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Cloudflare, Inc.（NET）与STEPAN CO（SCL）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STEPAN CO的1.0倍（$614.5M vs $604.5M），STEPAN CO净利率更高（3.3% vs -2.0%，领先5.2%），Cloudflare, Inc.同比增速更快（33.6% vs 1.9%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 4.2%）
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。
斯特潘公司是一家美国特种化学品制造商，总部位于伊利诺伊州诺斯布鲁克，1932年由小阿尔弗雷德·C·斯特潘创立，现有约2000名员工，目前由创始人的孙子小F·奎因·斯特潘执掌。该公司是全球最大的阴离子表面活性剂商品生产商，产品用于提升洗涤剂、洗发水、牙膏及化妆品的起泡与清洁能力。
NET vs SCL — 直观对比
营收规模更大
NET
是对方的1.0倍
$604.5M
营收增速更快
NET
高出31.7%
1.9%
净利率更高
SCL
高出5.2%
-2.0%
两年增速更快
NET
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $604.5M |
| 净利润 | $-12.1M | $19.7M |
| 毛利率 | 73.6% | 10.7% |
| 营业利润率 | -8.0% | 4.7% |
| 净利率 | -2.0% | 3.3% |
| 营收同比 | 33.6% | 1.9% |
| 净利润同比 | 6.0% | — |
| 每股收益（稀释后） | $-0.03 | $0.86 |
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NETSCL
| Q1 26 | — | $604.5M | ||
| Q4 25 | $614.5M | $553.9M | ||
| Q3 25 | $562.0M | $590.3M | ||
| Q2 25 | $512.3M | $594.7M | ||
| Q1 25 | $479.1M | $593.3M | ||
| Q4 24 | $459.9M | $525.6M | ||
| Q3 24 | $430.1M | $546.8M | ||
| Q2 24 | $401.0M | $556.4M |
净利润NETSCL
| Q1 26 | — | $19.7M | ||
| Q4 25 | $-12.1M | $5.0M | ||
| Q3 25 | $-1.3M | $10.8M | ||
| Q2 25 | $-50.4M | $11.3M | ||
| Q1 25 | $-38.5M | $19.7M | ||
| Q4 24 | $-12.8M | $3.4M | ||
| Q3 24 | $-15.3M | $23.6M | ||
| Q2 24 | $-15.1M | $9.5M |
毛利率NETSCL
| Q1 26 | — | 10.7% | ||
| Q4 25 | 73.6% | 9.3% | ||
| Q3 25 | 74.0% | 12.0% | ||
| Q2 25 | 74.9% | 12.1% | ||
| Q1 25 | 75.9% | 12.7% | ||
| Q4 24 | 76.4% | 10.8% | ||
| Q3 24 | 77.7% | 13.8% | ||
| Q2 24 | 77.8% | 12.5% |
营业利润率NETSCL
| Q1 26 | — | 4.7% | ||
| Q4 25 | -8.0% | 1.9% | ||
| Q3 25 | -6.7% | 3.7% | ||
| Q2 25 | -13.1% | 3.0% | ||
| Q1 25 | -11.1% | 4.8% | ||
| Q4 24 | -7.5% | 1.5% | ||
| Q3 24 | -7.2% | 4.4% | ||
| Q2 24 | -8.7% | 3.4% |
净利率NETSCL
| Q1 26 | — | 3.3% | ||
| Q4 25 | -2.0% | 0.9% | ||
| Q3 25 | -0.2% | 1.8% | ||
| Q2 25 | -9.8% | 1.9% | ||
| Q1 25 | -8.0% | 3.3% | ||
| Q4 24 | -2.8% | 0.6% | ||
| Q3 24 | -3.6% | 4.3% | ||
| Q2 24 | -3.8% | 1.7% |
每股收益（稀释后）NETSCL
| Q1 26 | — | $0.86 | ||
| Q4 25 | $-0.03 | $0.22 | ||
| Q3 25 | $0.00 | $0.47 | ||
| Q2 25 | $-0.15 | $0.50 | ||
| Q1 25 | $-0.11 | $0.86 | ||
| Q4 24 | $-0.05 | $0.14 | ||
| Q3 24 | $-0.04 | $1.03 | ||
| Q2 24 | $-0.04 | $0.42 |
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 | — | $328.4M |
| 股东权益账面价值 | $1.5B | $1.2B |
| 总资产 | $6.0B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资NETSCL
