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Cloudflare, Inc.（NET）与Dave & Buster's Entertainment, Inc.（PLAY）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Dave & Buster's Entertainment, Inc.的1.4倍（$614.5M vs $448.2M），Cloudflare, Inc.净利率更高（-2.0% vs -9.4%，领先7.4%），Cloudflare, Inc.同比增速更快（33.6% vs -1.1%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-20.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -13.5%）
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。
戴夫与巴斯特娱乐是总部位于美国达拉斯的餐饮娱乐企业，旗下每家门店都配备全套服务餐厅、酒吧以及名为“百万美元 midway”的游戏游乐区。截至2024年2月，该公司共开设162家门店，其中美国本土158家，波多黎各和加拿大各设2家门店，主打餐饮与休闲娱乐融合的消费体验。
NET vs PLAY — 直观对比
营收规模更大
NET
是对方的1.4倍
$448.2M
营收增速更快
NET
高出34.7%
-1.1%
净利率更高
NET
高出7.4%
-9.4%
自由现金流更多
NET
多$125.8M
$-20.6M
两年增速更快
NET
近两年复合增速
-13.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $448.2M |
| 净利润 | $-12.1M | $-42.1M |
| 毛利率 | 73.6% | 85.8% |
| 营业利润率 | -8.0% | -3.6% |
| 净利率 | -2.0% | -9.4% |
| 营收同比 | 33.6% | -1.1% |
| 净利润同比 | 6.0% | -28.7% |
| 每股收益（稀释后） | $-0.03 | $-1.22 |
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NETPLAY
| Q4 25 | $614.5M | $448.2M | ||
| Q3 25 | $562.0M | $557.4M | ||
| Q2 25 | $512.3M | $567.7M | ||
| Q1 25 | $479.1M | $534.5M | ||
| Q4 24 | $459.9M | $453.0M | ||
| Q3 24 | $430.1M | $557.1M | ||
| Q2 24 | $401.0M | $588.1M | ||
| Q1 24 | $378.6M | $599.0M |
净利润NETPLAY
| Q4 25 | $-12.1M | $-42.1M | ||
| Q3 25 | $-1.3M | $11.4M | ||
| Q2 25 | $-50.4M | $21.7M | ||
| Q1 25 | $-38.5M | $9.3M | ||
| Q4 24 | $-12.8M | $-32.7M | ||
| Q3 24 | $-15.3M | $40.3M | ||
| Q2 24 | $-15.1M | $41.4M | ||
| Q1 24 | $-35.5M | $36.1M |
毛利率NETPLAY
| Q4 25 | 73.6% | 85.8% | ||
| Q3 25 | 74.0% | 86.3% | ||
| Q2 25 | 74.9% | 85.5% | ||
| Q1 25 | 75.9% | 85.5% | ||
| Q4 24 | 76.4% | 85.0% | ||
| Q3 24 | 77.7% | 85.3% | ||
| Q2 24 | 77.8% | 85.2% | ||
| Q1 24 | 77.5% | 84.1% |
营业利润率NETPLAY
| Q4 25 | -8.0% | -3.6% | ||
| Q3 25 | -6.7% | 9.5% | ||
| Q2 25 | -13.1% | 11.1% | ||
| Q1 25 | -11.1% | 8.3% | ||
| Q4 24 | -7.5% | 1.4% | ||
| Q3 24 | -7.2% | 15.2% | ||
| Q2 24 | -8.7% | 14.5% | ||
| Q1 24 | -14.4% | 14.9% |
净利率NETPLAY
| Q4 25 | -2.0% | -9.4% | ||
| Q3 25 | -0.2% | 2.0% | ||
| Q2 25 | -9.8% | 3.8% | ||
| Q1 25 | -8.0% | 1.7% | ||
| Q4 24 | -2.8% | -7.2% | ||
| Q3 24 | -3.6% | 7.2% | ||
| Q2 24 | -3.8% | 7.0% | ||
| Q1 24 | -9.4% | 6.0% |
每股收益（稀释后）NETPLAY
| Q4 25 | $-0.03 | $-1.22 | ||
| Q3 25 | $0.00 | $0.32 | ||
| Q2 25 | $-0.15 | $0.62 | ||
| Q1 25 | $-0.11 | $0.32 | ||
| Q4 24 | $-0.05 | $-0.84 | ||
| Q3 24 | $-0.04 | $0.99 | ||
| Q2 24 | $-0.04 | $0.99 | ||
| Q1 24 | $-0.10 | $0.95 |
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 | $13.6M |
| 总债务越低越好 | — | $1.6B |
| 股东权益账面价值 | $1.5B | $130.8M |
| 总资产 | $6.0B | $4.1B |
| 负债/权益比越低杠杆越低 | — | 12.17× |
8季度趋势，按日历期对齐
现金及短期投资NETPLAY
