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Cloudflare, Inc.（NET）与QUALYS, INC.（QLYS）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QUALYS, INC.的3.5倍（$614.5M vs $175.3M），QUALYS, INC.净利率更高（30.3% vs -2.0%，领先32.3%），Cloudflare, Inc.同比增速更快（33.6% vs 10.1%），Cloudflare, Inc.自由现金流更多（$105.2M vs $74.9M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 9.6%）
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。
Qualys是总部位于美国加利福尼亚州福斯特城的科技企业，专注于云安全、合规管理及相关服务，为客户提供覆盖云环境的安全防护与合规解决方案，助力企业应对各类网络安全风险，满足不同行业的合规运营需求。
NET vs QLYS — 直观对比
营收规模更大
NET
是对方的3.5倍
$175.3M
营收增速更快
NET
高出23.5%
10.1%
净利率更高
QLYS
高出32.3%
-2.0%
自由现金流更多
NET
多$30.3M
$74.9M
两年增速更快
NET
近两年复合增速
9.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $175.3M |
| 净利润 | $-12.1M | $53.1M |
| 毛利率 | 73.6% | 83.4% |
| 营业利润率 | -8.0% | 33.6% |
| 净利率 | -2.0% | 30.3% |
| 营收同比 | 33.6% | 10.1% |
| 净利润同比 | 6.0% | 20.9% |
| 每股收益（稀释后） | $-0.03 | $1.47 |
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NETQLYS
| Q4 25 | $614.5M | $175.3M | ||
| Q3 25 | $562.0M | $169.9M | ||
| Q2 25 | $512.3M | $164.1M | ||
| Q1 25 | $479.1M | $159.9M | ||
| Q4 24 | $459.9M | $159.2M | ||
| Q3 24 | $430.1M | $153.9M | ||
| Q2 24 | $401.0M | $148.7M | ||
| Q1 24 | $378.6M | $145.8M |
净利润NETQLYS
| Q4 25 | $-12.1M | $53.1M | ||
| Q3 25 | $-1.3M | $50.3M | ||
| Q2 25 | $-50.4M | $47.3M | ||
| Q1 25 | $-38.5M | $47.5M | ||
| Q4 24 | $-12.8M | $44.0M | ||
| Q3 24 | $-15.3M | $46.2M | ||
| Q2 24 | $-15.1M | $43.8M | ||
| Q1 24 | $-35.5M | $39.7M |
毛利率NETQLYS
| Q4 25 | 73.6% | 83.4% | ||
| Q3 25 | 74.0% | 83.6% | ||
| Q2 25 | 74.9% | 82.4% | ||
| Q1 25 | 75.9% | 81.9% | ||
| Q4 24 | 76.4% | 81.8% | ||
| Q3 24 | 77.7% | 81.3% | ||
| Q2 24 | 77.8% | 82.2% | ||
| Q1 24 | 77.5% | 81.3% |
营业利润率NETQLYS
| Q4 25 | -8.0% | 33.6% | ||
| Q3 25 | -6.7% | 35.3% | ||
| Q2 25 | -13.1% | 31.3% | ||
| Q1 25 | -11.1% | 32.4% | ||
| Q4 24 | -7.5% | 31.0% | ||
| Q3 24 | -7.2% | 29.2% | ||
| Q2 24 | -8.7% | 32.3% | ||
| Q1 24 | -14.4% | 30.7% |
净利率NETQLYS
| Q4 25 | -2.0% | 30.3% | ||
| Q3 25 | -0.2% | 29.6% | ||
| Q2 25 | -9.8% | 28.8% | ||
| Q1 25 | -8.0% | 29.7% | ||
| Q4 24 | -2.8% | 27.6% | ||
| Q3 24 | -3.6% | 30.0% | ||
| Q2 24 | -3.8% | 29.4% | ||
| Q1 24 | -9.4% | 27.2% |
每股收益（稀释后）NETQLYS
| Q4 25 | $-0.03 | $1.47 | ||
| Q3 25 | $0.00 | $1.39 | ||
| Q2 25 | $-0.15 | $1.29 | ||
| Q1 25 | $-0.11 | $1.29 | ||
| Q4 24 | $-0.05 | $1.19 | ||
| Q3 24 | $-0.04 | $1.24 | ||
| Q2 24 | $-0.04 | $1.17 | ||
| Q1 24 | $-0.10 | $1.05 |
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 | $250.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $561.2M |
