.1M | ||
| Q2 25 | $39.9M | $98.0M | ||
| Q1 25 | $59.9M | $-33.6M | ||
| Q4 24 | $54.2M | $112.3M | ||
| Q3 24 | $54.5M | $-4.7M | ||
| Q2 24 | $45.2M | $76.1M | ||
| Q1 24 | $41.5M | $-26.9M |
自由现金流率NETPBI
| Q4 25 | 17.1% | 42.2% | ||
| Q3 25 | 14.7% | 11.1% | ||
| Q2 25 | 7.8% | 21.2% | ||
| Q1 25 | 12.5% | -6.8% | ||
| Q4 24 | 11.8% | 21.8% | ||
| Q3 24 | 12.7% | -0.9% | ||
| Q2 24 | 11.3% | 15.5% | ||
| Q1 24 | 11.0% | -5.2% |
资本支出强度NETPBI
| Q4 25 | 13.9% | 4.2% | ||
| Q3 25 | 15.1% | 3.4% | ||
| Q2 25 | 11.7% | 2.9% | ||
| Q1 25 | 17.9% | 3.4% | ||
| Q4 24 | 15.9% | 4.3% | ||
| Q3 24 | 11.7% | 3.9% | ||
| Q2 24 | 7.4% | 3.4% | ||
| Q1 24 | 8.5% | 2.7% |
现金转化率NETPBI
| Q4 25 | — | 8.11× | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | — | 3.72× | ||
| Q1 25 | — | -0.47× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
PBI
| Sales And Services | $218.4M | 46% |
| Presort Services | $159.7M | 33% |
| Financing And Other | $79.0M | 17% |
| Other | $20.5M | 4% |
