vs
Cloudflare, Inc.（NET）与ROYAL GOLD INC（RGLD）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ROYAL GOLD INC的1.6倍（$614.5M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs -2.0%，领先26.9%），ROYAL GOLD INC同比增速更快（85.3% vs 33.6%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 27.4%）
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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
NET vs RGLD — 直观对比
营收规模更大
NET
是对方的1.6倍
$375.3M
营收增速更快
RGLD
高出51.7%
33.6%
净利率更高
RGLD
高出26.9%
-2.0%
两年增速更快
RGLD
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $375.3M |
| 净利润 | $-12.1M | $93.6M |
| 毛利率 | 73.6% | 64.6% |
| 营业利润率 | -8.0% | 56.2% |
| 净利率 | -2.0% | 24.9% |
| 营收同比 | 33.6% | 85.3% |
| 净利润同比 | 6.0% | -12.8% |
| 每股收益（稀释后） | $-0.03 | $1.04 |
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NETRGLD
| Q4 25 | $614.5M | $375.3M | ||
| Q3 25 | $562.0M | $252.1M | ||
| Q2 25 | $512.3M | $209.6M | ||
| Q1 25 | $479.1M | $193.4M | ||
| Q4 24 | $459.9M | $202.6M | ||
| Q3 24 | $430.1M | $193.8M | ||
| Q2 24 | $401.0M | $174.1M | ||
| Q1 24 | $378.6M | $148.9M |
净利润NETRGLD
| Q4 25 | $-12.1M | $93.6M | ||
| Q3 25 | $-1.3M | $126.8M | ||
| Q2 25 | $-50.4M | $132.3M | ||
| Q1 25 | $-38.5M | $113.5M | ||
| Q4 24 | $-12.8M | $107.4M | ||
| Q3 24 | $-15.3M | $96.2M | ||
| Q2 24 | $-15.1M | $81.2M | ||
| Q1 24 | $-35.5M | $47.2M |
毛利率NETRGLD
| Q4 25 | 73.6% | 64.6% | ||
| Q3 25 | 74.0% | 73.6% | ||
| Q2 25 | 74.9% | 72.6% | ||
| Q1 25 | 75.9% | 69.4% | ||
| Q4 24 | 76.4% | 70.3% | ||
| Q3 24 | 77.7% | 66.6% | ||
| Q2 24 | 77.8% | 64.7% | ||
| Q1 24 | 77.5% | 58.4% |
营业利润率NETRGLD
| Q4 25 | -8.0% | 56.2% | ||
| Q3 25 | -6.7% | 64.4% | ||
| Q2 25 | -13.1% | 67.7% | ||
| Q1 25 | -11.1% | 63.6% | ||
| Q4 24 | -7.5% | 65.9% | ||
| Q3 24 | -7.2% | 61.3% | ||
| Q2 24 | -8.7% | 58.6% | ||
| Q1 24 | -14.4% | 50.7% |
净利率NETRGLD
| Q4 25 | -2.0% | 24.9% | ||
| Q3 25 | -0.2% | 50.3% | ||
| Q2 25 | -9.8% | 63.1% | ||
| Q1 25 | -8.0% | 58.7% | ||
| Q4 24 | -2.8% | 53.0% | ||
| Q3 24 | -3.6% | 49.7% | ||
| Q2 24 | -3.8% | 46.6% | ||
| Q1 24 | -9.4% | 31.7% |
每股收益（稀释后）NETRGLD
| Q4 25 | $-0.03 | $1.04 | ||
| Q3 25 | $0.00 | $1.92 | ||
| Q2 25 | $-0.15 | $2.01 | ||
| Q1 25 | $-0.11 | $1.72 | ||
| Q4 24 | $-0.05 | $1.63 | ||
| Q3 24 | $-0.04 | $1.46 | ||
| Q2 24 | $-0.04 | $1.23 | ||
| Q1 24 | $-0.10 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $7.2B |
| 总资产 | $6.0B | $9.5B |
| 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NETRGLD
| Q4 25 | $943.5M | $233.7M | ||
| Q3 25 | $1.1B | $172.8M | ||
| Q2 25 | $1.5B | $248.2M | ||
| Q1 25 | $204.5M | $240.8M | ||
| Q4 24 | $147.7M | $195.5M | ||
| Q3 24 | $182.9M | $127.9M | ||
| Q2 24 | $157.0M | $74.2M | ||
| Q1 24 | $254.4M | $137.9M |
总债务NETRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益NETRGLD
| Q4 25 | $1.5B | $7.2B | ||
| Q3 25 | $1.3B | $3.4B | ||
| Q2 25 | $1.2B | $3.3B | ||
| Q1 25 | $1.4B | $3.2B | ||
| Q4 24 | $1.0B | $3.1B | ||
| Q3 24 | $973.1M | $3.0B | ||
| Q2 24 | $881.5M | $3.0B | ||
| Q1 24 | $797.2M | $2.9B |
总资产NETRGLD
| Q4 25 | $6.0B | $9.5B | ||
| Q3 25 | $5.8B | $4.5B | ||
| Q2 25 | $5.6B | $3.6B | ||
| Q1 25 | $3.7B | $3.5B | ||
| Q4 24 | $3.3B | $3.4B | ||
| Q3 24 | $3.1B | $3.3B | ||
| Q2 24 | $2.9B | $3.3B | ||
| Q1 24 | $2.8B | $3.3B |
负债/权益比NETRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| Q1 24 | — | — |
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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | — |
| 自由现金流率自由现金流/营收 | 17.1% | — |
| 资本支出强度资本支出/营收 | 13.9% | — |
| 现金转化率经营现金流/净利润 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | $287.5M | — |
8季度趋势，按日历期对齐
经营现金流NETRGLD
| Q4 25 | $190.4M | $241.7M | ||
| Q3 25 | $167.1M | $174.0M | ||
| Q2 25 | $99.8M | $152.8M | ||
| Q1 25 | $145.8M | $136.4M | ||
| Q4 24 | $127.3M | $141.1M | ||
| Q3 24 | $104.7M | $136.7M | ||
| Q2 24 | $74.8M | $113.5M | ||
| Q1 24 | $73.6M | $138.3M |
自由现金流NETRGLD
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
自由现金流率NETRGLD
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
资本支出强度NETRGLD
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | — |
现金转化率NETRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
