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Cloudflare, Inc.（NET）与SelectQuote, Inc.（SLQT）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SelectQuote, Inc.的1.1倍（$614.5M vs $537.1M），SelectQuote, Inc.净利率更高（12.9% vs -2.0%，领先14.9%），Cloudflare, Inc.同比增速更快（33.6% vs 11.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-1.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 19.5%）
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。
SelectQuote是面向消费者的直售平台，主营保险产品与医疗服务业务，通过对接消费者与保险机构获取佣金，覆盖长者健康险、人寿险、车险、家财险等品类，医疗服务板块以认证药房SelectRx为核心业务，公司于2020年5月上市。
NET vs SLQT — 直观对比
营收规模更大
NET
是对方的1.1倍
$537.1M
营收增速更快
NET
高出22.0%
11.6%
净利率更高
SLQT
高出14.9%
-2.0%
自由现金流更多
NET
多$106.3M
$-1.0M
两年增速更快
NET
近两年复合增速
19.5%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $537.1M |
| 净利润 | $-12.1M | $69.3M |
| 毛利率 | 73.6% | 61.8% |
| 营业利润率 | -8.0% | 14.0% |
| 净利率 | -2.0% | 12.9% |
| 营收同比 | 33.6% | 11.6% |
| 净利润同比 | 6.0% | 30.2% |
| 每股收益（稀释后） | $-0.03 | $0.26 |
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NETSLQT
| Q4 25 | $614.5M | $537.1M | ||
| Q3 25 | $562.0M | $328.8M | ||
| Q2 25 | $512.3M | $345.1M | ||
| Q1 25 | $479.1M | $408.2M | ||
| Q4 24 | $459.9M | $481.1M | ||
| Q3 24 | $430.1M | $292.3M | ||
| Q2 24 | $401.0M | $307.2M | ||
| Q1 24 | $378.6M | $376.4M |
净利润NETSLQT
| Q4 25 | $-12.1M | $69.3M | ||
| Q3 25 | $-1.3M | $-30.5M | ||
| Q2 25 | $-50.4M | $12.9M | ||
| Q1 25 | $-38.5M | $26.0M | ||
| Q4 24 | $-12.8M | $53.2M | ||
| Q3 24 | $-15.3M | $-44.5M | ||
| Q2 24 | $-15.1M | $-31.0M | ||
| Q1 24 | $-35.5M | $8.6M |
毛利率NETSLQT
| Q4 25 | 73.6% | 61.8% | ||
| Q3 25 | 74.0% | 41.4% | ||
| Q2 25 | 74.9% | 47.2% | ||
| Q1 25 | 75.9% | 60.2% | ||
| Q4 24 | 76.4% | 67.5% | ||
| Q3 24 | 77.7% | 55.7% | ||
| Q2 24 | 77.8% | 60.7% | ||
| Q1 24 | 77.5% | 71.8% |
营业利润率NETSLQT
| Q4 25 | -8.0% | 14.0% | ||
| Q3 25 | -6.7% | -12.4% | ||
| Q2 25 | -13.1% | -3.6% | ||
| Q1 25 | -11.1% | 5.4% | ||
| Q4 24 | -7.5% | 14.7% | ||
| Q3 24 | -7.2% | -4.1% | ||
| Q2 24 | -8.7% | -0.5% | ||
| Q1 24 | -14.4% | 8.8% |
净利率NETSLQT
| Q4 25 | -2.0% | 12.9% | ||
| Q3 25 | -0.2% | -9.3% | ||
| Q2 25 | -9.8% | 3.7% | ||
| Q1 25 | -8.0% | 6.4% | ||
| Q4 24 | -2.8% | 11.1% | ||
| Q3 24 | -3.6% | -15.2% | ||
| Q2 24 | -3.8% | -10.1% | ||
| Q1 24 | -9.4% | 2.3% |
每股收益（稀释后）NETSLQT
| Q4 25 | $-0.03 | $0.26 | ||
| Q3 25 | $0.00 | $-0.26 | ||
| Q2 25 | $-0.15 | $-0.06 | ||
| Q1 25 | $-0.11 | $0.03 | ||
| Q4 24 | $-0.05 | $0.30 | ||
| Q3 24 | $-0.04 | $-0.26 | ||
| Q2 24 | $-0.04 | $-0.17 | ||
| Q1 24 | $-0.10 | $0.05 |
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 | $18.3M |
| 总债务越低越好 | — | $405.8M |
| 股东权益账面价值 | $1.5B | $359.7M |
| 总资产 | $6.0B | $1.4B |
| 负债/权益比越低杠杆越低 | — | 1.13× |
8季度趋势，按日历期对齐
现金及短期投资NETSLQT
| Q4 25 | $943.5M | $18.3M | ||
| Q3 25 | $1.1B | $10.7M | ||
| Q2 25 | $1.5B | $32.4M | ||
