vs
Cloudflare, Inc.（NET）与EPLUS INC（PLUS）财务数据对比。点击上方公司名可切换其他公司
EPLUS INC的季度营收约是Cloudflare, Inc.的1.0倍（$614.8M vs $614.5M），EPLUS INC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 20.3%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 2.3%）
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。
ePlus Inc.是美国的科技咨询解决方案提供商，业务覆盖网络安全、云计算、网络架构、协作办公、人工智能及前沿技术领域，为超5000家客户提供定制化解决方案、专业咨询与托管服务，助力企业实现数字化转型与技术升级。
NET vs PLUS — 直观对比
营收规模更大
PLUS
是对方的1.0倍
$614.5M
营收增速更快
NET
高出13.3%
20.3%
净利率更高
PLUS
高出7.7%
-2.0%
两年增速更快
NET
近两年复合增速
2.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $614.8M |
| 净利润 | $-12.1M | $35.1M |
| 毛利率 | 73.6% | 25.8% |
| 营业利润率 | -8.0% | 7.1% |
| 净利率 | -2.0% | 5.7% |
| 营收同比 | 33.6% | 20.3% |
| 净利润同比 | 6.0% | 45.2% |
| 每股收益（稀释后） | $-0.03 | $1.33 |
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NETPLUS
| Q4 25 | $614.5M | $614.8M | ||
| Q3 25 | $562.0M | $608.8M | ||
| Q2 25 | $512.3M | $637.3M | ||
| Q1 25 | $479.1M | — | ||
| Q4 24 | $459.9M | $493.2M | ||
| Q3 24 | $430.1M | $493.4M | ||
| Q2 24 | $401.0M | $535.7M | ||
| Q1 24 | $378.6M | — |
净利润NETPLUS
| Q4 25 | $-12.1M | $35.1M | ||
| Q3 25 | $-1.3M | $34.9M | ||
| Q2 25 | $-50.4M | $37.7M | ||
| Q1 25 | $-38.5M | — | ||
| Q4 24 | $-12.8M | $24.1M | ||
| Q3 24 | $-15.3M | $31.3M | ||
| Q2 24 | $-15.1M | $27.3M | ||
| Q1 24 | $-35.5M | — |
毛利率NETPLUS
| Q4 25 | 73.6% | 25.8% | ||
| Q3 25 | 74.0% | 26.6% | ||
| Q2 25 | 74.9% | 23.3% | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | 25.4% | ||
| Q3 24 | 77.7% | 25.8% | ||
| Q2 24 | 77.8% | 23.7% | ||
| Q1 24 | 77.5% | — |
营业利润率NETPLUS
| Q4 25 | -8.0% | 7.1% | ||
| Q3 25 | -6.7% | 8.0% | ||
| Q2 25 | -13.1% | 5.7% | ||
| Q1 25 | -11.1% | — | ||
| Q4 24 | -7.5% | 3.3% | ||
| Q3 24 | -7.2% | 5.5% | ||
| Q2 24 | -8.7% | 5.9% | ||
| Q1 24 | -14.4% | — |
净利率NETPLUS
| Q4 25 | -2.0% | 5.7% | ||
| Q3 25 | -0.2% | 5.7% | ||
| Q2 25 | -9.8% | 5.9% | ||
| Q1 25 | -8.0% | — | ||
| Q4 24 | -2.8% | 4.9% | ||
| Q3 24 | -3.6% | 6.3% | ||
| Q2 24 | -3.8% | 5.1% | ||
| Q1 24 | -9.4% | — |
每股收益（稀释后）NETPLUS
| Q4 25 | $-0.03 | $1.33 | ||
| Q3 25 | $0.00 | $1.32 | ||
| Q2 25 | $-0.15 | $1.43 | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | $0.91 | ||
| Q3 24 | $-0.04 | $1.17 | ||
| Q2 24 | $-0.04 | $1.02 | ||
| 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 | $326.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $1.1B |
| 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NETPLUS
| Q4 25 | $943.5M | $326.3M | ||
| Q3 25 | $1.1B | $402.2M | ||
| Q2 25 | $1.5B | $480.2M | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | $253.1M | ||
| Q3 24 | $182.9M | $187.5M | ||
| Q2 24 | $157.0M | $349.9M | ||
| Q1 24 | $254.4M | — |
股东权益NETPLUS
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.0B | $962.3M | ||
| Q3 24 | $973.1M | $947.0M | ||
| Q2 24 | $881.5M | $921.9M | ||
| Q1 24 | $797.2M | — |
总资产NETPLUS
| Q4 25 | $6.0B | $1.8B | ||
| Q3 25 | $5.8B | $1.8B | ||
| Q2 25 | $5.6B | $1.8B | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $3.3B | $1.8B | ||
| Q3 24 | $3.1B | $1.7B | ||
| Q2 24 | $2.9B | $1.7B | ||
| Q1 24 | $2.8B | — |
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 | $-87.4M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | — |
| 自由现金流率自由现金流/营收 | 17.1% | — |
| 资本支出强度资本支出/营收 | 13.9% | — |
| 现金转化率经营现金流/净利润 | — | -2.49× |
| 过去12个月自由现金流最近4个季度 | $287.5M | — |
8季度趋势，按日历期对齐
经营现金流NETPLUS
| Q4 25 | $190.4M | $-87.4M | ||
| Q3 25 | $167.1M | $-34.8M | ||
| Q2 25 | $99.8M | $-99.0M | ||
| Q1 25 | $145.8M | — | ||
| Q4 24 | $127.3M | $65.7M | ||
| Q3 24 | $104.7M | $-21.6M | ||
| Q2 24 | $74.8M | $97.1M | ||
| Q1 24 | $73.6M | — |
自由现金流NETPLUS
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
自由现金流率NETPLUS
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
资本支出强度NETPLUS
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | — |
现金转化率NETPLUS
| Q4 25 | — | -2.49× | ||
| Q3 25 | — | -1.00× | ||
| Q2 25 | — | -2.63× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.72× | ||
| Q3 24 | — | -0.69× | ||
| Q2 24 | — | 3.55× | ||
| 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% |
PLUS
| All Others Customer End Market | $107.0M | 17% |
| Technology Customer End Market | $89.4M | 15% |
| Health Care Customer End Market | $81.5M | 13% |
| Financial Services Customer End Market | $66.1M | 11% |
| Professional Services Reporting Unit | $64.1M | 10% |
| Security | $61.1M | 10% |
| State And Local Government And Educational Institutions | $59.9M | 10% |
| Managed Services Reporting Unit | $48.8M | 8% |
| Other Product | $21.1M | 3% |
| Collaboration | $13.4M | 2% |
