vs
Cloudflare, Inc.（NET）与棒约翰（PZZA）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是棒约翰的1.2倍（$614.5M vs $498.2M），棒约翰净利率更高（1.4% vs -2.0%，领先3.4%），Cloudflare, Inc.同比增速更快（33.6% vs -6.1%），Cloudflare, Inc.自由现金流更多（$105.2M vs $2.1M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -1.5%）
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。
棒约翰国际是源自美国的知名披萨餐饮连锁品牌，截至2023年，它是美国市场规模第四大披萨外送连锁餐饮集团，总部设于肯塔基州路易斯维尔与佐治亚州亚特兰大的都会区，在全球多地开设门店，主打披萨外卖业务。
NET vs PZZA — 直观对比
营收规模更大
NET
是对方的1.2倍
$498.2M
营收增速更快
NET
高出39.7%
-6.1%
净利率更高
PZZA
高出3.4%
-2.0%
自由现金流更多
NET
多$103.1M
$2.1M
两年增速更快
NET
近两年复合增速
-1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $498.2M |
| 净利润 | $-12.1M | $7.1M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 4.9% |
| 净利率 | -2.0% | 1.4% |
| 营收同比 | 33.6% | -6.1% |
| 净利润同比 | 6.0% | -52.2% |
| 每股收益（稀释后） | $-0.03 | $0.22 |
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NETPZZA
| Q4 25 | $614.5M | $498.2M | ||
| Q3 25 | $562.0M | $508.2M | ||
| Q2 25 | $512.3M | $529.2M | ||
| Q1 25 | $479.1M | $518.3M | ||
| Q4 24 | $459.9M | $530.8M | ||
| Q3 24 | $430.1M | $506.8M | ||
| Q2 24 | $401.0M | $507.9M | ||
| Q1 24 | $378.6M | $513.9M |
净利润NETPZZA
| Q4 25 | $-12.1M | $7.1M | ||
| Q3 25 | $-1.3M | $4.7M | ||
| Q2 25 | $-50.4M | $9.5M | ||
| Q1 25 | $-38.5M | $9.2M | ||
| Q4 24 | $-12.8M | $14.8M | ||
| Q3 24 | $-15.3M | $41.8M | ||
| Q2 24 | $-15.1M | $12.2M | ||
| Q1 24 | $-35.5M | $14.6M |
毛利率NETPZZA
| 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NETPZZA
| Q4 25 | -8.0% | 4.9% | ||
| Q3 25 | -6.7% | 3.2% | ||
| Q2 25 | -13.1% | 4.6% | ||
| Q1 25 | -11.1% | 4.6% | ||
| Q4 24 | -7.5% | 5.6% | ||
| Q3 24 | -7.2% | 12.9% | ||
| Q2 24 | -8.7% | 5.6% | ||
| Q1 24 | -14.4% | 6.6% |
净利率NETPZZA
| Q4 25 | -2.0% | 1.4% | ||
| Q3 25 | -0.2% | 0.9% | ||
| Q2 25 | -9.8% | 1.8% | ||
| Q1 25 | -8.0% | 1.8% | ||
| Q4 24 | -2.8% | 2.8% | ||
| Q3 24 | -3.6% | 8.2% | ||
| Q2 24 | -3.8% | 2.4% | ||
| Q1 24 | -9.4% | 2.8% |
每股收益（稀释后）NETPZZA
| Q4 25 | $-0.03 | $0.22 | ||
| Q3 25 | $0.00 | $0.13 | ||
| Q2 25 | $-0.15 | $0.28 | ||
| Q1 25 | $-0.11 | $0.27 | ||
| Q4 24 | $-0.05 | $0.46 | ||
| Q3 24 | $-0.04 | $1.27 | ||
| Q2 24 | $-0.04 | $0.37 | ||
| Q1 24 | $-0.10 | $0.44 |
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 | $34.6M |
| 总债务越低越好 | — | $722.3M |
| 股东权益账面价值 | $1.5B | $-444.8M |
| 总资产 | $6.0B | $837.5M |
| 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NETPZZA
| Q4 25 | $943.5M | $34.6M | ||
| Q3 25 | $1.1B | $39.0M | ||
| Q2 25 | $1.5B | $33.3M | ||
