vs
Cloudflare, Inc.（NET）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是Cloudflare, Inc.的1.4倍（$883.8M vs $614.5M），RH净利率更高（4.1% vs -2.0%，领先6.1%），Cloudflare, Inc.同比增速更快（33.6% vs 8.9%），Cloudflare, Inc.自由现金流更多（$105.2M vs $83.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 9.4%）
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。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
NET vs RH — 直观对比
营收规模更大
RH
是对方的1.4倍
$614.5M
营收增速更快
NET
高出24.7%
8.9%
净利率更高
RH
高出6.1%
-2.0%
自由现金流更多
NET
多$22.2M
$83.0M
两年增速更快
NET
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $883.8M |
| 净利润 | $-12.1M | $36.3M |
| 毛利率 | 73.6% | 44.1% |
| 营业利润率 | -8.0% | 12.0% |
| 净利率 | -2.0% | 4.1% |
| 营收同比 | 33.6% | 8.9% |
| 净利润同比 | 6.0% | 9.3% |
| 每股收益（稀释后） | $-0.03 | $1.83 |
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NETRH
| Q4 25 | $614.5M | $883.8M | ||
| Q3 25 | $562.0M | $899.2M | ||
| Q2 25 | $512.3M | $814.0M | ||
| Q1 25 | $479.1M | $812.4M | ||
| Q4 24 | $459.9M | $811.7M | ||
| Q3 24 | $430.1M | $829.7M | ||
| Q2 24 | $401.0M | $727.0M | ||
| Q1 24 | $378.6M | $738.3M |
净利润NETRH
| Q4 25 | $-12.1M | $36.3M | ||
| Q3 25 | $-1.3M | $51.7M | ||
| Q2 25 | $-50.4M | $8.0M | ||
| Q1 25 | $-38.5M | $13.9M | ||
| Q4 24 | $-12.8M | $33.2M | ||
| Q3 24 | $-15.3M | $29.0M | ||
| Q2 24 | $-15.1M | $-3.6M | ||
| Q1 24 | $-35.5M | $11.4M |
毛利率NETRH
| Q4 25 | 73.6% | 44.1% | ||
| Q3 25 | 74.0% | 45.5% | ||
| Q2 25 | 74.9% | 43.7% | ||
| Q1 25 | 75.9% | 44.7% | ||
| Q4 24 | 76.4% | 44.5% | ||
| Q3 24 | 77.7% | 45.2% | ||
| Q2 24 | 77.8% | 43.5% | ||
| Q1 24 | 77.5% | 43.5% |
营业利润率NETRH
| Q4 25 | -8.0% | 12.0% | ||
| Q3 25 | -6.7% | 14.3% | ||
| Q2 25 | -13.1% | 6.9% | ||
| Q1 25 | -11.1% | 8.7% | ||
| Q4 24 | -7.5% | 12.5% | ||
| Q3 24 | -7.2% | 11.6% | ||
| Q2 24 | -8.7% | 7.5% | ||
| Q1 24 | -14.4% | 8.7% |
净利率NETRH
| Q4 25 | -2.0% | 4.1% | ||
| Q3 25 | -0.2% | 5.8% | ||
| Q2 25 | -9.8% | 1.0% | ||
| Q1 25 | -8.0% | 1.7% | ||
| Q4 24 | -2.8% | 4.1% | ||
| Q3 24 | -3.6% | 3.5% | ||
| Q2 24 | -3.8% | -0.5% | ||
| Q1 24 | -9.4% | 1.5% |
每股收益（稀释后）NETRH
| Q4 25 | $-0.03 | $1.83 | ||
| Q3 25 | $0.00 | $2.62 | ||
| Q2 25 | $-0.15 | $0.40 | ||
| Q1 25 | $-0.11 | $0.71 | ||
| Q4 24 | $-0.05 | $1.66 | ||
| Q3 24 | $-0.04 | $1.45 | ||
| Q2 24 | $-0.04 | $-0.20 | ||
| Q1 24 | $-0.10 | $0.91 |
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 | $43.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $3.3M |
| 总资产 | $6.0B | $4.8B |
