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Cloudflare, Inc.（NET）与SLM Corp（SLM）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SLM Corp的1.1倍（$614.5M vs $560.0M），SLM Corp净利率更高（55.0% vs -2.0%，领先57.0%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 22.7%）
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。
尼康旗下SLM Solutions AG总部位于德国吕贝克，是金属3D打印机领域的上市生产商，共同拥有SLM文字商标，集团股份自2014年5月9日起在法兰克福证券交易所高级市场板块挂牌交易。
NET vs SLM — 直观对比
营收规模更大
NET
是对方的1.1倍
$560.0M
净利率更高
SLM
高出57.0%
-2.0%
两年增速更快
NET
近两年复合增速
22.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $560.0M |
| 净利润 | $-12.1M | $308.0M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | — |
| 净利率 | -2.0% | 55.0% |
| 营收同比 | 33.6% | — |
| 净利润同比 | 6.0% | 1.0% |
| 每股收益（稀释后） | $-0.03 | $1.54 |
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NETSLM
| Q1 26 | — | $560.0M | ||
| Q4 25 | $614.5M | $377.1M | ||
| Q3 25 | $562.0M | $373.0M | ||
| Q2 25 | $512.3M | $376.8M | ||
| Q1 25 | $479.1M | $375.0M | ||
| Q4 24 | $459.9M | $362.2M | ||
| Q3 24 | $430.1M | $359.4M | ||
| Q2 24 | $401.0M | $372.2M |
净利润NETSLM
| Q1 26 | — | $308.0M | ||
| Q4 25 | $-12.1M | $233.2M | ||
| Q3 25 | $-1.3M | $135.8M | ||
| Q2 25 | $-50.4M | $71.3M | ||
| Q1 25 | $-38.5M | $304.5M | ||
| Q4 24 | $-12.8M | $111.6M | ||
| Q3 24 | $-15.3M | $-45.2M | ||
| Q2 24 | $-15.1M | $252.0M |
毛利率NETSLM
| Q1 26 | — | — | ||
| 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% | — |
营业利润率NETSLM
| Q1 26 | — | — | ||
| Q4 25 | -8.0% | 83.8% | ||
| Q3 25 | -6.7% | 49.8% | ||
| Q2 25 | -13.1% | 23.3% | ||
| Q1 25 | -11.1% | — | ||
| Q4 24 | -7.5% | 36.5% | ||
| Q3 24 | -7.2% | -16.6% | ||
| Q2 24 | -8.7% | 91.0% |
净利率NETSLM
| Q1 26 | — | 55.0% | ||
| Q4 25 | -2.0% | 61.8% | ||
| Q3 25 | -0.2% | 36.4% | ||
| Q2 25 | -9.8% | 18.9% | ||
| Q1 25 | -8.0% | 81.2% | ||
| Q4 24 | -2.8% | 30.8% | ||
| Q3 24 | -3.6% | -12.6% | ||
| Q2 24 | -3.8% | 67.7% |
每股收益（稀释后）NETSLM
| Q1 26 | — | $1.54 | ||
| Q4 25 | $-0.03 | $1.11 | ||
| Q3 25 | $0.00 | $0.63 | ||
| Q2 25 | $-0.15 | $0.32 | ||
| Q1 25 | $-0.11 | $1.40 | ||
| Q4 24 | $-0.05 | $0.53 | ||
| Q3 24 | $-0.04 | $-0.23 | ||
| Q2 24 | $-0.04 | $1.11 |
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 | $5.2B |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $1.5B | $2.4B |
| 总资产 | $6.0B | $29.4B |
| 负债/权益比越低杠杆越低 | — | 2.53× |
8季度趋势，按日历期对齐
现金及短期投资NETSLM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $943.5M | $4.2B | ||
| Q3 25 | $1.1B | $3.5B | ||
| Q2 25 | $1.5B | $4.1B | ||
| Q1 25 | $204.5M | $3.7B | ||
| Q4 24 | $147.7M | $4.7B | ||
| Q3 24 | $182.9M | $4.5B | ||
| Q2 24 | $157.0M | $5.3B |
总债务NETSLM
| Q1 26 | — | $6.2B | ||
| Q4 25 | — | $5.4B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.1B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.0B | ||
| Q2 24 | — | $5.4B |
股东权益NETSLM
| Q1 26 | — | $2.4B | ||
| Q4 25 | $1.5B | $2.5B | ||
| Q3 25 | $1.3B | $2.3B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.4B | $2.4B | ||
| Q4 24 | $1.0B | $2.2B | ||
| Q3 24 | $973.1M | $2.1B | ||
| Q2 24 | $881.5M | $2.3B |
总资产NETSLM
| Q1 26 | — | $29.4B | ||
| Q4 25 | $6.0B | $29.7B | ||
| Q3 25 | $5.8B | $29.6B | ||
| Q2 25 | $5.6B | $29.6B | ||
| Q1 25 | $3.7B | $28.9B | ||
| Q4 24 | $3.3B | $30.1B | ||
| Q3 24 | $3.1B | $30.0B | ||
| Q2 24 | $2.9B | $28.8B |
负债/权益比NETSLM
| Q1 26 | — | 2.53× | ||
| Q4 25 | — | 2.19× | ||
| Q3 25 | — | 2.92× | ||
| Q2 25 | — | 2.70× | ||
| Q1 25 | — | 2.56× | ||
| Q4 24 | — | 2.98× | ||
| Q3 24 | — | 2.83× | ||
| Q2 24 | — | 2.37× |
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NETSLM
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $-64.5M | ||
| Q3 25 | $167.1M | $-49.3M | ||
| Q2 25 | $99.8M | $-138.7M | ||
| Q1 25 | $145.8M | $-146.1M | ||
| Q4 24 | $127.3M | $4.5M | ||
| Q3 24 | $104.7M | $-113.4M | ||
| Q2 24 | $74.8M | $-143.8M |
自由现金流NETSLM
| Q1 26 | — | — | ||
| 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 | — |
自由现金流率NETSLM
| Q1 26 | — | — | ||
| 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% | — |
资本支出强度NETSLM
| Q1 26 | — | — | ||
| 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% | — |
现金转化率NETSLM
| Q1 26 | — | — | ||
| Q4 25 | — | -0.28× | ||
| Q3 25 | — | -0.36× | ||
| Q2 25 | — | -1.95× | ||
| Q1 25 | — | -0.48× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.57× |
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% |
SLM
| Net Interest Income | $375.0M | 67% |
| Noninterest Income | $185.0M | 33% |
