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Cloudflare, Inc.（NET）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Sunrun Inc.的季度营收约是Cloudflare, Inc.的1.9倍（$1.2B vs $614.5M），Sunrun Inc.净利率更高（8.9% vs -2.0%，领先10.9%），Sunrun Inc.同比增速更快（123.5% vs 33.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
NET vs RUN — 直观对比
营收规模更大
RUN
是对方的1.9倍
$614.5M
营收增速更快
RUN
高出89.9%
33.6%
净利率更高
RUN
高出10.9%
-2.0%
两年增速更快
RUN
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $1.2B |
| 净利润 | $-12.1M | $103.6M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 8.4% |
| 净利率 | -2.0% | 8.9% |
| 营收同比 | 33.6% | 123.5% |
| 净利润同比 | 6.0% | 103.7% |
| 每股收益（稀释后） | $-0.03 | $0.38 |
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NETRUN
| Q4 25 | $614.5M | $1.2B | ||
| Q3 25 | $562.0M | $724.6M | ||
| Q2 25 | $512.3M | $569.3M | ||
| Q1 25 | $479.1M | $504.3M | ||
| Q4 24 | $459.9M | $518.5M | ||
| Q3 24 | $430.1M | $537.2M | ||
| Q2 24 | $401.0M | $523.9M | ||
| Q1 24 | $378.6M | $458.2M |
净利润NETRUN
| Q4 25 | $-12.1M | $103.6M | ||
| Q3 25 | $-1.3M | $16.6M | ||
| Q2 25 | $-50.4M | $279.8M | ||
| Q1 25 | $-38.5M | $50.0M | ||
| Q4 24 | $-12.8M | $-2.8B | ||
| Q3 24 | $-15.3M | $-83.8M | ||
| Q2 24 | $-15.1M | $139.1M | ||
| Q1 24 | $-35.5M | $-87.8M |
毛利率NETRUN
| 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NETRUN
| Q4 25 | -8.0% | 8.4% | ||
| Q3 25 | -6.7% | 0.5% | ||
| Q2 25 | -13.1% | -19.7% | ||
| Q1 25 | -11.1% | -22.8% | ||
| Q4 24 | -7.5% | -628.0% | ||
| Q3 24 | -7.2% | -23.8% | ||
| Q2 24 | -8.7% | -24.4% | ||
| Q1 24 | -14.4% | -40.0% |
净利率NETRUN
| Q4 25 | -2.0% | 8.9% | ||
| Q3 25 | -0.2% | 2.3% | ||
| Q2 25 | -9.8% | 49.1% | ||
| Q1 25 | -8.0% | 9.9% | ||
| Q4 24 | -2.8% | -542.7% | ||
| Q3 24 | -3.6% | -15.6% | ||
| Q2 24 | -3.8% | 26.5% | ||
| Q1 24 | -9.4% | -19.2% |
每股收益（稀释后）NETRUN
| Q4 25 | $-0.03 | $0.38 | ||
| Q3 25 | $0.00 | $0.06 | ||
| Q2 25 | $-0.15 | $1.07 | ||
| Q1 25 | $-0.11 | $0.20 | ||
| Q4 24 | $-0.05 | $-12.59 | ||
| Q3 24 | $-0.04 | $-0.37 | ||
| Q2 24 | $-0.04 | $0.55 | ||
| Q1 24 | $-0.10 | $-0.40 |
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 | — | $14.7B |
| 股东权益账面价值 | $1.5B | $3.1B |
| 总资产 | $6.0B | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资NETRUN
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
总债务NETRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益NETRUN
| Q4 25 | $1.5B | $3.1B | ||
| Q3 25 | $1.3B | $3.0B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $1.4B | $2.6B | ||
| Q4 24 | $1.0B | $2.6B | ||
| Q3 24 | $973.1M | $5.3B | ||
| Q2 24 | $881.5M | $5.4B | ||
| Q1 24 | $797.2M | $5.2B |
总资产NETRUN
| Q4 25 | $6.0B | $22.6B | ||
| Q3 25 | $5.8B | $22.2B | ||
| Q2 25 | $5.6B | $21.2B | ||
| Q1 25 | $3.7B | $20.4B | ||
| Q4 24 | $3.3B | $19.9B | ||
| Q3 24 | $3.1B | $22.1B | ||
| Q2 24 | $2.9B | $21.4B | ||
| Q1 24 | $2.8B | $20.8B |
负债/权益比NETRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $96.9M |
| 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 | — | 0.94× |
| 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NETRUN
| Q4 25 | $190.4M | $96.9M | ||
| Q3 25 | $167.1M | $-121.5M | ||
| Q2 25 | $99.8M | $-292.7M | ||
| Q1 25 | $145.8M | $-104.2M | ||
| Q4 24 | $127.3M | $-258.4M | ||
| Q3 24 | $104.7M | $-156.2M | ||
| Q2 24 | $74.8M | $-208.5M | ||
| Q1 24 | $73.6M | $-143.1M |
自由现金流NETRUN
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | $-156.4M | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
自由现金流率NETRUN
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | -29.1% | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
资本支出强度NETRUN
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | 0.0% | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | — |
现金转化率NETRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | — | — |
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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