| 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NETRH
| Q4 25 | $943.5M | $43.1M | ||
| Q3 25 | $1.1B | $34.6M | ||
| Q2 25 | $1.5B | $46.1M | ||
| Q1 25 | $204.5M | $30.4M | ||
| Q4 24 | $147.7M | $87.0M | ||
| Q3 24 | $182.9M | $78.3M | ||
| Q2 24 | $157.0M | $101.8M | ||
| Q1 24 | $254.4M | $123.7M |
股东权益NETRH
| Q4 25 | $1.5B | $3.3M | ||
| Q3 25 | $1.3B | $-40.9M | ||
| Q2 25 | $1.2B | $-110.8M | ||
| Q1 25 | $1.4B | $-163.6M | ||
| Q4 24 | $1.0B | $-183.0M | ||
| Q3 24 | $973.1M | $-234.7M | ||
| Q2 24 | $881.5M | $-289.9M | ||
| Q1 24 | $797.2M | $-297.4M |
总资产NETRH
| Q4 25 | $6.0B | $4.8B | ||
| Q3 25 | $5.8B | $4.7B | ||
| Q2 25 | $5.6B | $4.7B | ||
| Q1 25 | $3.7B | $4.6B | ||
| Q4 24 | $3.3B | $4.5B | ||
| Q3 24 | $3.1B | $4.4B | ||
| Q2 24 | $2.9B | $4.2B | ||
| Q1 24 | $2.8B | $4.1B |
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 | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $83.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 9.4% |
| 资本支出强度资本支出/营收 | 13.9% | 5.5% |
| 现金转化率经营现金流/净利润 | — | 3.64× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $128.1M |
8季度趋势，按日历期对齐
经营现金流NETRH
| Q4 25 | $190.4M | $131.9M | ||
| Q3 25 | $167.1M | $137.7M | ||
| Q2 25 | $99.8M | $86.6M | ||
| Q1 25 | $145.8M | $-18.8M | ||
| Q4 24 | $127.3M | $-31.4M | ||
| Q3 24 | $104.7M | $11.2M | ||
| Q2 24 | $74.8M | $56.1M | ||
| Q1 24 | $73.6M | $-114.0M |
自由现金流NETRH
| Q4 25 | $105.2M | $83.0M | ||
| Q3 25 | $82.5M | $80.7M | ||
| Q2 25 | $39.9M | $34.1M | ||
| Q1 25 | $59.9M | $-69.7M | ||
| Q4 24 | $54.2M | $-96.0M | ||
| Q3 24 | $54.5M | $-37.9M | ||
| Q2 24 | $45.2M | $-10.1M | ||
| Q1 24 | $41.5M | $-251.5M |
自由现金流率NETRH
| Q4 25 | 17.1% | 9.4% | ||
| Q3 25 | 14.7% | 9.0% | ||
| Q2 25 | 7.8% | 4.2% | ||
| Q1 25 | 12.5% | -8.6% | ||
| Q4 24 | 11.8% | -11.8% | ||
| Q3 24 | 12.7% | -4.6% | ||
| Q2 24 | 11.3% | -1.4% | ||
| Q1 24 | 11.0% | -34.1% |
资本支出强度NETRH
| Q4 25 | 13.9% | 5.5% | ||
| Q3 25 | 15.1% | 6.3% | ||
| Q2 25 | 11.7% | 6.5% | ||
| Q1 25 | 17.9% | 6.3% | ||
| Q4 24 | 15.9% | 8.0% | ||
| Q3 24 | 11.7% | 5.9% | ||
| Q2 24 | 7.4% | 9.1% | ||
| Q1 24 | 8.5% | 18.6% |
现金转化率NETRH
| Q4 25 | — | 3.64× | ||
| Q3 25 | — | 2.66× | ||
| Q2 25 | — | 10.78× | ||
| Q1 25 | — | -1.35× | ||
| Q4 24 | — | -0.95× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -10.01× |
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% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
