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Cloudflare, Inc.（NET）与Pure Storage, Inc.（PSTG）财务数据对比。点击上方公司名可切换其他公司
Pure Storage, Inc.的季度营收约是Cloudflare, Inc.的1.6倍（$964.5M vs $614.5M），Pure Storage, Inc.净利率更高（5.7% vs -2.0%，领先7.6%），Cloudflare, Inc.同比增速更快（33.6% vs 16.0%），Cloudflare, Inc.自由现金流更多（$105.2M vs $52.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 10.5%）
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。
Pure Storage是美国上市科技企业，总部位于加利福尼亚州圣克拉拉，成立于2009年，2011年正式推出自研全闪存数据存储软硬件产品，2015年上市前累计获得超4.7亿美元风险投资，营收长期保持高速增长态势。
NET vs PSTG — 直观对比
营收规模更大
PSTG
是对方的1.6倍
$614.5M
营收增速更快
NET
高出17.6%
16.0%
净利率更高
PSTG
高出7.6%
-2.0%
自由现金流更多
NET
多$52.6M
$52.6M
两年增速更快
NET
近两年复合增速
10.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $964.5M |
| 净利润 | $-12.1M | $54.8M |
| 毛利率 | 73.6% | 72.3% |
| 营业利润率 | -8.0% | 5.6% |
| 净利率 | -2.0% | 5.7% |
| 营收同比 | 33.6% | 16.0% |
| 净利润同比 | 6.0% | -13.9% |
| 每股收益（稀释后） | $-0.03 | $0.16 |
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NETPSTG
| Q4 25 | $614.5M | $964.5M | ||
| Q3 25 | $562.0M | $861.0M | ||
| Q2 25 | $512.3M | $778.5M | ||
| Q1 25 | $479.1M | $879.8M | ||
| Q4 24 | $459.9M | $831.1M | ||
| Q3 24 | $430.1M | $763.8M | ||
| Q2 24 | $401.0M | $693.5M | ||
| Q1 24 | $378.6M | $789.8M |
净利润NETPSTG
| Q4 25 | $-12.1M | $54.8M | ||
| Q3 25 | $-1.3M | $47.1M | ||
| Q2 25 | $-50.4M | $-14.0M | ||
| Q1 25 | $-38.5M | $42.4M | ||
| Q4 24 | $-12.8M | $63.6M | ||
| Q3 24 | $-15.3M | $35.7M | ||
| Q2 24 | $-15.1M | $-35.0M | ||
| Q1 24 | $-35.5M | $65.4M |
毛利率NETPSTG
| Q4 25 | 73.6% | 72.3% | ||
| Q3 25 | 74.0% | 70.2% | ||
| Q2 25 | 74.9% | 68.9% | ||
| Q1 25 | 75.9% | 67.5% | ||
| Q4 24 | 76.4% | 70.1% | ||
| Q3 24 | 77.7% | 70.7% | ||
| Q2 24 | 77.8% | 71.5% | ||
| Q1 24 | 77.5% | 72.0% |
营业利润率NETPSTG
| Q4 25 | -8.0% | 5.6% | ||
| Q3 25 | -6.7% | 0.6% | ||
| Q2 25 | -13.1% | -4.0% | ||
| Q1 25 | -11.1% | 4.8% | ||
| Q4 24 | -7.5% | 7.2% | ||
| Q3 24 | -7.2% | 3.3% | ||
| Q2 24 | -8.7% | -6.0% | ||
| Q1 24 | -14.4% | 7.3% |
净利率NETPSTG
| Q4 25 | -2.0% | 5.7% | ||
| Q3 25 | -0.2% | 5.5% | ||
| Q2 25 | -9.8% | -1.8% | ||
| Q1 25 | -8.0% | 4.8% | ||
| Q4 24 | -2.8% | 7.7% | ||
| Q3 24 | -3.6% | 4.7% | ||
| Q2 24 | -3.8% | -5.0% | ||
| Q1 24 | -9.4% | 8.3% |
每股收益（稀释后）NETPSTG
| Q4 25 | $-0.03 | $0.16 | ||
| Q3 25 | $0.00 | $0.14 | ||
| Q2 25 | $-0.15 | $-0.04 | ||
| Q1 25 | $-0.11 | $0.13 | ||
| Q4 24 | $-0.05 | $0.19 | ||
| Q3 24 | $-0.04 | $0.10 | ||
| Q2 24 | $-0.04 | $-0.11 | ||
| Q1 24 | $-0.10 | $0.22 |
