vs
Cloudflare, Inc.（NET）与RLJ Lodging Trust（RLJ）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RLJ Lodging Trust的1.9倍（$614.5M vs $328.6M），RLJ Lodging Trust净利率更高（0.1% vs -2.0%，领先2.1%），Cloudflare, Inc.同比增速更快（33.6% vs -0.4%），RLJ Lodging Trust自由现金流更多（$117.4M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 0.6%）
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。
RLJ集团是美国企业家罗伯特·路易斯·约翰逊创办的资产管理企业。约翰逊在2001年出售自己一手创立的黑人娱乐电视台后，于马里兰州贝塞斯达成立了这家公司。集团业务覆盖酒店不动产投资、私募股权投资、金融服务、资产管理、保险、汽车经销、文体娱乐以及电子彩票 gaming 等多个领域，总部设于贝塞斯达。
NET vs RLJ — 直观对比
营收规模更大
NET
是对方的1.9倍
$328.6M
营收增速更快
NET
高出34.0%
-0.4%
净利率更高
RLJ
高出2.1%
-2.0%
自由现金流更多
RLJ
多$12.2M
$105.2M
两年增速更快
NET
近两年复合增速
0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $328.6M |
| 净利润 | $-12.1M | $430.0K |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 0.2% |
| 净利率 | -2.0% | 0.1% |
| 营收同比 | 33.6% | -0.4% |
| 净利润同比 | 6.0% | -92.0% |
| 每股收益（稀释后） | $-0.03 | $-0.05 |
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NETRLJ
| Q4 25 | $614.5M | $328.6M | ||
| Q3 25 | $562.0M | $330.0M | ||
| Q2 25 | $512.3M | $363.1M | ||
| Q1 25 | $479.1M | $328.1M | ||
| Q4 24 | $459.9M | $330.0M | ||
| Q3 24 | $430.1M | $345.7M | ||
| Q2 24 | $401.0M | $369.3M | ||
| Q1 24 | $378.6M | $324.4M |
净利润NETRLJ
| Q4 25 | $-12.1M | $430.0K | ||
| Q3 25 | $-1.3M | $-3.7M | ||
| Q2 25 | $-50.4M | $28.5M | ||
| Q1 25 | $-38.5M | $3.4M | ||
| Q4 24 | $-12.8M | $5.4M | ||
| Q3 24 | $-15.3M | $20.6M | ||
| Q2 24 | $-15.1M | $37.1M | ||
| Q1 24 | $-35.5M | $4.9M |
毛利率NETRLJ
| 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NETRLJ
| Q4 25 | -8.0% | 0.2% | ||
| Q3 25 | -6.7% | -1.0% | ||
| Q2 25 | -13.1% | 8.0% | ||
| Q1 25 | -11.1% | 1.1% | ||
| Q4 24 | -7.5% | 1.8% | ||
| Q3 24 | -7.2% | 6.1% | ||
| Q2 24 | -8.7% | 10.2% | ||
| Q1 24 | -14.4% | 1.6% |
净利率NETRLJ
| Q4 25 | -2.0% | 0.1% | ||
| Q3 25 | -0.2% | -1.1% | ||
| Q2 25 | -9.8% | 7.8% | ||
| Q1 25 | -8.0% | 1.0% | ||
| Q4 24 | -2.8% | 1.6% | ||
| Q3 24 | -3.6% | 6.0% | ||
| Q2 24 | -3.8% | 10.0% | ||
| Q1 24 | -9.4% | 1.5% |
每股收益（稀释后）NETRLJ
| Q4 25 | $-0.03 | $-0.05 | ||
| Q3 25 | $0.00 | $-0.07 | ||
| Q2 25 | $-0.15 | $0.15 | ||
| Q1 25 | $-0.11 | $-0.02 | ||
| Q4 24 | $-0.05 | $-0.01 | ||
| Q3 24 | $-0.04 | $0.09 | ||
| Q2 24 | $-0.04 | $0.20 | ||
| Q1 24 | $-0.10 | $-0.01 |
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 | $410.2M |
| 总债务越低越好 | — | $2.2B |
| 股东权益账面价值 | $1.5B | $2.2B |
| 总资产 | $6.0B | $4.7B |
| 负债/权益比越低杠杆越低 | — | 1.01× |
8季度趋势，按日历期对齐
现金及短期投资NETRLJ
| Q4 25 | $943.5M | $410.2M | ||
| Q3 25 | $1.1B | $374.8M | ||
| Q2 25 | $1.5B | $373.9M | ||