| 总资产 | $6.0B | $1.1B |
| 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NETQLYS
| Q4 25 | $943.5M | $250.3M | ||
| Q3 25 | $1.1B | $225.3M | ||
| Q2 25 | $1.5B | $194.0M | ||
| Q1 25 | $204.5M | $290.7M | ||
| Q4 24 | $147.7M | $232.2M | ||
| Q3 24 | $182.9M | $235.4M | ||
| Q2 24 | $157.0M | $281.2M | ||
| Q1 24 | $254.4M | $273.8M |
股东权益NETQLYS
| Q4 25 | $1.5B | $561.2M | ||
| Q3 25 | $1.3B | $529.4M | ||
| Q2 25 | $1.2B | $508.2M | ||
| Q1 25 | $1.4B | $498.0M | ||
| Q4 24 | $1.0B | $477.1M | ||
| Q3 24 | $973.1M | $449.6M | ||
| Q2 24 | $881.5M | $427.8M | ||
| Q1 24 | $797.2M | $404.2M |
总资产NETQLYS
| Q4 25 | $6.0B | $1.1B | ||
| Q3 25 | $5.8B | $1.0B | ||
| Q2 25 | $5.6B | $999.5M | ||
| Q1 25 | $3.7B | $996.5M | ||
| Q4 24 | $3.3B | $973.5M | ||
| Q3 24 | $3.1B | $908.3M | ||
| Q2 24 | $2.9B | $876.6M | ||
| Q1 24 | $2.8B | $861.8M |
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 | $75.7M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $74.9M |
| 自由现金流率自由现金流/营收 | 17.1% | 42.8% |
| 资本支出强度资本支出/营收 | 13.9% | 0.4% |
| 现金转化率经营现金流/净利润 | — | 1.42× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $304.4M |
8季度趋势，按日历期对齐
经营现金流NETQLYS
| Q4 25 | $190.4M | $75.7M | ||
| Q3 25 | $167.1M | $90.4M | ||
| Q2 25 | $99.8M | $33.8M | ||
| Q1 25 | $145.8M | $109.6M | ||
| Q4 24 | $127.3M | $47.7M | ||
| Q3 24 | $104.7M | $61.0M | ||
| Q2 24 | $74.8M | $49.8M | ||
| Q1 24 | $73.6M | $85.5M |
自由现金流NETQLYS
| Q4 25 | $105.2M | $74.9M | ||
| Q3 25 | $82.5M | $89.5M | ||
| Q2 25 | $39.9M | $32.4M | ||
| Q1 25 | $59.9M | $107.5M | ||
| Q4 24 | $54.2M | $41.9M | ||
| Q3 24 | $54.5M | $57.6M | ||
| Q2 24 | $45.2M | $48.8M | ||
| Q1 24 | $41.5M | $83.5M |
自由现金流率NETQLYS
| Q4 25 | 17.1% | 42.8% | ||
| Q3 25 | 14.7% | 52.7% | ||
| Q2 25 | 7.8% | 19.8% | ||
| Q1 25 | 12.5% | 67.3% | ||
| Q4 24 | 11.8% | 26.3% | ||
| Q3 24 | 12.7% | 37.4% | ||
| Q2 24 | 11.3% | 32.8% | ||
| Q1 24 | 11.0% | 57.2% |
资本支出强度NETQLYS
| Q4 25 | 13.9% | 0.4% | ||
| Q3 25 | 15.1% | 0.5% | ||
| Q2 25 | 11.7% | 0.8% | ||
| Q1 25 | 17.9% | 1.3% | ||
| Q4 24 | 15.9% | 3.7% | ||
| Q3 24 | 11.7% | 2.2% | ||
| Q2 24 | 7.4% | 0.7% | ||
| Q1 24 | 8.5% | 1.4% |
现金转化率NETQLYS
| Q4 25 | — | 1.42× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 2.31× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 2.15× |
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% |
QLYS
| Sales Channel Through Intermediary | $88.6M | 51% |
| Sales Channel Directly To Consumer | $86.7M | 49% |
