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Cloudflare, Inc.（NET）与Progyny, Inc.（PGNY）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Progyny, Inc.的1.9倍（$614.5M vs $318.4M），Progyny, Inc.净利率更高（3.9% vs -2.0%，领先5.9%），Cloudflare, Inc.同比增速更快（33.6% vs 6.7%），Cloudflare, Inc.自由现金流更多（$105.2M vs $48.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 7.0%）
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。
Progyny, Inc.是总部位于美国的领先生育与家庭构建福利服务商，主要与企业雇主合作，提供试管婴儿、生育力保存、收养协助、代孕支持等综合生育相关福利方案，覆盖多个行业的雇员群体。
NET vs PGNY — 直观对比
营收规模更大
NET
是对方的1.9倍
$318.4M
营收增速更快
NET
高出26.9%
6.7%
净利率更高
PGNY
高出5.9%
-2.0%
自由现金流更多
NET
多$56.6M
$48.6M
两年增速更快
NET
近两年复合增速
7.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $318.4M |
| 净利润 | $-12.1M | $12.5M |
| 毛利率 | 73.6% | 24.1% |
| 营业利润率 | -8.0% | 4.8% |
| 净利率 | -2.0% | 3.9% |
| 营收同比 | 33.6% | 6.7% |
| 净利润同比 | 6.0% | 18.5% |
| 每股收益（稀释后） | $-0.03 | $0.14 |
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NETPGNY
| Q4 25 | $614.5M | $318.4M | ||
| Q3 25 | $562.0M | $313.3M | ||
| Q2 25 | $512.3M | $332.9M | ||
| Q1 25 | $479.1M | $324.0M | ||
| Q4 24 | $459.9M | $298.4M | ||
| Q3 24 | $430.1M | $286.6M | ||
| Q2 24 | $401.0M | $304.1M | ||
| Q1 24 | $378.6M | $278.1M |
净利润NETPGNY
| Q4 25 | $-12.1M | $12.5M | ||
| Q3 25 | $-1.3M | $13.9M | ||
| Q2 25 | $-50.4M | $17.1M | ||
| Q1 25 | $-38.5M | $15.1M | ||
| Q4 24 | $-12.8M | $10.5M | ||
| Q3 24 | $-15.3M | $10.4M | ||
| Q2 24 | $-15.1M | $16.5M | ||
| Q1 24 | $-35.5M | $16.9M |
毛利率NETPGNY
| Q4 25 | 73.6% | 24.1% | ||
| Q3 25 | 74.0% | 23.2% | ||
| Q2 25 | 74.9% | 23.7% | ||
| Q1 25 | 75.9% | 23.4% | ||
| Q4 24 | 76.4% | 21.3% | ||
| Q3 24 | 77.7% | 20.7% | ||
| Q2 24 | 77.8% | 22.5% | ||
| Q1 24 | 77.5% | 22.4% |
营业利润率NETPGNY
| Q4 25 | -8.0% | 4.8% | ||
| Q3 25 | -6.7% | 6.9% | ||
| Q2 25 | -13.1% | 7.3% | ||
| Q1 25 | -11.1% | 7.5% | ||
| Q4 24 | -7.5% | 5.3% | ||
| Q3 24 | -7.2% | 4.3% | ||
| Q2 24 | -8.7% | 6.8% | ||
| Q1 24 | -14.4% | 6.7% |
净利率NETPGNY
| Q4 25 | -2.0% | 3.9% | ||
| Q3 25 | -0.2% | 4.4% | ||
| Q2 25 | -9.8% | 5.1% | ||
| Q1 25 | -8.0% | 4.6% | ||
| Q4 24 | -2.8% | 3.5% | ||
| Q3 24 | -3.6% | 3.6% | ||
| Q2 24 | -3.8% | 5.4% | ||
| Q1 24 | -9.4% | 6.1% |
每股收益（稀释后）NETPGNY
| Q4 25 | $-0.03 | $0.14 | ||
| Q3 25 | $0.00 | $0.15 | ||
| Q2 25 | $-0.15 | $0.19 | ||
| Q1 25 | $-0.11 | $0.17 | ||
| Q4 24 | $-0.05 | $0.12 | ||
| Q3 24 | $-0.04 | $0.11 | ||
| Q2 24 | $-0.04 | $0.17 | ||
| Q1 24 | $-0.10 | $0.17 |
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 | $112.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $516.0M |
