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Cloudflare, Inc.（NET）与Sally Beauty Holdings, Inc.（SBH）财务数据对比。点击上方公司名可切换其他公司
Sally Beauty Holdings, Inc.的季度营收约是Cloudflare, Inc.的1.5倍（$943.2M vs $614.5M），Sally Beauty Holdings, Inc.净利率更高（4.8% vs -2.0%，领先6.8%），Cloudflare, Inc.同比增速更快（33.6% vs 0.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $57.5M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 1.9%）
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。
莎莉美容控股是美国的跨国专业美妆用品零售及分销商，主营专业级美容相关产品供应，年营收超39亿美元，业务覆盖全球多个市场，在专业美容供应链领域拥有较高的行业知名度。
NET vs SBH — 直观对比
营收规模更大
SBH
是对方的1.5倍
$614.5M
营收增速更快
NET
高出33.0%
0.6%
净利率更高
SBH
高出6.8%
-2.0%
自由现金流更多
NET
多$47.8M
$57.5M
两年增速更快
NET
近两年复合增速
1.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $943.2M |
| 净利润 | $-12.1M | $45.6M |
| 毛利率 | 73.6% | 51.2% |
| 营业利润率 | -8.0% | 8.1% |
| 净利率 | -2.0% | 4.8% |
| 营收同比 | 33.6% | 0.6% |
| 净利润同比 | 6.0% | -25.3% |
| 每股收益（稀释后） | $-0.03 | $0.45 |
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NETSBH
| Q4 25 | $614.5M | $943.2M | ||
| Q3 25 | $562.0M | $947.1M | ||
| Q2 25 | $512.3M | $933.3M | ||
| Q1 25 | $479.1M | $883.1M | ||
| Q4 24 | $459.9M | $937.9M | ||
| Q3 24 | $430.1M | $935.0M | ||
| Q2 24 | $401.0M | $942.3M | ||
| Q1 24 | $378.6M | $908.4M |
净利润NETSBH
| Q4 25 | $-12.1M | $45.6M | ||
| Q3 25 | $-1.3M | $49.9M | ||
| Q2 25 | $-50.4M | $45.7M | ||
| Q1 25 | $-38.5M | $39.2M | ||
| Q4 24 | $-12.8M | $61.0M | ||
| Q3 24 | $-15.3M | $48.1M | ||
| Q2 24 | $-15.1M | $37.7M | ||
| Q1 24 | $-35.5M | $29.2M |
毛利率NETSBH
| Q4 25 | 73.6% | 51.2% | ||
| Q3 25 | 74.0% | 52.2% | ||
| Q2 25 | 74.9% | 51.5% | ||
| Q1 25 | 75.9% | 52.0% | ||
| Q4 24 | 76.4% | 50.8% | ||
| Q3 24 | 77.7% | 51.2% | ||
| Q2 24 | 77.8% | 51.0% | ||
| Q1 24 | 77.5% | 51.0% |
营业利润率NETSBH
| Q4 25 | -8.0% | 8.1% | ||
| Q3 25 | -6.7% | 8.4% | ||
| Q2 25 | -13.1% | 8.4% | ||
| Q1 25 | -11.1% | 7.9% | ||
| Q4 24 | -7.5% | 10.7% | ||
| Q3 24 | -7.2% | 8.8% | ||
| Q2 24 | -8.7% | 7.6% | ||
| Q1 24 | -14.4% | 6.6% |
净利率NETSBH
| Q4 25 | -2.0% | 4.8% | ||
| Q3 25 | -0.2% | 5.3% | ||
| Q2 25 | -9.8% | 4.9% | ||
| Q1 25 | -8.0% | 4.4% | ||
| Q4 24 | -2.8% | 6.5% | ||
| Q3 24 | -3.6% | 5.1% | ||
| Q2 24 | -3.8% | 4.0% | ||
| Q1 24 | -9.4% | 3.2% |
每股收益（稀释后）NETSBH
| Q4 25 | $-0.03 | $0.45 | ||
| Q3 25 | $0.00 | $0.49 | ||
| Q2 25 | $-0.15 | $0.44 | ||
| Q1 25 | $-0.11 | $0.38 | ||
| Q4 24 | $-0.05 | $0.58 | ||
| Q3 24 | $-0.04 | $0.45 | ||
| Q2 24 | $-0.04 | $0.36 | ||
| Q1 24 | $-0.10 | $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 | $157.2M |
| 总债务越低越好 | — | $842.5M |
| 股东权益账面价值 | $1.5B | $823.6M |
| 总资产 | $6.0B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 1.02× |
8季度趋势，按日历期对齐
现金及短期投资NETSBH
| Q4 25 | $943.5M | $157.2M | ||