| Q1 25 | $204.5M | $347.5M | ||
| Q4 24 | $147.7M | $409.8M | ||
| Q3 24 | $182.9M | $385.4M | ||
| Q2 24 | $157.0M | $371.1M | ||
| Q1 24 | $254.4M | $350.2M |
总债务NETRLJ
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.2B |
股东权益NETRLJ
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.3B | $2.2B | ||
| Q2 25 | $1.2B | $2.2B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $1.0B | $2.3B | ||
| Q3 24 | $973.1M | $2.3B | ||
| Q2 24 | $881.5M | $2.3B | ||
| Q1 24 | $797.2M | $2.3B |
总资产NETRLJ
| Q4 25 | $6.0B | $4.7B | ||
| Q3 25 | $5.8B | $4.8B | ||
| Q2 25 | $5.6B | $4.8B | ||
| Q1 25 | $3.7B | $4.8B | ||
| Q4 24 | $3.3B | $4.9B | ||
| Q3 24 | $3.1B | $4.9B | ||
| Q2 24 | $2.9B | $4.9B | ||
| Q1 24 | $2.8B | $4.9B |
负债/权益比NETRLJ
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.97× | ||
| Q3 24 | — | 0.96× | ||
| Q2 24 | — | 0.95× | ||
| Q1 24 | — | 0.96× |
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 | $243.8M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $117.4M |
| 自由现金流率自由现金流/营收 | 17.1% | 35.7% |
| 资本支出强度资本支出/营收 | 13.9% | 38.5% |
| 现金转化率经营现金流/净利润 | — | 566.97× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $186.6M |
8季度趋势，按日历期对齐
经营现金流NETRLJ
| Q4 25 | $190.4M | $243.8M | ||
| Q3 25 | $167.1M | $63.3M | ||
| Q2 25 | $99.8M | $101.3M | ||
| Q1 25 | $145.8M | $16.3M | ||
| Q4 24 | $127.3M | $285.4M | ||
| Q3 24 | $104.7M | $80.1M | ||
| Q2 24 | $74.8M | $113.5M | ||
| Q1 24 | $73.6M | $20.8M |
自由现金流NETRLJ
| Q4 25 | $105.2M | $117.4M | ||
| Q3 25 | $82.5M | $33.6M | ||
| Q2 25 | $39.9M | $66.1M | ||
| Q1 25 | $59.9M | $-30.5M | ||
| Q4 24 | $54.2M | $148.9M | ||
| Q3 24 | $54.5M | $45.4M | ||
| Q2 24 | $45.2M | $74.9M | ||
| Q1 24 | $41.5M | $-13.0M |
自由现金流率NETRLJ
| Q4 25 | 17.1% | 35.7% | ||
| Q3 25 | 14.7% | 10.2% | ||
| Q2 25 | 7.8% | 18.2% | ||
| Q1 25 | 12.5% | -9.3% | ||
| Q4 24 | 11.8% | 45.1% | ||
| Q3 24 | 12.7% | 13.1% | ||
| Q2 24 | 11.3% | 20.3% | ||
| Q1 24 | 11.0% | -4.0% |
资本支出强度NETRLJ
| Q4 25 | 13.9% | 38.5% | ||
| Q3 25 | 15.1% | 9.0% | ||
| Q2 25 | 11.7% | 9.7% | ||
| Q1 25 | 17.9% | 14.3% | ||
| Q4 24 | 15.9% | 41.4% | ||
| Q3 24 | 11.7% | 10.0% | ||
| Q2 24 | 7.4% | 10.4% | ||
| Q1 24 | 8.5% | 10.4% |
现金转化率NETRLJ
| Q4 25 | — | 566.97× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 3.56× | ||
| Q1 25 | — | 4.85× | ||
| Q4 24 | — | 53.09× | ||
| Q3 24 | — | 3.89× | ||
| Q2 24 | — | 3.06× | ||
| Q1 24 | — | 4.21× |
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% |
RLJ
| Occupancy | $262.1M | 80% |
| Food And Beverage | $41.9M | 13% |
| Hotel Other | $24.6M | 7% |
