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Cloudflare, Inc.（NET）与学乐集团（SCHL）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是学乐集团的1.1倍（$614.5M vs $551.1M），学乐集团净利率更高（10.1% vs -2.0%，领先12.1%），Cloudflare, Inc.同比增速更快（33.6% vs 1.2%），过去两年学乐集团的营收复合增速更高（30.5% vs 27.4%）
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。
学乐集团是美国跨国出版教育传媒企业，面向学校、教师、家长、儿童及各类教育机构出版发行图书、漫画与各类教育素材。产品通过零售、线上渠道销售，同时还通过校园阅读俱乐部与书展进入校园，大红狗克利福德是集团的官方吉祥物。
NET vs SCHL — 直观对比
营收规模更大
NET
是对方的1.1倍
$551.1M
营收增速更快
NET
高出32.4%
1.2%
净利率更高
SCHL
高出12.1%
-2.0%
两年增速更快
SCHL
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $551.1M |
| 净利润 | $-12.1M | $55.9M |
| 毛利率 | 73.6% | 59.1% |
| 营业利润率 | -8.0% | 15.0% |
| 净利率 | -2.0% | 10.1% |
| 营收同比 | 33.6% | 1.2% |
| 净利润同比 | 6.0% | 14.5% |
| 每股收益（稀释后） | $-0.03 | $2.17 |
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NETSCHL
| Q4 25 | $614.5M | $551.1M | ||
| Q3 25 | $562.0M | $225.6M | ||
| Q2 25 | $512.3M | $508.3M | ||
| Q1 25 | $479.1M | $335.4M | ||
| Q4 24 | $459.9M | $544.6M | ||
| Q3 24 | $430.1M | $237.2M | ||
| Q2 24 | $401.0M | $474.9M | ||
| Q1 24 | $378.6M | $323.7M |
净利润NETSCHL
| Q4 25 | $-12.1M | $55.9M | ||
| Q3 25 | $-1.3M | $-71.1M | ||
| Q2 25 | $-50.4M | $15.4M | ||
| Q1 25 | $-38.5M | $-3.6M | ||
| Q4 24 | $-12.8M | $48.8M | ||
| Q3 24 | $-15.3M | $-62.5M | ||
| Q2 24 | $-15.1M | $35.9M | ||
| Q1 24 | $-35.5M | $-26.5M |
毛利率NETSCHL
| Q4 25 | 73.6% | 59.1% | ||
| Q3 25 | 74.0% | 45.3% | ||
| Q2 25 | 74.9% | 59.2% | ||
| Q1 25 | 75.9% | 53.9% | ||
| Q4 24 | 76.4% | 58.0% | ||
| Q3 24 | 77.7% | 45.9% | ||
| Q2 24 | 77.8% | 59.5% | ||
| Q1 24 | 77.5% | 54.1% |
营业利润率NETSCHL
| Q4 25 | -8.0% | 15.0% | ||
| Q3 25 | -6.7% | -40.9% | ||
| Q2 25 | -13.1% | 10.5% | ||
| Q1 25 | -11.1% | -7.1% | ||
| Q4 24 | -7.5% | 13.7% | ||
| Q3 24 | -7.2% | -37.3% | ||
| Q2 24 | -8.7% | 9.9% | ||
| Q1 24 | -14.4% | -10.8% |
净利率NETSCHL
| Q4 25 | -2.0% | 10.1% | ||
| Q3 25 | -0.2% | -31.5% | ||
| Q2 25 | -9.8% | 3.0% | ||
| Q1 25 | -8.0% | -1.1% | ||
| Q4 24 | -2.8% | 9.0% | ||
| Q3 24 | -3.6% | -26.3% | ||
| Q2 24 | -3.8% | 7.6% | ||
| Q1 24 | -9.4% | -8.2% |
每股收益（稀释后）NETSCHL
| Q4 25 | $-0.03 | $2.17 | ||
| Q3 25 | $0.00 | $-2.83 | ||
| Q2 25 | $-0.15 | $0.56 | ||
| Q1 25 | $-0.11 | $-0.13 | ||
| Q4 24 | $-0.05 | $1.71 | ||
| Q3 24 | $-0.04 | $-2.21 | ||
| Q2 24 | $-0.04 | $1.21 | ||
| Q1 24 | $-0.10 | $-0.91 |
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 | $99.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $931.2M |
| 总资产 | $6.0B | $2.0B |
| 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NETSCHL
| Q4 25 | $943.5M | $99.3M | ||
| Q3 25 | $1.1B | $94.3M | ||
| Q2 25 | $1.5B | $124.0M | ||
| Q1 25 | $204.5M | $94.7M | ||
| Q4 24 | $147.7M | $139.6M | ||
| Q3 24 | $182.9M | $84.1M | ||
| Q2 24 | $157.0M | $113.7M | ||
| Q1 24 | $254.4M | $110.4M |
总债务NETSCHL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $231.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NETSCHL
| Q4 25 | $1.5B | $931.2M | ||
| Q3 25 | $1.3B | $878.0M | ||
| Q2 25 | $1.2B | $946.5M | ||
| Q1 25 | $1.4B | $941.3M | ||
| Q4 24 | $1.0B | $986.0M | ||
| Q3 24 | $973.1M | $957.3M | ||
| Q2 24 | $881.5M | $1.0B | ||
| Q1 24 | $797.2M | $997.6M |
总资产NETSCHL
| Q4 25 | $6.0B | $2.0B | ||
| Q3 25 | $5.8B | $2.0B | ||
| Q2 25 | $5.6B | $2.0B | ||
| Q1 25 | $3.7B | $2.0B | ||
| Q4 24 | $3.3B | $2.0B | ||
| Q3 24 | $3.1B | $2.0B | ||
| Q2 24 | $2.9B | $1.7B | ||
| Q1 24 | $2.8B | $1.7B |
负债/权益比NETSCHL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.24× | ||
| Q2 24 | — | — | ||
| Q1 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 | $73.2M |
| 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 | — | 1.31× |
| 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NETSCHL
| Q4 25 | $190.4M | $73.2M | ||
| Q3 25 | $167.1M | $-81.8M | ||
| Q2 25 | $99.8M | $106.9M | ||
| Q1 25 | $145.8M | $-12.0M | ||
| Q4 24 | $127.3M | $71.2M | ||
| Q3 24 | $104.7M | $-41.9M | ||
| Q2 24 | $74.8M | $69.9M | ||
| Q1 24 | $73.6M | $13.1M |
自由现金流NETSCHL
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
自由现金流率NETSCHL
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
资本支出强度NETSCHL
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | — |
现金转化率NETSCHL
| Q4 25 | — | 1.31× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 6.94× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.46× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.95× | ||
| Q1 24 | — | — |
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% |
SCHL
| Book Fairs | $242.0M | 44% |
| Trade US | $102.9M | 19% |
| Major Markets | $78.3M | 14% |
| Education Solutions | $62.2M | 11% |
| Book Clubs | $28.5M | 5% |
| Entertainment International | $13.5M | 2% |
| Other Markets | $11.2M | 2% |
| Trade International | $7.5M | 1% |
| Entertainment U.S. | $1.6M | 0% |
