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Cloudflare, Inc.（NET）与PTC Inc.（PTC）财务数据对比。点击上方公司名可切换其他公司
PTC Inc.的季度营收约是Cloudflare, Inc.的1.1倍（$685.8M vs $614.5M）。PTC Inc.净利率更高（24.3% vs -2.0%，领先26.2%）。Cloudflare, Inc.同比增速更快（33.6% vs 21.4%）。PTC Inc.自由现金流更多（$267.4M vs $105.2M）。过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 6.6%）
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。
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
NET vs PTC — 直观对比
营收规模更大
PTC
是对方的1.1倍
$614.5M
营收增速更快
NET
高出12.2%
21.4%
净利率更高
PTC
高出26.2%
-2.0%
自由现金流更多
PTC
多$162.2M
$105.2M
两年增速更快
NET
近两年复合增速
6.6%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $685.8M |
| 净利润 | $-12.1M | $166.5M |
| 毛利率 | 73.6% | 82.8% |
| 营业利润率 | -8.0% | 32.2% |
| 净利率 | -2.0% | 24.3% |
| 营收同比 | 33.6% | 21.4% |
| 净利润同比 | 6.0% | 102.5% |
| 每股收益（稀释后） | $-0.03 | $1.39 |
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NETPTC
| Q4 25 | $614.5M | $685.8M | ||
| Q3 25 | $562.0M | $893.8M | ||
| Q2 25 | $512.3M | $643.9M | ||
| Q1 25 | $479.1M | $636.4M | ||
| Q4 24 | $459.9M | $565.1M | ||
| Q3 24 | $430.1M | $626.5M | ||
| Q2 24 | $401.0M | $518.6M | ||
| Q1 24 | $378.6M | $603.1M |
净利润NETPTC
| Q4 25 | $-12.1M | $166.5M | ||
| Q3 25 | $-1.3M | $347.8M | ||
| Q2 25 | $-50.4M | $141.3M | ||
| Q1 25 | $-38.5M | $162.6M | ||
| Q4 24 | $-12.8M | $82.2M | ||
| Q3 24 | $-15.3M | $126.5M | ||
| Q2 24 | $-15.1M | $69.0M | ||
| Q1 24 | $-35.5M | $114.4M |
毛利率NETPTC
| Q4 25 | 73.6% | 82.8% | ||
| Q3 25 | 74.0% | 86.9% | ||
| Q2 25 | 74.9% | 82.9% | ||
| Q1 25 | 75.9% | 83.3% | ||
| Q4 24 | 76.4% | 80.2% | ||
| Q3 24 | 77.7% | 82.0% | ||
| Q2 24 | 77.8% | 78.4% | ||
| Q1 24 | 77.5% | 81.8% |
营业利润率NETPTC
| Q4 25 | -8.0% | 32.2% | ||
| Q3 25 | -6.7% | 48.5% | ||
| Q2 25 | -13.1% | 32.6% | ||
| Q1 25 | -11.1% | 35.1% | ||
| Q4 24 | -7.5% | 20.4% | ||
| Q3 24 | -7.2% | 31.0% | ||
| Q2 24 | -8.7% | 18.5% | ||
| Q1 24 | -14.4% | 29.8% |
净利率NETPTC
| Q4 25 | -2.0% | 24.3% | ||
| Q3 25 | -0.2% | 38.9% | ||
| Q2 25 | -9.8% | 21.9% | ||
| Q1 25 | -8.0% | 25.6% | ||
| Q4 24 | -2.8% | 14.6% | ||
| Q3 24 | -3.6% | 20.2% | ||
| Q2 24 | -3.8% | 13.3% | ||
| Q1 24 | -9.4% | 19.0% |
每股收益（稀释后）NETPTC
| Q4 25 | $-0.03 | $1.39 | ||
| Q3 25 | $0.00 | $2.88 | ||
| Q2 25 | $-0.15 | $1.17 | ||
| Q1 25 | $-0.11 | $1.35 | ||
| Q4 24 | $-0.05 | $0.68 | ||
| Q3 24 | $-0.04 | $1.05 | ||
| Q2 24 | $-0.04 | $0.57 | ||
| 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 | $209.7M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $1.5B | $3.8B |
| 总资产 | $6.0B | $6.4B |