| Q1 25 | $204.5M | $44.0M | ||
| Q4 24 | $147.7M | $38.0M | ||
| Q3 24 | $182.9M | $17.6M | ||
| Q2 24 | $157.0M | $24.3M | ||
| Q1 24 | $254.4M | $27.8M |
总债务NETPZZA
| Q4 25 | — | $722.3M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NETPZZA
| Q4 25 | $1.5B | $-444.8M | ||
| Q3 25 | $1.3B | $-439.3M | ||
| Q2 25 | $1.2B | $-432.0M | ||
| Q1 25 | $1.4B | $-431.9M | ||
| Q4 24 | $1.0B | $-429.5M | ||
| Q3 24 | $973.1M | $-430.9M | ||
| Q2 24 | $881.5M | $-461.7M | ||
| Q1 24 | $797.2M | $-461.9M |
总资产NETPZZA
| Q4 25 | $6.0B | $837.5M | ||
| Q3 25 | $5.8B | $884.1M | ||
| Q2 25 | $5.6B | $890.4M | ||
| Q1 25 | $3.7B | $898.1M | ||
| Q4 24 | $3.3B | $889.0M | ||
| Q3 24 | $3.1B | $860.9M | ||
| Q2 24 | $2.9B | $838.4M | ||
| Q1 24 | $2.8B | $847.2M |
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 | $19.8M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $2.1M |
| 自由现金流率自由现金流/营收 | 17.1% | 0.4% |
| 资本支出强度资本支出/营收 | 13.9% | 3.6% |
| 现金转化率经营现金流/净利润 | — | 2.80× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $61.3M |
8季度趋势，按日历期对齐
经营现金流NETPZZA
| Q4 25 | $190.4M | $19.8M | ||
| Q3 25 | $167.1M | $39.3M | ||
| Q2 25 | $99.8M | $35.5M | ||
| Q1 25 | $145.8M | $31.3M | ||
| Q4 24 | $127.3M | $50.7M | ||
| Q3 24 | $104.7M | $13.9M | ||
| Q2 24 | $74.8M | $30.0M | ||
| Q1 24 | $73.6M | $12.0M |
自由现金流NETPZZA
| Q4 25 | $105.2M | $2.1M | ||
| Q3 25 | $82.5M | $22.7M | ||
| Q2 25 | $39.9M | $17.4M | ||
| Q1 25 | $59.9M | $19.1M | ||
| Q4 24 | $54.2M | $25.2M | ||
| Q3 24 | $54.5M | $-3.8M | ||
| Q2 24 | $45.2M | $13.9M | ||
| Q1 24 | $41.5M | $-1.1M |
自由现金流率NETPZZA
| Q4 25 | 17.1% | 0.4% | ||
| Q3 25 | 14.7% | 4.5% | ||
| Q2 25 | 7.8% | 3.3% | ||
| Q1 25 | 12.5% | 3.7% | ||
| Q4 24 | 11.8% | 4.7% | ||
| Q3 24 | 12.7% | -0.8% | ||
| Q2 24 | 11.3% | 2.7% | ||
| Q1 24 | 11.0% | -0.2% |
资本支出强度NETPZZA
| Q4 25 | 13.9% | 3.6% | ||
| Q3 25 | 15.1% | 3.3% | ||
| Q2 25 | 11.7% | 3.4% | ||
| Q1 25 | 17.9% | 2.4% | ||
| Q4 24 | 15.9% | 4.8% | ||
| Q3 24 | 11.7% | 3.5% | ||
| Q2 24 | 7.4% | 3.2% | ||
| Q1 24 | 8.5% | 2.5% |
现金转化率NETPZZA
| Q4 25 | — | 2.80× | ||
| Q3 25 | — | 8.36× | ||
| Q2 25 | — | 3.73× | ||
| Q1 25 | — | 3.40× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | — | 0.33× | ||
| Q2 24 | — | 2.45× | ||
| Q1 24 | — | 0.82× |
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% |
PZZA
| Commissary | $236.8M | 48% |
| Company Owned Restaurant Sales | $154.4M | 31% |
| Franchisor | $47.5M | 10% |
| Advertising | $37.2M | 7% |
| Other | $22.2M | 4% |
