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Cloudflare, Inc.（NET）与Pinnacle West Capital（PNW）财务数据对比。点击上方公司名可切换其他公司
Pinnacle West Capital的季度营收约是Cloudflare, Inc.的1.8倍（$1.1B vs $614.5M），Pinnacle West Capital净利率更高（1.6% vs -2.0%，领先3.5%），Cloudflare, Inc.同比增速更快（33.6% vs 3.0%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-192.7M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 8.9%）
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。
Pinnacle West Capital是美国公用事业控股企业，旗下拥有亚利桑那州规模最大的公用事业公司亚利桑那公共服务（APS）。公司于纽约证券交易所上市，是标普500指数成分股，运营受亚利桑那州公司委员会监管。
NET vs PNW — 直观对比
营收规模更大
PNW
是对方的1.8倍
$614.5M
营收增速更快
NET
高出30.6%
3.0%
净利率更高
PNW
高出3.5%
-2.0%
自由现金流更多
NET
多$298.0M
$-192.7M
两年增速更快
NET
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $1.1B |
| 净利润 | $-12.1M | $17.6M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 10.7% |
| 净利率 | -2.0% | 1.6% |
| 营收同比 | 33.6% | 3.0% |
| 净利润同比 | 6.0% | 798.0% |
| 每股收益（稀释后） | $-0.03 | $0.12 |
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NETPNW
| Q4 25 | $614.5M | $1.1B | ||
| Q3 25 | $562.0M | $1.8B | ||
| Q2 25 | $512.3M | $1.4B | ||
| Q1 25 | $479.1M | $1.0B | ||
| Q4 24 | $459.9M | $1.1B | ||
| Q3 24 | $430.1M | $1.8B | ||
| Q2 24 | $401.0M | $1.3B | ||
| Q1 24 | $378.6M | $951.7M |
净利润NETPNW
| Q4 25 | $-12.1M | $17.6M | ||
| Q3 25 | $-1.3M | $417.5M | ||
| Q2 25 | $-50.4M | $196.9M | ||
| Q1 25 | $-38.5M | $-338.0K | ||
| Q4 24 | $-12.8M | $-2.5M | ||
| Q3 24 | $-15.3M | $399.3M | ||
| Q2 24 | $-15.1M | $208.1M | ||
| Q1 24 | $-35.5M | $21.2M |
毛利率NETPNW
| 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NETPNW
| Q4 25 | -8.0% | 10.7% | ||
| Q3 25 | -6.7% | 32.0% | ||
| Q2 25 | -13.1% | 22.6% | ||
| Q1 25 | -11.1% | 5.5% | ||
| Q4 24 | -7.5% | 7.7% | ||
| Q3 24 | -7.2% | 30.9% | ||
| Q2 24 | -8.7% | 24.0% | ||
| Q1 24 | -14.4% | 7.0% |
净利率NETPNW
| Q4 25 | -2.0% | 1.6% | ||
| Q3 25 | -0.2% | 22.9% | ||
| Q2 25 | -9.8% | 14.5% | ||
| Q1 25 | -8.0% | -0.0% | ||
| Q4 24 | -2.8% | -0.2% | ||
| Q3 24 | -3.6% | 22.6% | ||
| Q2 24 | -3.8% | 15.9% | ||
| Q1 24 | -9.4% | 2.2% |
每股收益（稀释后）NETPNW
| Q4 25 | $-0.03 | $0.12 | ||
| Q3 25 | $0.00 | $3.39 | ||
| Q2 25 | $-0.15 | $1.58 | ||
| Q1 25 | $-0.11 | $-0.04 | ||
| Q4 24 | $-0.05 | $-0.04 | ||
| Q3 24 | $-0.04 | $3.37 | ||
| Q2 24 | $-0.04 | $1.76 | ||
| Q1 24 | $-0.10 | $0.15 |
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 | $6.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $7.0B |
| 总资产 | $6.0B | $30.0B |
