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Cloudflare, Inc.（NET）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是Cloudflare, Inc.的2.0倍（$1.2B vs $614.5M），利氏兄弟拍卖行净利率更高（9.1% vs -2.0%，领先11.1%），Cloudflare, Inc.同比增速更快（33.6% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
NET vs RBA — 直观对比
营收规模更大
RBA
是对方的2.0倍
$614.5M
营收增速更快
NET
高出28.2%
5.4%
净利率更高
RBA
高出11.1%
-2.0%
自由现金流更多
RBA
多$81.3M
$105.2M
两年增速更快
NET
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $1.2B |
| 净利润 | $-12.1M | $109.7M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 14.7% |
| 净利率 | -2.0% | 9.1% |
| 营收同比 | 33.6% | 5.4% |
| 净利润同比 | 6.0% | -7.4% |
| 每股收益（稀释后） | $-0.03 | $0.53 |
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NETRBA
| Q4 25 | $614.5M | $1.2B | ||
| Q3 25 | $562.0M | $1.1B | ||
| Q2 25 | $512.3M | $1.2B | ||
| Q1 25 | $479.1M | $1.1B | ||
| Q4 24 | $459.9M | $1.1B | ||
| Q3 24 | $430.1M | $981.8M | ||
| Q2 24 | $401.0M | $1.1B | ||
| Q1 24 | $378.6M | $1.1B |
净利润NETRBA
| Q4 25 | $-12.1M | $109.7M | ||
| Q3 25 | $-1.3M | $95.5M | ||
| Q2 25 | $-50.4M | $109.8M | ||
| Q1 25 | $-38.5M | $113.4M | ||
| Q4 24 | $-12.8M | $118.5M | ||
| Q3 24 | $-15.3M | $76.1M | ||
| Q2 24 | $-15.1M | $111.1M | ||
| Q1 24 | $-35.5M | $107.4M |
毛利率NETRBA
| 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NETRBA
| Q4 25 | -8.0% | 14.7% | ||
| Q3 25 | -6.7% | 14.5% | ||
| Q2 25 | -13.1% | 15.9% | ||
| Q1 25 | -11.1% | 17.1% | ||
| Q4 24 | -7.5% | 18.1% | ||
| Q3 24 | -7.2% | 15.6% | ||
| Q2 24 | -8.7% | 18.4% | ||
| Q1 24 | -14.4% | 18.7% |
净利率NETRBA
| Q4 25 | -2.0% | 9.1% | ||
| Q3 25 | -0.2% | 8.7% | ||
| Q2 25 | -9.8% | 9.3% | ||
| Q1 25 | -8.0% | 10.2% | ||
| Q4 24 | -2.8% | 10.4% | ||
| Q3 24 | -3.6% | 7.8% | ||
| Q2 24 | -3.8% | 10.1% | ||
| Q1 24 | -9.4% | 10.1% |
每股收益（稀释后）NETRBA
| Q4 25 | $-0.03 | $0.53 | ||
| Q3 25 | $0.00 | $0.43 | ||
| Q2 25 | $-0.15 | $0.53 | ||
| Q1 25 | $-0.11 | $0.55 | ||
| Q4 24 | $-0.05 | $0.58 | ||
| Q3 24 | $-0.04 | $0.36 | ||
| Q2 24 | $-0.04 | $0.54 | ||
| Q1 24 | $-0.10 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $1.5B | $5.6B |
| 总资产 | $6.0B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资NETRBA
| Q4 25 | $943.5M | $531.5M | ||
| Q3 25 | $1.1B | $674.7M | ||
| Q2 25 | $1.5B | $710.2M | ||
| Q1 25 | $204.5M | $578.1M | ||
| Q4 24 | $147.7M | $533.9M | ||
| Q3 24 | $182.9M | $650.7M | ||
| Q2 24 | $157.0M | $599.5M | ||
| Q1 24 | $254.4M | $462.8M |
总债务NETRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益NETRBA
| Q4 25 | $1.5B | $5.6B | ||
| Q3 25 | $1.3B | $5.5B | ||
| Q2 25 | $1.2B | $5.5B | ||
| Q1 25 | $1.4B | $5.3B | ||
| Q4 24 | $1.0B | $5.2B | ||
| Q3 24 | $973.1M | $5.2B | ||
| Q2 24 | $881.5M | $5.2B | ||
| Q1 24 | $797.2M | $5.1B |
总资产NETRBA
| Q4 25 | $6.0B | $12.1B | ||
| Q3 25 | $5.8B | $12.2B | ||
| Q2 25 | $5.6B | $12.2B | ||
| Q1 25 | $3.7B | $11.9B | ||
| Q4 24 | $3.3B | $11.8B | ||
| Q3 24 | $3.1B | $11.9B | ||
| Q2 24 | $2.9B | $12.1B | ||
| Q1 24 | $2.8B | $12.0B |
负债/权益比NETRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $186.5M |
| 自由现金流率自由现金流/营收 | 17.1% | 15.5% |
| 资本支出强度资本支出/营收 | 13.9% | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $719.2M |
8季度趋势，按日历期对齐
经营现金流NETRBA
| Q4 25 | $190.4M | $255.2M | ||
| Q3 25 | $167.1M | $239.7M | ||
| Q2 25 | $99.8M | $326.5M | ||
| Q1 25 | $145.8M | $156.8M | ||
| Q4 24 | $127.3M | $184.5M | ||
| Q3 24 | $104.7M | $285.4M | ||
| Q2 24 | $74.8M | $337.3M | ||
| Q1 24 | $73.6M | $124.8M |
自由现金流NETRBA
| Q4 25 | $105.2M | $186.5M | ||
| Q3 25 | $82.5M | $188.5M | ||
| Q2 25 | $39.9M | $241.7M | ||
| Q1 25 | $59.9M | $102.5M | ||
| Q4 24 | $54.2M | $127.9M | ||
| Q3 24 | $54.5M | $248.5M | ||
| Q2 24 | $45.2M | $308.6M | ||
| Q1 24 | $41.5M | $79.6M |
自由现金流率NETRBA
| Q4 25 | 17.1% | 15.5% | ||
| Q3 25 | 14.7% | 17.3% | ||
| Q2 25 | 7.8% | 20.4% | ||
| Q1 25 | 12.5% | 9.2% | ||
| Q4 24 | 11.8% | 11.2% | ||
| Q3 24 | 12.7% | 25.3% | ||
| Q2 24 | 11.3% | 28.2% | ||
| Q1 24 | 11.0% | 7.5% |
资本支出强度NETRBA
| Q4 25 | 13.9% | 5.7% | ||
| Q3 25 | 15.1% | 4.7% | ||
| Q2 25 | 11.7% | 7.2% | ||
| Q1 25 | 17.9% | 4.9% | ||
| Q4 24 | 15.9% | 5.0% | ||
| Q3 24 | 11.7% | 3.8% | ||
| Q2 24 | 7.4% | 2.6% | ||
| Q1 24 | 8.5% | 4.2% |
现金转化率NETRBA
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 2.51× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 3.75× | ||
| Q2 24 | — | 3.04× | ||
| Q1 24 | — | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