| Q3 25 | $1.1B | $149.2M | ||
| Q2 25 | $1.5B | $112.8M | ||
| Q1 25 | $204.5M | $92.2M | ||
| Q4 24 | $147.7M | $105.5M | ||
| Q3 24 | $182.9M | $108.0M | ||
| Q2 24 | $157.0M | $97.4M | ||
| Q1 24 | $254.4M | $97.2M |
总债务NETSBH
| Q4 25 | — | $842.5M | ||
| Q3 25 | — | $862.0M | ||
| Q2 25 | — | $882.4M | ||
| Q1 25 | — | $902.8M | ||
| Q4 24 | — | $938.1M | ||
| Q3 24 | — | $978.3M | ||
| Q2 24 | — | $978.9M | ||
| Q1 24 | — | $978.4M |
股东权益NETSBH
| Q4 25 | $1.5B | $823.6M | ||
| Q3 25 | $1.3B | $794.2M | ||
| Q2 25 | $1.2B | $762.9M | ||
| Q1 25 | $1.4B | $699.8M | ||
| Q4 24 | $1.0B | $656.5M | ||
| Q3 24 | $973.1M | $628.5M | ||
| Q2 24 | $881.5M | $577.7M | ||
| Q1 24 | $797.2M | $550.9M |
总资产NETSBH
| Q4 25 | $6.0B | $2.9B | ||
| Q3 25 | $5.8B | $2.9B | ||
| Q2 25 | $5.6B | $2.7B | ||
| Q1 25 | $3.7B | $2.7B | ||
| Q4 24 | $3.3B | $2.7B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $2.9B | $2.7B | ||
| Q1 24 | $2.8B | $2.7B |
负债/权益比NETSBH
| Q4 25 | — | 1.02× | ||
| Q3 25 | — | 1.09× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | — | 1.69× | ||
| Q1 24 | — | 1.78× |
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 | $93.2M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $57.5M |
| 自由现金流率自由现金流/营收 | 17.1% | 6.1% |
| 资本支出强度资本支出/营收 | 13.9% | 3.8% |
| 现金转化率经营现金流/净利润 | — | 2.05× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $216.8M |
8季度趋势，按日历期对齐
经营现金流NETSBH
| Q4 25 | $190.4M | $93.2M | ||
| Q3 25 | $167.1M | $120.9M | ||
| Q2 25 | $99.8M | $69.4M | ||
| Q1 25 | $145.8M | $51.1M | ||
| Q4 24 | $127.3M | $33.5M | ||
| Q3 24 | $104.7M | $110.7M | ||
| Q2 24 | $74.8M | $47.9M | ||
| Q1 24 | $73.6M | $36.9M |
自由现金流NETSBH
| Q4 25 | $105.2M | $57.5M | ||
| Q3 25 | $82.5M | $78.0M | ||
| Q2 25 | $39.9M | $49.1M | ||
| Q1 25 | $59.9M | $32.2M | ||
| Q4 24 | $54.2M | $13.4M | ||
| Q3 24 | $54.5M | $73.3M | ||
| Q2 24 | $45.2M | $28.7M | ||
| Q1 24 | $41.5M | $22.8M |
自由现金流率NETSBH
| Q4 25 | 17.1% | 6.1% | ||
| Q3 25 | 14.7% | 8.2% | ||
| Q2 25 | 7.8% | 5.3% | ||
| Q1 25 | 12.5% | 3.6% | ||
| Q4 24 | 11.8% | 1.4% | ||
| Q3 24 | 12.7% | 7.8% | ||
| Q2 24 | 11.3% | 3.1% | ||
| Q1 24 | 11.0% | 2.5% |
资本支出强度NETSBH
| Q4 25 | 13.9% | 3.8% | ||
| Q3 25 | 15.1% | 4.5% | ||
| Q2 25 | 11.7% | 2.2% | ||
| Q1 25 | 17.9% | 2.1% | ||
| Q4 24 | 15.9% | 2.1% | ||
| Q3 24 | 11.7% | 4.0% | ||
| Q2 24 | 7.4% | 2.0% | ||
| Q1 24 | 8.5% | 1.6% |
现金转化率NETSBH
| Q4 25 | — | 2.05× | ||
| Q3 25 | — | 2.42× | ||
| Q2 25 | — | 1.52× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | — | 0.55× | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | — | 1.27× | ||
| Q1 24 | — | 1.26× |
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% |
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
