vs
Cloudflare, Inc.（NET）与永利度假村有限公司（RRR）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是永利度假村有限公司的1.2倍（$614.5M vs $507.3M），永利度假村有限公司净利率更高（16.3% vs -2.0%，领先18.3%），Cloudflare, Inc.同比增速更快（33.6% vs 1.9%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 2.1%）
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。
永利度假村有限公司是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店与赌场的开发及运营。公司由前梦幻度假村集团董事长兼首席执行官史蒂夫·永利于2002年创立，现任首席执行官为克雷格·比林斯，截至2020年共开发了6处物业。
NET vs RRR — 直观对比
营收规模更大
NET
是对方的1.2倍
$507.3M
营收增速更快
NET
高出31.7%
1.9%
净利率更高
RRR
高出18.3%
-2.0%
两年增速更快
NET
近两年复合增速
2.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $507.3M |
| 净利润 | $-12.1M | $82.7M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 28.3% |
| 净利率 | -2.0% | 16.3% |
| 营收同比 | 33.6% | 1.9% |
| 净利润同比 | 6.0% | -3.8% |
| 每股收益（稀释后） | $-0.03 | $0.73 |
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NETRRR
| Q1 26 | — | $507.3M | ||
| Q4 25 | $614.5M | $511.8M | ||
| Q3 25 | $562.0M | $475.6M | ||
| Q2 25 | $512.3M | $526.3M | ||
| Q1 25 | $479.1M | $497.9M | ||
| Q4 24 | $459.9M | $495.7M | ||
| Q3 24 | $430.1M | $468.0M | ||
| Q2 24 | $401.0M | $486.4M |
净利润NETRRR
| Q1 26 | — | $82.7M | ||
| Q4 25 | $-12.1M | $44.7M | ||
| Q3 25 | $-1.3M | $42.3M | ||
| Q2 25 | $-50.4M | $56.4M | ||
| Q1 25 | $-38.5M | $44.7M | ||
| Q4 24 | $-12.8M | $46.6M | ||
| Q3 24 | $-15.3M | $29.0M | ||
| Q2 24 | $-15.1M | $35.7M |
毛利率NETRRR
| Q1 26 | — | — | ||
| 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% | — |
营业利润率NETRRR
| Q1 26 | — | 28.3% | ||
| Q4 25 | -8.0% | 28.1% | ||
| Q3 25 | -6.7% | 27.6% | ||
| Q2 25 | -13.1% | 31.9% | ||
| Q1 25 | -11.1% | 31.0% | ||
| Q4 24 | -7.5% | 28.7% | ||
| Q3 24 | -7.2% | 27.9% | ||
| Q2 24 | -8.7% | 28.8% |
净利率NETRRR
| Q1 26 | — | 16.3% | ||
| Q4 25 | -2.0% | 8.7% | ||
| Q3 25 | -0.2% | 8.9% | ||
| Q2 25 | -9.8% | 10.7% | ||
| Q1 25 | -8.0% | 9.0% | ||
| Q4 24 | -2.8% | 9.4% | ||
| Q3 24 | -3.6% | 6.2% | ||
| Q2 24 | -3.8% | 7.3% |
每股收益（稀释后）NETRRR
| Q1 26 | — | $0.73 | ||
| Q4 25 | $-0.03 | $0.74 | ||
| Q3 25 | $0.00 | $0.68 | ||
| Q2 25 | $-0.15 | $0.95 | ||
| Q1 25 | $-0.11 | $0.75 | ||
| Q4 24 | $-0.05 | $0.78 | ||
| Q3 24 | $-0.04 | $0.48 | ||
| Q2 24 | $-0.04 | $0.59 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $6.0B | — |
| 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NETRRR
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | $142.5M | ||
| Q3 25 | $1.1B | $129.8M | ||
| Q2 25 | $1.5B | $145.2M | ||
| Q1 25 | $204.5M | $150.6M | ||
| Q4 24 | $147.7M | $164.4M | ||
| Q3 24 | $182.9M | $117.5M | ||
| Q2 24 | $157.0M | $136.4M |
总债务NETRRR
| Q1 26 | — | — | ||
| Q4 25 | — | $3.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益NETRRR
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $208.3M | ||
| Q3 25 | $1.3B | $219.6M | ||
| Q2 25 | $1.2B | $203.4M | ||
| Q1 25 | $1.4B | $247.1M | ||
| Q4 24 | $1.0B | $215.1M | ||
| Q3 24 | $973.1M | $175.5M | ||
| Q2 24 | $881.5M | $159.0M |
总资产NETRRR
| Q1 26 | — | — | ||
| Q4 25 | $6.0B | $4.2B | ||
| Q3 25 | $5.8B | $4.1B | ||
| Q2 25 | $5.6B | $4.0B | ||
| Q1 25 | $3.7B | $4.1B | ||
| Q4 24 | $3.3B | $4.0B | ||
| Q3 24 | $3.1B | $4.0B | ||
| Q2 24 | $2.9B | $4.0B |
负债/权益比NETRRR
| Q1 26 | — | — | ||
| Q4 25 | — | 16.30× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 15.84× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 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 | — | — |
| 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NETRRR
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $156.6M | ||
| Q3 25 | $167.1M | $168.3M | ||
| Q2 25 | $99.8M | $158.4M | ||
| Q1 25 | $145.8M | $126.2M | ||
| Q4 24 | $127.3M | $148.2M | ||
| Q3 24 | $104.7M | $131.0M | ||
| Q2 24 | $74.8M | $142.5M |
自由现金流NETRRR
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $77.7M | ||
| Q3 25 | $82.5M | $74.6M | ||
| Q2 25 | $39.9M | $80.3M | ||
| Q1 25 | $59.9M | $58.0M | ||
| Q4 24 | $54.2M | $121.4M | ||
| Q3 24 | $54.5M | $50.7M | ||
| Q2 24 | $45.2M | $64.0M |
自由现金流率NETRRR
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 15.2% | ||
| Q3 25 | 14.7% | 15.7% | ||
| Q2 25 | 7.8% | 15.3% | ||
| Q1 25 | 12.5% | 11.6% | ||
| Q4 24 | 11.8% | 24.5% | ||
| Q3 24 | 12.7% | 10.8% | ||
| Q2 24 | 11.3% | 13.1% |
资本支出强度NETRRR
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 15.4% | ||
| Q3 25 | 15.1% | 19.7% | ||
| Q2 25 | 11.7% | 14.9% | ||
| Q1 25 | 17.9% | 13.7% | ||
| Q4 24 | 15.9% | 5.4% | ||
| Q3 24 | 11.7% | 17.2% | ||
| Q2 24 | 7.4% | 16.2% |
现金转化率NETRRR
| Q1 26 | — | — | ||
| Q4 25 | — | 3.51× | ||
| Q3 25 | — | 3.98× | ||
| Q2 25 | — | 2.81× | ||
| Q1 25 | — | 2.82× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 4.53× | ||
| Q2 24 | — | 4.00× |
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% |
RRR
| Casino | $340.5M | 67% |
| Food and beverage | $90.3M | 18% |
| Room | $45.5M | 9% |
| Other | $26.2M | 5% |
| Native American management and development fees | $4.7M | 1% |