| Q4 25 | $943.5M | $13.6M | ||
| Q3 25 | $1.1B | $12.0M | ||
| Q2 25 | $1.5B | $11.9M | ||
| Q1 25 | $204.5M | $6.9M | ||
| Q4 24 | $147.7M | $8.6M | ||
| Q3 24 | $182.9M | $13.1M | ||
| Q2 24 | $157.0M | $32.1M | ||
| Q1 24 | $254.4M | $37.3M |
总债务NETPLAY
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.3B |
股东权益NETPLAY
| Q4 25 | $1.5B | $130.8M | ||
| Q3 25 | $1.3B | $166.2M | ||
| Q2 25 | $1.2B | $146.8M | ||
| Q1 25 | $1.4B | $145.8M | ||
| Q4 24 | $1.0B | $226.6M | ||
| Q3 24 | $973.1M | $284.4M | ||
| Q2 24 | $881.5M | $292.5M | ||
| Q1 24 | $797.2M | $251.2M |
总资产NETPLAY
| Q4 25 | $6.0B | $4.1B | ||
| Q3 25 | $5.8B | $4.1B | ||
| Q2 25 | $5.6B | $4.1B | ||
| Q1 25 | $3.7B | $4.0B | ||
| Q4 24 | $3.3B | $3.9B | ||
| Q3 24 | $3.1B | $3.8B | ||
| Q2 24 | $2.9B | $3.8B | ||
| Q1 24 | $2.8B | $3.8B |
负债/权益比NETPLAY
| Q4 25 | — | 12.17× | ||
| Q3 25 | — | 9.57× | ||
| Q2 25 | — | 10.98× | ||
| Q1 25 | — | 10.45× | ||
| Q4 24 | — | 6.58× | ||
| Q3 24 | — | 4.72× | ||
| Q2 24 | — | 4.58× | ||
| Q1 24 | — | 5.33× |
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 | $58.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-20.6M |
| 自由现金流率自由现金流/营收 | 17.1% | -4.6% |
| 资本支出强度资本支出/营收 | 13.9% | 17.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $287.5M | $-195.6M |
8季度趋势，按日历期对齐
经营现金流NETPLAY
| Q4 25 | $190.4M | $58.0M | ||
| Q3 25 | $167.1M | $34.0M | ||
| Q2 25 | $99.8M | $95.8M | ||
| Q1 25 | $145.8M | $108.9M | ||
| Q4 24 | $127.3M | $-7.2M | ||
| Q3 24 | $104.7M | $101.8M | ||
| Q2 24 | $74.8M | $108.8M | ||
| Q1 24 | $73.6M | $97.2M |
自由现金流NETPLAY
| Q4 25 | $105.2M | $-20.6M | ||
| Q3 25 | $82.5M | $-55.2M | ||
| Q2 25 | $39.9M | $-58.8M | ||
| Q1 25 | $59.9M | $-61.0M | ||
| Q4 24 | $54.2M | $-138.4M | ||
| Q3 24 | $54.5M | $-14.3M | ||
| Q2 24 | $45.2M | $-4.2M | ||
| Q1 24 | $41.5M | $-25.4M |
自由现金流率NETPLAY
| Q4 25 | 17.1% | -4.6% | ||
| Q3 25 | 14.7% | -9.9% | ||
| Q2 25 | 7.8% | -10.4% | ||
| Q1 25 | 12.5% | -11.4% | ||
| Q4 24 | 11.8% | -30.6% | ||
| Q3 24 | 12.7% | -2.6% | ||
| Q2 24 | 11.3% | -0.7% | ||
| Q1 24 | 11.0% | -4.2% |
资本支出强度NETPLAY
| Q4 25 | 13.9% | 17.5% | ||
| Q3 25 | 15.1% | 16.0% | ||
| Q2 25 | 11.7% | 27.2% | ||
| Q1 25 | 17.9% | 31.8% | ||
| Q4 24 | 15.9% | 29.0% | ||
| Q3 24 | 11.7% | 20.8% | ||
| Q2 24 | 7.4% | 19.2% | ||
| Q1 24 | 8.5% | 20.5% |
现金转化率NETPLAY
| Q4 25 | — | — | ||
| Q3 25 | — | 2.98× | ||
| Q2 25 | — | 4.41× | ||
| Q1 25 | — | 11.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.53× | ||
| Q2 24 | — | 2.63× | ||
| Q1 24 | — | 2.69× |
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% |
PLAY
| Game Play Credit Usage | $273.1M | 61% |
| Food And Nonalcoholic Beverages | $115.1M | 26% |
| Alcoholic Beverage | $53.7M | 12% |
| Other Entertainment | $6.3M | 1% |
| Gift Card Revenue | $3.5M | 1% |
