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Cloudflare, Inc.（NET）与BOSTON BEER CO INC（SAM）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BOSTON BEER CO INC的1.3倍（$614.5M vs $461.6M），Cloudflare, Inc.同比增速更快（33.6% vs -4.1%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -10.7%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
NET vs SAM — 直观对比
营收规模更大
NET
是对方的1.3倍
$461.6M
营收增速更快
NET
高出37.7%
-4.1%
两年增速更快
NET
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $461.6M |
| 净利润 | $-12.1M | — |
| 毛利率 | 73.6% | 46.4% |
| 营业利润率 | -8.0% | 12.4% |
| 净利率 | -2.0% | — |
| 营收同比 | 33.6% | -4.1% |
| 净利润同比 | 6.0% | — |
| 每股收益（稀释后） | $-0.03 | $2.16 |
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NETSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $614.5M | $385.7M | ||
| Q3 25 | $562.0M | $537.5M | ||
| Q2 25 | $512.3M | $587.9M | ||
| Q1 25 | $479.1M | $453.9M | ||
| Q4 24 | $459.9M | $402.3M | ||
| Q3 24 | $430.1M | $605.5M | ||
| Q2 24 | $401.0M | $579.1M |
净利润NETSAM
| Q1 26 | — | — | ||
| Q4 25 | $-12.1M | $-22.5M | ||
| Q3 25 | $-1.3M | $46.2M | ||
| Q2 25 | $-50.4M | $60.4M | ||
| Q1 25 | $-38.5M | $24.4M | ||
| Q4 24 | $-12.8M | $-38.8M | ||
| Q3 24 | $-15.3M | $33.5M | ||
| Q2 24 | $-15.1M | $52.3M |
毛利率NETSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | 73.6% | 43.5% | ||
| Q3 25 | 74.0% | 50.8% | ||
| Q2 25 | 74.9% | 49.8% | ||
| Q1 25 | 75.9% | 48.3% | ||
| Q4 24 | 76.4% | 39.9% | ||
| Q3 24 | 77.7% | 46.3% | ||
| Q2 24 | 77.8% | 46.0% |
营业利润率NETSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | -8.0% | -8.6% | ||
| Q3 25 | -6.7% | 11.5% | ||
| Q2 25 | -13.1% | 14.0% | ||
| Q1 25 | -11.1% | 7.4% | ||
| Q4 24 | -7.5% | -13.9% | ||
| Q3 24 | -7.2% | 7.6% | ||
| Q2 24 | -8.7% | 12.2% |
净利率NETSAM
| Q1 26 | — | — | ||
| Q4 25 | -2.0% | -5.8% | ||
| Q3 25 | -0.2% | 8.6% | ||
| Q2 25 | -9.8% | 10.3% | ||
| Q1 25 | -8.0% | 5.4% | ||
| Q4 24 | -2.8% | -9.6% | ||
| Q3 24 | -3.6% | 5.5% | ||
| Q2 24 | -3.8% | 9.0% |
每股收益（稀释后）NETSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $-0.03 | $-1.97 | ||
| Q3 25 | $0.00 | $4.25 | ||
| Q2 25 | $-0.15 | $5.45 | ||
| Q1 25 | $-0.11 | $2.16 | ||
| Q4 24 | $-0.05 | $-3.23 | ||
| Q3 24 | $-0.04 | $2.86 | ||
| Q2 24 | $-0.04 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $682.6M |
| 总资产 | $6.0B | $1.2B |
| 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NETSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $943.5M | $223.4M | ||
| Q3 25 | $1.1B | $250.5M | ||
| Q2 25 | $1.5B | $212.4M | ||
| Q1 25 | $204.5M | $152.5M | ||
| Q4 24 | $147.7M | $211.8M | ||
| Q3 24 | $182.9M | $255.6M | ||
| Q2 24 | $157.0M | $219.3M |
股东权益NETSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $1.5B | $846.3M | ||
| Q3 25 | $1.3B | $911.0M | ||
| Q2 25 | $1.2B | $912.3M | ||
| Q1 25 | $1.4B | $897.0M | ||
| Q4 24 | $1.0B | $916.2M | ||
| Q3 24 | $973.1M | $1.0B | ||
| Q2 24 | $881.5M | $1.0B |
总资产NETSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $6.0B | $1.2B | ||
| Q3 25 | $5.8B | $1.2B | ||
| Q2 25 | $5.6B | $1.3B | ||
| Q1 25 | $3.7B | $1.2B | ||
| Q4 24 | $3.3B | $1.3B | ||
| Q3 24 | $3.1B | $1.4B | ||
| Q2 24 | $2.9B | $1.4B |
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NETSAM
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $39.9M | ||
| Q3 25 | $167.1M | $101.8M | ||
| Q2 25 | $99.8M | $126.5M | ||
| Q1 25 | $145.8M | $1.9M | ||
| Q4 24 | $127.3M | $41.9M | ||
| Q3 24 | $104.7M | $115.9M | ||
| Q2 24 | $74.8M | $96.0M |
自由现金流NETSAM
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $22.1M | ||
| Q3 25 | $82.5M | $89.2M | ||
| Q2 25 | $39.9M | $112.2M | ||
| Q1 25 | $59.9M | $-8.0M | ||
| Q4 24 | $54.2M | $18.4M | ||
| Q3 24 | $54.5M | $99.2M | ||
| Q2 24 | $45.2M | $75.6M |
自由现金流率NETSAM
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 5.7% | ||
| Q3 25 | 14.7% | 16.6% | ||
| Q2 25 | 7.8% | 19.1% | ||
| Q1 25 | 12.5% | -1.8% | ||
| Q4 24 | 11.8% | 4.6% | ||
| Q3 24 | 12.7% | 16.4% | ||
| Q2 24 | 11.3% | 13.1% |
资本支出强度NETSAM
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 4.6% | ||
| Q3 25 | 15.1% | 2.3% | ||
| Q2 25 | 11.7% | 2.4% | ||
| Q1 25 | 17.9% | 2.2% | ||
| Q4 24 | 15.9% | 5.8% | ||
| Q3 24 | 11.7% | 2.8% | ||
| Q2 24 | 7.4% | 3.5% |
现金转化率NETSAM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.46× | ||
| Q2 24 | — | 1.83× |
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% |
SAM
暂无分部数据
