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Cloudflare, Inc.（NET）与Pagaya Technologies Ltd.（PGY）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Pagaya Technologies Ltd.的1.9倍（$614.5M vs $321.0M），Pagaya Technologies Ltd.净利率更高（10.7% vs -2.0%，领先12.6%），Cloudflare, Inc.同比增速更快（33.6% vs 16.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $76.7M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 16.4%）
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。
Pagaya Technologies是一家以纽约为总部的以美金融科技企业，专注于运用人工智能技术评估贷款申请，推动信贷审核流程现代化。该公司2022年于纽约证券交易所上市，截至2024年，已累计评估约2.6万亿美元规模的贷款申请，促成的贷款总额约达280亿美元，核心客户以银行等金融机构为主。
NET vs PGY — 直观对比
营收规模更大
NET
是对方的1.9倍
$321.0M
营收增速更快
NET
高出17.1%
16.5%
净利率更高
PGY
高出12.6%
-2.0%
自由现金流更多
NET
多$28.5M
$76.7M
两年增速更快
NET
近两年复合增速
16.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $321.0M |
| 净利润 | $-12.1M | $34.3M |
| 毛利率 | 73.6% | 40.8% |
| 营业利润率 | -8.0% | 24.8% |
| 净利率 | -2.0% | 10.7% |
| 营收同比 | 33.6% | 16.5% |
| 净利润同比 | 6.0% | 114.4% |
| 每股收益（稀释后） | $-0.03 | $0.40 |
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NETPGY
| Q4 25 | $614.5M | $321.0M | ||
| Q3 25 | $562.0M | $339.9M | ||
| Q2 25 | $512.3M | $317.7M | ||
| Q1 25 | $479.1M | $282.7M | ||
| Q4 24 | $459.9M | $275.7M | ||
| Q3 24 | $430.1M | $249.3M | ||
| Q2 24 | $401.0M | $242.6M | ||
| Q1 24 | $378.6M | $237.0M |
净利润NETPGY
| Q4 25 | $-12.1M | $34.3M | ||
| Q3 25 | $-1.3M | $22.5M | ||
| Q2 25 | $-50.4M | $16.7M | ||
| Q1 25 | $-38.5M | $7.9M | ||
| Q4 24 | $-12.8M | $-237.9M | ||
| Q3 24 | $-15.3M | $-67.5M | ||
| Q2 24 | $-15.1M | $-74.8M | ||
| Q1 24 | $-35.5M | $-21.2M |
毛利率NETPGY
| Q4 25 | 73.6% | 40.8% | ||
| Q3 25 | 74.0% | 41.0% | ||
| Q2 25 | 74.9% | 39.7% | ||
| Q1 25 | 75.9% | 40.9% | ||
| Q4 24 | 76.4% | 42.6% | ||
| Q3 24 | 77.7% | 40.2% | ||
| Q2 24 | 77.8% | 40.0% | ||
| Q1 24 | 77.5% | 38.9% |
营业利润率NETPGY
| Q4 25 | -8.0% | 24.8% | ||
| Q3 25 | -6.7% | 23.5% | ||
| Q2 25 | -13.1% | 17.8% | ||
| Q1 25 | -11.1% | 16.9% | ||
| Q4 24 | -7.5% | 11.5% | ||
| Q3 24 | -7.2% | 9.0% | ||
| Q2 24 | -8.7% | 2.1% | ||
| Q1 24 | -14.4% | 3.2% |
净利率NETPGY
| Q4 25 | -2.0% | 10.7% | ||
| Q3 25 | -0.2% | 6.6% | ||
| Q2 25 | -9.8% | 5.2% | ||
| Q1 25 | -8.0% | 2.8% | ||
| Q4 24 | -2.8% | -86.3% | ||
| Q3 24 | -3.6% | -27.1% | ||
| Q2 24 | -3.8% | -30.8% | ||
| Q1 24 | -9.4% | -9.0% |
每股收益（稀释后）NETPGY
| Q4 25 | $-0.03 | $0.40 | ||
| Q3 25 | $0.00 | $0.23 | ||
| Q2 25 | $-0.15 | $0.20 | ||
| Q1 25 | $-0.11 | $0.10 | ||
| Q4 24 | $-0.05 | $-3.36 | ||
| Q3 24 | $-0.04 | $-0.93 | ||
| Q2 24 | $-0.04 | $-1.04 | ||
| Q1 24 | $-0.10 | $-0.33 |
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 | $235.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $480.0M |
