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Cloudflare, Inc.（NET）与SBA Communications（SBAC）财务数据对比。点击上方公司名可切换其他公司
SBA Communications的季度营收约是Cloudflare, Inc.的1.1倍（$703.4M vs $614.5M），SBA Communications净利率更高（26.3% vs -2.0%，领先28.3%），Cloudflare, Inc.同比增速更快（33.6% vs -1.6%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 3.2%）
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。
SBA Communications是一家房地产投资信托企业，核心业务为持有、运营无线通信基础设施，市场覆盖美国、加拿大、中南美洲及南非地区。公司由Steven Bernstein于1989年创立，前身为Steven Bernstein and Associates。
NET vs SBAC — 直观对比
营收规模更大
SBAC
是对方的1.1倍
$614.5M
营收增速更快
NET
高出35.2%
-1.6%
净利率更高
SBAC
高出28.3%
-2.0%
两年增速更快
NET
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $703.4M |
| 净利润 | $-12.1M | $184.9M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 48.7% |
| 净利率 | -2.0% | 26.3% |
| 营收同比 | 33.6% | -1.6% |
| 净利润同比 | 6.0% | -15.1% |
| 每股收益（稀释后） | $-0.03 | $1.74 |
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NETSBAC
| Q1 26 | — | $703.4M | ||
| Q4 25 | $614.5M | $719.6M | ||
| Q3 25 | $562.0M | $732.3M | ||
| Q2 25 | $512.3M | $699.0M | ||
| Q1 25 | $479.1M | $664.2M | ||
| Q4 24 | $459.9M | $693.7M | ||
| Q3 24 | $430.1M | $667.6M | ||
| Q2 24 | $401.0M | $660.5M |
净利润NETSBAC
| Q1 26 | — | $184.9M | ||
| Q4 25 | $-12.1M | $370.4M | ||
| Q3 25 | $-1.3M | $236.8M | ||
| Q2 25 | $-50.4M | $225.8M | ||
| Q1 25 | $-38.5M | $220.7M | ||
| Q4 24 | $-12.8M | $178.8M | ||
| Q3 24 | $-15.3M | $258.5M | ||
| Q2 24 | $-15.1M | $162.8M |
毛利率NETSBAC
| Q1 26 | — | — | ||
| Q4 25 | 73.6% | 75.6% | ||
| Q3 25 | 74.0% | 74.1% | ||
| Q2 25 | 74.9% | 75.4% | ||
| Q1 25 | 75.9% | 76.9% | ||
| Q4 24 | 76.4% | 78.1% | ||
| Q3 24 | 77.7% | 77.5% | ||
| Q2 24 | 77.8% | 78.6% |
营业利润率NETSBAC
| Q1 26 | — | 48.7% | ||
| Q4 25 | -8.0% | 41.5% | ||
| Q3 25 | -6.7% | 51.1% | ||
| Q2 25 | -13.1% | 47.9% | ||
| Q1 25 | -11.1% | 50.4% | ||
| Q4 24 | -7.5% | 55.1% | ||
| Q3 24 | -7.2% | 56.3% | ||
| Q2 24 | -8.7% | 53.7% |
净利率NETSBAC
| Q1 26 | — | 26.3% | ||
| Q4 25 | -2.0% | 51.5% | ||
| Q3 25 | -0.2% | 32.3% | ||
| Q2 25 | -9.8% | 32.3% | ||
| Q1 25 | -8.0% | 33.2% | ||
| Q4 24 | -2.8% | 25.8% | ||
| Q3 24 | -3.6% | 38.7% | ||
| Q2 24 | -3.8% | 24.7% |
每股收益（稀释后）NETSBAC
| Q1 26 | — | $1.74 | ||
| Q4 25 | $-0.03 | $3.47 | ||
| Q3 25 | $0.00 | $2.20 | ||
| Q2 25 | $-0.15 | $2.09 | ||
| Q1 25 | $-0.11 | $2.04 | ||
| Q4 24 | $-0.05 | $1.61 | ||
| Q3 24 | $-0.04 | $2.40 | ||
| Q2 24 | $-0.04 | $1.51 |
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 | $269.1M |
| 总债务越低越好 | — | $2.7B |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $6.0B | $11.7B |
