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Cloudflare, Inc.（NET）与Quad/Graphics, Inc.（QUAD）财务数据对比。点击上方公司名可切换其他公司
Quad/Graphics, Inc.的季度营收约是Cloudflare, Inc.的1.0倍（$630.6M vs $614.5M），Cloudflare, Inc.同比增速更快（33.6% vs -11.0%），Quad/Graphics, Inc.自由现金流更多（$137.2M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -1.9%）
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。
奎德图形是一家总部位于美国威斯康星州萨塞克斯的营销服务企业，主营各类印刷与营销服务，业务覆盖受众定向、全渠道媒体策划投放、创意内容制作、零售展示包装、邮件优化及消费者分析等领域，可同时服务实体与数字媒体渠道。2025年，该企业位列美国大型广告集团、北美大型商业印刷企业之列。
NET vs QUAD — 直观对比
营收规模更大
QUAD
是对方的1.0倍
$614.5M
营收增速更快
NET
高出44.6%
-11.0%
自由现金流更多
QUAD
多$32.0M
$105.2M
两年增速更快
NET
近两年复合增速
-1.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $630.6M |
| 净利润 | $-12.1M | — |
| 毛利率 | 73.6% | 21.6% |
| 营业利润率 | -8.0% | 5.9% |
| 净利率 | -2.0% | — |
| 营收同比 | 33.6% | -11.0% |
| 净利润同比 | 6.0% | — |
| 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NETQUAD
| Q4 25 | $614.5M | $630.6M | ||
| Q3 25 | $562.0M | $588.0M | ||
| Q2 25 | $512.3M | $571.9M | ||
| Q1 25 | $479.1M | $629.4M | ||
| Q4 24 | $459.9M | $708.4M | ||
| Q3 24 | $430.1M | $674.8M | ||
| Q2 24 | $401.0M | $634.2M | ||
| Q1 24 | $378.6M | $654.8M |
净利润NETQUAD
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $10.2M | ||
| Q2 25 | $-50.4M | $-100.0K | ||
| Q1 25 | $-38.5M | $5.8M | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | $-24.7M | ||
| Q2 24 | $-15.1M | $-2.8M | ||
| Q1 24 | $-35.5M | $-28.1M |
毛利率NETQUAD
| Q4 25 | 73.6% | 21.6% | ||
| Q3 25 | 74.0% | 22.8% | ||
| Q2 25 | 74.9% | 21.6% | ||
| Q1 25 | 75.9% | 20.6% | ||
| Q4 24 | 76.4% | 22.4% | ||
| Q3 24 | 77.7% | 21.8% | ||
| Q2 24 | 77.8% | 22.1% | ||
| Q1 24 | 77.5% | 20.4% |
营业利润率NETQUAD
| Q4 25 | -8.0% | 5.9% | ||
| Q3 25 | -6.7% | 4.5% | ||
| Q2 25 | -13.1% | 2.4% | ||
| Q1 25 | -11.1% | 3.1% | ||
| Q4 24 | -7.5% | 2.8% | ||
| Q3 24 | -7.2% | -0.7% | ||
| Q2 24 | -8.7% | 2.4% | ||
| Q1 24 | -14.4% | -1.6% |
净利率NETQUAD
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | 1.7% | ||
| Q2 25 | -9.8% | -0.0% | ||
| Q1 25 | -8.0% | 0.9% | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | -3.7% | ||
| Q2 24 | -3.8% | -0.4% | ||
| Q1 24 | -9.4% | -4.3% |
每股收益（稀释后）NETQUAD
| Q4 25 | $-0.03 | $0.22 | ||
| Q3 25 | $0.00 | $0.21 | ||
| Q2 25 | $-0.15 | $0.00 | ||
| Q1 25 | $-0.11 | $0.11 | ||
| Q4 24 | $-0.05 | $0.11 | ||
| Q3 24 | $-0.04 | $-0.52 | ||
| Q2 24 | $-0.04 | $-0.06 | ||
| Q1 24 | $-0.10 | $-0.60 |
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 | $63.3M |
| 总债务越低越好 | — | $369.9M |
| 股东权益账面价值 | $1.5B | $-59.5M |
| 总资产 | $6.0B | $1.3B |
| 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NETQUAD
