vs
Cloudflare, Inc.（NET）与滨特尔（PNR）财务数据对比。点击上方公司名可切换其他公司
滨特尔的季度营收约是Cloudflare, Inc.的1.7倍（$1.0B vs $614.5M），滨特尔净利率更高（16.6% vs -2.0%，领先18.6%），Cloudflare, Inc.同比增速更快（33.6% vs 2.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-85.7M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -2.9%）
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。
滨特尔（股票代码PNR）是知名水处理企业，注册地位于爱尔兰，税务居民身份归属英国，美国区总部设于明尼苏达州金谷市。品牌起源于美国，2017年数据显示其65%的营收来自美国和加拿大，2014年集团完成架构重组，注册地由瑞士变更为爱尔兰。
NET vs PNR — 直观对比
营收规模更大
PNR
是对方的1.7倍
$614.5M
营收增速更快
NET
高出31.0%
2.6%
净利率更高
PNR
高出18.6%
-2.0%
自由现金流更多
NET
多$190.9M
$-85.7M
两年增速更快
NET
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $1.0B |
| 净利润 | $-12.1M | $172.4M |
| 毛利率 | 73.6% | 41.8% |
| 营业利润率 | -8.0% | 20.3% |
| 净利率 | -2.0% | 16.6% |
| 营收同比 | 33.6% | 2.6% |
| 净利润同比 | 6.0% | 11.3% |
| 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NETPNR
| Q1 26 | — | $1.0B | ||
| Q4 25 | $614.5M | $1.0B | ||
| Q3 25 | $562.0M | $1.0B | ||
| Q2 25 | $512.3M | $1.1B | ||
| Q1 25 | $479.1M | $1.0B | ||
| Q4 24 | $459.9M | $972.9M | ||
| Q3 24 | $430.1M | $993.4M | ||
| Q2 24 | $401.0M | $1.1B |
净利润NETPNR
| Q1 26 | — | $172.4M | ||
| Q4 25 | $-12.1M | $166.1M | ||
| Q3 25 | $-1.3M | $184.3M | ||
| Q2 25 | $-50.4M | $148.5M | ||
| Q1 25 | $-38.5M | $154.9M | ||
| Q4 24 | $-12.8M | $166.4M | ||
| Q3 24 | $-15.3M | $139.6M | ||
| Q2 24 | $-15.1M | $186.1M |
毛利率NETPNR
| Q1 26 | — | 41.8% | ||
| Q4 25 | 73.6% | 40.4% | ||
| Q3 25 | 74.0% | 41.0% | ||
| Q2 25 | 74.9% | 40.7% | ||
| Q1 25 | 75.9% | 39.9% | ||
| Q4 24 | 76.4% | 38.8% | ||
| Q3 24 | 77.7% | 39.6% | ||
| Q2 24 | 77.8% | 39.8% |
营业利润率NETPNR
| Q1 26 | — | 20.3% | ||
| Q4 25 | -8.0% | 20.1% | ||
| Q3 25 | -6.7% | 22.7% | ||
| Q2 25 | -13.1% | 19.4% | ||
| Q1 25 | -11.1% | 20.1% | ||
| Q4 24 | -7.5% | 20.1% | ||
| Q3 24 | -7.2% | 18.1% | ||
| Q2 24 | -8.7% | 22.6% |
净利率NETPNR
| Q1 26 | — | 16.6% | ||
| Q4 25 | -2.0% | 16.3% | ||
| Q3 25 | -0.2% | 18.0% | ||
| Q2 25 | -9.8% | 13.2% | ||
| Q1 25 | -8.0% | 15.3% | ||
| Q4 24 | -2.8% | 17.1% | ||
| Q3 24 | -3.6% | 14.1% | ||
| Q2 24 | -3.8% | 16.9% |
每股收益（稀释后）NETPNR
| Q1 26 | — | — | ||
| Q4 25 | $-0.03 | $1.01 | ||
| Q3 25 | $0.00 | $1.12 | ||
| Q2 25 | $-0.15 | $0.90 | ||
| Q1 25 | $-0.11 | $0.93 | ||
| Q4 24 | $-0.05 | $0.99 | ||
| Q3 24 | $-0.04 | $0.84 | ||
| Q2 24 | $-0.04 | $1.11 |
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 | $67.7M |
| 总债务越低越好 | — | $1.9B |
| 股东权益账面价值 | $1.5B | $3.8B |
| 总资产 | $6.0B | $7.1B |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资NETPNR