| 总资产 | $6.0B | $742.4M |
| 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NETPGNY
| Q4 25 | $943.5M | $112.2M | ||
| Q3 25 | $1.1B | $134.0M | ||
| Q2 25 | $1.5B | $132.5M | ||
| Q1 25 | $204.5M | $109.2M | ||
| Q4 24 | $147.7M | $162.3M | ||
| Q3 24 | $182.9M | $91.5M | ||
| Q2 24 | $157.0M | $95.0M | ||
| Q1 24 | $254.4M | $115.0M |
股东权益NETPGNY
| Q4 25 | $1.5B | $516.0M | ||
| Q3 25 | $1.3B | $560.0M | ||
| Q2 25 | $1.2B | $515.0M | ||
| Q1 25 | $1.4B | $467.2M | ||
| Q4 24 | $1.0B | $422.1M | ||
| Q3 24 | $973.1M | $434.9M | ||
| Q2 24 | $881.5M | $456.2M | ||
| Q1 24 | $797.2M | $571.6M |
总资产NETPGNY
| Q4 25 | $6.0B | $742.4M | ||
| Q3 25 | $5.8B | $795.2M | ||
| Q2 25 | $5.6B | $761.0M | ||
| Q1 25 | $3.7B | $730.3M | ||
| Q4 24 | $3.3B | $607.1M | ||
| Q3 24 | $3.1B | $660.0M | ||
| Q2 24 | $2.9B | $698.6M | ||
| Q1 24 | $2.8B | $794.3M |
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 | $54.2M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $48.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 15.3% |
| 资本支出强度资本支出/营收 | 13.9% | 1.8% |
| 现金转化率经营现金流/净利润 | — | 4.34× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $191.8M |
8季度趋势，按日历期对齐
经营现金流NETPGNY
| Q4 25 | $190.4M | $54.2M | ||
| Q3 25 | $167.1M | $50.7M | ||
| Q2 25 | $99.8M | $55.5M | ||
| Q1 25 | $145.8M | $49.8M | ||
| Q4 24 | $127.3M | $52.2M | ||
| Q3 24 | $104.7M | $44.5M | ||
| Q2 24 | $74.8M | $56.7M | ||
| Q1 24 | $73.6M | $25.7M |
自由现金流NETPGNY
| Q4 25 | $105.2M | $48.6M | ||
| Q3 25 | $82.5M | $46.0M | ||
| Q2 25 | $39.9M | $50.2M | ||
| Q1 25 | $59.9M | $47.0M | ||
| Q4 24 | $54.2M | $50.3M | ||
| Q3 24 | $54.5M | $42.7M | ||
| Q2 24 | $45.2M | $55.8M | ||
| Q1 24 | $41.5M | $24.9M |
自由现金流率NETPGNY
| Q4 25 | 17.1% | 15.3% | ||
| Q3 25 | 14.7% | 14.7% | ||
| Q2 25 | 7.8% | 15.1% | ||
| Q1 25 | 12.5% | 14.5% | ||
| Q4 24 | 11.8% | 16.8% | ||
| Q3 24 | 12.7% | 14.9% | ||
| Q2 24 | 11.3% | 18.4% | ||
| Q1 24 | 11.0% | 8.9% |
资本支出强度NETPGNY
| Q4 25 | 13.9% | 1.8% | ||
| Q3 25 | 15.1% | 1.5% | ||
| Q2 25 | 11.7% | 1.6% | ||
| Q1 25 | 17.9% | 0.9% | ||
| Q4 24 | 15.9% | 0.6% | ||
| Q3 24 | 11.7% | 0.6% | ||
| Q2 24 | 7.4% | 0.3% | ||
| Q1 24 | 8.5% | 0.3% |
现金转化率NETPGNY
| Q4 25 | — | 4.34× | ||
| Q3 25 | — | 3.65× | ||
| Q2 25 | — | 3.24× | ||
| Q1 25 | — | 3.31× | ||
| Q4 24 | — | 4.95× | ||
| Q3 24 | — | 4.27× | ||
| Q2 24 | — | 3.44× | ||
| 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% |
PGNY
| Fertility Benefit Services | $208.6M | 66% |
| Pharmacy Benefit Services | $109.8M | 34% |
