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Cloudflare, Inc.（NET）与怡安集团（RYAN）财务数据对比。点击上方公司名可切换其他公司
怡安集团的季度营收约是Cloudflare, Inc.的1.3倍（$795.2M vs $614.5M），怡安集团净利率更高（5.1% vs -2.0%，领先7.1%），Cloudflare, Inc.同比增速更快（33.6% vs 15.2%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 8.1%）
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。
怡安集团是一家业务横跨英美两国的专业服务企业，目前主要开展两大板块业务：风险资本板块提供风险管理、保险及再保险领域的经纪与咨询服务；人力资本板块则提供健康保险、退休计划、养老金计划与人才咨询相关服务。
NET vs RYAN — 直观对比
营收规模更大
RYAN
是对方的1.3倍
$614.5M
营收增速更快
NET
高出18.4%
15.2%
净利率更高
RYAN
高出7.1%
-2.0%
两年增速更快
NET
近两年复合增速
8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $795.2M |
| 净利润 | $-12.1M | $40.6M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 11.9% |
| 净利率 | -2.0% | 5.1% |
| 营收同比 | 33.6% | 15.2% |
| 净利润同比 | 6.0% | 1025.0% |
| 每股收益（稀释后） | $-0.03 | $0.13 |
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NETRYAN
| Q1 26 | — | $795.2M | ||
| Q4 25 | $614.5M | $738.0M | ||
| Q3 25 | $562.0M | $739.6M | ||
| Q2 25 | $512.3M | $840.9M | ||
| Q1 25 | $479.1M | $676.1M | ||
| Q4 24 | $459.9M | $649.4M | ||
| Q3 24 | $430.1M | $588.1M | ||
| Q2 24 | $401.0M | $680.2M |
净利润NETRYAN
| Q1 26 | — | $40.6M | ||
| Q4 25 | $-12.1M | $8.0M | ||
| Q3 25 | $-1.3M | $31.1M | ||
| Q2 25 | $-50.4M | $52.0M | ||
| Q1 25 | $-38.5M | $-27.6M | ||
| Q4 24 | $-12.8M | $13.8M | ||
| Q3 24 | $-15.3M | $17.6M | ||
| Q2 24 | $-15.1M | $46.8M |
毛利率NETRYAN
| 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NETRYAN
| Q1 26 | — | 11.9% | ||
| Q4 25 | -8.0% | 12.4% | ||
| Q3 25 | -6.7% | 15.0% | ||
| Q2 25 | -13.1% | 22.7% | ||
| Q1 25 | -11.1% | 14.8% | ||
| Q4 24 | -7.5% | 16.8% | ||
| Q3 24 | -7.2% | 13.9% | ||
| Q2 24 | -8.7% | 24.2% |
净利率NETRYAN
| Q1 26 | — | 5.1% | ||
| Q4 25 | -2.0% | 1.1% | ||
| Q3 25 | -0.2% | 4.2% | ||
| Q2 25 | -9.8% | 6.2% | ||
| Q1 25 | -8.0% | -4.1% | ||
| Q4 24 | -2.8% | 2.1% | ||
| Q3 24 | -3.6% | 3.0% | ||
| Q2 24 | -3.8% | 6.9% |
每股收益（稀释后）NETRYAN
| Q1 26 | — | $0.13 | ||
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.15 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | — |
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 | $154.7M |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $1.5B | $1.2B |
| 总资产 | $6.0B | $11.0B |
| 负债/权益比越低杠杆越低 | — | 2.90× |
8季度趋势，按日历期对齐
现金及短期投资NETRYAN
| Q1 26 | — | $154.7M | ||
| Q4 25 | $943.5M | $158.3M | ||
| Q3 25 | $1.1B | $153.5M | ||
| Q2 25 | $1.5B | $172.6M | ||
| Q1 25 | $204.5M | $203.5M | ||
| Q4 24 | $147.7M | $540.2M | ||
| Q3 24 | $182.9M | $235.2M | ||
| Q2 24 | $157.0M | $1.7B |
总债务NETRYAN
| Q1 26 | — | $3.5B | ||
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益NETRYAN
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.5B | $648.1M | ||
| Q3 25 | $1.3B | $630.5M | ||
| Q2 25 | $1.2B | $610.1M | ||
| Q1 25 | $1.4B | $542.5M | ||
| Q4 24 | $1.0B | $627.7M | ||
| Q3 24 | $973.1M | $632.8M | ||
| Q2 24 | $881.5M | $605.9M |
总资产NETRYAN
| Q1 26 | — | $11.0B | ||
| Q4 25 | $6.0B | $10.6B | ||
| Q3 25 | $5.8B | $9.9B | ||
| Q2 25 | $5.6B | $10.6B | ||
| Q1 25 | $3.7B | $9.9B | ||
| Q4 24 | $3.3B | $9.6B | ||
| Q3 24 | $3.1B | $8.5B | ||
| Q2 24 | $2.9B | $8.3B |
负债/权益比NETRYAN
| Q1 26 | — | 2.90× | ||
| Q4 25 | — | 5.16× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.22× | ||
| 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% | 1.7% |
| 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NETRYAN
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $263.2M | ||
| Q3 25 | $167.1M | $169.7M | ||
| Q2 25 | $99.8M | $353.6M | ||
| Q1 25 | $145.8M | $-142.8M | ||
| Q4 24 | $127.3M | $259.6M | ||
| Q3 24 | $104.7M | $100.9M | ||
| Q2 24 | $74.8M | $270.8M |
自由现金流NETRYAN
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $167.3M | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | $-143.5M | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — |
自由现金流率NETRYAN
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | 22.6% | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | -21.2% | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — |
资本支出强度NETRYAN
| Q1 26 | — | 1.7% | ||
| Q4 25 | 13.9% | 0.0% | ||
| Q3 25 | 15.1% | 0.3% | ||
| Q2 25 | 11.7% | 0.0% | ||
| Q1 25 | 17.9% | 0.1% | ||
| Q4 24 | 15.9% | 0.0% | ||
| Q3 24 | 11.7% | 0.0% | ||
| Q2 24 | 7.4% | 0.0% |
现金转化率NETRYAN
| Q1 26 | — | — | ||
| Q4 25 | — | 32.99× | ||
| Q3 25 | — | 5.46× | ||
| Q2 25 | — | 6.80× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 18.88× | ||
| Q3 24 | — | 5.74× | ||
| Q2 24 | — | 5.79× |
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% |
RYAN
| Compensation and benefits | $495.2M | 62% |
| Other | $260.4M | 33% |
| Change in contingent consideration | $27.3M | 3% |
| Fiduciary investment income | $12.3M | 2% |