| 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NETSBAC
| Q1 26 | — | $269.1M | ||
| Q4 25 | $943.5M | $271.2M | ||
| Q3 25 | $1.1B | $431.1M | ||
| Q2 25 | $1.5B | $276.8M | ||
| Q1 25 | $204.5M | $702.2M | ||
| Q4 24 | $147.7M | $444.4M | ||
| Q3 24 | $182.9M | $202.6M | ||
| Q2 24 | $157.0M | $250.9M |
总债务NETSBAC
| Q1 26 | — | $2.7B | ||
| Q4 25 | — | $12.9B | ||
| Q3 25 | — | $12.7B | ||
| Q2 25 | — | $12.5B | ||
| Q1 25 | — | $12.4B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $12.3B | ||
| Q2 24 | — | $12.3B |
股东权益NETSBAC
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $-4.9B | ||
| Q3 25 | $1.3B | $-4.9B | ||
| Q2 25 | $1.2B | $-4.9B | ||
| Q1 25 | $1.4B | $-5.0B | ||
| Q4 24 | $1.0B | $-5.1B | ||
| Q3 24 | $973.1M | $-5.2B | ||
| Q2 24 | $881.5M | $-5.3B |
总资产NETSBAC
| Q1 26 | — | $11.7B | ||
| Q4 25 | $6.0B | $11.6B | ||
| Q3 25 | $5.8B | $11.3B | ||
| Q2 25 | $5.6B | $10.8B | ||
| Q1 25 | $3.7B | $10.4B | ||
| Q4 24 | $3.3B | $11.4B | ||
| Q3 24 | $3.1B | $10.2B | ||
| Q2 24 | $2.9B | $9.8B |
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 | $255.1M |
| 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% | 9.5% |
| 现金转化率经营现金流/净利润 | — | 1.38× |
| 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NETSBAC
| Q1 26 | — | $255.1M | ||
| Q4 25 | $190.4M | $1.3B | ||
| Q3 25 | $167.1M | $318.0M | ||
| Q2 25 | $99.8M | $368.1M | ||
| Q1 25 | $145.8M | $301.2M | ||
| Q4 24 | $127.3M | $1.3B | ||
| Q3 24 | $104.7M | $304.7M | ||
| Q2 24 | $74.8M | $425.6M |
自由现金流NETSBAC
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $833.3M | ||
| Q3 25 | $82.5M | $258.0M | ||
| Q2 25 | $39.9M | $312.2M | ||
| Q1 25 | $59.9M | $255.0M | ||
| Q4 24 | $54.2M | $1.2B | ||
| Q3 24 | $54.5M | $239.9M | ||
| Q2 24 | $45.2M | $375.6M |
自由现金流率NETSBAC
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 115.8% | ||
| Q3 25 | 14.7% | 35.2% | ||
| Q2 25 | 7.8% | 44.7% | ||
| Q1 25 | 12.5% | 38.4% | ||
| Q4 24 | 11.8% | 179.9% | ||
| Q3 24 | 12.7% | 35.9% | ||
| Q2 24 | 11.3% | 56.9% |
资本支出强度NETSBAC
| Q1 26 | — | 9.5% | ||
| Q4 25 | 13.9% | 63.7% | ||
| Q3 25 | 15.1% | 8.2% | ||
| Q2 25 | 11.7% | 8.0% | ||
| Q1 25 | 17.9% | 7.0% | ||
| Q4 24 | 15.9% | 12.6% | ||
| Q3 24 | 11.7% | 9.7% | ||
| Q2 24 | 7.4% | 7.6% |
现金转化率NETSBAC
| Q1 26 | — | 1.38× | ||
| Q4 25 | — | 3.49× | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | — | 1.36× | ||
| Q4 24 | — | 7.47× | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | — | 2.61× |
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% |
SBAC
| Site leasing | $656.1M | 93% |
| Site development | $47.3M | 7% |
