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Cloudflare, Inc.（NET）与Sinclair, Inc.（SBGI）财务数据对比。点击上方公司名可切换其他公司
Sinclair, Inc.的季度营收约是Cloudflare, Inc.的1.3倍（$807.0M vs $614.5M），Sinclair, Inc.净利率更高（2.5% vs -2.0%，领先4.4%），Cloudflare, Inc.同比增速更快（33.6% vs 4.0%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -1.3%）
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。
辛克莱公司（以辛克莱广播集团开展业务）是一家上市的美国电信综合企业，由创始人朱利安·辛克莱·史密斯的后代控股。公司总部位于马里兰州巴尔的摩郊县科基斯维尔，按电视台数量计算是美国第二大电视台运营商，仅次于奈克斯达媒体集团，在全国100多个市场拥有或运营193家电视台，覆盖美国40%的区域。
NET vs SBGI — 直观对比
营收规模更大
SBGI
是对方的1.3倍
$614.5M
营收增速更快
NET
高出29.6%
4.0%
净利率更高
SBGI
高出4.4%
-2.0%
两年增速更快
NET
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $807.0M |
| 净利润 | $-12.1M | $20.0M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 0.0% |
| 净利率 | -2.0% | 2.5% |
| 营收同比 | 33.6% | 4.0% |
| 净利润同比 | 6.0% | — |
| 每股收益（稀释后） | $-0.03 | $0.28 |
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NETSBGI
| Q1 26 | — | $807.0M | ||
| Q4 25 | $614.5M | $836.0M | ||
| Q3 25 | $562.0M | $773.0M | ||
| Q2 25 | $512.3M | $784.0M | ||
| Q1 25 | $479.1M | $776.0M | ||
| Q4 24 | $459.9M | $1.0B | ||
| Q3 24 | $430.1M | $917.0M | ||
| Q2 24 | $401.0M | $829.0M |
净利润NETSBGI
| Q1 26 | — | $20.0M | ||
| Q4 25 | $-12.1M | $109.0M | ||
| Q3 25 | $-1.3M | $-1.0M | ||
| Q2 25 | $-50.4M | $-64.0M | ||
| Q1 25 | $-38.5M | $-156.0M | ||
| Q4 24 | $-12.8M | $176.0M | ||
| Q3 24 | $-15.3M | $94.0M | ||
| Q2 24 | $-15.1M | $17.0M |
毛利率NETSBGI
| 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NETSBGI
| Q1 26 | — | 0.0% | ||
| Q4 25 | -8.0% | 9.6% | ||
| Q3 25 | -6.7% | 7.5% | ||
| Q2 25 | -13.1% | 2.7% | ||
| Q1 25 | -11.1% | 1.8% | ||
| Q4 24 | -7.5% | 26.5% | ||
| Q3 24 | -7.2% | 19.5% | ||
| Q2 24 | -8.7% | 7.7% |
净利率NETSBGI
| Q1 26 | — | 2.5% | ||
| Q4 25 | -2.0% | 13.0% | ||
| Q3 25 | -0.2% | -0.1% | ||
| Q2 25 | -9.8% | -8.2% | ||
| Q1 25 | -8.0% | -20.1% | ||
| Q4 24 | -2.8% | 17.5% | ||
| Q3 24 | -3.6% | 10.3% | ||
| Q2 24 | -3.8% | 2.1% |
每股收益（稀释后）NETSBGI
| Q1 26 | — | $0.28 | ||
| Q4 25 | $-0.03 | $1.62 | ||
| Q3 25 | $0.00 | $-0.02 | ||
| Q2 25 | $-0.15 | $-0.91 | ||
| Q1 25 | $-0.11 | $-2.30 | ||
| Q4 24 | $-0.05 | $2.64 | ||
| Q3 24 | $-0.04 | $1.43 | ||
| Q2 24 | $-0.04 | $0.27 |
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 | — | — |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $6.0B | — |
| 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NETSBGI
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | $866.0M | ||
| Q3 25 | $1.1B | $526.0M | ||
| Q2 25 | $1.5B | $616.0M | ||
| Q1 25 | $204.5M | $631.0M | ||
| Q4 24 | $147.7M | $697.0M | ||
| Q3 24 | $182.9M | $536.0M | ||
| Q2 24 | $157.0M | $378.0M |
总债务NETSBGI
| Q1 26 | — | — | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.1B |
股东权益NETSBGI
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $443.0M | ||
| Q3 25 | $1.3B | $347.0M | ||
| Q2 25 | $1.2B | $361.0M | ||
| Q1 25 | $1.4B | $436.0M | ||
| Q4 24 | $1.0B | $583.0M | ||
| Q3 24 | $973.1M | $415.0M | ||
| Q2 24 | $881.5M | $340.0M |
总资产NETSBGI
| Q1 26 | — | — | ||
| Q4 25 | $6.0B | $5.9B | ||
| Q3 25 | $5.8B | $5.6B | ||
| Q2 25 | $5.6B | $5.7B | ||
| Q1 25 | $3.7B | $5.8B | ||
| Q4 24 | $3.3B | $5.9B | ||
| Q3 24 | $3.1B | $5.8B | ||
| Q2 24 | $2.9B | $5.7B |
负债/权益比NETSBGI
| Q1 26 | — | — | ||
| Q4 25 | — | 9.84× | ||
| Q3 25 | — | 11.75× | ||
| Q2 25 | — | 11.30× | ||
| Q1 25 | — | 9.56× | ||
| Q4 24 | — | 7.02× | ||
| Q3 24 | — | 9.86× | ||
| Q2 24 | — | 12.08× |
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NETSBGI
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $98.0M | ||
| Q3 25 | $167.1M | $-36.0M | ||
| Q2 25 | $99.8M | $122.0M | ||
| Q1 25 | $145.8M | $5.0M | ||
| Q4 24 | $127.3M | $198.0M | ||
| Q3 24 | $104.7M | $210.0M | ||
| Q2 24 | $74.8M | $-306.0M |
自由现金流NETSBGI
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $79.0M | ||
| Q3 25 | $82.5M | $-58.0M | ||
| Q2 25 | $39.9M | $105.0M | ||
| Q1 25 | $59.9M | $-11.0M | ||
| Q4 24 | $54.2M | $175.0M | ||
| Q3 24 | $54.5M | $193.0M | ||
| Q2 24 | $45.2M | $-329.0M |
自由现金流率NETSBGI
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 9.4% | ||
| Q3 25 | 14.7% | -7.5% | ||
| Q2 25 | 7.8% | 13.4% | ||
| Q1 25 | 12.5% | -1.4% | ||
| Q4 24 | 11.8% | 17.4% | ||
| Q3 24 | 12.7% | 21.0% | ||
| Q2 24 | 11.3% | -39.7% |
资本支出强度NETSBGI
| Q1 26 | — | 1.7% | ||
| Q4 25 | 13.9% | 2.3% | ||
| Q3 25 | 15.1% | 2.8% | ||
| Q2 25 | 11.7% | 2.2% | ||
| Q1 25 | 17.9% | 2.1% | ||
| Q4 24 | 15.9% | 2.3% | ||
| Q3 24 | 11.7% | 1.9% | ||
| Q2 24 | 7.4% | 2.8% |
现金转化率NETSBGI
| Q1 26 | — | — | ||
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | — | 2.23× | ||
| Q2 24 | — | -18.00× |
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% |
SBGI
| Media revenue | $701.0M | 87% |
| Other | $82.0M | 10% |
| Political advertising revenue | $18.0M | 2% |
| Non-media revenue | $6.0M | 1% |
