vs
Cloudflare, Inc.（NET）与Soho House & Co Inc.（SHCO）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Soho House & Co Inc.的1.7倍（$614.5M vs $370.8M），Cloudflare, Inc.净利率更高（-2.0% vs -5.0%，领先3.1%），Cloudflare, Inc.同比增速更快（33.6% vs 11.2%），Cloudflare, Inc.自由现金流更多（$105.2M vs $3.5M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 13.5%）
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。
Soho House & Co Inc.是面向媒体、艺术及时尚领域从业者的国际私人会员俱乐部，主打为创意产业相关人群提供专属社交、休闲与资源对接空间，在全球多个核心城市布局线下据点，服务注重圈层属性与文化氛围的高端用户群体。
NET vs SHCO — 直观对比
营收规模更大
NET
是对方的1.7倍
$370.8M
营收增速更快
NET
高出22.4%
11.2%
净利率更高
NET
高出3.1%
-5.0%
自由现金流更多
NET
多$101.8M
$3.5M
两年增速更快
NET
近两年复合增速
13.5%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $370.8M |
| 净利润 | $-12.1M | $-18.7M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | -1.6% |
| 净利率 | -2.0% | -5.0% |
| 营收同比 | 33.6% | 11.2% |
| 净利润同比 | 6.0% | -10790.3% |
| 每股收益（稀释后） | $-0.03 | $-0.10 |
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NETSHCO
| Q4 25 | $614.5M | — | ||
| Q3 25 | $562.0M | $370.8M | ||
| Q2 25 | $512.3M | $329.8M | ||
| Q1 25 | $479.1M | $282.9M | ||
| Q4 24 | $459.9M | $305.6M | ||
| Q3 24 | $430.1M | $333.4M | ||
| Q2 24 | $401.0M | $302.9M | ||
| Q1 24 | $378.6M | $261.9M |
净利润NETSHCO
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $-18.7M | ||
| Q2 25 | $-50.4M | $24.9M | ||
| Q1 25 | $-38.5M | $8.2M | ||
| Q4 24 | $-12.8M | $-91.7M | ||
| Q3 24 | $-15.3M | $175.0K | ||
| Q2 24 | $-15.1M | $-29.9M | ||
| Q1 24 | $-35.5M | $-41.6M |
毛利率NETSHCO
| 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% | — | ||
| Q1 24 | 77.5% | — |
营业利润率NETSHCO
| Q4 25 | -8.0% | — | ||
| Q3 25 | -6.7% | -1.6% | ||
| Q2 25 | -13.1% | 18.1% | ||
| Q1 25 | -11.1% | 12.3% | ||
| Q4 24 | -7.5% | -23.1% | ||
| Q3 24 | -7.2% | 11.4% | ||
| Q2 24 | -8.7% | -4.3% | ||
| Q1 24 | -14.4% | -9.3% |
净利率NETSHCO
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | -5.0% | ||
| Q2 25 | -9.8% | 7.5% | ||
| Q1 25 | -8.0% | 2.9% | ||
| Q4 24 | -2.8% | -30.0% | ||
| Q3 24 | -3.6% | 0.1% | ||
| Q2 24 | -3.8% | -9.9% | ||
| Q1 24 | -9.4% | -15.9% |
每股收益（稀释后）NETSHCO
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | $-0.10 | ||
| Q2 25 | $-0.15 | $0.13 | ||
| Q1 25 | $-0.11 | $0.04 | ||
| Q4 24 | $-0.05 | $-0.48 | ||
| Q3 24 | $-0.04 | $0.00 | ||
| Q2 24 | $-0.04 | $-0.15 | ||
| Q1 24 | $-0.10 | $-0.21 |
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 | $142.5M |
| 总债务越低越好 | — | $735.8M |
| 股东权益账面价值 | $1.5B | $-351.6M |
| 总资产 | $6.0B | $2.7B |
| 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NETSHCO
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | $142.5M | ||
| Q2 25 | $1.5B | $150.3M | ||
| Q1 25 | $204.5M | $150.1M | ||