| 负债/权益比越低杠杆越低 | — | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资NETPTC
| Q4 25 | $943.5M | $209.7M | ||
| Q3 25 | $1.1B | $184.4M | ||
| Q2 25 | $1.5B | $199.3M | ||
| Q1 25 | $204.5M | $235.2M | ||
| Q4 24 | $147.7M | $196.3M | ||
| Q3 24 | $182.9M | $265.8M | ||
| Q2 24 | $157.0M | $247.7M | ||
| Q1 24 | $254.4M | $249.0M |
总债务NETPTC
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.5B |
股东权益NETPTC
| Q4 25 | $1.5B | $3.8B | ||
| Q3 25 | $1.3B | $3.8B | ||
| Q2 25 | $1.2B | $3.5B | ||
| Q1 25 | $1.4B | $3.4B | ||
| Q4 24 | $1.0B | $3.2B | ||
| Q3 24 | $973.1M | $3.2B | ||
| Q2 24 | $881.5M | $3.0B | ||
| Q1 24 | $797.2M | $2.9B |
总资产NETPTC
| Q4 25 | $6.0B | $6.4B | ||
| Q3 25 | $5.8B | $6.6B | ||
| Q2 25 | $5.6B | $6.2B | ||
| Q1 25 | $3.7B | $6.2B | ||
| Q4 24 | $3.3B | $6.1B | ||
| Q3 24 | $3.1B | $6.4B | ||
| Q2 24 | $2.9B | $6.1B | ||
| Q1 24 | $2.8B | $6.2B |
负债/权益比NETPTC
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.43× | ||
| Q1 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 | $269.7M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $267.4M |
| 自由现金流率自由现金流/营收 | 17.1% | 39.0% |
| 资本支出强度资本支出/营收 | 13.9% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 1.62× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $888.4M |
8季度趋势，按日历期对齐
经营现金流NETPTC
| Q4 25 | $190.4M | $269.7M | ||
| Q3 25 | $167.1M | $104.0M | ||
| Q2 25 | $99.8M | $243.9M | ||
| Q1 25 | $145.8M | $281.3M | ||
| Q4 24 | $127.3M | $238.4M | ||
| Q3 24 | $104.7M | $98.1M | ||
| Q2 24 | $74.8M | $213.8M | ||
| Q1 24 | $73.6M | $250.7M |
自由现金流NETPTC
| Q4 25 | $105.2M | $267.4M | ||
| Q3 25 | $82.5M | $100.5M | ||
| Q2 25 | $39.9M | $242.0M | ||
| Q1 25 | $59.9M | $278.5M | ||
| Q4 24 | $54.2M | $235.7M | ||
| Q3 24 | $54.5M | $93.6M | ||
| Q2 24 | $45.2M | $212.2M | ||
| Q1 24 | $41.5M | $247.1M |
自由现金流率NETPTC
| Q4 25 | 17.1% | 39.0% | ||
| Q3 25 | 14.7% | 11.2% | ||
| Q2 25 | 7.8% | 37.6% | ||
| Q1 25 | 12.5% | 43.8% | ||
| Q4 24 | 11.8% | 41.7% | ||
| Q3 24 | 12.7% | 14.9% | ||
| Q2 24 | 11.3% | 40.9% | ||
| Q1 24 | 11.0% | 41.0% |
资本支出强度NETPTC
| Q4 25 | 13.9% | 0.3% | ||
| Q3 25 | 15.1% | 0.4% | ||
| Q2 25 | 11.7% | 0.3% | ||
| Q1 25 | 17.9% | 0.4% | ||
| Q4 24 | 15.9% | 0.5% | ||
| Q3 24 | 11.7% | 0.7% | ||
| Q2 24 | 7.4% | 0.3% | ||
| Q1 24 | 8.5% | 0.6% |
现金转化率NETPTC
| Q4 25 | — | 1.62× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 2.90× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 3.10× | ||
| Q1 24 | — | 2.19× |
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% |
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