| Q1 26 | — | $67.7M | ||
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | $128.4M | ||
| Q2 25 | $1.5B | $143.0M | ||
| Q1 25 | $204.5M | $140.6M | ||
| Q4 24 | $147.7M | $118.7M | ||
| Q3 24 | $182.9M | $218.1M | ||
| Q2 24 | $157.0M | $214.3M |
总债务NETPNR
| Q1 26 | — | $1.9B | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.8B |
股东权益NETPNR
| Q1 26 | — | $3.8B | ||
| Q4 25 | $1.5B | $3.9B | ||
| Q3 25 | $1.3B | $3.8B | ||
| Q2 25 | $1.2B | $3.7B | ||
| Q1 25 | $1.4B | $3.6B | ||
| Q4 24 | $1.0B | $3.6B | ||
| Q3 24 | $973.1M | $3.5B | ||
| Q2 24 | $881.5M | $3.4B |
总资产NETPNR
| Q1 26 | — | $7.1B | ||
| Q4 25 | $6.0B | $6.9B | ||
| Q3 25 | $5.8B | $6.8B | ||
| Q2 25 | $5.6B | $6.5B | ||
| Q1 25 | $3.7B | $6.7B | ||
| Q4 24 | $3.3B | $6.4B | ||
| Q3 24 | $3.1B | $6.5B | ||
| Q2 24 | $2.9B | $6.5B |
负债/权益比NETPNR
| Q1 26 | — | 0.51× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.51× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-85.7M |
| 自由现金流率自由现金流/营收 | 17.1% | -8.3% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $287.5M | $716.0M |
8季度趋势，按日历期对齐
经营现金流NETPNR
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $50.8M | ||
| Q3 25 | $167.1M | $196.3M | ||
| Q2 25 | $99.8M | $606.6M | ||
| Q1 25 | $145.8M | $-38.9M | ||
| Q4 24 | $127.3M | $86.5M | ||
| Q3 24 | $104.7M | $248.6M | ||
| Q2 24 | $74.8M | $539.2M |
自由现金流NETPNR
| Q1 26 | — | $-85.7M | ||
| Q4 25 | $105.2M | $27.1M | ||
| Q3 25 | $82.5M | $178.9M | ||
| Q2 25 | $39.9M | $595.7M | ||
| Q1 25 | $59.9M | $-55.7M | ||
| Q4 24 | $54.2M | $63.8M | ||
| Q3 24 | $54.5M | $233.2M | ||
| Q2 24 | $45.2M | $522.2M |
自由现金流率NETPNR
| Q1 26 | — | -8.3% | ||
| Q4 25 | 17.1% | 2.7% | ||
| Q3 25 | 14.7% | 17.5% | ||
| Q2 25 | 7.8% | 53.0% | ||
| Q1 25 | 12.5% | -5.5% | ||
| Q4 24 | 11.8% | 6.6% | ||
| Q3 24 | 12.7% | 23.5% | ||
| Q2 24 | 11.3% | 47.5% |
资本支出强度NETPNR
| Q1 26 | — | 1.8% | ||
| Q4 25 | 13.9% | 2.3% | ||
| Q3 25 | 15.1% | 1.7% | ||
| Q2 25 | 11.7% | 1.0% | ||
| Q1 25 | 17.9% | 1.7% | ||
| Q4 24 | 15.9% | 2.3% | ||
| Q3 24 | 11.7% | 1.6% | ||
| Q2 24 | 7.4% | 1.5% |
现金转化率NETPNR
| Q1 26 | — | — | ||
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 1.07× | ||
| Q2 25 | — | 4.08× | ||
| Q1 25 | — | -0.25× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 1.78× | ||
| Q2 24 | — | 2.90× |
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% |
PNR
| Water Solutions | $391.0M | 38% |
| Pool | $387.1M | 37% |
| Flow | $258.1M | 25% |