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 | $852.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $1.4B |
| 总资产 | $6.0B | $4.2B |
| 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NETPSTG
| Q4 25 | $943.5M | $852.8M | ||
| Q3 25 | $1.1B | $887.8M | ||
| Q2 25 | $1.5B | $739.3M | ||
| Q1 25 | $204.5M | $723.6M | ||
| Q4 24 | $147.7M | $894.6M | ||
| Q3 24 | $182.9M | $965.0M | ||
| Q2 24 | $157.0M | $900.6M | ||
| Q1 24 | $254.4M | $702.5M |
股东权益NETPSTG
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $973.1M | $1.5B | ||
| Q2 24 | $881.5M | $1.4B | ||
| Q1 24 | $797.2M | $1.3B |
总资产NETPSTG
| Q4 25 | $6.0B | $4.2B | ||
| Q3 25 | $5.8B | $4.0B | ||
| Q2 25 | $5.6B | $3.8B | ||
| Q1 25 | $3.7B | $4.0B | ||
| Q4 24 | $3.3B | $3.9B | ||
| Q3 24 | $3.1B | $3.8B | ||
| Q2 24 | $2.9B | $3.6B | ||
| Q1 24 | $2.8B | $3.7B |
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 | $116.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $52.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 5.5% |
| 资本支出强度资本支出/营收 | 13.9% | 6.6% |
| 现金转化率经营现金流/净利润 | — | 2.12× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $566.7M |
8季度趋势，按日历期对齐
经营现金流NETPSTG
| Q4 25 | $190.4M | $116.0M | ||
| Q3 25 | $167.1M | $212.2M | ||
| Q2 25 | $99.8M | $283.9M | ||
| Q1 25 | $145.8M | $208.5M | ||
| Q4 24 | $127.3M | $97.0M | ||
| Q3 24 | $104.7M | $226.6M | ||
| Q2 24 | $74.8M | $221.5M | ||
| Q1 24 | $73.6M | $244.4M |
自由现金流NETPSTG
| Q4 25 | $105.2M | $52.6M | ||
| Q3 25 | $82.5M | $150.1M | ||
| Q2 25 | $39.9M | $211.6M | ||
| Q1 25 | $59.9M | $152.4M | ||
| Q4 24 | $54.2M | $35.2M | ||
| Q3 24 | $54.5M | $166.6M | ||
| Q2 24 | $45.2M | $172.7M | ||
| Q1 24 | $41.5M | $200.9M |
自由现金流率NETPSTG
| Q4 25 | 17.1% | 5.5% | ||
| Q3 25 | 14.7% | 17.4% | ||
| Q2 25 | 7.8% | 27.2% | ||
| Q1 25 | 12.5% | 17.3% | ||
| Q4 24 | 11.8% | 4.2% | ||
| Q3 24 | 12.7% | 21.8% | ||
| Q2 24 | 11.3% | 24.9% | ||
| Q1 24 | 11.0% | 25.4% |
资本支出强度NETPSTG
| Q4 25 | 13.9% | 6.6% | ||
| Q3 25 | 15.1% | 7.2% | ||
| Q2 25 | 11.7% | 9.3% | ||
| Q1 25 | 17.9% | 6.4% | ||
| Q4 24 | 15.9% | 7.4% | ||
| Q3 24 | 11.7% | 7.9% | ||
| Q2 24 | 7.4% | 7.0% | ||
| Q1 24 | 8.5% | 5.5% |
现金转化率NETPSTG
| Q4 25 | — | 2.12× | ||
| Q3 25 | — | 4.50× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 4.91× | ||
| Q4 24 | — | 1.52× | ||
| Q3 24 | — | 6.35× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.74× |
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% |
PSTG
| US | $683.2M | 71% |
| Non Us | $281.3M | 29% |
