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Cloudflare, Inc.（NET）与RAYONIER ADVANCED MATERIALS INC.（RYAM）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RAYONIER ADVANCED MATERIALS INC.的1.5倍（$614.5M vs $417.5M），Cloudflare, Inc.净利率更高（-2.0% vs -5.0%，领先3.1%），Cloudflare, Inc.同比增速更快（33.6% vs -1.2%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 3.8%）
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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
NET vs RYAM — 直观对比
营收规模更大
NET
是对方的1.5倍
$417.5M
营收增速更快
NET
高出34.8%
-1.2%
净利率更高
NET
高出3.1%
-5.0%
两年增速更快
NET
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $417.5M |
| 净利润 | $-12.1M | $-21.1M |
| 毛利率 | 73.6% | 8.9% |
| 营业利润率 | -8.0% | 2.6% |
| 净利率 | -2.0% | -5.0% |
| 营收同比 | 33.6% | -1.2% |
| 净利润同比 | 6.0% | -31.9% |
| 每股收益（稀释后） | $-0.03 | $-0.33 |
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NETRYAM
| Q4 25 | $614.5M | $417.5M | ||
| Q3 25 | $562.0M | $352.8M | ||
| Q2 25 | $512.3M | $340.0M | ||
| Q1 25 | $479.1M | $356.0M | ||
| Q4 24 | $459.9M | $422.5M | ||
| Q3 24 | $430.1M | $401.1M | ||
| Q2 24 | $401.0M | $419.0M | ||
| Q1 24 | $378.6M | $387.7M |
净利润NETRYAM
| Q4 25 | $-12.1M | $-21.1M | ||
| Q3 25 | $-1.3M | $-4.5M | ||
| Q2 25 | $-50.4M | $-363.2M | ||
| Q1 25 | $-38.5M | $-32.0M | ||
| Q4 24 | $-12.8M | $-16.0M | ||
| Q3 24 | $-15.3M | $-32.6M | ||
| Q2 24 | $-15.1M | $11.4M | ||
| Q1 24 | $-35.5M | $-1.6M |
毛利率NETRYAM
| Q4 25 | 73.6% | 8.9% | ||
| Q3 25 | 74.0% | 9.7% | ||
| Q2 25 | 74.9% | 7.0% | ||
| Q1 25 | 75.9% | 6.8% | ||
| Q4 24 | 76.4% | 8.7% | ||
| Q3 24 | 77.7% | 10.9% | ||
| Q2 24 | 77.8% | 11.5% | ||
| Q1 24 | 77.5% | 9.5% |
营业利润率NETRYAM
| Q4 25 | -8.0% | 2.6% | ||
| Q3 25 | -6.7% | 2.8% | ||
| Q2 25 | -13.1% | -0.4% | ||
| Q1 25 | -11.1% | -4.2% | ||
| Q4 24 | -7.5% | 2.6% | ||
| Q3 24 | -7.2% | -4.2% | ||
| Q2 24 | -8.7% | 6.7% | ||
| Q1 24 | -14.4% | 4.4% |
净利率NETRYAM
| Q4 25 | -2.0% | -5.0% | ||
| Q3 25 | -0.2% | -1.3% | ||
| Q2 25 | -9.8% | -106.8% | ||
| Q1 25 | -8.0% | -9.0% | ||
| Q4 24 | -2.8% | -3.8% | ||
| Q3 24 | -3.6% | -8.1% | ||
| Q2 24 | -3.8% | 2.7% | ||
| Q1 24 | -9.4% | -0.4% |
每股收益（稀释后）NETRYAM
| Q4 25 | $-0.03 | $-0.33 | ||
| Q3 25 | $0.00 | $-0.07 | ||
| Q2 25 | $-0.15 | $-5.44 | ||
| Q1 25 | $-0.11 | $-0.49 | ||
| Q4 24 | $-0.05 | $-0.25 | ||
| Q3 24 | $-0.04 | $-0.49 | ||
| Q2 24 | $-0.04 | $0.17 | ||
| Q1 24 | $-0.10 | $-0.02 |
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 | $75.4M |
| 总债务越低越好 | — | $758.1M |
| 股东权益账面价值 | $1.5B | $316.6M |
| 总资产 | $6.0B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资NETRYAM
| Q4 25 | $943.5M | $75.4M | ||
| Q3 25 | $1.1B | $77.0M | ||
| Q2 25 | $1.5B | $70.7M | ||
| Q1 25 | $204.5M | $129.9M | ||
| Q4 24 | $147.7M | $125.2M | ||
| Q3 24 | $182.9M | $136.1M | ||
| Q2 24 | $157.0M | $114.1M | ||
| Q1 24 | $254.4M | $54.6M |
总债务NETRYAM
| Q4 25 | — | $758.1M | ||
| Q3 25 | — | $763.5M | ||
| Q2 25 | — | $720.4M | ||
| Q1 25 | — | $707.0M | ||
| Q4 24 | — | $706.4M | ||
| Q3 24 | — | $747.7M | ||
| Q2 24 | — | $752.8M | ||
| Q1 24 | — | $755.6M |
股东权益NETRYAM
| Q4 25 | $1.5B | $316.6M | ||
| Q3 25 | $1.3B | $338.2M | ||
| Q2 25 | $1.2B | $342.3M | ||
| Q1 25 | $1.4B | $688.1M | ||
| Q4 24 | $1.0B | $713.9M | ||
| Q3 24 | $973.1M | $732.7M | ||
| Q2 24 | $881.5M | $755.1M | ||
| Q1 24 | $797.2M | $741.8M |
总资产NETRYAM
| Q4 25 | $6.0B | $1.8B | ||
| Q3 25 | $5.8B | $1.8B | ||
| Q2 25 | $5.6B | $1.8B | ||
| Q1 25 | $3.7B | $2.1B | ||
| Q4 24 | $3.3B | $2.1B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $2.9B | $2.2B | ||
| Q1 24 | $2.8B | $2.1B |
负债/权益比NETRYAM
| Q4 25 | — | 2.39× | ||
| Q3 25 | — | 2.26× | ||
| Q2 25 | — | 2.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | — | 1.02× |
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 | $32.3M |
| 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NETRYAM
| Q4 25 | $190.4M | $32.3M | ||
| Q3 25 | $167.1M | $-17.8M | ||
| Q2 25 | $99.8M | $-30.2M | ||
| Q1 25 | $145.8M | $39.6M | ||
| Q4 24 | $127.3M | $54.9M | ||
| Q3 24 | $104.7M | $49.8M | ||
| Q2 24 | $74.8M | $87.6M | ||
| Q1 24 | $73.6M | $11.3M |
自由现金流NETRYAM
| 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NETRYAM
| 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NETRYAM
| 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NETRYAM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 7.69× | ||
| 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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