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | $132.7M | ||
| Q3 25 | $1.1B | $118.5M | ||
| Q2 25 | $1.5B | $88.9M | ||
| Q1 25 | $204.5M | $107.5M | ||
| Q4 24 | $147.7M | $99.7M | ||
| Q3 24 | $182.9M | $147.3M | ||
| Q2 24 | $157.0M | $124.7M |
总债务NETSCL
| Q1 26 | — | $328.4M | ||
| Q4 25 | — | $626.7M | ||
| Q3 25 | — | $655.5M | ||
| Q2 25 | — | $658.0M | ||
| Q1 25 | — | $659.3M | ||
| Q4 24 | — | $625.4M | ||
| Q3 24 | — | $688.5M | ||
| Q2 24 | — | $657.1M |
股东权益NETSCL
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $973.1M | $1.2B | ||
| Q2 24 | $881.5M | $1.2B |
总资产NETSCL
| Q1 26 | — | $2.3B | ||
| Q4 25 | $6.0B | $2.4B | ||
| Q3 25 | $5.8B | $2.4B | ||
| Q2 25 | $5.6B | $2.4B | ||
| Q1 25 | $3.7B | $2.4B | ||
| Q4 24 | $3.3B | $2.3B | ||
| Q3 24 | $3.1B | $2.4B | ||
| Q2 24 | $2.9B | $2.3B |
负债/权益比NETSCL
| Q1 26 | — | 0.28× | ||
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 0.53× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | 0.53× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 0.55× |
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NETSCL
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $60.0M | ||
| Q3 25 | $167.1M | $69.8M | ||
| Q2 25 | $99.8M | $11.2M | ||
| Q1 25 | $145.8M | $6.9M | ||
| Q4 24 | $127.3M | $68.3M | ||
| Q3 24 | $104.7M | $22.7M | ||
| Q2 24 | $74.8M | $29.5M |
自由现金流NETSCL
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $25.4M | ||
| Q3 25 | $82.5M | $40.2M | ||
| Q2 25 | $39.9M | $-14.4M | ||
| Q1 25 | $59.9M | $-25.8M | ||
| Q4 24 | $54.2M | $32.1M | ||
| Q3 24 | $54.5M | $-4.0M | ||
| Q2 24 | $45.2M | $-208.0K |
自由现金流率NETSCL
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 4.6% | ||
| Q3 25 | 14.7% | 6.8% | ||
| Q2 25 | 7.8% | -2.4% | ||
| Q1 25 | 12.5% | -4.3% | ||
| Q4 24 | 11.8% | 6.1% | ||
| Q3 24 | 12.7% | -0.7% | ||
| Q2 24 | 11.3% | -0.0% |
资本支出强度NETSCL
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 6.3% | ||
| Q3 25 | 15.1% | 5.0% | ||
| Q2 25 | 11.7% | 4.3% | ||
| Q1 25 | 17.9% | 5.5% | ||
| Q4 24 | 15.9% | 6.9% | ||
| Q3 24 | 11.7% | 4.9% | ||
| Q2 24 | 7.4% | 5.3% |
现金转化率NETSCL
| Q1 26 | — | — | ||
| Q4 25 | — | 11.99× | ||
| Q3 25 | — | 6.44× | ||
| Q2 25 | — | 0.99× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 20.38× | ||
| Q3 24 | — | 0.96× | ||
| Q2 24 | — | 3.10× |
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% |
SCL
| Surfactants | $453.7M | 75% |
| Polymers | $130.0M | 22% |
| Specialty Products | $20.8M | 3% |