| 总资产 | $6.0B | $1.5B |
| 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NETPGY
| Q4 25 | $943.5M | $235.3M | ||
| Q3 25 | $1.1B | $218.3M | ||
| Q2 25 | $1.5B | $183.0M | ||
| Q1 25 | $204.5M | $186.8M | ||
| Q4 24 | $147.7M | $187.9M | ||
| Q3 24 | $182.9M | $147.1M | ||
| Q2 24 | $157.0M | $233.6M | ||
| Q1 24 | $254.4M | $274.5M |
总债务NETPGY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $317.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $230.2M | ||
| Q2 24 | — | $232.6M | ||
| Q1 24 | — | $235.0M |
股东权益NETPGY
| Q4 25 | $1.5B | $480.0M | ||
| Q3 25 | $1.3B | $438.3M | ||
| Q2 25 | $1.2B | $366.8M | ||
| Q1 25 | $1.4B | $335.5M | ||
| Q4 24 | $1.0B | $326.5M | ||
| Q3 24 | $973.1M | $462.3M | ||
| Q2 24 | $881.5M | $526.0M | ||
| Q1 24 | $797.2M | $626.8M |
总资产NETPGY
| Q4 25 | $6.0B | $1.5B | ||
| Q3 25 | $5.8B | $1.5B | ||
| Q2 25 | $5.6B | $1.4B | ||
| Q1 25 | $3.7B | $1.3B | ||
| Q4 24 | $3.3B | $1.3B | ||
| Q3 24 | $3.1B | $1.4B | ||
| Q2 24 | $2.9B | $1.5B | ||
| Q1 24 | $2.8B | $1.5B |
负债/权益比NETPGY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.50× | ||
| Q2 24 | — | 0.44× | ||
| Q1 24 | — | 0.37× |
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 | $79.8M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $76.7M |
| 自由现金流率自由现金流/营收 | 17.1% | 23.9% |
| 资本支出强度资本支出/营收 | 13.9% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $224.7M |
8季度趋势，按日历期对齐
经营现金流NETPGY
| Q4 25 | $190.4M | $79.8M | ||
| Q3 25 | $167.1M | $67.0M | ||
| Q2 25 | $99.8M | $57.4M | ||
| Q1 25 | $145.8M | $34.4M | ||
| Q4 24 | $127.3M | $27.9M | ||
| Q3 24 | $104.7M | $-7.1M | ||
| Q2 24 | $74.8M | $9.3M | ||
| Q1 24 | $73.6M | $17.7M |
自由现金流NETPGY
| Q4 25 | $105.2M | $76.7M | ||
| Q3 25 | $82.5M | $63.8M | ||
| Q2 25 | $39.9M | $53.5M | ||
| Q1 25 | $59.9M | $30.7M | ||
| Q4 24 | $54.2M | $23.9M | ||
| Q3 24 | $54.5M | $-11.3M | ||
| Q2 24 | $45.2M | $4.9M | ||
| Q1 24 | $41.5M | $12.6M |
自由现金流率NETPGY
| Q4 25 | 17.1% | 23.9% | ||
| Q3 25 | 14.7% | 18.8% | ||
| Q2 25 | 7.8% | 16.9% | ||
| Q1 25 | 12.5% | 10.8% | ||
| Q4 24 | 11.8% | 8.7% | ||
| Q3 24 | 12.7% | -4.6% | ||
| Q2 24 | 11.3% | 2.0% | ||
| Q1 24 | 11.0% | 5.3% |
资本支出强度NETPGY
| Q4 25 | 13.9% | 1.0% | ||
| Q3 25 | 15.1% | 1.0% | ||
| Q2 25 | 11.7% | 1.2% | ||
| Q1 25 | 17.9% | 1.3% | ||
| Q4 24 | 15.9% | 1.4% | ||
| Q3 24 | 11.7% | 1.7% | ||
| Q2 24 | 7.4% | 1.8% | ||
| Q1 24 | 8.5% | 2.2% |
现金转化率NETPGY
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 2.97× | ||
| Q2 25 | — | 3.44× | ||
| Q1 25 | — | 4.36× | ||
| 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% |
PGY
| Network AI Fees | $287.4M | 90% |
| Financial Service | $33.6M | 10% |