| Q1 25 | $204.5M | $80.1M | ||
| Q4 24 | $147.7M | $7.3M | ||
| Q3 24 | $182.9M | $10.4M | ||
| Q2 24 | $157.0M | $42.7M | ||
| Q1 24 | $254.4M | $37.8M |
总债务NETSLQT
| Q4 25 | — | $405.8M | ||
| Q3 25 | — | $393.1M | ||
| Q2 25 | — | $385.1M | ||
| Q1 25 | — | $391.5M | ||
| Q4 24 | — | $711.9M | ||
| Q3 24 | — | $680.4M | ||
| Q2 24 | — | $683.3M | ||
| Q1 24 | — | $686.0M |
股东权益NETSLQT
| Q4 25 | $1.5B | $359.7M | ||
| Q3 25 | $1.3B | $305.1M | ||
| Q2 25 | $1.2B | $351.1M | ||
| Q1 25 | $1.4B | $350.2M | ||
| Q4 24 | $1.0B | $326.0M | ||
| Q3 24 | $973.1M | $269.4M | ||
| Q2 24 | $881.5M | $316.8M | ||
| Q1 24 | $797.2M | $346.8M |
总资产NETSLQT
| Q4 25 | $6.0B | $1.4B | ||
| Q3 25 | $5.8B | $1.2B | ||
| Q2 25 | $5.6B | $1.2B | ||
| Q1 25 | $3.7B | $1.3B | ||
| Q4 24 | $3.3B | $1.3B | ||
| Q3 24 | $3.1B | $1.1B | ||
| Q2 24 | $2.9B | $1.2B | ||
| Q1 24 | $2.8B | $1.2B |
负债/权益比NETSLQT
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | 2.18× | ||
| Q3 24 | — | 2.53× | ||
| Q2 24 | — | 2.16× | ||
| Q1 24 | — | 1.98× |
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 | $52.0K |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-1.0M |
| 自由现金流率自由现金流/营收 | 17.1% | -0.2% |
| 资本支出强度资本支出/营收 | 13.9% | 0.2% |
| 现金转化率经营现金流/净利润 | — | 0.00× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $8.5M |
8季度趋势，按日历期对齐
经营现金流NETSLQT
| Q4 25 | $190.4M | $52.0K | ||
| Q3 25 | $167.1M | $-21.6M | ||
| Q2 25 | $99.8M | $-37.5M | ||
| Q1 25 | $145.8M | $71.1M | ||
| Q4 24 | $127.3M | $-28.7M | ||
| Q3 24 | $104.7M | $-16.6M | ||
| Q2 24 | $74.8M | $20.0M | ||
| Q1 24 | $73.6M | $44.5M |
自由现金流NETSLQT
| Q4 25 | $105.2M | $-1.0M | ||
| Q3 25 | $82.5M | $-22.7M | ||
| Q2 25 | $39.9M | $-38.0M | ||
| Q1 25 | $59.9M | $70.2M | ||
| Q4 24 | $54.2M | $-29.0M | ||
| Q3 24 | $54.5M | $-17.1M | ||
| Q2 24 | $45.2M | $19.7M | ||
| Q1 24 | $41.5M | $43.4M |
自由现金流率NETSLQT
| Q4 25 | 17.1% | -0.2% | ||
| Q3 25 | 14.7% | -6.9% | ||
| Q2 25 | 7.8% | -11.0% | ||
| Q1 25 | 12.5% | 17.2% | ||
| Q4 24 | 11.8% | -6.0% | ||
| Q3 24 | 12.7% | -5.8% | ||
| Q2 24 | 11.3% | 6.4% | ||
| Q1 24 | 11.0% | 11.5% |
资本支出强度NETSLQT
| Q4 25 | 13.9% | 0.2% | ||
| Q3 25 | 15.1% | 0.3% | ||
| Q2 25 | 11.7% | 0.1% | ||
| Q1 25 | 17.9% | 0.2% | ||
| Q4 24 | 15.9% | 0.1% | ||
| Q3 24 | 11.7% | 0.2% | ||
| Q2 24 | 7.4% | 0.1% | ||
| Q1 24 | 8.5% | 0.3% |
现金转化率NETSLQT
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -2.91× | ||
| Q1 25 | — | 2.73× | ||
| Q4 24 | — | -0.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 5.20× |
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% |
SLQT
| Healthcare Services Segment | $230.7M | 43% |
| Pharmacy | $227.2M | 42% |
| Other | $30.4M | 6% |
| Final Expense | $20.4M | 4% |
| Term | $18.5M | 3% |
| Other Senior | $6.3M | 1% |
| All Other Revenue | $3.9M | 1% |
