vs
Cloudflare, Inc.（NET）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是Cloudflare, Inc.的6.0倍（$3.7B vs $614.5M）。SHOPIFY INC.净利率更高（20.2% vs -2.0%，领先22.2%）。Cloudflare, Inc.同比增速更快（33.6% vs 30.6%）。SHOPIFY INC.自由现金流更多（$715.0M vs $105.2M）。过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
NET vs SHOP — 直观对比
营收规模更大
SHOP
是对方的6.0倍
$614.5M
营收增速更快
NET
高出3.0%
30.6%
净利率更高
SHOP
高出22.2%
-2.0%
自由现金流更多
SHOP
多$609.8M
$105.2M
两年增速更快
SHOP
近两年复合增速
27.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $3.7B |
| 净利润 | $-12.1M | $743.0M |
| 毛利率 | 73.6% | 46.1% |
| 营业利润率 | -8.0% | 17.2% |
| 净利率 | -2.0% | 20.2% |
| 营收同比 | 33.6% | 30.6% |
| 净利润同比 | 6.0% | -42.5% |
| 每股收益（稀释后） | $-0.03 | $0.58 |
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NETSHOP
| Q4 25 | $614.5M | $3.7B | ||
| Q3 25 | $562.0M | $2.8B | ||
| Q2 25 | $512.3M | $2.7B | ||
| Q1 25 | $479.1M | $2.4B | ||
| Q4 24 | $459.9M | $2.8B | ||
| Q3 24 | $430.1M | $2.2B | ||
| Q2 24 | $401.0M | $2.0B | ||
| Q1 24 | $378.6M | $1.9B |
净利润NETSHOP
| Q4 25 | $-12.1M | $743.0M | ||
| Q3 25 | $-1.3M | $264.0M | ||
| Q2 25 | $-50.4M | $906.0M | ||
| Q1 25 | $-38.5M | $-682.0M | ||
| Q4 24 | $-12.8M | $1.3B | ||
| Q3 24 | $-15.3M | $828.0M | ||
| Q2 24 | $-15.1M | $171.0M | ||
| Q1 24 | $-35.5M | $-273.0M |
毛利率NETSHOP
| Q4 25 | 73.6% | 46.1% | ||
| Q3 25 | 74.0% | 48.9% | ||
| Q2 25 | 74.9% | 48.6% | ||
| Q1 25 | 75.9% | 49.5% | ||
| Q4 24 | 76.4% | 48.1% | ||
| Q3 24 | 77.7% | 51.7% | ||
| Q2 24 | 77.8% | 51.1% | ||
| Q1 24 | 77.5% | 51.4% |
营业利润率NETSHOP
| Q4 25 | -8.0% | 17.2% | ||
| Q3 25 | -6.7% | 12.1% | ||
| Q2 25 | -13.1% | 10.9% | ||
| Q1 25 | -11.1% | 8.6% | ||
| Q4 24 | -7.5% | 16.5% | ||
| Q3 24 | -7.2% | 13.1% | ||
| Q2 24 | -8.7% | 11.8% | ||
| Q1 24 | -14.4% | 4.6% |
净利率NETSHOP
| Q4 25 | -2.0% | 20.2% | ||
| Q3 25 | -0.2% | 9.3% | ||
| Q2 25 | -9.8% | 33.8% | ||
| Q1 25 | -8.0% | -28.9% | ||
| Q4 24 | -2.8% | 46.0% | ||
| Q3 24 | -3.6% | 38.3% | ||
| Q2 24 | -3.8% | 8.4% | ||
| Q1 24 | -9.4% | -14.7% |
每股收益（稀释后）NETSHOP
| Q4 25 | $-0.03 | $0.58 | ||
| Q3 25 | $0.00 | $0.20 | ||
| Q2 25 | $-0.15 | $0.69 | ||
| Q1 25 | $-0.11 | $-0.53 | ||
| Q4 24 | $-0.05 | $0.99 | ||
| Q3 24 | $-0.04 | $0.64 | ||
| Q2 24 | $-0.04 | $0.13 | ||
| 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 | $5.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $13.5B |
| 总资产 | $6.0B | $15.2B |
| 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NETSHOP
| Q4 25 | $943.5M | $5.8B | ||
| Q3 25 | $1.1B | $6.3B | ||
| Q2 25 | $1.5B | $5.8B | ||
| Q1 25 | $204.5M | $5.5B | ||
| Q4 24 | $147.7M | $5.5B | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
股东权益NETSHOP
| Q4 25 | $1.5B | $13.5B | ||
| Q3 25 | $1.3B | $12.5B | ||
| Q2 25 | $1.2B | $12.1B | ||
| Q1 25 | $1.4B | $11.1B | ||
| Q4 24 | $1.0B | $11.6B | ||
| Q3 24 | $973.1M | $10.1B | ||
| Q2 24 | $881.5M | $9.2B | ||
| Q1 24 | $797.2M | $8.9B |
总资产NETSHOP
| Q4 25 | $6.0B | $15.2B | ||
| Q3 25 | $5.8B | $15.0B | ||
| Q2 25 | $5.6B | $14.6B | ||
| Q1 25 | $3.7B | $13.4B | ||
| Q4 24 | $3.3B | $13.9B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.8B | — |
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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $715.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 19.5% |
| 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 | — | 0.98× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $2.0B |
8季度趋势，按日历期对齐
经营现金流NETSHOP
| Q4 25 | $190.4M | $725.0M | ||
| Q3 25 | $167.1M | $513.0M | ||
| Q2 25 | $99.8M | $428.0M | ||
| Q1 25 | $145.8M | $367.0M | ||
| Q4 24 | $127.3M | $615.0M | ||
| Q3 24 | $104.7M | $423.0M | ||
| Q2 24 | $74.8M | $340.0M | ||
| Q1 24 | $73.6M | $238.0M |
自由现金流NETSHOP
| Q4 25 | $105.2M | $715.0M | ||
| Q3 25 | $82.5M | $507.0M | ||
| Q2 25 | $39.9M | $422.0M | ||
| Q1 25 | $59.9M | $363.0M | ||
| Q4 24 | $54.2M | $611.0M | ||
| Q3 24 | $54.5M | $421.0M | ||
| Q2 24 | $45.2M | $333.0M | ||
| Q1 24 | $41.5M | $232.0M |
自由现金流率NETSHOP
| Q4 25 | 17.1% | 19.5% | ||
| Q3 25 | 14.7% | 17.8% | ||
| Q2 25 | 7.8% | 15.7% | ||
| Q1 25 | 12.5% | 15.4% | ||
| Q4 24 | 11.8% | 21.7% | ||
| Q3 24 | 12.7% | 19.5% | ||
| Q2 24 | 11.3% | 16.3% | ||
| Q1 24 | 11.0% | 12.5% |
资本支出强度NETSHOP
| Q4 25 | 13.9% | 0.3% | ||
| Q3 25 | 15.1% | 0.2% | ||
| Q2 25 | 11.7% | 0.2% | ||
| Q1 25 | 17.9% | 0.2% | ||
| Q4 24 | 15.9% | 0.1% | ||
| Q3 24 | 11.7% | 0.1% | ||
| Q2 24 | 7.4% | 0.3% | ||
| Q1 24 | 8.5% | 0.3% |
现金转化率NETSHOP
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
