vs
Cloudflare, Inc.（NET）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
SCANSOURCE, INC.的季度营收约是Cloudflare, Inc.的1.2倍（$766.5M vs $614.5M），SCANSOURCE, INC.净利率更高（2.2% vs -2.0%，领先4.1%），Cloudflare, Inc.同比增速更快（33.6% vs 2.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $28.9M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
NET vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.2倍
$614.5M
营收增速更快
NET
高出31.1%
2.5%
净利率更高
SCSC
高出4.1%
-2.0%
自由现金流更多
NET
多$76.4M
$28.9M
两年增速更快
NET
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $766.5M |
| 净利润 | $-12.1M | $16.5M |
| 毛利率 | 73.6% | 13.4% |
| 营业利润率 | -8.0% | 2.3% |
| 净利率 | -2.0% | 2.2% |
| 营收同比 | 33.6% | 2.5% |
| 净利润同比 | 6.0% | -3.3% |
| 每股收益（稀释后） | $-0.03 | $0.75 |
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NETSCSC
| Q4 25 | $614.5M | $766.5M | ||
| Q3 25 | $562.0M | $739.6M | ||
| Q2 25 | $512.3M | $812.9M | ||
| Q1 25 | $479.1M | $704.8M | ||
| Q4 24 | $459.9M | $747.5M | ||
| Q3 24 | $430.1M | $775.6M | ||
| Q2 24 | $401.0M | $746.1M | ||
| Q1 24 | $378.6M | $752.6M |
净利润NETSCSC
| Q4 25 | $-12.1M | $16.5M | ||
| Q3 25 | $-1.3M | $19.9M | ||
| Q2 25 | $-50.4M | $20.1M | ||
| Q1 25 | $-38.5M | $17.4M | ||
| Q4 24 | $-12.8M | $17.1M | ||
| Q3 24 | $-15.3M | $17.0M | ||
| Q2 24 | $-15.1M | $16.1M | ||
| Q1 24 | $-35.5M | $12.8M |
毛利率NETSCSC
| Q4 25 | 73.6% | 13.4% | ||
| Q3 25 | 74.0% | 14.5% | ||
| Q2 25 | 74.9% | 12.9% | ||
| Q1 25 | 75.9% | 14.2% | ||
| Q4 24 | 76.4% | 13.6% | ||
| Q3 24 | 77.7% | 13.1% | ||
| Q2 24 | 77.8% | 13.0% | ||
| Q1 24 | 77.5% | 12.6% |
营业利润率NETSCSC
| Q4 25 | -8.0% | 2.3% | ||
| Q3 25 | -6.7% | 3.5% | ||
| Q2 25 | -13.1% | 3.3% | ||
| Q1 25 | -11.1% | 3.2% | ||
| Q4 24 | -7.5% | 2.5% | ||
| Q3 24 | -7.2% | 2.3% | ||
| Q2 24 | -8.7% | 2.9% | ||
| Q1 24 | -14.4% | 2.3% |
净利率NETSCSC
| Q4 25 | -2.0% | 2.2% | ||
| Q3 25 | -0.2% | 2.7% | ||
| Q2 25 | -9.8% | 2.5% | ||
| Q1 25 | -8.0% | 2.5% | ||
| Q4 24 | -2.8% | 2.3% | ||
| Q3 24 | -3.6% | 2.2% | ||
| Q2 24 | -3.8% | 2.2% | ||
| Q1 24 | -9.4% | 1.7% |
每股收益（稀释后）NETSCSC
| Q4 25 | $-0.03 | $0.75 | ||
| Q3 25 | $0.00 | $0.89 | ||
| Q2 25 | $-0.15 | $0.87 | ||
| Q1 25 | $-0.11 | $0.74 | ||
| Q4 24 | $-0.05 | $0.70 | ||
| Q3 24 | $-0.04 | $0.69 | ||
| Q2 24 | $-0.04 | $0.66 | ||
| Q1 24 | $-0.10 | $0.50 |
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 | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $910.9M |
| 总资产 | $6.0B | $1.7B |
| 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NETSCSC
| Q4 25 | $943.5M | $83.5M | ||
| Q3 25 | $1.1B | $124.9M | ||
| Q2 25 | $1.5B | $126.2M | ||
| Q1 25 | $204.5M | $146.3M | ||
| Q4 24 | $147.7M | $110.5M | ||
| Q3 24 | $182.9M | $145.0M | ||
| Q2 24 | $157.0M | $185.5M | ||
| Q1 24 | $254.4M | $159.1M |
股东权益NETSCSC
| Q4 25 | $1.5B | $910.9M | ||
| Q3 25 | $1.3B | $914.0M | ||
| Q2 25 | $1.2B | $906.4M | ||
| Q1 25 | $1.4B | $901.7M | ||
| Q4 24 | $1.0B | $900.7M | ||
| Q3 24 | $973.1M | $920.9M | ||
| Q2 24 | $881.5M | $924.3M | ||
| Q1 24 | $797.2M | $944.1M |
总资产NETSCSC
| Q4 25 | $6.0B | $1.7B | ||
| Q3 25 | $5.8B | $1.7B | ||
| Q2 25 | $5.6B | $1.8B | ||
| Q1 25 | $3.7B | $1.7B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $3.1B | $1.8B | ||
| Q2 24 | $2.9B | $1.8B | ||
| Q1 24 | $2.8B | $1.8B |
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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $28.9M |
| 自由现金流率自由现金流/营收 | 17.1% | 3.8% |
| 资本支出强度资本支出/营收 | 13.9% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 1.87× |
| 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NETSCSC
| Q4 25 | $190.4M | $30.8M | ||
| Q3 25 | $167.1M | $23.2M | ||
| Q2 25 | $99.8M | — | ||
| Q1 25 | $145.8M | $66.1M | ||
| Q4 24 | $127.3M | $-6.2M | ||
| Q3 24 | $104.7M | $44.8M | ||
| Q2 24 | $74.8M | — | ||
| Q1 24 | $73.6M | $160.2M |
自由现金流NETSCSC
| Q4 25 | $105.2M | $28.9M | ||
| Q3 25 | $82.5M | $20.8M | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | $64.6M | ||
| Q4 24 | $54.2M | $-8.2M | ||
| Q3 24 | $54.5M | $42.5M | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | $157.7M |
自由现金流率NETSCSC
| Q4 25 | 17.1% | 3.8% | ||
| Q3 25 | 14.7% | 2.8% | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | 9.2% | ||
| Q4 24 | 11.8% | -1.1% | ||
| Q3 24 | 12.7% | 5.5% | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | 21.0% |
资本支出强度NETSCSC
| Q4 25 | 13.9% | 0.3% | ||
| Q3 25 | 15.1% | 0.3% | ||
| Q2 25 | 11.7% | 0.3% | ||
| Q1 25 | 17.9% | 0.2% | ||
| Q4 24 | 15.9% | 0.3% | ||
| Q3 24 | 11.7% | 0.3% | ||
| Q2 24 | 7.4% | 0.2% | ||
| Q1 24 | 8.5% | 0.3% |
现金转化率NETSCSC
| Q4 25 | — | 1.87× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.79× | ||
| Q4 24 | — | -0.36× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