| 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NETPNW
| Q4 25 | $943.5M | $6.6M | ||
| Q3 25 | $1.1B | $30.9M | ||
| Q2 25 | $1.5B | $18.8M | ||
| Q1 25 | $204.5M | $10.0M | ||
| Q4 24 | $147.7M | $3.8M | ||
| Q3 24 | $182.9M | $49.2M | ||
| Q2 24 | $157.0M | $4.0M | ||
| Q1 24 | $254.4M | $9.6M |
股东权益NETPNW
| Q4 25 | $1.5B | $7.0B | ||
| Q3 25 | $1.3B | $7.2B | ||
| Q2 25 | $1.2B | $6.7B | ||
| Q1 25 | $1.4B | $6.7B | ||
| Q4 24 | $1.0B | $6.8B | ||
| Q3 24 | $973.1M | $6.6B | ||
| Q2 24 | $881.5M | $6.2B | ||
| Q1 24 | $797.2M | $6.2B |
总资产NETPNW
| Q4 25 | $6.0B | $30.0B | ||
| Q3 25 | $5.8B | $29.9B | ||
| Q2 25 | $5.6B | $29.2B | ||
| Q1 25 | $3.7B | $27.2B | ||
| Q4 24 | $3.3B | $26.1B | ||
| Q3 24 | $3.1B | $26.3B | ||
| Q2 24 | $2.9B | $25.7B | ||
| Q1 24 | $2.8B | $24.8B |
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 | $476.8M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-192.7M |
| 自由现金流率自由现金流/营收 | 17.1% | -17.1% |
| 资本支出强度资本支出/营收 | 13.9% | 59.3% |
| 现金转化率经营现金流/净利润 | — | 27.09× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $-819.5M |
8季度趋势，按日历期对齐
经营现金流NETPNW
| Q4 25 | $190.4M | $476.8M | ||
| Q3 25 | $167.1M | $665.0M | ||
| Q2 25 | $99.8M | $261.4M | ||
| Q1 25 | $145.8M | $401.9M | ||
| Q4 24 | $127.3M | $439.5M | ||
| Q3 24 | $104.7M | $633.2M | ||
| Q2 24 | $74.8M | $189.8M | ||
| Q1 24 | $73.6M | $347.4M |
自由现金流NETPNW
| Q4 25 | $105.2M | $-192.7M | ||
| Q3 25 | $82.5M | $42.0M | ||
| Q2 25 | $39.9M | $-448.1M | ||
| Q1 25 | $59.9M | $-220.7M | ||
| Q4 24 | $54.2M | $-92.1M | ||
| Q3 24 | $54.5M | $-32.7M | ||
| Q2 24 | $45.2M | $-344.2M | ||
| Q1 24 | $41.5M | $-170.4M |
自由现金流率NETPNW
| Q4 25 | 17.1% | -17.1% | ||
| Q3 25 | 14.7% | 2.3% | ||
| Q2 25 | 7.8% | -33.0% | ||
| Q1 25 | 12.5% | -21.4% | ||
| Q4 24 | 11.8% | -8.4% | ||
| Q3 24 | 12.7% | -1.8% | ||
| Q2 24 | 11.3% | -26.3% | ||
| Q1 24 | 11.0% | -17.9% |
资本支出强度NETPNW
| Q4 25 | 13.9% | 59.3% | ||
| Q3 25 | 15.1% | 34.2% | ||
| Q2 25 | 11.7% | 52.2% | ||
| Q1 25 | 17.9% | 60.3% | ||
| Q4 24 | 15.9% | 48.5% | ||
| Q3 24 | 11.7% | 37.6% | ||
| Q2 24 | 7.4% | 40.8% | ||
| Q1 24 | 8.5% | 54.4% |
现金转化率NETPNW
| Q4 25 | — | 27.09× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.33× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.59× | ||
| Q2 24 | — | 0.91× | ||
| Q1 24 | — | 16.41× |
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% |
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