| Q4 24 | $147.7M | $152.7M | ||
| Q3 24 | $182.9M | $142.8M | ||
| Q2 24 | $157.0M | $148.5M | ||
| Q1 24 | $254.4M | $139.8M |
总债务NETSHCO
| Q4 25 | — | — | ||
| Q3 25 | — | $735.8M | ||
| Q2 25 | — | $729.8M | ||
| Q1 25 | — | $705.1M | ||
| Q4 24 | — | $691.5M | ||
| Q3 24 | — | $694.8M | ||
| Q2 24 | — | $682.1M | ||
| Q1 24 | — | $671.7M |
股东权益NETSHCO
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | $-351.6M | ||
| Q2 25 | $1.2B | $-348.6M | ||
| Q1 25 | $1.4B | $-340.1M | ||
| Q4 24 | $1.0B | $-335.1M | ||
| Q3 24 | $973.1M | $-279.4M | ||
| Q2 24 | $881.5M | $-231.7M | ||
| Q1 24 | $797.2M | $-193.0M |
总资产NETSHCO
| Q4 25 | $6.0B | — | ||
| Q3 25 | $5.8B | $2.7B | ||
| Q2 25 | $5.6B | $2.6B | ||
| Q1 25 | $3.7B | $2.5B | ||
| Q4 24 | $3.3B | $2.4B | ||
| Q3 24 | $3.1B | $2.6B | ||
| Q2 24 | $2.9B | $2.6B | ||
| Q1 24 | $2.8B | $2.5B |
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 | $34.9M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $3.5M |
| 自由现金流率自由现金流/营收 | 17.1% | 0.9% |
| 资本支出强度资本支出/营收 | 13.9% | 8.5% |
| 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 | $41.9M |
8季度趋势，按日历期对齐
经营现金流NETSHCO
| Q4 25 | $190.4M | — | ||
| Q3 25 | $167.1M | $34.9M | ||
| Q2 25 | $99.8M | $41.0M | ||
| Q1 25 | $145.8M | $22.8M | ||
| Q4 24 | $127.3M | $26.9M | ||
| Q3 24 | $104.7M | $20.6M | ||
| Q2 24 | $74.8M | $36.0M | ||
| Q1 24 | $73.6M | $6.2M |
自由现金流NETSHCO
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $3.5M | ||
| Q2 25 | $39.9M | $12.4M | ||
| Q1 25 | $59.9M | $7.5M | ||
| Q4 24 | $54.2M | $18.5M | ||
| Q3 24 | $54.5M | $10.3M | ||
| Q2 24 | $45.2M | $10.2M | ||
| Q1 24 | $41.5M | $-13.5M |
自由现金流率NETSHCO
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | 0.9% | ||
| Q2 25 | 7.8% | 3.8% | ||
| Q1 25 | 12.5% | 2.7% | ||
| Q4 24 | 11.8% | 6.1% | ||
| Q3 24 | 12.7% | 3.1% | ||
| Q2 24 | 11.3% | 3.4% | ||
| Q1 24 | 11.0% | -5.2% |
资本支出强度NETSHCO
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | 8.5% | ||
| Q2 25 | 11.7% | 8.7% | ||
| Q1 25 | 17.9% | 5.4% | ||
| Q4 24 | 15.9% | 2.7% | ||
| Q3 24 | 11.7% | 3.1% | ||
| Q2 24 | 7.4% | 8.5% | ||
| Q1 24 | 8.5% | 7.5% |
现金转化率NETSHCO
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.65× | ||
| Q1 25 | — | 2.79× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 117.70× | ||
| Q2 24 | — | — | ||
| 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% |
SHCO
| Membership | $122.7M | 33% |
| Other | $122.0M | 33% |
| Membership Revenue | $58.5M | 16% |
| Other Revenue | $28.5M | 8% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $24.8M | 7% |
| Elimination Of Equity Accounted Revenue | $13.4M | 4% |
| Related Party | $2.0M | 1% |
| Soho House | $1.0M | 0% |