| Q4 25 | $943.5M | $63.3M | ||
| Q3 25 | $1.1B | $6.2M | ||
| Q2 25 | $1.5B | $6.7M | ||
| Q1 25 | $204.5M | $8.1M | ||
| Q4 24 | $147.7M | $29.2M | ||
| Q3 24 | $182.9M | $12.5M | ||
| Q2 24 | $157.0M | $12.8M | ||
| Q1 24 | $254.4M | $10.2M |
总债务NETQUAD
| Q4 25 | — | $369.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $377.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NETQUAD
| Q4 25 | $1.5B | $-59.5M | ||
| Q3 25 | $1.3B | $96.7M | ||
| Q2 25 | $1.2B | $87.0M | ||
| Q1 25 | $1.4B | $87.4M | ||
| Q4 24 | $1.0B | $-131.2M | ||
| Q3 24 | $973.1M | $50.9M | ||
| Q2 24 | $881.5M | $79.1M | ||
| Q1 24 | $797.2M | $89.2M |
总资产NETQUAD
| Q4 25 | $6.0B | $1.3B | ||
| Q3 25 | $5.8B | $1.3B | ||
| Q2 25 | $5.6B | $1.2B | ||
| Q1 25 | $3.7B | $1.2B | ||
| Q4 24 | $3.3B | $1.3B | ||
| Q3 24 | $3.1B | $1.4B | ||
| Q2 24 | $2.9B | $1.4B | ||
| Q1 24 | $2.8B | $1.4B |
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 | $145.9M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $137.2M |
| 自由现金流率自由现金流/营收 | 17.1% | 21.8% |
| 资本支出强度资本支出/营收 | 13.9% | 1.4% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $287.5M | $50.7M |
8季度趋势，按日历期对齐
经营现金流NETQUAD
| Q4 25 | $190.4M | $145.9M | ||
| Q3 25 | $167.1M | $-8.4M | ||
| Q2 25 | $99.8M | $47.4M | ||
| Q1 25 | $145.8M | $-89.0M | ||
| Q4 24 | $127.3M | $158.8M | ||
| Q3 24 | $104.7M | $2.4M | ||
| Q2 24 | $74.8M | $3.9M | ||
| Q1 24 | $73.6M | $-52.2M |
自由现金流NETQUAD
| Q4 25 | $105.2M | $137.2M | ||
| Q3 25 | $82.5M | $-20.6M | ||
| Q2 25 | $39.9M | $34.4M | ||
| Q1 25 | $59.9M | $-100.3M | ||
| Q4 24 | $54.2M | $147.3M | ||
| Q3 24 | $54.5M | $-9.8M | ||
| Q2 24 | $45.2M | $-11.7M | ||
| Q1 24 | $41.5M | $-70.1M |
自由现金流率NETQUAD
| Q4 25 | 17.1% | 21.8% | ||
| Q3 25 | 14.7% | -3.5% | ||
| Q2 25 | 7.8% | 6.0% | ||
| Q1 25 | 12.5% | -15.9% | ||
| Q4 24 | 11.8% | 20.8% | ||
| Q3 24 | 12.7% | -1.5% | ||
| Q2 24 | 11.3% | -1.8% | ||
| Q1 24 | 11.0% | -10.7% |
资本支出强度NETQUAD
| Q4 25 | 13.9% | 1.4% | ||
| Q3 25 | 15.1% | 2.1% | ||
| Q2 25 | 11.7% | 2.3% | ||
| Q1 25 | 17.9% | 1.8% | ||
| Q4 24 | 15.9% | 1.6% | ||
| Q3 24 | 11.7% | 1.8% | ||
| Q2 24 | 7.4% | 2.5% | ||
| Q1 24 | 8.5% | 2.7% |
现金转化率NETQUAD
| Q4 25 | — | — | ||
| Q3 25 | — | -0.82× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -15.34× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
QUAD
| Catalog Publications Retail Inserts Books And Directories | $300.6M | 48% |
| Direct Mail And Other Printed Products | $147.1M | 23% |
| Imaging Marketing Services And Other Services | $79.8M | 13% |
| Logistic Services | $61.4M | 10% |
| Other | $39.3M | 6% |
| Other Revenues | $2.4M | 0% |
