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Cloudflare, Inc.（NET）与PJT Partners Inc.（PJT）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PJT Partners Inc.的1.2倍（$614.5M vs $531.4M），PJT Partners Inc.净利率更高（10.0% vs -2.0%，领先12.0%），Cloudflare, Inc.同比增速更快（33.6% vs 12.9%），PJT Partners Inc.自由现金流更多（$138.6M vs $105.2M），过去两年PJT Partners Inc.的营收复合增速更高（27.5% 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。
PJT Partners Inc.是一家专注于顾问业务的全球投资银行，于2015年10月从黑石集团旗下拆分成立，独立运营原黑石的金融与战略咨询服务业务，为全球各类客户提供专业的投行顾问相关服务。
NET vs PJT — 直观对比
营收规模更大
NET
是对方的1.2倍
$531.4M
营收增速更快
NET
高出20.7%
12.9%
净利率更高
PJT
高出12.0%
-2.0%
自由现金流更多
PJT
多$33.3M
$105.2M
两年增速更快
PJT
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $531.4M |
| 净利润 | $-12.1M | $53.4M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 23.1% |
| 净利率 | -2.0% | 10.0% |
| 营收同比 | 33.6% | 12.9% |
| 净利润同比 | 6.0% | 4.0% |
| 每股收益（稀释后） | $-0.03 | — |
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NETPJT
| Q4 25 | $614.5M | $531.4M | ||
| Q3 25 | $562.0M | $442.3M | ||
| Q2 25 | $512.3M | $401.1M | ||
| Q1 25 | $479.1M | $321.9M | ||
| Q4 24 | $459.9M | $470.5M | ||
| Q3 24 | $430.1M | $320.3M | ||
| Q2 24 | $401.0M | $358.1M | ||
| Q1 24 | $378.6M | $327.1M |
净利润NETPJT
| Q4 25 | $-12.1M | $53.4M | ||
| Q3 25 | $-1.3M | $39.8M | ||
| Q2 25 | $-50.4M | $32.9M | ||
| Q1 25 | $-38.5M | $54.0M | ||
| Q4 24 | $-12.8M | $51.3M | ||
| Q3 24 | $-15.3M | $22.1M | ||
| Q2 24 | $-15.1M | $28.3M | ||
| Q1 24 | $-35.5M | $32.6M |
毛利率NETPJT
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.5% | — |
营业利润率NETPJT
| Q4 25 | -8.0% | 23.1% | ||
| Q3 25 | -6.7% | 20.6% | ||
| Q2 25 | -13.1% | 19.1% | ||
| Q1 25 | -11.1% | 16.3% | ||
| Q4 24 | -7.5% | 21.9% | ||
| Q3 24 | -7.2% | 15.4% | ||
| Q2 24 | -8.7% | 18.0% | ||
| Q1 24 | -14.4% | 16.5% |
净利率NETPJT
| Q4 25 | -2.0% | 10.0% | ||
| Q3 25 | -0.2% | 9.0% | ||
| Q2 25 | -9.8% | 8.2% | ||
| Q1 25 | -8.0% | 16.8% | ||
| Q4 24 | -2.8% | 10.9% | ||
| Q3 24 | -3.6% | 6.9% | ||
| Q2 24 | -3.8% | 7.9% | ||
| Q1 24 | -9.4% | 10.0% |
每股收益（稀释后）NETPJT
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.15 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $-0.10 | — |
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 | $538.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $308.2M |
| 总资产 | $6.0B | $1.8B |
| 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NETPJT
| Q4 25 | $943.5M | $538.9M | ||
| Q3 25 | $1.1B | $400.5M | ||
| Q2 25 | $1.5B | $214.6M | ||
| Q1 25 | $204.5M | $194.3M | ||
| Q4 24 | $147.7M | $483.9M | ||
| Q3 24 | $182.9M | $148.8M | ||
| Q2 24 | $157.0M | $164.2M | ||
| Q1 24 | $254.4M | $215.5M |
股东权益NETPJT
| Q4 25 | $1.5B | $308.2M | ||
| Q3 25 | $1.3B | $228.6M | ||
| Q2 25 | $1.2B | $167.4M | ||
| Q1 25 | $1.4B | $148.8M | ||
| Q4 24 | $1.0B | $187.0M | ||
| Q3 24 | $973.1M | $159.1M | ||
| Q2 24 | $881.5M | $133.8M | ||
| Q1 24 | $797.2M | $174.6M |
总资产NETPJT
| Q4 25 | $6.0B | $1.8B | ||
| Q3 25 | $5.8B | $1.7B | ||
| Q2 25 | $5.6B | $1.5B | ||
| Q1 25 | $3.7B | $1.4B | ||
| Q4 24 | $3.3B | $1.6B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $2.9B | $1.4B | ||
| Q1 24 | $2.8B | $1.3B |
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 | $155.7M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $138.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 26.1% |
| 资本支出强度资本支出/营收 | 13.9% | 3.2% |
| 现金转化率经营现金流/净利润 | — | 2.92× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $480.4M |
8季度趋势，按日历期对齐
经营现金流NETPJT
| Q4 25 | $190.4M | $155.7M | ||
| Q3 25 | $167.1M | $256.1M | ||
| Q2 25 | $99.8M | $190.4M | ||
| Q1 25 | $145.8M | $-75.9M | ||
| Q4 24 | $127.3M | $195.7M | ||
| Q3 24 | $104.7M | $180.5M | ||
| Q2 24 | $74.8M | $193.6M | ||
| Q1 24 | $73.6M | $-38.8M |
自由现金流NETPJT
| Q4 25 | $105.2M | $138.6M | ||
| Q3 25 | $82.5M | $240.9M | ||
| Q2 25 | $39.9M | $178.9M | ||
| Q1 25 | $59.9M | $-77.9M | ||
| Q4 24 | $54.2M | $195.3M | ||
| Q3 24 | $54.5M | $178.5M | ||
| Q2 24 | $45.2M | $193.0M | ||
| Q1 24 | $41.5M | $-39.2M |
自由现金流率NETPJT
| Q4 25 | 17.1% | 26.1% | ||
| Q3 25 | 14.7% | 54.5% | ||
| Q2 25 | 7.8% | 44.6% | ||
| Q1 25 | 12.5% | -24.2% | ||
| Q4 24 | 11.8% | 41.5% | ||
| Q3 24 | 12.7% | 55.7% | ||
| Q2 24 | 11.3% | 53.9% | ||
| Q1 24 | 11.0% | -12.0% |
资本支出强度NETPJT
| Q4 25 | 13.9% | 3.2% | ||
| Q3 25 | 15.1% | 3.4% | ||
| Q2 25 | 11.7% | 2.9% | ||
| Q1 25 | 17.9% | 0.6% | ||
| Q4 24 | 15.9% | 0.1% | ||
| Q3 24 | 11.7% | 0.6% | ||
| Q2 24 | 7.4% | 0.1% | ||
| Q1 24 | 8.5% | 0.1% |
现金转化率NETPJT
| Q4 25 | — | 2.92× | ||
| Q3 25 | — | 6.43× | ||
| Q2 25 | — | 5.79× | ||
| Q1 25 | — | -1.41× | ||
| Q4 24 | — | 3.81× | ||
| Q3 24 | — | 8.15× | ||
| Q2 24 | — | 6.84× | ||
| Q1 24 | — | -1.19× |
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% |
PJT
暂无分部数据
